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THE DEAL SHEET

New York

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BIG DEAL!
MCR Development purchased a portfolio of 10 Marriott and Hilton extended-stay and focus-service hotels from The Briand Lodging Group for $164M. The 10 hotels encompass 1,100 rooms in Conn., NY, NJ, and Penn., and the transaction is expected to be among the largest hotel sales to close this year.CBRE Hotel Group arranged the sale on behalf of the seller.
Sales Transactions LG Electronics purchased 111 Sylvan Ave in Englewood Cliffs, NJ from Piedmont Office Realty Trust for $55M. CBRE’s John Oh and Paul March repped the buyer, while CBRE’s Jeffrey Dunne, Kevin Welsh, David Opper, and Cheryl Hardt repped the seller.***CB Richard Ellis Realty Trust purchased the 175k SF 100 Kimball Dr in Parsippany, NJ for an undisclosed price, the REIT’s third acquisition in NJ and its seventh in the northeast. The building is fully leased to a credit tenant through July 2020. A team from CBRE Realty Trust worked with Kim Adamek and CBRE Investors to acquire the property.

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Bank Street Commons LLC, an entity controlled by an institutional seller, sold the 502-unit luxury apartment community Bank Street Commons in White Plains to an institutional advisor buyer for an undisclosed price. CBRE’s Jeffrey Dunne and Christopher Leonard brokered the deal.

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Greenwich Thames purchased the deed to a 6,160 SF Downtown development site at 133-135 Greenwich St, with approvals for the construction of a 156k SF residential/commercial property, for $19.6M. Eastern Consolidated’s David Schectman, Marion Pavone, and Lipa Lieberman repped seller Greenwich Street Developers, while the firm’s Eric Anton and Ronald Solarz procured the buyer.

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110th Street Holdings NY purchased the 9,405 SF retail condo on the ground floor of 161 E 110th St’s The Mirada from 110th Street Development for $4.9M. Eastern Consolidated’s Eric Anton and Ronald Solarz repped the seller, while Eastern Consolidated’s Martin Ezratty procured the buyer.

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TerraCRG sold a residential development site at 268-270 St Marks Ave in Prospect Heights, Brooklyn for $1.2M. The zoning allows for over 14k buildable SF, ideal for townhouse or condo development.

Lease Transactions

499 Park Ave saw 50k SF of deals, including Cantor Fitzgerald’s 20k SF expansion to 50k SF (tenant reps: JLL’s Derek Trulson and Bill Peters); Halstead Property’s 17,500 SF relocation; and Woodbine Capital Advisors’ 11,300 SF relocation (tenant reps: CBRE’s Adam Foster and Neil King). Cushman & Wakefield’s Tara Stacom, David Rosenbloom, David Green, and Bill Elder repped owner Hines.

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7 Graphics Dr in Ewing, NJ saw two deals, bringing it to 100% occupancy: Cenlar FSB’s 41k SF lease, and Geosyntrec Consultants’ 5,472 SF lease. Newmark Knight Frank’s Steve Tolkach repped both tenants, while Colliers International’s John Cunningham repped owner Biomed Realty Trust.

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NAI Friedland’s industrial division closed three deals: Big Mack Storage Corp’s 18k SF lease at 140 Saw Mill River Rd in Yonkers (tenant rep: Lawrence Talt Realty; landlord rep: NAI’s Peter Cokin on behalf of 200 SMRR); Halcyon Construction’s 16,400 SF lease at 900 Bronx River Ave in the Bronx (broker: Steve Kornspun; landlord: Colgate Scaffold); and White Plains Commissary’s 5,600 SF lease at 2 Intervale Ave in White Plains (broker: Andy Grossman; landlord: Stephen Surace).

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The Richline Group leased 32,488 SF at 1385 Broadway, where it will relocate its corporate HQ in Westchester. Studley’s Greg Taubin and Gabe Marans repped the tenant, while Cushman & Wakefield’s Jonathan Serko, Gary Greenspan, Diana Gaines, David Malawer, and Larry Lazerwitz repped owner B Bros Broadway Realty, an affiliate of Bloomingdales Properties.

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NAI Friedland’s retail division brokered six deals: Brightside Academy’s 11k SF lease at 2035 Newbold Ave in the Bronx (broker:Kathy Zamechansky; landlord: Newbold Community); Dollar Tree’s 10,600 SF lease at 1334 Louis Nine Blvd in the Bronx (tenant rep: S RS Realty Services; landlord rep: Zamechansky on behalf of Jackson Development); Mohammad Kahn’s 4,578 SF lease at 953 Southern Blvd in the Bronx (broker: Rick Stassa; landlord: 953 Realty Corp); A&S’ 3,200 SF lease at 681 Main St in Mount Kisco (broker: Joan Simon; landlord: Wilder Baher Partners); Bronx Discount Linen & More’s 2,800 SF lease at 946 Southern Blvd(broker: Stassa; landlord: Demar Realty); and Program Reach’s 1,570 SF lease at 3250 Westchester Ave in the Bronx (brokers:Robin Herko, Steve Lorenzo, and David Scotto; landlord: The Hampshire Cos).

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Swig Equities signed three deals in its portfolio: Hardin, Kundla, McKeon & Poletto’s six-year, 13,516 SF renewal at 110 William St;Andiamo Partners’ five-year, 3,235 SF lease at 90 Broad St (tenant rep: Own Manhattan’s Marie Hammoudi; landlord reps: JLL’s Scott Cahaly and Brian Reiver) and Lambert Development’s six-year renewal at 5 Hanover Square. All deals were also repped in-house by Swig’s Todd Korren.

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Samsung SDS America doubled its footprint at Empire Office Center II, 250 Moonachie Rd in Moonachie, NJ. It now occupies 29k SF for its 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.

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Adspace Networks is relocating to 99 Park Ave, where it signed a 10-year, 10,835 SF lease. Studley’s David Dusek and Ryan McKinney repped the tenant, while Cushman & Wakefield’s Steve Bauer and Paul Glickman repped owner Eastgate Realty.

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Three non-profits inked deals at the Military Park Building at 60 Park Pl in Newark. Neighborhood Assistance Corporation of America signed a 5k SF expansion and relocation; Against All Odds leased 1,400 SF; and Playworks signed a 1k SF lease. The landlord is The Berger Organization.

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Hudson Station served up a 15-year, 7,111 SF lease at 440 Ninth Ave for its new high-end sports bar and grill. Reilly Real Estate’s Ed Reilly repped the tenant, while Andrew Conner and Peter Brindley repped owner Paramount Group in-house.

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Adams & Co brokered three deals: K.B. Socks’ seven-year, 4,796 SF renewal and expansion at 530 Fifth Ave (tenant rep: Adams’Jeffrey Buslik; landlord rep: Newmark Knight Frank’s Ryan Kass on behalf of W&H Properties); Kendra Scott Design’s two-year, 1,039 SF renewal at 231 W 39th St (brokers: Adams’ Jeffrey Buslik and James Buslik); and Winnitex America’s two-year, 1,070 SF renewal at 110 W 40th St (brokers: Adams’ David Levy and Brett Maslin).

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Dedicated Media has dedicated itself to 2,300 SF at 210 W 29th St, where it will be relocating. Abraham + Martin’s John Belitsky and Michael Duncan repped the tenant, while Cassidy Turley’s Mark Furst repped the owner.

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Smart Fashion signed a long-term, 2k SF lease for its first retail store at 149B W 36th St. Winick Realty Group’s Richard Smith and Tatian Jung- Voevodina repped both the tenant and landlord Foremost Real Estate.

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Barbour took 1,993 SF at 123 Wooster St for its second permanent NY store. Golden Oak Development’s David Durneer repped the tenant, while Robert K. Futterman & Associates’ Robert Futterman,Beth Rosen, and Pamela Haber repped owner 130 Prince Associates.

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Envy Corp signed a 1,800 SF lease at 1998 Bruckner Blvd in the Bronx for its 41st nail and hair salon location in NYC. City Connections Commercial’s Barry Fields repped the tenant, while AJ Levine repped owner Vornado in-house.

Financing

GCP Capital Group’s Alan Perlmutter, Matthew Classi, and Paul Greenbaum arranged mortgage financing totaling $12.9M for a historically restored four-story landmark elevator building, containing 58 apartments, in Cobble Hill, Brooklyn.

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The Community Preservation Corp and the NYC Department of Housing Preservation and Development provided $1M in construction financing for the rehab of two adjacent, three-story Harlem brownstones at 211-213 W 134th St. St. Stephen’s Baptist Church is located on the ground floor. Upon completion of the renovation, the properties will contain five one-bedroom apartments and 800 SF of ground-floor retail space. The general contractor is Kyrillos Tower Construction and the architect is Alix Michel.

Executive Moves

Richard Jarocki joined Grubb & Ellis as managing director of debt and equity finance. He joins from Rock Financial Consulting. He was also previously COO of CBRE’s debt and equity finance group, and held positions at Prudential Mortgage Capital, Citicorp Securities, and Midlantic Mortgage Corp. He’s a Farleigh Dickinson grad.

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Drew Persson joined Newmark Knight Frank as principal in its Rutherford, NJ office. He was previously with Colliers International, and also held a position at CBRE. He’s a Rider University grad.

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Gregory Dwornikowski and Virginia Plithides joined Jonathan Rose Cos as respective director of asset management and director of finance, a move in wake of the company’s expansion in its investment management business. Gregory was previously with Pitcairn Properties , and is a CPA and Wharton grad. Virginia comes from Red Stone Partners, and held positions at Centerline Capital Group and several accounting firms. She’s a University of Rhode Island grad.

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Paul Smith and Gary Sherman joined Brook Partners as respective COO and chief investment officer. Gary has been an active investment partner with the firm for the past 10 years and heads the NYC office, and held positions with Townhouse Advisors,Euristates, Apollo Real Estate Advisors, and Lennar Partners. Paul was previously with Crescent Real Estate, and has more than 26 years of experiences dealing with institutional real estate clients, including General Motors and JPMorgan.

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Warren Fink joined Carlyle Development Group as COO, focusing on an expanded acquisition program and co-investment capital ventures. He was formerly CFO and CIO of The Clarrett Group, and held positions at TIAA, Madison Marquette, and GMAC.

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Philip Huang joined Eastern Consolidated as associate director. He was previously with Massey Knakal and also served as a paralegal with Herbert Smith LLP. He’s a UPenn grad and has studied at Tongji University and the Beijing Language and Culture University.

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Christopher Miele joined Levin Management Corp as part of its business development team. He was previously in the automotive industry, where he has 15 years of marketing and management experience with luxury brands like Ferrari and Maserati. He’s currently taking continuing ed courses at NYU Schack.

Related Topics: CBRE, Jonathan Rose Cos, Tara Stacom, Hunt Mortgage Group, Madison Marquette, Citibank, Prospect Heights, Prudential Financial, NYU Schack, Military Park Building, Paul Smith, Piedmont Office Realty Trust, Cheryl Hardt, The Community Preservation Corp, Dollar Tree, Cobble Hill, Adam Foster, Biomed Realty Trust, Paramount Group, John Cunningham, Matthew Classi, Swig Equities, Robert Futterman, James Buslik, Ryan Kass, Todd Korren, Rhode Island, Cantor Fitzgerald, Winick Realty Group, The Hampshire Cos, Jeffrey Dunne, Brett Maslin, Jeffrey Buslik, Robin Herko, David Scotto, Hanover Square, Paul Glickman, Steve Lorenzo, Housing Preservation, Rick Stassa, Alan Perlmutter, Levin Management Corp, Scott Cahaly, David Green, Eric Anton, Greg Taubin, Kevin Welsh, 5 Hanover Square, Christopher Leonard, Brian Reiver, Beth Rosen, Steve Kornspun, David Malawer, Kathy Zamechansky, Ronald Solarz, Crescent Real Estate, Jonathan Serko, Andy Grossman, Joan Simon, David Rosenbloom, David Dusek, Halstead Property, Richard Smith, Gary Greenspan, 1385 Broadway, Peter Cokin, Larry Lazerwitz, Lipa Lieberman, Street Development, Park Pl, Mount Kisco, Christian Politan, John Belitsky, MCR Development, Realty Corp, Bonni Heller, Apollo Global Management, Bill Elder, Brook Partners, Mark Furst, Diana Gaines, Pamela Haber, Gabe Marans, Derek Trulson, Neil King, John Oh, Paul March, Peter Brindley, 60 Park Pl, Michael Duncan, David Opper, Drew Persson, Rider University, Barry Fields, Brightside Academy, David Schectman, Ryan McKinney, Bros Broadway Realty, Bill Peters, Envy Corp, Eastgate Realty, Kim Adamek, Marie Hammoudi, Empire Office Center II, Steve Bauer, The Berger Organization, Reilly Real Estate, Kendra Scott Design, Foremost Real Estate, City Connections Commercial, Gregory Dwornikowski, Virginia Plithides, Pitcairn Properties, Red Stone Partners, Warren Fink, Philip Huang, Gary Sherman, Martin Ezratty