THE DEAL SHEET
Sales Transactions
Massey Knakal sold four properties: a 5.4k SF mixed-used building, with a Starbucks and yoga studio, at 1128 Third Ave. for $6.5M cash (brokers: Guthrie Garvin and Bob Knakal); a 24.3k SF warehouse/office at 71-01/71-15 51st Ave. in Woodside for $4M cash (broker: Swain Weiner); a three-family townhouse at 236 E. 30th St. for $2.6M cash (brokers: John Ciraulo and Michael Azarian); and a 7.5k SF warehouse building with two lots totaling 9k SF at 154-01/05 Barclay Ave. in Flushing for $1.2M cash (broker:Stephen Preuss).
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Marcus & Millichap sold the 2.6k SF, partially vacant 657 Washington Ave. in Brooklyn for $620k. The firm's Bryan Schellinger and Zachary Felson repped the seller, while the firm's Matthew Fotis secured and repped the buyer.
Lease Transactions
HAKS Engineers is expanding by 30%, taking 44.1k SF in an 10-year expansion and extension at The Trump Building, 40 Wall St. Studley's Marc Shapses, Jason Schwartzenberg, and Joseph Messina repped the tenant. Independent consultant Jeffrey Lichtenberg, along with CBRE's Adam Foster, Brad Gerla, Michael Higgins, Gregg Rothkin, and Rima Shpolyansky, repped owner The Trump Org.
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1515 Broad St. in Bloomfield, NJ saw two deals, bringing the property to 100% occupancy: ITT Space Systems' expansion of its 24.5k SF lease by an additional 31k SF (tenant rep: Cushman & Wakefield's Sean Brady); and New Jersey Urology's expansion of its 17.4k SF lease by an additional 6.6k SF (tenant rep: Colliers International's John Cunningham). CBRE's Bill McCaffrey repped owner The Hampshire Cos. in both leases.
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The Culinary Academy of New York inked a nine-year, 32.3k lease at 154 W. 14th St., expanding from 18k SF at the same location. Colliers International's Louis Prisco represented both the tenant and landlord, Abner Properties. As part of the renewed and expanded lease, the landlord pledged $1M toward building out the new space.
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Metropolitan Center, which overlooks the New Meadowlands at NJ Routes 3 and 120, saw three deals: CMA-CGM's 8.8k SF lease (tenant rep: Studley's Robert Bull and Philip Lipper); Oracle USA's 14.2k SF lease (tenant reps: CresaPartners' Tom Semler and Larry Lieb); and Russell Research's 3.4k SF expansion (tenant rep: Cushman & Wakefield's David DeMatteis). The owner is CBRE Investors Strategic Partners US Value 5 Fund.
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The Home Insurance Co. inked a 23.8k SF lease at 61 Broadway, relocating from 59 Maiden Ln. Cushman & Wakefield's Andrew Peretz repped the tenant, while Daniel Blanco, David Israni, and Ramona Huegel repped owner Broad Street Development in-house.
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Myriad Supply Co. inked a 10-year, 18.3k SF lease at 22 W. 19th St. The Kaufman Org.'s Elliot Warren repped the tenant, while Kaufman's Steve Kaufman and Barbara Raskob represented the owner. Although the terms were not disclosed, the asking rent was in the low $30s/SF.
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450 Seventh Ave., aka the Nelson Tower, saw over 16.6k SF worth of deals: Continental Resources' five-year, 5.2k SF lease (tenant rep: CBRE's Paul Walker); MAS Design's five-year, 4.3k lease (tenant rep: Wharton Property Advisors' Ruth Colp-Haber);Invention Resources International's five-year, 2.3k SF expansion lease (tenant rep: The Kaufman Org.'s Barbara Raskob); Shelowitz & Associates' five-year, 2k SF lease (tenant rep: Winoker Realty's Marc Miller); MARV Capital Partners' three-year, 1.6k SF lease (tenant rep: CS Commercial City Sales' Brendan Mahoney); and Morstan General Agency's five-year, 1.3k SF lease (tenant rep: The Lawrence Group's Brian Segal). Barbara Raskob repped the owner in each deal, whose asking rent was in the high $30s/SF.
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Indeed.com signed a 15k SF lease at 177 Broad St. in downtown Stamford, Conn., relocating from its HQ at 470 West Ave. and more than doubling its size. Cushman & Wakefield's Gregory Frisoli,Adam Klimek, and Torey Walsh repped the tenant, while Margaret Carlson and Joseph Artusa repped owner RFR Realty in-house.
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Z&Z Supply d.b.a. Johnstone Supply signed a 13.2k SF industrial renewal at 1 Apollo Dr. in Whippany, NJ. NAI James E. Hanson's Steven Leitner repped the tenant.
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HSBC Bank renewed its 13.1k SF lease at 110 William St. Lansco Corp.'s William Melville and Douglas Zinn repped the tenant, while Todd Korren repped owner Swig Equities in-house.
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CVS took a two-acre site at 633 Merrick Rd. in Lynbrook, Long Island, for a new 13k SF store. The site was former home to King O'Rourke Cadillac and Lynbrook Cadillac. The 25-year deal has an aggregate rent of $9M. Island Associates' Roger Delisle repped the tenant, while Brody Realty's Gary Brody repped the fee owner.
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Meryl Diamond inked a five-year, 13k SF renewal at 1375 Broadway. Newmark Knight Frank's Noel Flagg and Michael Frantz repped the tenant, while Colliers International's Perry Mesmer and Marty Meyer repped the landlord, a private owner.
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Universal Remote Control renewed and expanded its offices to nearly 10k SF at 500 Mamaroneck Ave. in Harrison, NY. It now occupies 22k SF at the building until '18. The tenant repped itself, while Jeffrey Newman and Kimberly Zaccagnino repped owner Malkin Properties in-house. Malkin Construction will build out the space for the new tenant.
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A new restaurant being launched by Damien Scoditti signed a 15-year, 3.5k SF lease at 920 Broadway. Colliers International's Louis Prisco repped the tenant and owner, Broadway Associates.
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Skinny's Cantina took a 2k SF lease at 47-05 Center Blvd. in Long Island City for its new restaurant, which will open in September. Owners Shih Y. Lee, Shih N. Lee, and Noboru Takashima worked directly with owner Rockrose Development Corp. on the transaction. The family's first restaurant, Shih Lee, is located at Rockrose's 311 E. 45th St.
Financing
GCP Capital Group arranged mortgage financing aggregating $6.3M: $2.3M for a five-story apartment building on E. 81st St. (arranged by Matthew Classi); $1.8M for two five-story walk-ups containing 22 units at E. 165th St. in the Bronx (arranged by Adam Brostovski); $1.2M for a six-story elevator apartment with 26 units on Clay Ave. in the Bronx (arranged by Brostovski); and $1M for a five-story walk-up containing eight units and two stores on E. 58th St. (arranged by Paul Greenbaum).
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Landmark Realty Capital arranged a $6M first mortgage on behalf of IB Broadway to finance the completion of a seven-story, mixed-use building at 104-110 Broadway in Williamsburg, Brooklyn. The property features 40 residential units that will be used as rentals and commercial units. The firm's John Chiappetta repped the client.
Construction & Development
The 700k SF 360 State Street in New Haven, Conn. just finished the installation of a 4 00 kWh fuel cell, the first large-scale residential installation of this green technology. According to non-profit Fuel Cells 2000, residential usage has been akin to 5kW in individual homes. The fuel cell will provide combustion-free power to the 500 residential units, common areas, and retail space, meeting nearly 100% of the building's electrical needs. The installation required a large upfront investment by The Multi-Employer Property Trust, and received a grant from the Connecticut Clean Energy Fund to cover nearly half the cost. Payback is expected in five and a half years.
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Atlantis Management Group will construct and operate a $11M retail alternative fueling facility in Hunts Point, Bronx, at the Hunts Point Food Distribution Center, leasing a 128k SF city-owned parcel for 40 years with two, six-year renewal options. The facility will support and encourage the use of alternative fuels by trucks and other vehicles traveling within the city. The project will also include a restaurant, truck-wash facility, and additional retail space. It will soon begin the City's public land-use review process. Construction is expected to commence in '11, with a '13 completion.
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The NYC Economic Development Corp. issued an RFP for the purchase and development of a 109k SF vacant industrial property in the Bathgate section of the Bronx. The full-block site is just south of the Cross Bronx Expressway between Bathgate and 3rd Avenues, and is part of the Bathgate Industrial Business Zone and Bathgate Urban Renewal Area.
Business
Sierra Realty Corp. launched Sierra Development, its new construction and development division, which will be lead by Gary Zaid. This expands the company's service lines to include construction and project management, owner and tenant representation, general contracting, value engineering, and development services. One current value-add project is the 50k SF 648 Broadway, where Sierra is acting as owner's rep.
Executive Moves
Cushman & Wakefield promoted David Bernhaut to vice chairman. David's been with the firm since '87 and co-founded the East Rutherford, NJ-based Metropolitan Area Capital Markets Group investment sales team, and has been involved in over $16B of investment sales comprising 125M SF—$9B in the past five years alone. He's a University of Michigan and Columbia alum
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Brian Rothschild joined UGL Equis at SVP in its Manhattan office, where he will focus on end users and clients in international markets. He was previously with Colliers ABR (now Cassidy Turley), and also worked for Tower Equities. He is a graduate of the University of Central Florida.
