THE DEAL SHEET
| Everyone must be poolside or on the green-this was a slower week for transactions. But we did see a few deals, starting with sales: |
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| SHI International purchased the two-building, 430k SF Somerset Grove Corporate Center in Somerset, NJ from LNR New Jersey Partners for an undisclosed price. The assets were formerly occupied by AT&T under a long-term lease and subsequently vacated. As receiver for the lender, Newmark Knight Frank managed, leased, and sold the property; the firm's Richard Madison,Matt Schnurr, and their respective teams were involved in the transaction.***Massey Knakal sold a 10k SF mixed-use building at 864 Nostrand Ave. in Crown Heights, Brooklyn for $1.1M cash. The firm's Jonathan Berman was the sole broker.Leases The Art Institute of New York signed (perhaps with flourishes and doodles) a five-year, 41.5k SF student-housing lease at 67 Livingston St. in Brooklyn, allowing the school to consolidate into one building from other locations in Brooklyn and Manhattan. The building will accommodate 182 students. Cassidy Turley's Neil Lipinski, Tim Kucha, and Jonathan Schindler repped the tenant. The property will be managed by Campus Apartments, and the owner is Glory Capital. *** Conway inked a long-term, 36k SF lease at 427 Fulton St. in Brooklyn, in a deal valued at over $30M. It is relocating from its existing store at 503 Fulton St. Winick Realty's Zachary Mishaan repped both the tenant and owner. *** Ford motored into 612 86th St. in Bay Ridge, Brooklyn, inking a 25-year lease for a 7.5k SF building and 25k SF plot that will be run by a showroom/dealership franchise operator under the name Bay Ridge Auto. Kalmon Dolgin Affiliates' Bob Klein repped the tenant and the owners, Eugene and Seymour Hionas, in the deal. *** |
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| Frenkel & Co. inked a 11-year, 23.5k SF lease at Harborside Financial Center Plaza 3 in Jersey City. JLL's Robert Romano and Newmark Knight Frank's Richard Mirliss and Daniel Harrison repped the tenant. Mack-Cali is the owner.***NAI Friedland's retail division brokered four deals: Yuca Food's $5.9M, 10k SF lease at 2044 Westchester Ave., Bronx (broker:Kathy Zamechansky; owner: 2044 Westchester Realty LLC);Joseph A. Bank Clothiers' 3.5k SF lease at 36 Main St. in Mt. Kisco (tenant rep: Ripco's Tom Rettaliata; owner rep: Friedland's Joan Simon on behalf of El Kam Realty); Little Caesars Pizza's 2.1k SF lease at 1504 Westchester Ave., Bronx (brokers: Robin Herko, Steve Lorenzo, and David Scotto; owner: Wasa Properties); and a shoe and clothing store's 1.3k SF lease at 369 E. Fordham Rd., Bronx (broker: Rick Stassa).*** Navigant Consulting inked a 16.1k SF lease at American Metro Center, 240 Princeton Ave. in Hamilton, NJ. UGL Equis repped the tenant, while Lincoln Equities Group's Daniel Ackerman repped the owner, a JV between Lincoln Equities and an affiliate of Meritage Properties. *** Duane Reade fills more than just prescriptions-it took the last remaining retail space at The Corner at 72nd and Broadway, a new residential rental development. The drug-store chain inked a long-term, 15k SF deal for the second floor. Winick Realty's Jeff Winick repped the tenant, while Crown Retail Services repped the owners,Philips International and Rhodes NY. *** Samsung signed a long-term, 13.9k SF lease at Empire Office Center II, 250 Moonachie Rd. in Moonachie, NJ for back-office operations. CBRE's John Oh and Paul March repped the tenant, while Cushman & Wakefield's Christian Politan and Bonni Heller repped owner JENI LLC. *** 1407 Broadway saw two long-term showroom deals: Adorn Fashion's 8k SF lease and expansion, and Miken Clothing's 2k SF lease. Savitt Partners' Marc Schoen repped both tenants, while Gettinger Management's Robert Forman repped owner The Lightstone Group. *** Law firm Littleton Joyce Ughetta Park & Kelly signed a long-term,9k SF lease at 4 Manhattanville Rd. in Purchase, relocating within The Centre at Purchase. Cushman & Wakefield's Sean Brady and Glenn Walsh repped the tenant, while Dana Pike repped owners George Comfort & Sons and O'Connor Capital Partners in-house. *** A home run for the Upper West Side-Modell's Sporting Goods signed a long-term, 7.3k SF lease at 350 Amsterdam Ave., at the base of luxury residential condo The Harrison. Robert K. Futterman & Associates' Ariel Schuster repped the tenant, while RKF's Robert Futterman and Peter Whitenack repped owner The Related Cos. *** The Frye Co. expanded its footprint into the US, opening its first store at 113 Spring St., where it signed a 6k SF lease. Robert K. Futterman & Associates' Karen Bellantoni and Caleb Petersen repped the tenant, while Steven Martin repped owner Olmstead Properties in-house. *** Even though it's Incognito Bistro, the deal's no secret-the restaurant signed a 4.9k SF lease at 30 W. 18th St., taking the last remaining retail space at the base of new luxury rental building Flatiron 18. Core Group NYC's Dave Beare repped the tenant, while Robert K. Futterman & Associates' Sal Ferrigno and Richard Gelber repped owner 30 West 18th Associates LLC. *** Blooming Nail and Spa painted a 4k SF lease at 260 Park Ave. South, where it will open its fourth location in Spring '11. Winick Realty's Young Byunn repped the tenant, while the firm's Ann La Centra repped the landlord, Tessler Development. Financing Meridian Capital Group arranged $104M SF in new mortgage financing, including $23M for a multifamily building on Park Avenue(arranged by Moshe Majeski and Rael Gervis); $22M for a 959-unit multifamily building on W. 23rd St. (arranged by Dovid Ostrov and Mindy Bergman); $12M for a two-story retail building on Broadway(arranged by Morris Diamant and Joe Klein); and $10M for a 115-unit, 15-story multifamily building on W. 88th St. (arranged by Avi Weinstock). *** GCP Capital Group arranged mortgage financing totaling $17.3M, including $6.2M for a 73-unit, six-story elevator apartment building on St. Nicholas Ave. (arranged by David Sessa); $5.1M for a newly developed 25-unit apartment building on Eagle St. in Brooklyn (arranged by Matthew Albano); and $3M for a 20-unit, five-story walk-up apartment building on E. 9th St. (arranged by Paul Greenbaum). *** |
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| CBRE's capital markets debt and equity finance group secured $12.6M to recapitalize the existing financing on the Lowe's Home Center at 144 Route 73 North in Voorhees, NJ. The firm's Enoch Lawrence and Rayna Karaivanov arranged the permanent, non-recourse, self-amortizing loan, which was funded by CTL Capital with a 5.47% interest rate.***The Community Preservation Corp. closed on five green loans totaling $11.3M for energy-efficient apartment building rehab projects in Manhattan, the Bronx, and Brooklyn. This included $6.8M for 650 and 660 Southern Blvd. in the Bronx (along with a $6.8M Department of Housing Preservation and Development loan);$2.2M for 12-16 Arden St. (along with a $2.9M from HPD); and $1.2M for 155 W. 188th St. (along with $2.3M from HPD).Business Gaia Real Estate acquired full ownership of Park River Properties from former partners Mickey Roth and Lenny Sporn, who left the company. The deal is part of Gaia's strategy to build a fully integrated, fully owned real estate group, and follows its acquisition of Vision Property Management earlier this year. The company also hired Thuya Pham to spearhead the company's expansion goal into the national and global market. Executive Moves Marcus & Millichap promoted Alan Pontius to national director of commercial leased investment properties, succeeding Bernard Haddigan, who retired from the firm. He'll oversee all commercial leased investment property divisions while retaining his position as national director of the national office and industrial properties group. He joined the firm in '85 and was promoted to managing director in '07. He's a graduate of San Francisco State. *** Cassidy Turley promoted Andrew Houston and Charles Parmelli to VPs in the firm's Teaneck and Somerset, NJ offices, respectively. Andrew is responsible for the sales and leasing of industrial properties in Northern NJ, and is a graduate of NYU. Charles focuses on office and tech-oriented space in Central and Northern NJ, and has been with the firm since '99. *** Frank Liggio joined CBRE's Long Island office as VP, focusing on industrial and airport-related transactions. He was previously with a boutique brokerage firm on the island. *** Christopher Koeck joined Studley's Hackensack, NJ office as assistant director, responsible for new business development initiatives and is teamed with senior managing director Christopher Marks to offer tenant advisory services for office and industrial clients. He was previously with the Sitar Co., and is a graduate of Kurtztown University. |
