THE DEAL SHEET
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| SALES TRANSACTIONS | |||
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| David Werner and Carlton Associates purchased the two-building, 189k SF 1000 Stewart Ave in Garden City, Long Island from Metropolitan Realty Associates and Angelo Gordon & Co for $39.2M. Eastdil Secured auctioned the building (team: Adam Spies,Adam Etra, Josh King, and Michelle Mahl), while Duval & Stachenfeld’s Eric Menkes and Stacie Trott repped the sellers and the buyers repped themselves.***Marcus & Millichap sold three buildings: the 28-unit 203 W 107th St for $8M (brokers: Peter Von Der Ahe and Scott Edelstein); the six-story, 69-unit 1306 Fteley Ave, Bronx for $5.7M (broker: Marco Lala); 825-829 Flatbush Ave, Brooklyn for $2.8M. (broker: Naomi Shu); and the eight-unit 308 W 22nd St (brokers: Peter Von Der Ahe,Joe Koicim, and David Lloyd). *** An investor purchased the 26k SF Silver Commons Shopping Center at 482-496 South Broad St, Meridian, Conn. for $7M. EXP Realty Advisors’ Daniel de Sá repped the seller, while Highcap Group’s Laurence Ross repped the buyer. *** Massey Knakal sold two buildings: a five-story, 10k SF multifamily at 339 E 90th St for $4.1M cash (broker: Thomas Gammino) and a 3,100 SF mixed-use building at 180 E 94th St for $1.8M cash (seller reps: James Nelson and Gammino; buyer reps: Adams & Co’s Jeff Buslik and Staci Goodman). | |||
| NOTE SALES | |||
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| Highcap Group’s Josh Goldflam and Laurence Ross sold the first mortgage note secured by 41-17 Crescent St, Long Island City. The price was not disclosed, but it was purchased at a discount from its par value of $48M. The property—originally known as The Crescent Club—broke ground in ’07 but stalled. The 17-story building is 150k SF and includes 130 apartments, retail, and a parking garage.***Marcus & Millichap closed on the $13.5M sale of a defaulted note and judgment collateralized by a seven-story, mixed-use building at 146-148 West 28th St. The property includes 26k SF of existing improvements and 67k SF of available development rights. The firm’s Barbara Dansker, Adelaide Polsinelli, and Matt Rosenzweig repped the local lender. RECAPITALIZATION Paramount Group recapped a 49% interest in 1633 Broadway. Affiliates of Morgan Stanley and Bank of America have exited the partnership and have been replaced by affiliates of Beacon Capital Partners and Paramount Group Real Estate Fund IV. Also, SL Green acquired a preferred equity interest. Cushman & Wakefield’s Steve Kohn and Paramount Group’s Dan Lauer repped the landlord. | |||
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| LEASE TRANSACTIONS NAI Friedland’s Ross Schneiderman brokered two deals: Kimber Manufacturing’s 95k SF lease at 1120 Saw Mill River Rd, Yonkers (landlord: Danstan Properties and Lester M Entin Associates); and A&N Bakery’s 7,000 SF lease at 35 Colonial Pl, Mount Vernon (landlord: Simone Development and Colonial Place Realty).*** 104 W 40th St saw two deals: TKP New York’s 10-year, 32k SF lease (tenant rep: CBRE’s Joseph Mangiacotti and Masahiro Tanaka) and Daytop Village Foundation’s 30k SF lease (tenant rep: Cushman & Wakefield’s Jamie Covello and Brad Jones). CBRE’s Paul Amrich, Michael Movshovich, and Neil King repped owner Savanna. *** | |||
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| Astoria Federal Savings signed a long-term, 55k SF lease at One Jericho Plaza, Jericho, Long Island. Newmark Knight Frank’s Michael Aievoli repped the tenant, while The Rochlin Org’s Adam Rochlin repped owner Onyx Equities.***Duval & Stachenfeld inked a 13-year, 50k SF lease at 555 Madison, part of a 175k SF block currently leased to Sony. The tenant was repped in-house by Eric Menkes. *** Micro Office Solutions leased 33k SF at 902 Broadway for its Launch Pad division, targeted to tech and new media startups. Colliers International’s Perry Mesmer and Martin Meyer repped owner 902 Associates. *** Retro Fitness inked a 25k SF lease at 203 Berry St, Brooklyn. CPEX Real Estate’s Ryan Condren and Eric Altschul arranged the lease, which is a newly constructed retail space at the base of an 84-unit, 12-townhome development. *** Building Blocks Early Learning Center signed a 15-year, 18k SF lease at 59 Danbury Rd, Wilton, Conn. CBRE’s Michael Nelson repped the tenant, while RHYS Commercial Real Estate’s Christian Bangert repped the landlord. *** Theatre Development Fund’s Costume Collection signed a 20-year, 16k SF lease at Kaufman Astoria Studios in Queens. Denham Wolf Real Estate Services’ Paul Wolf and Stephen Powers, along with Paul Weiss’ Susanne Kandel, repped the tenant, while Olshan Grundman Frome Rosenweig & Wolosky’s Thomas Kearns repped the landlord. *** MacMillian Holdings signed a short-term, 14k SF sublease at 41 Madison Ave. Colliers International’s Leon Manoff repped the subtenant, while Colliers’ Jack Cohen repped sublandlord Stillwater Capital Markets. *** NAI Friedland’s retail division brokered: Bronx Community Pride’s 5,000 SF lease at 950 Westchester Ave, Bronx (broker: Kathy Zamechansky; landlord: Capital Retail Development); Urban Pathways’ 3,500 SF lease at 950 Westchester Ave (brokers: Robin Herko and David Scotto); Montefiore Medical Center’s 5,400 SF lease at 1075 Central Park Ave, Scarsdale (broker: Scotto; landlord:Apple Bank for Savings); and Envios De Valores La Nacional Corp’s 1,200 SF lease at 56 W Fordham Rd, Bronx (broker: Rick Stassa; landlord: Alan Jemal and Grand Ford Associates). *** Two Trees Management inked three digital firms in Brooklyn:Official.FM to 1,600 SF at 20 Jay St; and North American Ideon to 1,400 SF and Breakfast to 1,400 SF at 55 Washington St. In-house rep was provided by Alex Bos for the first two leases and Caroline Pardo for the Breakfast lease. In another tech lease, Internet development company Area 17 inked a 4,000 SF lease at 99 Richardson St, Brooklyn. Prudential Douglas Elliman’s Sean Philipps repped the tenant, while Kalmon Dolgin Affilliates’ Grant Dolgin repped owner Richardson Street LLC. *** Interactive Partners inked a 10-year, 5,400 SF lease at 100-104 Fifth Ave. Murray Hill Properties’ Randy Sherman repped the tenant, while Grant Greenspan repped owner The Kaufman Org and Invesco in-house. *** LW Hospitality Advisors inked a 2,700 SF lease at 570 Seventh Ave. CBRE repped the tenant. *** U.I.E. Group signed a 1,300 SF ground floor lease at 848 Avenue of the Americas. Citywide Properties’ Maria Majerovsky and Sasha Majerovsky repped the tenant, while Maria repped owner Amon RE. FINANCING Meridian Capital Group arranged: a new package of mortgages totaling $28.2M on a four-building multifamily portfolio totaling 478 units on Ocean Parkway, East 7th Street, and East 8th Street, Brooklyn (arranged by Avi Weinstock and Josh Rhine); a new package of mortgages totaling $12.6M on two co-ops with 226 units on 70th Road and 71st Avenue, Forest Hills (arranged by Carol Shelby and Dani Sabesan); $6M for a 10k SF retail building on Dyckman Street (arranged by Weinstock); and $3.6M for a three-property multifamily portfolio totaling 68 units on Wadsworth Avenue and University Avenue and Webb Avenue, Bronx (arranged by David Hayum and Moe Rosenblum). *** Cassidy Turley arranged $54.5M in first mortgage financing for the 350k SF 50 Broadway, owned by the United Federation of Teachers. The firm’s Mark Boisi, Christian Miles, and Neil Lipinski arranged the deal through M&T Bank. *** Beech Street Capital provided $31.9M in Fannie Mae conventional loans to refinance a portfolio of 21 apartments totaling over 1,000 units primarily in the Bronx. The firm’s Joel Goodman, Kanett Curtis, Amy Sodeinde, Tyrone Purdie, and Linda Clark underwrote and closed the loan, while the transaction was originated by Meridian Capital Group’s Michael Kesselman and Matt Texler. *** Beech Street Capital also provided a $14.8M Fannie Mae loan to refinance two apartment buildings in Hamilton Heights, which are operated under a Section 8 Housing Assistance Payment contract. Meridian Capital Group’s Joe Klein originated the fixed-rate, 10-year loan. CONSTRUCTION & DEVELOPMENT Marriott International and Troutbrook opened the 133-room Fairfield Inn & Suites at 181 Third Ave, Brooklyn. The 12-story boutique hotel includes a 25’-high atrium lobby, a rooftop lounge/bar,2,600 SF of meeting space, and an INNCOM energy management system. It’s fully capacitated to take on a co-gen unit in the near future, which will allow guests to create their own electricity from the hot water used by laundry machines and guests. BUSINESS Hines and the New York State Common Retirement Fund formed a JV (Hines Corporate Properties II) to invest in more than $1B of office and medical office projects in the US. It will be capitalized with $500M of equity, and will develop, acquire, own, and manage building primarily occupied by single-tenant users. EXECUTIVE MOVES William Hodel joined Swig Equities as property manager. He was previously with JLL, and held positions at Olympia & York,American Building Maintenance, and Newmark Knight Frank, among others. He’s a CUNY grad. *** David Monzella joined Gaia Real Estate as director of acquisitions. He was previously with Urban America, and held positions at Vornado, PNC Bank, and Fleet Bank. He’s a James Madison University grad. *** Adam Stupak joined TASK Realty as broker, working with retailers such as Ricky’s NYC, Buffalo Exchange, Camp Bow Wow, Nandos, CitiBank, Buffalo Boss, and The Cutting Room. He was previously with Ripco, and held positions at Winick and Trump. *** CBRE promoted Stuart Eisenkraft, Mark Ravesloot, and Michael Monahan to vice chairmen. Stuart has spearheaded over 23M SF of assignments, including last year’s 410k SF for Proskauer Rose at Eleven Times Square. He’s a Nichols College grad. Mark has been involved in 9M SF of projects and 10M SF of agency rep, including Allianz Global’s 267k SF lease at 1633 Broadway. He’s a Trinity College grad. Michael has also repped many major transactions, including Allianz Global. He’s a Marietta College grad. *** CBRE promoted Susan Nagler-Cohen to executive managing director of the consulting group. She’s lead the group since ’97, is the first woman to achieve the title in the Tri-State, and is one of four women to hold the title at CBRE nationally. *** CBRE also promoted more execs, including: Tom Ryan to managing director; David Hollander, David LaPierre, and Pat Arangio to EVP;James Ackerson, Amanda Bokman, David Kleinhandler, Sinclair Li, Sloane Rhulen, Roshan Shah, Zach Freeman, Gregg Rothkin, and Chris Mansfield to SVP; Scott Bogetti, Ramsey Feher, Brian Hay, Kevin Powderly, and Paul Stimpfle to First VP; and Jason Frazier, Rob Hill, Matt Chmielecki, and Steve Sjurset to VP. |
The Westfield Group will JV with the Port Authority of New York and New Jersey for retail at the World Trade Center, paying over $612M for a 50% share (expected to close in Q4). Both PANYNJ and Westfield will develop the retail facilities (current plans call for 365k SF) with Westfield assuming management and leasing duties. The initial phase of the retail is expected to open in early ’15, with an additional 90k SF anticipated when 2 WTC is developed. Westfield originally acquired interest in the retail facilities in July ’01 and sold its interest back to PANYNJ in ’03. They signed an LOI in ’08 to reacquire the interest, and the new terms replace that LOI.