THE DEAL SHEET
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| Sales TransactionsLodging Capital Partners purchased the 447-room Hilton Rye Town in Rye Brook from Ashford Hospitality Trust for $36M. The hotel will continue to be managed by Hilton Hotels, and remains the only full-service Hilton hotel in Westchester County. Cushman & Wakefield Sonnenblick Goldman’s Tom McConnell, Jared Kelso, and Ernest Lee repped the seller.***
Massey Knakal sold two properties: an elevator apartment building totaling 144 units at 82-67 Austin St in Kew Gardens for $20M(brokers: Brian Sarath and Paul Massey); and a development site at3961 Carpenter Ave in Williamsbridge, North Bronx, for $1M cash (brokers: Karl Brumback and Bob Knakal). *** | ||
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| A privately held real estate investment firm purchased the 163k SF1655 Valley Rd in Wayne, NJ from Prism Capital Partners for$14.2M. The building formerly served as the US HQ for Reckitt Benckiser and now is home to long-term anchor tenant UPS. The site can support a building expansion of 24k SF. The sale was arranged by Newmark Knight Frank.***Ariel Property Advisors closed a 34-unit walk-up at 124-128 E 107th St for $3.8M. The transaction was originated by presidentShimon Shkury while he was a partner at Massey Knakal.
*** HJ Development purchased the 75k SF 1 Acmat Plaza at 235 Main St, New Britain, Conn. from Acmat Corp for $2.8M. Eastern Consolidated’s Ronda Rogan repped the buyer, while CBRE’s Hartford office repped the seller. *** A 2,300 SF retail condo at 82 University Place, a new seven-unit retail development, traded for $1.5M. Salmon & Marshall Partners’Kevin Salmon and Matthew Marshall repped both the buyer and seller, which were not disclosed. Lease Transactions Vintage Foods took 122k SF for warehousing and distribution at 849 Newark Tpke in Kearny, NJ. Greiner-Maltz’s Raymond Musalorepped both the tenant and owner Orangewood Properties. *** Park Avenue at Morris County office complex in Florham Park, NJsaw three law firm leases: Wilson Elser’s 48k SF lease at 200 Campus Dr; Clyde & Co’s 22k SF lease at 200 Campus Dr; and DLA Piper’s 10k SF lease at 300 Campus Dr. CBRE’s Patrick Murphy,Greg Barkan, and Sam Buckley repped owner KBS Realty Advisors and its affiliated companies in all three transactions. *** | ||
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| The Centre at Purchase saw two leases: Guggenheim Partners’ long-term, 31k SF lease at 4 Manhattanville Rd (tenant reps: Newmark Knight Frank’s Daniel Madison, EN Cutler, and Stephen Banker) and Hitachi Metals America’s 10-year, 24k SF renewal at 2 Manhattanville Rd (tenant rep: Austin Corporate Properties’ Carl Austin). NKF’s Michael McCall repped the ownership, a JV beenGeorge Comfort & Sons and O’Connor Capital Partners.***Transwestern’s Patrick Robinson and Lindsay Ornstein wrapped up two deals: Kelso & Co’s 12-year, 41k SF lease at 320 Park Ave(which included an early renewal, extension, and expansion into new space), and Freedom Institute’s 10-year, 7,300 SF lease at 515 Madison Ave, where it’s relocating within the building.
*** Steptoe & Johnson is relocating to the Grace Building at 1114 Avenue of the Americas, where it signed a long-term, 31k SF lease (as reported by CoStar). Studley’s Daniel Horowitz and Jeffrey Peck repped the tenant, while Duncan McCuaig repped ownerBrookfield Office Properties in-house. Meanwhile, up the street,Drinker Biddle & Reath inked a 10-year, 15k SF lease to relocate to1177 Avenue of the Americas. CresaPartners’ Jane Roundellrepped the tenant, while Roger Silverstein and Jeremy Mossrepped owner Silverstein Properties in-house. *** Two deals zipped up in the Fashion District: Pure Element Apparel’s eight year, 4,300 SF lease at 463 Seventh Ave, and Beauty Solutions’ five-year, 4,000 SF lease at 411 Fifth Ave. Adams & Co’sDavid Levy and Joseph Friedman repped the tenant and landlord,The Arsenal Co, in the first lease, while David repped the tenant and landlord, 411 Fifth Avenue Associates, in the second deal. *** Odyssey Financial Technologies signed a 10-year, 7,500 SF lease at 5 Hanover Square. Newmark Knight Frank’s Shay Pope, Derek Myers, and Jessica Staple repped the tenant, while Cushman & Wakefield’s Frank Centro repped owner Savanna. *** Swissmaker inked a 10-year, 1,700 SF lease at 723 Seventh Ave. Sierra Realty Corp’s Brad Schwarz repped the tenant, while Square Foot Realty’s Sam Zagoren repped owner Farmor Realty. Financing Meridian Capital Group arranged nearly $45M in new mortgages, including: $24M for a 493-unit co-op building on E 63rd St (arranged by Allan Lieberman); $7M for an 89-unit multifamily building onLefferts Blvd in Kew Gardens (arranged by Israel Schubert); $5Mfor a 47-unit multifamily building on South Center St in Orange, NJ (arranged by Elliott Birnbaum); and $5.4M for two multifamily properties totaling 76 units and 4,900 SF of retail in Jackson Heightsand Corona, Queens (arranged by Joseph Taub). *** GCP Capital Group arranged $15.3M in mortgage financing, including: $8.4M for two five-story elevator apartment buildings totaling 90 apartments on Davidson Ave in the Bronx and $3.4M for a five-story walk-up apartment building totaling 44 units in New Rochelle (arranged by Paul Greenbaum); and $3.5M for a five-story office building totaling 65k SF in Staten Island (arranged by Michael Charnowitz). *** Meridian Capital Group also arranged a $6.5M permanent loan on behalf of Chatham 44 Commercial Associates to refinance the company’s 11k SF retail condo at 604-610 Tenth Ave, a five-year permanent financing with a fixed rate provided by Citigroup Global Markets. The proceeds of the new loan are being used to retire the property’s existing financing. The firm’s Jonathan Stern and Ronnie Levine arranged the loan. Construction & Development Progress at the $176M, 180k SF Fulton Street Transit Center! A 110-foot crane with a 170-foot boom was just erected at Broadwayand Fulton St, and will be used to erect nine stories of structural steel over the next four months. Once the steel is erected, the glass façade installation will follow. Plaza Construction and Schiavone Construction are the joint general contractors for the project, which is scheduled to open in ’14. *** | ||
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| Advance Realty announced the development of Willow14, a seven-story, mixed-use luxury rental building at 14th St and Willow Ave inHoboken. It will consist of 140 apartments, 22k SF of retail space, and 387 parking spaces below grade, and the developer plans to pursue LEED certification. Advance is beginning a massive clean-up of the site later this month, and anticipates vertical construction to start within the year for ’13 occupancy.***The redevelopment of Allendale Town Center, a 90k SF shopping center at 35-63 W Allendale Ave, Allendale, NJ is complete. The project included renovating 20 individual, single-story retail stores that ranged in size from 1,000 to 38k SF, removing and replacing the entire façade, and increasing the center’s footprint by 4,700 SF. The project team included Hollister Construction Services and Ives, Schier & Lesser. The owner is The Azarian Group.
Executive Moves Marc Shapiro and Jill Block joined Pillsbury as partners in the law firm’s real estate practice. They were previously co-heads of Orrick’s NY real estate group. Joining them are Alan Pomerantz, Susan Lee Saslow, Christine Roch, and Jason Schlessel. *** Jonathan Berman joined Ariel Properties Advisors as VP for investment sales, responsible for multifamily and development properties in Brooklyn. He was previously with Massey Knakal, and has sold more than 70 properties of various types in Brooklyn. He is aBaruch College and Hebrew University grad, and served in theIsraeli military. *** Debra Stelnik joined Coldwell Banker Commercial Hunter Realtyas managing director of investment sales, while Julie Kang joined as managing director specializing in investment sales and office leasing. Debra was previously with Reilly Mann Newell Realty Group andColdwell Banker Commercial Properties Unlimited, and is aBrooklyn College grad. Julie was previously with Prudential Douglas Elliman, and is a University of Hawaii grad. *** Jeffrey Rutishauser joined Berkshire Capital Group as senior managing director to assist with its domestic and European investment programs. He was previously CEO of Amstar Global Partners, and held positions at AIG Global Real Estate, Westbrook Partners (with Berkshire colleague Richard Hoch), NorthStar Capital Management, DaimlerChrysler Capital, and GE Capital. He’s aDartmouth grad. *** Jason Algaze joined The Carlton Group as senior associate, responsible for peforming analysis on large loan debt and equity real estate transactions, loan sales, portfolio analysis, and sourcing new investments and clientele. He was previously with Credit Suisse, and held a position at Fairway Capital Partners. He’s a University of Miami grad, and is finishing his masters at NYU. *** The Spector Group hired four: Jason Walls, a job captain who previously worked for Peter L. Gluck & Partners and is a Syracusegrad; Derek Ullian, a project architect who previously worked atHellmuth, Obata + Kassabaum and is a Florida Atlantic Universitygrad; Sean Burns, a project architect who previously worked atFXFOWLE and is a UPENN grad; and Chris Thibodeau, an intermediate architect who previously worked at Spector in ’08. *** ING Clarion Partners promoted Timothy Guy, Dean Rostovsky, and Onay Payne to directors of the firm. Timothy oversees several private market portfolios, with a particular focus on Middle Eastern investors. He joined the firm in ’96 and is a Dartmouth grad. Dean is an assistant portfolio manager for one of the firm’s private equity fund, and is a University of California at Berkeley and Columbiagrad. Onay is an assistant portfolio manager for one of the firm’s private equity funds investing in Mexico. She joined the firm in ’03 and is a Harvard grad. *** Cushman & Wakefield promoted Ben Brenner to associate director. He joined the firm in ’07, and his group has been recognized as the top leasing brokerage team in NJ by total transaction size and volume. He’s been a tenant rep for First Solar, SGS Group, BASF, and others. He’s a Monmouth University grad and is pursuing a masters at NYU. *** CBRE promoted Greg Barkan to SVP in the firm’s Saddle Brook, NJ office. He’s spent almost his entire career at CBRE, and previously worked for his family owned MAI appraisal firm. He’s an NYU andRutgers grad. *** T Weiss Realty Corp promoted Craig Weiss to managing director. He joined the family company in ’07, and takes on joint responsibility with father Ted Weiss for operation oversight of the firm, TOTUS Business Centers, and BBRC, the general contracting arm of the firm. He also held positions at Scout Capital Management andMorgan Stanley, and is a University of Richmond grad. |
