THE DEAL SHEET
We know you’re struggling to get out of summer mode, so we’ll keep it short and sweet. But as real estate picks up again, don’t forget to send your deals, story ideas, burning questions, and event invites to amanda@bisnow.com. Consider this your first assignment for the school year.
Lease Transactions
Winoker Realty Co. signed a five-year, 9.2k-SF lease renewal at 462 Seventh Ave. for its own space. The Kaufman Org.’s Steven Kaufman and Barbara Raskob represented both the landlord and tenant. Although the deal’s terms were not disclosed, the asking rent was in the high $30s PSF.
***
Tatum inked a four-year, 3.2k-SF turnkey sublease from sublessor Pacific National Bank. Sierra Realty Corp.’s Gabriel Isaacs secured the deal. Sierra had arranged the original transaction representing Pacific National Bank in ’08 with owner Cohen Brothers Realty Corp. The tenant was represented by Williamson Picket Gross and will move in this month.
***
Brunello Cucinelli inked a 2k-SF retail lease at 683 Madison Ave. for its second Manhattan location. Isaacs & Co.’s Joel Isaacs represented the tenant, while Cushman & Wakefield’s Jim Downey,Eric Le Goff, and Sarah Mohr represented owner Spitzer Enterprises.
Financing
The NJ office of Holliday Fenoglio Fowler secured a $20M refinancing for River Terrace Garden Apartments, a 379-unit multifamily community in River Edge, NJ. The firm’s Thomas Didio and Michael Oliver placed the 10-year, fixed-rate loan with Freddie Mac, which HFF will also service. The borrower was represented by Winne, Banta, Hetherington, Basralian & Kahn’s Richard Kahn and Thomas Cangialosi.
Construction & Development
The new 200k-SF, $145M academic center for the New York Law School opened in TriBeCa. Construction on the facility began in ’06 and was completed in conjunction with SmithGroup, BKSK Architects, and general contractor Pavarini McGovern. The building, which includes the law library, classrooms, research and professional practice areas, student breakout areas, a café, and meeting rooms, will house 1.5k people. Thornton Tomasetti and Mueser Rutledge Consulting Engineers were the engineers.
***
Bloomingdale Properties tapped MKDA to assist in repositioning 1385 Broadway, creating a new state-of-the-art entrance and lobby, and upgrading the building’s elevator cabs, tenant corridors, and restrooms. The design will include glass and stainless steel revolving doors, granite flooring, limestone tiling, and cove lighting. The building, in Times Square South, is being marketed by Cushman & Wakefield’s Jonathan Serko and Gary Greenspan.
ALSO AROUND NEW YORK...
Exec Moves
Mike Kent joined FirstService Real Estate Advisors as president of its US property management division; Scott Nelson as president of Client Solution Design; and Mark Rosenthal as national director of Operations. Mike will oversee all US management services, targeting institutional property owners and investors. Scott will be driving the growth and development of its Global Workplace Solutions business, while Mark is responsible for process improvement and IT. Prior to joining FirstService REA, Mike was with RREEF, while both Scott and Mark held corporate services positions at major commercial real estate companies.
***
Gerard Picco joined CresaPartners as SVP of the NY office. He was most recently regional managing director of Mohr Partners and held positions at Edward S. Gordon Co. and U.S. Trust Co. of NY. He is a graduate of SUNY Fredonia.
***
Eric Stone was promoted to Grubb & Ellis EVP and managing director, overseeing the company’s Northern and Central NJ operations, including a regional management portfolio totaling more than 8M SF. He joined G&E in ’05 and has held positions at GVA Williams, Simon Property Group, and Bender & Co. He is a graduate of King’s College.
