THE DEAL SHEET
| Sales Transactions Kimco Realty purchased the 245k SF Independence Plaza shopping center in Selden, Long Island through an existing institutional JV in which Kimco holds a 50.1% interest. The purchase price was $43.5M, which includes $34M in mortgage debt. The center is anchored by Home Depot, Old Navy, and King Kullen.*** |
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| A local landlord purchased 220 Park Ave South from a Long Island family for $20M. Marcus & Millichap’s Peter Von Der Ahe, Joseph Koicim, and David Lloyd repped the seller. The building has 37 residential units, and presents future redevelopment opportunity, including a condo conversion. Malkin Strategic Capital V made a $2.2M mezz loan to help facilitate the acquisition, and the five-year IO loan is matures at the same time as a $10.6M senior financing from Sovereign Bank.*** |
| A private investment group purchased a 2,900 SF retail condo at the base of 123 Third Ave from 123 Third Avenue Partners for $11.1M. RKF Investment Sales & Advisory Services’ Jeff Fishman, Ariel Schuster, Brian Segall, and Jonathan Butwin repped the seller and procured the buyer.***Massey Knakal brokered the sale of four properties: a 20-unit, five-story multifamily property at 527 W 48th St for $3.8M cash (broker:Christoffer Brodhead); a 10k SF commercial building at 164-14 Cross Bay Blvd in Howard Beach for $2.8M cash (broker: Stephen Preuss); and a 3,900 SF mixed-use building at 37-49/51 75th St for $1.2M cash and a 5,900 SF mixed-use building at 7-45 75th St (both in Howard Beach) for $1.3M cash (broker: Swain Weiner). *** Springhouse Partners purchased the 45k SF 500 Fort Washington Ave (which contains 56 apartments and one medical office space) for $7.1M. *** American Realty Capital New York Recovery REIT acquired a fee-simple parking garage commercial condo at 33 W 56th St for $5.4M. Tenant Regal Car Park leases 100% of the garage under a 25-year lease through July ’34. *** |
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| 348 Rt 9W, a 17k SF office and medical building in Palisades sold for $2.3M. New York Commercial Realty Group repped the seller and procured the buyer.***Congregation Beit Simchat Torah closed on a 15k SF condo at 130 W 30th St. The property includes the ground floor, mezzanine, and basement levels of the 20-story landmarked tower, and SBST plans to move in ’13. In order to renovate the space, it's started a capital campaign and raised $8M, half of its goal. Architecture Research Office is designing the renovations, and Bryan Cave LLP’s Erica Forman, Steven Korenblat, Robert Davis, Steven Bloom, Gita Gandhi, David Firestone, and Adam Zeidel provided pro-bono legal services for the acquisition. Lease Transactions Kilpatrick Townsend & Stockton signed a 45k SF lease at The Grace Building. Studley’s Ken Ruderman repped the tenant, while Brookfield Office Properties’ Duncan McCuaig repped ownership in-house. *** New York Commercial Group brokered three deals: Westchester Chapel Community’s 10k SF lease at 10 County Center Rd in White Plains; a long-term 7,800 SF deal for a retail site at 400 Halstead Ave in Harrison (tenant rep: Rakow Commercial Realty Group’s David Richman); and Rye Physical Therapy and Rehabilitation’s 1,900 SF lease at 411 Theodore Fremd Ave in Rye (landlord rep: Cushman & Wakefield’s Matt Lisk). *** Integrated Media Solutions inked a renewal and expansion totaling 18k SF at 650 Fifth Ave. The Vortex Group’s Jordan Mandel and Frederick Kane Marek repped the tenant, while JLL’s James Quinn,Gary Youm, and Randy Abend repped the owner. *** Wiss Janney Elstner Associates expanded to a total of 11k SF at 1350 Broadway. Studley’s David Goldstein repped the tenant, while Newmark Knight Frank’s Jonathan Fanuzzi and Robert Silver repped owner W&H Properties. *** The River School signed a 20-year, 8,000 SF lease (with a crayon?) at 184 Kent in Williamsburg, where it will open in ’12. CBRE’s Dean Rosenzweig and Daniel Kaplan repped the owner. *** NABET CWA Local 16 signed a 3,400 SF lease at 229 W 28th St. CBC Hunter Realty’s David Danick and Michael Okun repped the tenant, while Winoker Realty’s Barry Bernstein repped owner Joss Realty Partners. *** Ivanka Trump Fine Jewelry Collection is moving to 3,100 SF at 109 Mercer St. Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino repped both sides of the deal. *** Leviton Manufacturing leased a 3,000 SF pre-built suite at 112 W 34th St. Cushman & Wakefield’s Josh Kuriloff and Jodi Roberts repped the tenant, while Cushman & Wakefield’s Mitchell Arkin,Kelli Mekles, Haley Klein, and Larry Lazerwitz repped owner W&H Properties. *** US East inked a 2,500 SF lease at 10 E 33rd St. CBC Hunter Realty’s Thomas Sullivan repped the tenant, while Berik Management’s Gautam Nagarmat repped the landlord. Financing Meridian Capital Group arranged $109M in new mortgage financing, including: $40M for a 240-unit, six-story mulitfamily building on Grand Central Pkwy in Little Neck (arranged by Carol Shelby and Dani Sabesan); $25M for a 13-story, 255k SF office building on Queens Blvd in Flushing (arranged by Avi Weinstock); $25M for a 249-unit, 19-story co-op building on Riverside Dr (arranged by Steve Geller and Nicoletta Pagnotta); and $12M for a six-story, 57k SF office building on Spring St (arranged by Cary Pollack and Charles Grussgott). *** |
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| HFF arranged a $31M refi for 34 Berry, a newly constructed 142-unit Class-A multifamily building in Brooklyn. The firm’s Jim Cadranell,Jay Marshall, and Jon Mikula worked on behalf of owner LCOR to secure the 10-year, fixed-rate loan through Northwestern Mutual, and the loan proceeds will pay off an existing construction loan.***GCP Capital Group arranged $13M in financing, including: $5M for two five-story elevator apartment buildings totaling 64 units on Merle Pl in Staten Island (arranged by Paul Greenbaum); $1.3M for a 10k SF retail shopping center in Port Jefferson, Long Island (arranged by David Sessa); $1M for four contiguous two-story mixed-use buildings totaling 10 apartments and six stores on Westchester Ave in the Bronx (arranged by Louis Perlmutter); and $1M for a five-story walk-up apartment building with 29 SRO units on W 29th St(arranged by Adam Brostovski). *** Beech Street Capital provided a $5.8M Fannie Mae conventional loan to refi the 111-unit The Buckeye Apartment in the Bronx. The fixed-rate loan has a 7-year term with a 30-year amortization. The deal was originated by Meridian Capital Group’s Dovid Ostrov, and Beech Street’s Tyler Griffin and Nathan Burlingame provided the senior underwriting. Construction & Development The City of New York will soon begin infrastructure work on Waterside Pier, which will include the rehab of the pier’s piles and decking for the stabilization of the pier, an important step in making the pier accessible for public use in the future. The work is made possible by a $13M payment Con Edison made to the City to meet the requirements under its previous lease. The renovation will provide 34k SF of new public space. *** |
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| El Ad Group is transforming the former warehouse at 250 West St into 111 luxury condo residences. The building will have 30 different layouts, including lofts with 16-foot ceilings and four-bedroom homes, and it will also have a library lounge, 61-foot pool, and a two-level amenity area. The architect is GNA Architects.Business Prudential Mortgage Capital Co and Perella Weinberg Partners’ Asset Based Value Strategy formed a JV to originate commercial mortgages for future securitization, combining PMCC’s credit and finance expertise with Perella Weinberg’s real estate lending and principal investing experience. Loans will be originated through PMCC origination platform, warehouse and securitized by the JV, and serviced by Prudential Asset Resources. The JV will be led by PMCC’s Richard Flohr, Sean Beggan, and Jean Baker and Perella Weinberg’s David Schiff, Billy Jacobs, and Roger Nussenblatt. *** Trepp acquired REITCafe, an online info service previously held by Euromoney Insitutional Investor’s News Group. Executive Moves David Thomas joined Benenson Capital Partners as chief accounting officer. He was previously with Commonfund Realty Advisors, and held a position at Deloitte. He’s a Columbia and Duke grad. *** Christopher Foerch joined Studley as assistant director. He was previously with Emerald Creek Capital and was an attorney at Okin, Hollander, and DeLuca. He’s a Boston College and University of San Diego grad. *** Susan Levine joined Ramius, the global alternative investment management biz of Cowen Group, as managing director and head of marketing and product distribution for the firm’s real estate investment activities through the RCG Longview investment platform. She was previously with Marshfield Associates, and held positions at Watershed Asset Management, Quince Hill Partners, JE Robert Cos, and more. She’s a Swarthmore and Columbia grad. *** Donnelly Mechanical Corp promoted Toni Tallerico to VP of construction sales, responsible for estimating and negotiating projects, as well as overseeing project purchases. She’s been with the firm since ’99 and is a Roger Williams University grad. |
