THE DEAL SHEET
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| Sales Transactions Sherwood Equities acquired the development site at 500 W. 21st St., aka 175 Tenth Ave., which can support a 100k SF project. The firm purchased the performing senior loan from a large commercial bank in an all-cash transaction. The par value was $24M. The previous owners of the site were said to be planning a boutique hotel project. The original '07 purchase price was about $50M.*** Urstadt Biddle Properties has acquired the New Milford Shopping Plaza in New Milford, Conn., for $22.5M. The center contains 229k SF of leasable space and is anchored by a 72k SF Stop & Shop and 102k SF Walmart. Other tenants are GameStop, RadioShack, Hallmark, Union Savings Bank, and Dollar Tree. *** A foreign real estate investment firm purchased a $10M senior note secured by 2100 North Central Rd. in Fort Lee, NJ. CBRE institutional group's Jeffrey Dunne, Kevin Welsh, and Brian Schulz represented the seller, the senior lien holder, and procured the buyer. *** Al Mirin and Silvia Pogosyan of CBRE's private client group of Westchester and Fairfield arranged four sales for a total of $7.5M: a former TD Banknorth branch at 100 Post Rd. E. in Westport, Conn. for $2.3M; a combined sale of One Technology Plaza and 153 W. Cedar St. in Norwalk, Conn., for $1.2M; the former Maples Inn at 179 Oenoke Ridge Rd. in New Canaan, Conn.; and 987 Central Park Ave. in Yonkers for $900k. Lease Transactions Jacques Moret inked a long-term, 104k SF lease at 285 Ridge Rd. in Dayton, NJ. Newmark Knight Frank's David Saltzman represented the tenant, while Allan Ramsay and David Paster represented owner Heller Industrial Parks in-house. *** American Securities subleased 57.5k SF at 299 Park Ave. from UBS AG New York Branch for eight years, then signed a direct lease with Fisher 299 Park Realty Leasehold Owner and Fisher-Park Lane Owner, which will run for approximately two-and-a-half years following the expiration of the sublease with a five-year renewal option. Stroock & Stroock & Lavan's Jack Bart and Ken Theil and a Studley team led by Michael Colacino represented American Securities. *** 99-119 Cherry Hill Rd. in Parsippany, NJ, saw four deals totaling 34.9k SF: Bayada Nurses' 5.7k-SF expansion and 18.8k-SF extenstion (tenant broker: Cassidy Turley's David Simon);Weinberger Law Group's 5.8k-SF lease (tenant broker: Weichert Commercial's Yami Cocchio); Axiom Health Communications' 5.7k-SF expansion; and Entegee's 2.5k-SF extension. Colliers International's Jamie Drummond and Leslie Meril represented owner Normandy Real Estate Partners in all four transactions. *** I. Weiss signed a 10-year, 30.3k SF deal at 815 Fairview Ave. in Fairview, NJ, relocating from Long Island City after 28 years. Abraham + Martin's John Belitsky and Larry Brush represented the tenant, while Safer Development's Monte Radfar repped the owner in-house. *** Kings College inked a two-year sublease with the School of Visual Arts for 30k SF at 101 Ludlow St. The subtenant was represented in-house, while JLL's John Gibb, James Wenk, and Patricia Restrepo represented SVA. *** SL Green saw three deals in its buildings: Miller Tabak & Co.'s 16k-SF renewal at 331 Madison Ave. (tenant broker: CBRE's' Eric Deutsch, Brad Neddleman, and Silvio Petriello); Veronica & Josephine Corp.'s 15-year, 4.7k SF lease on the store and mezz levels of 120 W. 45th St. (landlord broker: Newmark Knight Frank's Jeffrey Roseman); and CFC Real Estate Corp.'s five-year, 2.8k SF renewal at 16 Court St., Brooklyn (landlord broker: Gary Kamenetsky, in-house). *** 140 Ethel Rd. W. in Piscataway, NJ, saw two transactions: Sigma Impex's 9.8k SF extension and Eshopic's 11k SF expansion. Zimmel Associates' Bernard Zimmel represented both tenants and landlord Denholtz Associates. *** SL Green's 420 Lexington saw six deals: Channel Capital Group's 5.3k SF three-year renewal and relocation; Quantbot Technologies' 4.1k SF lease; Clear Harbor Asset Management's expansion and five-year renewal to 3.5k SF; The International Federation of Red Cross and Red Crescent Societies at the United Nations' relocation to 3.2k SF (tenant broker: Norman Bobrow & Co.'s Robert Friedman); UENO Fine Chemicals Industry's five-year, 1.5k SF renewal (tenant broker: Redac's Charles Olsen); and Sierra Capital's three-year, 1.5k SF renewal. *** KBL Group International sighed a 17.9k SF lease for its NY HQ at 1407 Broadway. Savitt Partners' Marc Schoen represented the tenant, while The Kaufman Org.'s Grant Greenspan represented the owner. Although the lease terms were not disclosed, the asking price was $42/SF. *** Little Explorers Academy signed a 10-year, 13.7k SF lease as the anchor tenant of the 66k SF BeKIDS children's education complex at The Beacon in Jersey City. Abraham + Martin's Larry Brush brokered the deal for developer Metrovest Equities. *** Bluewolf signed a 12-year, 12k SF lease at 11 E. 26th St. Adams & Co.'s James Buslik and Jeffrey Schwartz represented both the tenant and owner. Although the lease terms were not disclosed, the asking price was $44/SF. *** 317 Madison Ave. saw three leases: Berkley Asset Protection Underwriting Managers' six-year, 4.6k SF renewal (tenant broker: Newmark Knight Frank's William Mendelson); DiNapoli 2010's 2.4k SF lease; and E.C. Capital's five-year, 921 SF lease (tenant broker: Crosstown Commercial Properties' Elliot Forest). SL Green is the owner. *** Law firm Nauta Dutilh signed a 10-year, 7.4k SF renewal at One Rockefeller Plaza. CresaPartners' Marcus Rayner and Ed Wartels represented the tenant, while Blythe Kinsler and Samantha Augarten represented owner Tishman Speyer in-house. *** SL Green's Howard Tenenbaum and Gary Rosen brokered three deals: Traffic Buyer.com's 3.4k SF lease at 215 Park Ave. South(tenant broker: Olmstead Properties' Steven Marvin); Tom Scheerer's five-year extension for 1.9k SF at 215 Park Avenue South (tenant broker: The Vortex Group's Jordan Mandel); and Behar Brothers' one-year, 1.3k SF renewal at 1350 Avenue of the Americas. *** Tris Pharma signed a 6.2k SF expansion at 2031 Route 120 S. in South Brunswick, NJ, bringing its total occupied space to 43.8k SF. Zimmel Associates' David Zimmel represented both the tenant and owner Denholtz Associates. *** 19 W. 44th St. saw two transactions: Johnson Associates' seven-year, 3.4k SF renewal (tenant broker: Cushman & Wakefield's Robert Gastel) and Taxpayers For Wilson's nine-month, 1.9k SF lease (tenant broker: Newmark Knight Frank's Dan Segal). Amy Shustek and Denise Rodriguez represented owner SL Green in-house. *** Atmananda Yoga Sequence signed a five-year, 4k SF lease at 67 Irving Place. The tenant represented itself, while Heritage Realty Services' George Constantin represented landlord Puble NV. *** Burgers, Shakes & Fries inked a 10-year, 2.4k SF lease for its first full-service restaurant at 800 Post Rd. in Darien, Conn., its second location in Fairfield County. RHYS Commercial's Jon Sabrowski was the sole broker. *** H�agen-Dazs signed a 1.8k SF lease at 55 E. 8th St. Robert K. Futterman & Associates' Beth Rosen and Ross Berkowitz, and Baum Realty's Jennifer Watson and Phil Baugh represented the tenant, while Rose Associates' Bruce Spiegel and William Bergman represented owner Uniway Partners. *** Gardner Publications subleased 1.8k SF to Fresh Direct for four years and two months. Winoker Realty's Bill Berkis represented the sublessor, while First New York Realty's Eric Kahn represented Fresh Direct. The Feil Org. is the owner. *** Energy Kitchen signed a 15-year, 1.6k SF deal at 142 W. 72nd St., which will be its tenth location. Winick Realty's Jamie Rogers brokered the deal with City Connections. Financing NCB arranged $22M in new financing activity, including a $7.5M first mortgage and $500k line of credit for a 74-unit co-op at 130 E. 63rd St. (arranged by Edward Howe III); a $1.6M first mortgage and $300k line of credit for a 48-unit co-op at 332 E. 84th St. (arranged by Sheldon Gartenstein); and a $500k line of credit for Orienta Gardens Owners at 1015 Old Post Rd. in Mamaroneck. (arranged by Mindy Goldstein). *** GCP Capital Group arranged mortgage financing totaling $18.4M:$6M for a 12-story condo building on Park Ave. (arranged by Adam Hakim and Mark Hakim); $4M for three parcels of land in Patchogue, Long Island (arranged by David Sessa); $2.9M for a five-story mixed-use building on South St. (arranged by Adam Brostovski); $1.7M for a five-story, mixed-use building on Second Ave. (arranged by Matthew Albano); and $1.3M for a commercial condo on Greenwich St. (arranged by Stephen Katz). *** CBRE capital markets debt & equity finance group's Keith Braddish and Jason Gaccione arranged an $8M fixed-rate first mortgage to refinance the existing loan on the Waterfall Village Apartments in Bloomingdale, NJ. The seven-year non-recourse loan was arranged in-house by CBRE Multifamily Capital at 4.98%. *** HFF's Jon Mikula and Michael Klein arranged a $4.4M refinancing for 506 Route 46, a 77.8k SF multi-tenant industrial building in Teterboro. The five-year, fixed-rate financing was placed with Oritani Bank on behalf of The Hampshire Cos., and loan proceeds are paying off an existing life insurance company mortgage that HFF arranged for the borrower in '04. *** CBRE capital markets debt & equity finance group's Max Herzog and Michael Diaz secured $3.2M in financing for a stabilized 48-unit multifamily rental building in the Bronx. The five-year permanent mortgage featured a 5.875% interest rate, a one-year interest-only term, and a 30-year amortization schedule. Construction & Development MKDA finished a high-end turnkey office space at 730 Third Ave. for new tenant Financial Federal. The space was designed following LEED CI guidelines, including an abundance of natural light to penetrate the core of the space. The doors are made of wood approved by the Forest Stewardship Council. The space included 13 private offices, seven workstations, and two conference rooms.TIAA-CREF is the landlord. *** A JLL team led by Randy Apfelbaum finished installing the Apollo Theater's Walk of Fame commemorative project, a sidewalk that will feature plaques dedicated to a select group of entertainers that have performed at the landmark theater. Beyer Blinder Belle served as the architect, while 212 Associates provided graphic design services. Business CBRE launched a real estate auction service in the US, expanding the company's capabilities for assisting lenders, investors, and users in the disposition of commercial real estate assets. Doug Johnson and Paul Galanis, both previously of Sheldon Good & Co., have joined the company to lead this initiative. *** Stribling & Associates and Savills formed an association, independent of Savills' NY commercial office, to serve international residential clients by widening the buyers' market. *** Fox Residential Group launched its Townhouse Division, focusing on the sales and rentals of townhouses, brownstones, and mansions throughout Manhattan. Rob Taub and Charles Ward will head the division. Executive Moves Jeffrey Kay joined Muss Development as COO and SVP of public affairs, beginning in June. He succeeds James Whelan, who recently joined REBNY. He was previously director of the Mayor's Office of Operations and the primary author of PlaNYC 2030, and worked for the city government since '96. He is a graduate of SUNY Albany and Binghamton. *** Eric Weinberg joined Eastern Consolidated as associate director of financial services, responsible for coordination of financial due diligence and underwriting. He was previously with Samsung Electronics, and held a Congressional page position with the House of Representatives. He is a graduate of Duke and Fordham. *** Eileen Eck joined Fox Residential Group as associate broker, focusing on Manhattan apartment and townhouse sales. She was previously with Deutsche Bank and ICAP Corporates, and also held a position at DB&P Advertising. She is a Pace and UPenn grad. |
