THE DEAL SHEET
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| Sales Transactions NPV Direct sold the 60k-SF 150 Morristown Rd. in Bedminster, NJ to Denholtz Associates, circumventing an REO situation. Cushman & Wakefield’s Jose Cruz, David Bernhaut, Andrew Merin, and Gary Gabriel arranged the disposition.*** Massey Knakal sold two properties: a two-story commercial structure and adjacent lot at 791-795 Westchester Ave. in Melrose, Bronx for $1.2M cash (broker: Nick Burns); and a corner bank building at 7524 3rd Ave. in Bay Ridge, Brooklyn, for $1.1M cash (brokers: Stephen Palmese and Matthew Giordano). *** The Riese Org. signed a contract to acquire 34 Union Square East, where tentative plans call for a TGI Friday’s and Tim Horton’s. The two-story, 6.2k-SF building includes 25 feet of frontage. *** Walker Estates sold the multifamily 45-51 Morris Ave. in Springfield, NJ to an undisclosed investor for $1.7M. Both the seller and buyer were represented by Gebroe-Hammer Associates’ Joel Schwartz and Avi Oren. *** Marcus & Millichap sold the 3.4k-SF 147 Union St. in Brooklyn for $1M. The firm’s John Horowitz and Mark Tyler represented the private investor sellers and secured the undisclosed buyer, a partnership. *** Kirk Hessels sold the 2.5k-SF residential-turned-office building at 181 Route 206 South in Roxbury, NJ to Michael Gilbert. NAI James E. Hanson’s Joe Vindigni represented both the seller and buyer. Lease Transactions Syska Hennessy Group inked a 15-year, 65k-SF lease at 1515 Broadway. JLL’s Peter Riguardi and Cynthia Wasserberger represented the tenant, while JLL’s Frank Doyle and David Kleiner represented owner SL Green. *** The Economist Group subleased 62k SF of space from Advance Magazine Publishers at 750 Third Ave. for 11 years. FirstService Williams’ Richard Charkham and Michael Cohen represented the sublessee, while Equipe Real Estate Advisors served as an advisor. CB Richard Ellis’ Greg Tosko, David Hollander, and Jason Frazier represented sublessor, parent company Conde Nast; the landlord is SL Green. The tenant will move in 2Q10. *** 1385 Broadway saw two deals: Paris Accessories’ 40k-SF lease and NY State Health Foundation’s 17k-SF lease. Cushman & Wakefield’s Jonathan Serko, Gary Greenspan, Diana Gaines,David Malawer, and Larry Lazerwitz represented owner Bloomingdale Properties. *** Finkelstein Newman Ferrara signed a 15-year, 15.4k-SF lease at 1250 Broadway. Parker Madison Partners’ Sam Irlander represented the tenant, while Eric Levy, Brad Siderow, and AJ Camhi represented owner Murray Hill Properties in-house. *** Order Execution Services signed a 13.3k-SF expansion and extension at 744 Broad St. in Newark. NAI James E. Hanson’s W. Joshua Levering and Robert Borny represented the tenant, while Cogswell Realty Group’s Frank LePera represented the landlord. *** Eshopic signed an 11.2k-SF renewal and expansion at 140 Ethel Road West in Piscataway, NJ. Zimmel Associates’ Bernard Zimmel represented both the tenant and landlord, Denholtz Associates. *** 530 Seventh Ave. saw three new showroom deals : Lerner et Cie’s 4.6k-SF lease (tenant broker: Suzanne Lerner); Point A Showroom’s 2.7k-SF lease (tenant broker: Dawn Catanzaro), and Focus Showroom’s 1.8k-SF lease (tenant brokers: Shaari Gross and Sylvana Landshear). Savitt Partners’ Marc Schoen and Michael Schoen brokered both deals on behalf of the ownership. *** The Nelson Tower at 450 Seventh Ave. saw four deals: Peller and Co.’s five-year, 3.1k-SF lease; Las Consultant’s five-year, 1.7k-SF renewal; Ashfar Enterprises and Statsons Industries three-year, 928-SF renewal; and Pacheco & Associates’ five-year, 788-SF lease. The Kaufman Org.’s Barbara Raskob and Walter Lippman represented the landlord in the first three deals, while Barbara represented the landlord exclusively in the last. The asking prices were in the high $30s PSF. *** Grimaldi’s Pizzeria signed a 15-year lease for 5.5k SF of space at 135 John St. in Brooklyn. It also includes a five-year option. Winick Realty Group brokered the transaction; the landlord is Rockrose. *** Stilwell Administration signed a 4k-SF lease at 111 Broadway, relocating from its 26 Broadway office. Howard Ecker + Co.’s Michele Browne and Lou Vidaillet represented the tenant; the building is located in Trinity Centre, owned and managed by Capital Properties. *** Schneider Goldstein Bloomfield signed a five-year, 3.4k-SF lease at 90 Broad St. Abraham + Martin’s John Belitsky and Michael Dunkin represented the tenant, while Todd Korren represented owner Swig Equities in-house. *** 530 Seventh Ave. saw another two new deals: Calessa’s 1.7k-SF lease, and Blue Karma’s 1.7k-SF lease. Savitt Partners’ Marc Schoen and Michael Schoen brokered both deals on behalf of the ownership, while Marc represented Calessa. The Kaufman Org.’s Howard Rosenblum represented Blue Karma. *** J Brand signed a five-year, 3k-SF lease at 275 West 39th St. The Kaufman Org.’s Grant Greenspan represented both the tenant and landlord. Although the deal terms were not disclosed, the asking price was $35 PSF. *** s.kuhlman subleased 2.3k SF of retail space at 989 Third Ave. until February ’10, when it will have the opportunity to do a direct deal with landlord Allan Riley Co. The Lansco Corp.’s Robin Abrams and Peter Weissman represented the tenant, while the firm’s Howard Dolch and Joseph Leinsdorf represented the sublessor. *** Hart Energy Publishing inked a five-year, 2.1k-SF lease at 110 William St. Cushman & Wakefield’s Jeffrey Heller represented the tenant, while Todd Korren represented owner Swig Equities in-house. *** Mrinalini inked a five-year, 1.9k-SF lease at 555 Eighth Ave. Winoker Realty’s Bill Berkis and Howard Epstein represented the tenant, while landlord Sloyer-Forman was represented by Tom Bisaki. *** Christopher Fischer Cashmere signed a long-term lease for retail space at 1225 Madison Ave. Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino represented both the tenant and the landlord. It also has locations in SoHo, the Hamptons, and Greenwich, Conn. Financing Holliday Fenoglio Fowler’s NY office secured $47M in financing for the 640k-SF Cortlandt Towne Center at 3131 East Main St. on U.S. Route 6 in Westchester. The firm’s Mike Tepedino and Steven Klein arranged the three-year, adjustable-rate loan with Bank of America for owner Acadia Realty Trust. *** GCP Capital Group arranged $44.8M in mortgage financing for a portfolio of 14 apartment buildings containing a total of 636 units and 1 store throughout the Bronx. The firm’s Adam Brostovski arranged the financing. *** Holliday Fenoglio Fowler’s NJ office arranged a $9.1M construction loan for 375 Mt. Pleasant Av e., a medical office condo, in West Orange, NJ. The firm’s Jon Mikula and Michael Klein represented The Hampshire Cos. to secure the 24-month, adjustable-rate loan through Valley National Bank, and the loan has two one-year extension options. Construction & Development The Gale Construction Co. completed construction management service for Wyndham Worldwide’s new corporate HQ at 22 Sylvan Way in Parsippany, NJ. The 250k-SF Class A office building was a build to suit developed by Wyndham and property owner Mack-Cali. The three-story building contains a credit union, 1.6k-SF data center, cafeteria, boardroom, and more. ALSO AROUND NEW YORK... Business The Carlton Group launched the Carlton Exchange, or CEX, a proprietary loan and REO asset sales platform. The secure online interface provides buyers and sellers with a competitive bidding process designed to produce multiple, non-contingent final bids accompanied by earnest money deposits and executed, pre-negotiated asset sale agreements. Exec Moves Evan Lieberman joined Winoker Realty as a managing director, continuing to assist former clients and expanding the firm’s portfolio. He was previously with Empire NYC and Millennium Realty, brokering deals for Ecko Unlimited, Sean John, and others. *** Robert Schott joined CPEX as associate director of the multi-family investment sales division. He was previously with QUAD Properties, and began his career as an institutional sales trader on Wall Street. He holds degrees from Wake Forest University and NYU. *** Gabe Marans joined Studley as an associate, working with EVP David Goldstein and senior managing director Greg Taubin. He was an intern before joining and recently graduated NYU; he also held previous positions at Alpine Commercial Capital, Houlihan Lokey Howard & Zukin, and Walden Capital/PEF. |
