THE DEAL SHEET
| Sales Transactions Massey Knakal sold three buildings: a five-story, 16,790 SF retail and office building at 29 E. 61st St. for $21M cash (brokers: Guthrie Garvin and Jeffrey Shalom; seller: Hidrock Realty); a 9,765 SF mixed-use building at 34 E. 61st St. for $10M (brokers: Garvin and Paul Massey Jr.); and a 1,404 SF restaurant building at 342 Lexington Ave., which is NNN leased to Japanese restaurant Tokyo for $1.9M cash (brokers: John Ciraulo and Bob Knakal).*** |
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| Hartz Mountain Real Estate purchased Morris Crossing, a recently renovated 123-unit multihousing community at 18-23 Max Dr. in Morris Township, NJ, for $31M. Holliday Fenoglio Fowler’s Jose Cruz, Andrew Scandalios, Kevin O’Hearn, and Jeff Julien repped the seller.***Phoenix Realty Group purchased 548 distressed rental units in East Orange, NJ for $24.2M. The units mostly date from the 1930s and will be renovated to bring them up to current market standards. The portfolio was purchased on behalf of a PRG institutional real estate fund, and will be improved and operated by TreeTop Development.*** |
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| Terreno Realty Corp. purchased the 413k SF 130 Interstate Blvd. in Middlesex County, NJ from a JV of IDI and institutional investors advised by JP Morgan Asset Management for $22.5M. Cushman & Wakefield’s Gary Gabriel, Paul Torosian, Andrew Merin, and David Bernhaut arranged the deal.***Chabad of Gramercy Park purchased the 6k SF 40 W. 22nd St. #1 from Kim Jae Printing Co. for $1.9M. CCR’s Barry Fields brokered the deal.Lease Transactions |
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| Wilson Elser Moskowitz Edelman & Dicker is expanding and relocating its NJ offices to 200 Campus Dr. in Florham Park, where it signed a lease for 48k SF. Newmark Knight Frank’s Tim Greiner and Brendan Kiley and The Vortex Group’s Frederick Kane Marek and Scott Grayson brokered the deal.***Burlington Coat Factory will warm up 1400 Broadway, taking a long-term, 35,182 SF lease for its administration and buying offices, joining the offices of Men’s Wearhouse and Kohl’s. Colliers International’s Alan Desino and CBRE’s Robert Stillman repped the tenant, while W&H Properties’ Fred Posniak and Newmark Knight Frank’s Michael Frantz, Brian Waterman, and Jonathan Fanuzzi repped owner W&H Properties. *** 545 Madison Ave. is on the money, with three new financial services deals: Super Derivitives’ 10-year, 6,217 SF lease (tenant rep: Studley’s Jeff Peck); RNK Capital’s five-year, 7,175 SF lease (tenant rep: Studley’s Evan Margolin); and James Caird Asset Management’s 10-year, 7,175 SF lease (tenant reps: JLL’s Patrick Heeg and Ryan Masiello). JLL’s Lisa Kiell, Frank Doyle, David Kleiner, and Andrew Flint repped owner LCOR in all three deals. *** Murray Hill Properties brokered four deals: Kahn Lucas/Lancaster’s eight-year, 10,092 SF lease at 112 W. 34th St.(tenant rep: MHP’s Arnold Gamberg; landlord rep: Cushman & Wakefield’s Barry Zeller for W&H Properties); AppSense’s 11-year, 6,140 SF lease at 17 State St. (tenant rep: MHP’s AJ Camhi; landlord rep: Steve Morrows and Garrett Varricchio for RFR Realty); Real Branding’s two-year, 2k SF sublease at 286 Fifth Ave. (subtenant rep: Rice & Associates’ Kat Hwang; sublandlord rep: MHP’s Esther Zar); and Wise Choice Software’s five-year, 1,400 SF lease (tenant rep: Zar; landlord rep: Walter & Samuels’ Pauline Grant). *** York International Agency inked a 10-year, 11,745 relocation lease to 500 Mamaroneck Ave. in Harrison, NY. CBRE’s Paul Jacobs repped the tenant, while Jeffrey Newman and Kimberly Zaccagnino repped owner Malkin Properties in-house. *** The NYC Fire Department EMS net leased a 10,821 SF parking lot at 512 W. 23rd St. Newmark Knight Frank’s Justin DiMare and Howard Kesseler negotiated the transaction between the tenant and owner Park-It Management. *** Emerging Media Group signed a five-year, 7,200 SF lease at 462 Seventh Ave. CBRE’s Paul Walker repped the tenant, while The Kaufman Org.’s Steven Kaufman and Barbara Raskob repped the landlord. *** Lord Securities signed a 10-year, 6,900 SF early lease renewal at 48 Wall St. CBRE’s Snezana Anderson and Jim Searl repped the tenant, while owner Swig Equities was repped in-house by Kent Swig and Todd Korren. *** 1412 Broadway saw two deals: Raymond Schwartzberg & Associates’ two year, 3,819 SF lease, and Flirt’s two-year, 1,036 SF lease. Murray Hill Properties’ Jesse Rubens, Bret Varricchio, and Esther Zar repped both the tenant and landlord in the deals. *** 231 W. 39th St. is in fashion for two tenants: Showroom Delfina, which inked an eight-year, 3,100 SF lease, and Blue Since Birth’s six-year, 1,444 SF lease. Adams & Co.’s James Buslik and Jeffrey Buslik repped both the landlord and tenant in the deals. *** Gallo Vitucci & Klar inked an eight-year, 3k SF expansion at 90 Broad St. Owner Swig Equities was represented in-house by Todd Korren. Financing |
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| The NY and NJ offices of Holliday Fenoglio Fowler arranged an $80M first mortgage financing for the Puck Building, a 265k SF office and retail building in SoHo. The firm’s Mike Tepedino, Jose Cruz, and Steven Klein placed the adjustable-rate loan on behalf of borrower Kushner Cos. The NY office also arranged a $3.6M refinancing for a 20k SF office building at 300 Post Rd. West in Westport, Conn. The firm’s Al Epstein secured the seven-year, fixed-rate loan with Amalgamated Bank on behalf of borrower 300PRW LLC.***NCB FSB arranged more than $62M in new financing for 19 properties in the area. This included a $12.2M first mortgage and $1M line of credit for Kennedy Street Quad, a 247-unit co-op at 18-35/75 Corporal Kennedy St. in Bayside, Queens (arranged by Sheldon Gartenstein); a $9.5M first mortgage for Park Knoll Owners Corp., a 228-unit co-op at 35 Columbus Ave. in West Harrison, NY (arranged by Edward Howe III); and an $8.8M first mortgage and $500k line of credit for Cloister Owners Corp., a 142-unit co-op at 321 E. 43rd St. (arranged by Mindy Goldstein). *** Meridian Capital Group negotiated $44.5M in mortgage financing:$14M for a portfolio of Lower East Side multifamily buildings (arranged by Cary Pollack); a $13M new mortgage for three multifamily buildings totaling 218 units on Bailey Ave. in the Bronx(arranged by David Hayum); a $6.4M new mortgage for an 84-unit multifamily building on 30th St. in Astoria (arranged by Jonathan Wintner); and a $5.2M new mortgage for a 78-unit multifamily building on Hampton St. in Elmhurst (arranged by Allan Liberman). Construction & Development Thorlabs broke ground on its new 98k SF HQ at 56 Sparta Ave. in Newton, NJ. The three-story building includes production, warehouse, manufacturing, research, and office space. It can accommodate 300k SF of future expansion. J.G. Petrucci Co. is the design/build development partner for the project, which is expected to be completed by the end of ’11. *** |
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| Construction of the $15M 1465 & 1473 Fifth Ave. in Harlem is complete. The NYC Department of Housing Preservation and Development project was developed by Artimus Construction Corp., designed by RKT&B Architects, and engineered by Goldreich Engineering and Sideris Engineers.Business Northwest Atlantic Real Estate Services launched a development services division based in White Plains and focused on the tenant-driven development in the Tri-State area. VP Steve Kushner will lead the division in his new position. He was previously with Westfield and Cypress Equities, the development division of Staubach Retail. Executive Moves The father-and-son team of Norman Jacobson and Steven Jacobson joined The Kaufman Org. as EVPs, responsible for expanding the company’s portfolio and growing the brokerage division and tenant relations. Both were previously with Helmsley Spear. Norman began his career at Swig, Weiler & Arnow, while Steven worked at Garden Homes and Ernst & Young. Norman is a CUNY, New School, and Adler Institute grad, while Steven is a Cardozo School of Law and University of Michigan grad. *** Kristy Barclay joined M Moser Associates as director of business development. She’s been active in the industry for nearly three decades, and is a graduate of Smith and Cornell. |
