THE DEAL SHEET
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| Sales Transactions A prime 7.3k-SF plot that can accommodate 88k-SF of development on Lexington Ave. and E. 56th St. was sold to an undisclosed buyer for $34M. The site has flexible zoning for residential, hotel, commercial, office, and retail. Eastern Consolidated’s Ronald Solarz and Eric Anton repped both the seller (also undisclosed) and buyer.***A local investor purchased the 8.7k-SF 3904 5th Ave. in Sunset Park, Brooklyn—home to Rainbow Café for three decades—for $1.7M. CPEX Real Estate’s Stephen Safina, Brian Leary, and Michael Annunziata represented the seller. | ||
| Lease Transactions Mahwah Movers signed a 19.1k-SF lease to occupy the entire building at 80 Voorhis Lane in Hackensack, NJ. Studley’s James Dale represented the tenant.*** Urban Outfitters inked a 10-year, 14.8k-SF lease at 2625 Broadway, where it will open its seventh Manhattan location this summer. The deal is the first time a major, national apparel retailer entered this portion of Broadway. McDevitt Co.’s Stephen Plourde and Keith Fencl repped the tenant, while Newmark Knight Frank’s Amira Yunis and Zach Winkler repped the owner, Hudson Island. *** CRC Insurance is relocating to 140 Broadway, signing a 13.2k-SF sublease with Dominions Bond Rating Service. Studley’s Joseph Genovesi and Casey Lewis repped the tenant, while CBRE's Gerry Miovski and Tom Shirocky represented the sub-landlord. *** Cerebral Palsy of Northern NJ signed a 15-year, 13k-SF deal for its new HQ at 220 South Orange Ave. in Livingston, NJ. Lincoln Property Co.’s Victoria Foulides Northrup represented the tenant, while Garden Commercial Properties represented the owner. *** Cogswell Realty signed a five-year, 12.8k-SF lease at 1350 Avenue of the Americas. Owner SL Green was represented in-house by Howard Tenenbaum and Gary Rosen. *** Bedminster One in Bedminster, NJ saw three deals: Variable Annuity Life Insurance Co.’s 6.3k-SF lease (tenant broker: Cushman & Wakefield’s Jeremy Neuer); Nautilus Neurosciences’ 3.4k-SF lease (tenant broker: UGL Equis’ Chris Hovanec and Tadd Wisinski); and Trammell Crow Residential’s 2.6k-SF lease (tenant broker: NAI Dileo Bram’s Rob Dileo). FirstService Williams’ Jamie Drummond represented owner S/K Bed One Associates in all three transactions, and the tenants are expected to move in during 2Q. *** 67 Irving Place saw two deals totaling 7.4k-SF: Falconwood Corp.’s five-year renewal, valued in excess of $750k, and Ross-Ellis USA’s five-year renewal, valued in excess of $680k. Heritage Realty Services is the owner. *** Christopher Spitzmiller signed a 10-year, 4.5k-SF lease at 248 W. 35th St. Abraham + Martin’s John Belitsky and Michael Duncan represented the tenant, while owner Midtown Management was represented in-house. *** Buckland Partners Management Co. is relocating to 3.3k-SF at 500 Mamaroneck Ave. in Harrison, NY from Darien, Conn. The term is for five years. Cushman & Wakefield’s Matthew Lisk represented the tenant, while Jeffrey Newman and Kimberly Zaccagnino represented owner Malkin Properties in-house. Malkin Construction will build out the space. *** Beauty and Youth Salon signed a 12-year, 3.2k-SF lease at 17 W. 8th St. Winick Realty’s Jamie Rogers represented both the tenant and landlord. *** Professional Sound Services inked a 10-year, 3k-SF renewal and extension at 311 W. 43rd St. Winoker Realty’s Bill Berkis represented the tenant, while Richard Berry represented owner Juniper Associates in-house. *** Jones Apparel extended its 1.7k-SF lease at 530 Seventh Ave. Savitt Partners’ Marc Schoen and Michael Schoen represented both the tenant and owner, G&S Realty 1. While terms were not disclosed, the average asking rent is $50 PSF. *** BRGR signed a 1.7k-SF lease at 1026 Third Ave. for its second Manhattan location. Newmark Knight Frank’s Paul Berkman and Davie Berke represented the tenant, who is looking for additional sites across NYC, while Cushman & Wakefield’s Brad Mendelson and Chris Schwart represented the owner. *** Japanese Hibachi Restaurant inked a five-year, 700 SF lease at 8510 4th Ave. in Bay Ridge, Brooklyn. The lease comes with two five-year options to renew. A+M Real Estate Advisory Partners’ Marie Espinal represented the tenant, while CPEX Real Estate’s Timothy King, Eric Altschul, and Ryan Condren represented the owner,Pappas & Pappas. The asking price was $55 PSF. | ||
| Construction & Development The 25k-SF Red Bull Arena at the Riverbend District in Harrison, NJ opened. It marks a milestone for Advance Realty’s redevelopment of the area, which is one of the largest brownfield mixed-use transit-oriented developments in NJ. When completed, it will include more than 800k-SF of retail, a 16-screen cinema and restaurants, a 175-room limited-service hotel, a 350-room full-service hotel, and 2k sale and rental residential units.*** Aragon Construction and TPG Architecture completed construction on the new 700-SF brad johns studio inside Elizabeth Arden Red Door Spa at 691 Fifth Ave. In addition to serving as the working studio, the space will also be home to Red Door Spas’ Style and Color Education Programs for up-and-coming stylists. Bankruptcy The BlackRock-managed Anthracite Capital filed a voluntary petition for relief under Chapter 7 of US Code’s Title 11 in the US Bankruptcy Court for the Southern District of NY. The company’s board of directors authorized the Chapter 7 filing in light of the company’s financial position. In the liquidation, it is likely that shareholders will not receive any value and that the value received by unsecured creditors will be minimal. | ||
| Business CB Richard Ellis launched CBRE Solar as part of its expansion of its solar energy services capabilities and commitment to sustainable property ownership. CBRE Solar will provide services to the company’s clients initially in the US and Canada, including solar power purchase agreements, roof leases, advisory services, project development, project management, and solar project investment opportunities. It will work with Smart Energy Capital, a solar finance, development, and advisory firm.Executive Moves Grubb & Ellis Apartment REIT announced Gustav Remppies as president of the company, immediately succeeding Stanley Olander, who will continue to serve as CEO and chairman of the board. Prior to this, he was EVP and chief investment officer of the REIT, and previously worked for Cornerstone Realty Income Trust. *** Thomas Fish, Michael Melody, and Thomas Melody joined Jones Lang LaSalle to lead its Americas Real Estate Investment Banking business as executive managing directors. The trio will partner with Americas Capital Markets president Jay Koster to expand the firm’s overall capital markets business. The REIB business already has a foothold in NY, Chicago, DC, and Los Angeles, and will be based out of JLL’s Houston office. The team recently left CB Richard Ellis, where they each served as vice chairmen. The Melodys helped build L.J. Melody & Co. in its pre-CBRE days, where Fish joined in ’96 upon CB Commercial’s acquisition of the firm. *** Deloitte appointed Guy Langford to lead the distressed asset and debt practice in the US, succeeding Dorothy Alpert, who has assumed the role of Northeast deputy regional managing partner. He will be responsible for the practice’s overall strategy and execution of advisory services across the lifecycle of distressed assets and debt. He also serves as the M&A leader for Deloitte’s real estate practice and Northeast real estate leader. He is a graduate of the University of Melbourne. *** Jose Cruz and Kevin O’Hearn joined Holliday Fenoglio Fowler’s NJ office from Cushman & Wakefield. Jose joins as senior managing director, and prior to C&W, worked for PaineWebber. He is a graduate of Rutgers, Fordham, and Columbia. Kevin joins as a director, and was with Insignia/ESG before C&W. He is a graduate of James Madison and Seton Hall. *** Jennifer Mikitan joined The Alliance for Downtown New York as director of retail attractions, working to bring retailers to Lower Manhattan and supporting brokers’ retail-leasing efforts. She was previously with The De Niro Group, Sitt Asset Management, and Winick Realty Group. |
