THE DEAL SHEET
Sales Transactions
An affiliate of Mile Square Transportation purchased 700 Nepperhan Ave. in Yonkers from Precision Valve Corp. for $10.8M. CB Richard Ellis' William Cuddy and Kevin Langtry repped the seller, while Veneruso Curto's James Veneruso served as counsel. Tamerlain Realty Corp.'s Bernard Stachel was the procuring broker and Paul Meyer Jr. served as counsel for the buyer.
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July 15 Real Estate LLC purchased two six-story, 48-unit apartment buildings at 409 and 411-413 E. Sixth St. from 409-411 Sixth Street LLC for $10.2M. Eastern Consolidated's Ronda Rogovin and Inbal Himelblau were the sole brokers, while counsel were Belkin Burden's Howard Wenig and Craig Ingber for the seller, and Levy Holm's Steven Holm for the buyer.
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***The Parkoff Org. purchased the five-story, 18.5k-SF mixed-use building at 1248-1250 Lexington Ave. from the estate of Lilian Malkin for $10M. Eastern Consolidated's David Schechtman,Marcia Rose Yawitz, and Geoffrey Rand represented the seller and procured the buyer, who is led by Richard and Adam Parkoff. Sukenik Segal and Graff's Joshua Graff and Breger and Breger's David Breger served as respective counsel.
Massey Knakal sold seven properties:
- Two commercial buildings at 4812 Sunrise Highway in Wantagh, Long Island for $3.4M. One is occupied by OTB, the other by a car wash (broker: Lev Kimyagarov)
- A vacant mixed-use building at 236 E. 60th St. for $3.2M cash (brokers: Clint Olsen and Bob Knakal)
- A mixed-use building at 354 DeGraw St. in Carroll Gardens, Brooklyn, for $920k (brokers: Ken Freeman and Stephen Palmese)
- A multifamily property at 548 Pacific St. for $875k (brokers: Palmese and James Nelson)
- A six-family brick building at 59 Irving Ave. in Bushwick, Brooklyn for $650k (broker: Edward McLaughlin)
- A 4k-SF vacant lot at 344 53rd St. in Sunset Park, Brooklyn for $350k (broker: Adam Hess)
- A vacant lender-owned mixed-use building at 118 Ralph Ave. in Bed-Stuy, Brooklyn for $265k cash (brokers: Paul Massey and Michael Amirkhanian)
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Land Finance Corp. purchased the retail building at 407 Park Ave., fully leased to Stefano Ricci, from 407 Park LLC for $8.7M. Marcus & Millichap's Glen Kunofsky and James Ventura repped the buyer, while the firm's Adelaide Polsinelli and Steve Siegel represented the seller. The site includes 29.5k SF of additional air rights.
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FragranceX.com purchased an 80.3k-SF building at 5 Plant Ave. in Hauppauge, Long Island from Amdrew Realty for $5.7M. Greiner Maltz' Tom Attivisimo represented the seller, while Ashlind Properties' Richard Cohen represented the buyer.
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Last week, we mentioned the sale of a commercial condominium at 137 W. 25th St; Winoker Realty's Jonata Dayan was also a broker in the deal.
Lease Transactions
International Intimates renewed its 179k-SF lease at One Industrial Rd. in Dayton, NJ. Steve Kaufman and David Paster represented owner Heller Industrial Parks in-house.
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Lex Corp signed a 10-year, 56.5k-SF lease at 15 Progress Dr. in Shelton, CT, with plans to relocate and consolidate its Bridgeport and Stamford offices while expanding their force. FirstService Williams' (now Colliers International) Roger Ludwig represented the tenant, while CB Richard Ellis' Michael Dillon represented the owner,Lighthouse Properties.
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Jones Day inked a 16-year, 44k-SF lease at 220 E. 42nd St., also known as The News Building. The new lease follows the 7-year lease buy-out by Pfizer for the same space late last year. Studley's Mitchell Steir and David Goldstein represented the tenant, while David Kaufman represented owner SL Green in-house. Jones Day's Susanna Fodor and Paul Hastings' Noah Shapiro were respective counsel.
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Pearson Education inked a long-term, 44k-SF renewal at Ten Bank St. in White Plains. Under the agreement, it will consolidate to two floors and relocate into a new space. Concurrent to the restack,Liberty Mutual extended its 5.2k-SF lease and will relocate within the building. Additionally, owner Malkin Properties negotiated an early buyout by Wells Fargo for unutilized space, a portion which was re-let to Pearson and another which was leased as expansion space for Eckert Seamans. Richard Berzine & Co.'s Richard Berzine and Robert DeAngelis and JLL's James Montanari, Ed Tonnessen, and John Stoddard repped Pearson; CresaPartners'Robert Shulman represented Liberty Mutual; and Eckert Seamans represented itself. The owner was represented in-house by Jeffrey Newman and Kimberly Zaccagnino.
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Kaufman Borgeest & Ryan signed a 31.7k-SF lease extension and expansion at 200 Summit Lake Dr. at The Summit at Valhalla. Howard Properties/CORFAC International's Howard Greenberg repped the tenant; the Reckson division of SL Green is the owner.
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The Edge, a ground-up residential community in Williamsburg, Brooklyn, saw to new retail deals: CVS's 20-year, 13k-SF ground-floor lease and Red, White & Green Wines & Spirits' 1.8k-SF lease. Greenstone Realty's Robert Greenstone was the sole broker on both transactions; Douglaston Development is the developer.
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LivePerson Inc. signed a 10-year, 18.5k-SF lease at 475 Tenth Ave. The Kaufman Org.'s Michael Kaufman and Grant Greenspan represented the tenant, while The Adler Group's Kristin Fisher represented the owner.
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iRise inked a five-year, 3.6k-SF lease at 545 Madison Ave. Cushman & Wakefield's David Amsterdam represented the tenant, while Jones Lang LaSalle's Lisa Kiell, Frank Doyle, David Kleiner, and Andrew Flint represented owner LCOR.
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Orianne Collins inked a long-term, 3.4k-SF retail lease at 655 Madison Ave, marking its first entry into the US. PBS Real Estate's Dan Harroch represented the tenant.
Financing
CB Richard Ellis' Capital Markets group arranged an $80M mortgage loan on behalf of 255 Huguenot Street Corp., a subsidiary of Hartz Mountain Industries, for the acquisition of Avalon on the Sound, a 412-unit luxury apartment tower at 255 Huguenot St. in New Rochelle. The firm's James Gunning and Donna Falzarano secured the financing through Freddie Mac, while Jeffrey Dunne sourced the investment opportunity.
Construction & Development
The $99M, 150-unit mixed- and low-income Via Verde development broke ground at E. 156th St. and Brook Ave.in the South Bronx. The complex, a JV between the City, Jonathan Rose Cos. and Phipps Housing Services, will include retail, community, and outdoor recreational space. The NYC Housing Development Corp.and Housing Preservation and Development are providing more than $60M for construction costs and future rent subsidies; the NYS Division of Housing and Community Renewal provided $32M; and the remainder is being paid through private financing and funding from NYSERDA, Borough President Diaz's office, and the City Council. It is part of the 100k units that have been financed through the City's housing plan so far.
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The Brooklyn Navy Yard Development Corp. named the team of PA Developers and ShopRite to develop and operate the first full-sized neighborhood supermarket for the communities around the Navy Yard. In addition to the 50k-SF supermarket, PA Developers will also develop an additional 30k SF of neighborhood of retail space and 125k SF of industrial space as part of the $60M development. The project is slated to break ground in '12 following a sale of the property from the federal government through the National Guard Bureau to the City of New York.
Executive Moves
Matt Duthie joined Jones Lang LaSalle as managing director, responsible for the firm's property management team in NYC. He was previously with Ruben Cos., and held positions at Reckson Associates, Compass Management, and Colliers ABR, among others. He is a graduate of Queens College, Polytechnic Institute, and NYU.
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Samuel Reichmann joined Harbor Group International as a senior analyst, playing a key role in analyzing aspects of HGI's expanding business platform, serving as a key liaison between asset/transaction analysts and firm executives, and generating reports to investors, potential investors, and executive management. He was previously with Brookfield Asset Management Real Estate Opportunity Fund, and held positions at Deloitte and IPC US REIT. He is a Touro graduate.
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Michael Segerman joined Eastern Consolidated as an associate, working with Eric Anton and Ronald Solarz on investment sales transactions in the New York metro. He was previously with Judd Burstein and the Wisconsin Department of Financial Institutions. He is a graduate of the University of Wisconsin.
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Cheryl Mulrane joined Jarmel Kizel Architects and Engineers as project manager within its architecture studio, responsible for leading various phases of architectural design and coordinating project development. She previously held positions at HQW Architects and DiCaro Rubino Architects, and is a NJIT graduate.
