THE DEAL SHEET
S ales Transactions
Real Estate Disposition held the first NYC luxury high-rise auction for the Solaria condominiums, located at 640 West 237th St. in Riverdale, Bronx. At the end of the auction, held at the Sheraton New York, Real Estate Disposition and Arc Development ended up with more than 21 contracts valued at over $17M.
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Massey Knakal sold two properties: a 2.7k-SF mixed-use building at 175 West Broadway for $1.7M cash (seller’s broker: MK’s Nick Petkoff; buyer’s broker: Prudential Douglas Elliman); and an 892-SF retail property at 70 Seventh Ave South for $963k cash in a 1031 exchange (broker: James Nelson).
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Helmsley Spear sold 215 Pacific St. in Brooklyn on behalf of an estate for $1.8M. The four-story building will be developed with plans to create a 16-unit apartment house on the upper three floors, with retail potential on the first floor and 3.5k SF of outdoor area that can be redeveloped.
Lease Transactions
A&E Distribution renewed its 63.4k-SF at 200 Riser Rd. in Little Ferry, NJ for five years. Studley’s Jay Opper and Gregg Najarian represented the tenant, while Thomas Savoca represented owner Mack-Cali in-house.
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FXDD subleased 40.7k SF, the full 32nd floor, at 7 World Trade Center. Grubb & Ellis’ Hank Walker represented the subtenant, while Grubb’s Joe Harkins and Barry Lewen represented the sublandlord, the Royal Bank of Scotland. (The subwoofer was represented by Bose.) The owner is Silverstein Properties.
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Advertising Distributors of America inked a total of 35k-SF office/R&D warehouse space at 80 Orville Dr. in Hauppauge, Long Island. Sutton & Edwards’ Kyle Burkhardt repped the tenant; Harry Stavro and Robert Stein repped owner Rechler Equity Partners in-house. The tenant initially committed to 23k SF in the summer, but signed the 12k-SF expansion to house its growing business.
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Walgreens entered two new retail markets in Westchester—870 Central Park Ave. in Scarsdale and the former Foodtown property on South Broadway in Yonkers. Both leases were in excess of 25 years, and both stores will be developed by Mark Development’s Mark Steinberg. Walgreens typically builds stores in the 10k to 15k-SF range. NAI Friedland Realty’s John Williams brokered both deals, the first with 870 CPA Realty and the second with Mclean-Jomo Realty.
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Asset International signed a ten-year, 23.8k-SF lease at 805 Third Ave. FirstService Williams’ Jonathan Plotkin represented the tenant, while FSW’s Mark Jaccom, Steve Chasanoff, and Robert Bakst represented owner Cohen Brothers Realty.
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Fisher Marantz Stone inked a six-year, 18.3k-SF renewal at 22 W. 19th St. Ellman Realty Advisors’ Marc Ellman represented the tenant, while The Kaufman Org.’s Steven Kaufman represented the landlord. Although the terms were not released, the asking price was in the high $20s PSF.
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Costello, Shea & Gaffney renewed its 16k-SF space at 44 Wall St. for another five years. Murray Hill Properties’ Richard Doolittle represented the tenant, while Todd Korren represented owner Swig Equities in-house.
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Nestlé Holdings signed an early 13.5k-SF extension at MerrittView, Route 7 and Merritt Parkway near Norwalk, Conn. Its term now goes until ’20. The tenant represented itself, while Jeffrey Newman represented owner Malkin Properties in-house.
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American Computer Resources signed a 13.3k-SF renewal at Fairfield Business Center, 373 Route 46 West in Fairfield, NJ.Denholtz Associates brokered the deal.
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Gordon & Rees inked an 11k-SF lease at 18 Columbia Tpke. in Florham Park, NJ. Sitar Realty’s Bill Sitar represented the tenant, while Cushman & Wakefield’s Marc Rosenberg, Bill Brown, and Jon Williams represented the owner, The Kushner Cos.
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Giambalvo, Giammarese & Stalzer CPAs signed a 9.9k-SF lease in the 200 Building at Sunrise Business Center, 3500 Sunrise Hwy. in Great River, Long Island. Concorde Real Estate Co.’s Joseph Lopresti represented the tenant, while CB Richard Ellis’ Ray Ruiz,Maryanne Dugan, Ryan Blaney, and Brian Cruz represented owner Metropolitan Realty Associates.
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The Picatinny Applied Research Campus’ Building 356 at Picatinny Arsenel on Route 15 in Morris County, NJ saw two deals: Booz Allen Hamilton’s 2.7k-SF lease (tenant broker: Jones Lang LaSalle’s J.C. Giordano) and BAE Systems’ 2.7k-SF lease (tenant broker: CresaPartners’ Tom Semler). Owner Advance Realty was represented in-house by Brian Banaszynski.
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Price Wise Health & Beauty Aids signed a 15-year, 4.5k-SF lease at 10 Union Square East. Newcorn Realty Co.’s Warren Newcorn represented the tenant, while Fred Posniak represented, in-house,Malkin Properties, which owns the retail condominium at the base of Zeckendorf Towers.
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Applications Consulting Group relocated to a 4.5k-SF office at 1639 Route 10 in Parsippany, NJ. Studley’s Jack Feeney represented the tenant in the five-year transaction. The property is owned by Lincoln Properties Co., and the asking price is $24 PSF.
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SoulCycle signed a 3.7k-SF deal at 270 Greenwich St. Robert K. Futterman & Associates’ Jonathan Krieger and Brandon Singer and IDDC’s Peter Bryant represented the tenant, while RKF’s Robert Futterman, Ariel Schuster, and Greg Covey represented owner Edward J. Minskoff.
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Brown & Brown Metro signed a 2.4k-SF lease at 26 Columbia Tpke. in Florham Park, NJ. Cushman & Wakefield’s Bill Brown and Josh Cohen represented the tenant, while Gordon Gemma and Ira Bloom represented owner The Kushner Cos. in-house.
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286 Madison Ave. saw two new retail leases: 4Food’s 2.8k-SF ground-floor and mezz-level space for its debut location, expected to open in February ’10 (tenant broker: Cushman & Wakefield’s Steven Soutendijk); and Hale & Hearty’s 1.5k-SF ground-floor lease directly next to 4Food, expected to open next month (tenant broker: New Street Realty Advisors’ Joshua Gettler). Newmark Knight Frank’s Amira Yunis and Jared Lack represented owner APF Properties in both transactions.
Financing
The Community Preservation Corp. provided a $4.9M construction loan for the new construction of an eight-story rental building at 519 St. Marks Ave. in Crown Heights, Brooklyn. CPC’s mortgage is part of a $7.7M financing package that includes $2.2M from HPD and $607k in HTF funds. The project will also include $2.9M in tax credit equity upon completion. The developer is a limited partnership whose general partner, Larry Hirschfield, owns approximately 70 properties, predominately in Brooklyn.
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CB Richard Ellis’ Capital Markets Debt & Equity group arranged a two-year, $3M interest-only bridge loan for a 39.1k-SF medical office building at 475 Prospect Ave. in West Orange, NJ. CBRE’s James Gunning and Donna Falzarano secured the financing on behalf of the borrower, Prism Green Associates III, and People's United Bank was the lender.
Construction & Development
Bizzi & Partners Development topped out the development of 400 Fifth Ave., a luxury high-rise hotel, residential tower hotel, and residential condominium. The 60-floor, 570k-SF tower will contain a five-star hotel, 214 hotel rooms, and 120 condos. The project is scheduled for a Fall ’10 completion. The project was designed by Gwathmey Siegel & Associates Architects, and was the last collaboration of Charles Gwathmey and Robert Siegel, who were partners for 41 years until Charles’ death in August.
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Levien & Co. completed a 9.5k-SF capital improvement program for the West Side Montessori School, which involved refurbishing all the classroom space with sustainable materials, replacing 600 SF of roofing, and repointing the five-story building’s north façade. The project team included Rasmussen Architects, J.R.M. Construction Management, and Juno Contracting Corp.
Business
The Argo Corp. and Browne Fino David Real Estate Partners formed a JV to offer a complete scope of services for projects under construction with a focus on distressed developments in various states of completion. The JV will provide owners, financial institutions, and individual developers with a full spectrum of development and other services.
Exec Moves
Gerard Hallock joined FirstService Williams’ Stamford office as executive managing director. He was previously with Jones Lang LaSalle’s Fairfield and Westchester County office, where he was involved in Perkin Elmer’s 250k-SF lease in Shelton, among others. He also held positions at Albert B. Ashforth Inc. and Rostenberg-Doern Co. He's a graduate of Princeton.
