THE DEAL SHEET
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| SALES | ||
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| Massey Knakal sold a two-building development property at 1205-1225 Broadway for $71.9M cash. The 33k SF 1205-1213 Broadway has 79k SF of unused air rights, and the total developable footage of the property is nearly 112k SF. 1215-1225 Broadway is 92k SF, with 46k SF of unused air rights for a total developable footage of over 138k SF. The buildings are 25% occupied, and the remaining leases are expiring within the next two years, making it a timely redevelopment opportunity; its location makes it perfect for a hotel and retail, the firm says. Massey Knakal's Bob Knakal, John Ciraulo, Craig Waggner, and Jonathan Hageman repped the seller, while Venture Capital Partners' Daniel Rahmani and Ebi Khalili repped the buyer. ***Massey Knakal also sold over $37M in other properties including: a 39-unit, pre-war Tudor-style apartment building at 155 Garth Rd, Scarsdale for $10.4M cash (brokers: John Barrett, Swain Weiner, and Darragh Clark; seller: Laurel Capital); a 7,600 SF retail property at 64-68 W 125th St for $7.1M cash (brokers: Jeffrey Shalom and Lev Kimyagarov); and two adjacent apartment buildings at 506 and 510 W 150th St for $6.4M cash (broker: Robert Shapiro). *** Equity One purchased 90-30 Metropolitan Ave, Forest Hills for $28.8M. The 60k SF neighborhood shopping center is 93% occupied and is anchored by Trader Joe's, Staples, and Michael's. *** Merritt Station purchased the 296-unit Meetinghouse Village Apartments in Meriden, Conn. for $16.3M. The complex totals 229k SF and includes a 13k SF retail center. Marcus & Millichap's Gary Witten, Victor Nolletti, and Steve Witten repped the sellers, MHV Realty and MHV Commercial, and the buyer. *** DelShah Capital purchased 1356 First Ave for $9.1M, a mixed-use multifamily and retail property with 26 condos and ground-floor Italian restaurant Petaluma. Massey Knakal's Guthrie Garvin and The Corcoran Group's Joan McLaughlin brokered the deal. *** 3073 Steinway Street LLC purchased the three-story, 3,700 SF single-tenant retail building at 30-73 Steinway St, Astoria from Emmars Equities for $1.6M cash. Falco & Isak Realty Services'Rubin Isak was the sole broker. *** A private investor purchased a 17k SF property at 518-522 Main St, New Rochelle for $1.6M, and will relocate its juvenile furniture and accessory store from a previous location on North Avenue. Goldschmidt & Associates' Eric Goldschmidt brokered the sale, and New Rochelle BID's Ralph DiBart also helped in negotiations. LEASES | ||
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| Merrill Lynch, Pierce, Fenner & Smith inked a 50k SF renewal at 1225 Franklin Ave, Garden City, Long Island. JLL's Ray Ruiz repped the tenant, while Kraig Silver repped owner The Treeline Cos in-house.***Socarrat Paella Bar inked a 10-year, 3,800 SF lease at 953 Second Ave. Newmark Knight Frank Retail's Jared Lack and Amira Yunis repped the tenant. The duo also repped Stonehenge management in three leases at 10 Downing St: a 3,100 SF Emigrant Bank branch (tenant rep: Milstein Brothers Real Estate's Gere Ricker), a 3,000 SF Sam Bahri Steakhouse, and an 850 SF Artsee optical boutique (tenant rep: Prudential Douglas Elliman's Anita Grossberg). *** Communications consultancy firm ICR is relocating to 825 Third Ave taking an 11k SF sublease from Advance Publications, which has a net lease on the entire building. Cushman & Wakefield's Kevin Daly repped the subtenant, while CBRE's David Hollander and Jason Frazier repped the sublandlord. *** Uniqlo inked a 2,000 SF lease at 1142 Third Ave. The Lansco Corp's Christine Emery, Roger Eulau, and Yair Staav repped the tenant, while Prudential Douglas Elliman's Faith Hope Consolo and Joseph Aquino repped the landlord. *** La Toulousaine Boulangerie Pastisserie Café inked a 10-year,1,700 SF lease at 942 Amsterdam Ave. Massey Knakal's David Chkheidze repped the tenant and landlord 940 Amsterdam Corp. FINANCING Meridian Capital Group arranged over $39M in financing, including:$16.4M for a four-building multifamily portfolio totaling 982 apartments in Flushing (arranged by Avi Weinstock); $12.7M for a five-building multifamily portfolio totaling 547 units in Forest Hills(arranged by Jeffrey Weinberg and David Ostrov); $3.5M for a 58-unit, six-story multifamily building on 29th Street, Astoria (arranged by Allan Lieberman); and $2.7M for a 40-unit, five-story multifamily building on the Grand Concourse, Bronx (arranged by David Hayum and Moe Rosenblum). *** GCP Capital Group arranged over $16M in financing, including:$6.5M for a five-story, 102-unit double apartment elevator building in Yonkers and $2.1M for a six-story, 72-unit elevator apartment building on West 8th Street, Brooklyn (both arranged by Paul Greenbaum); $5.4M for a 15-story, 283-unit coop on Colden Street, Flushing and $1.4M for a two-story, eight-unit, seven-store, mixed-use building in Scarsdale (both arranged by Adam Brostovski); and $1M for a five-story, 12-unit walk-up apartment building on Waverly Place (arranged by Matthew Classi). *** The Community Preservation Corp closed on a $10.2M construction loan under its Green Financing Initiative to rehab and update the Cow Bay apartment complex at 2 Bay Green Ln, Port Washington, Long Island. The complex consists of seven two-story garden apartment buildings and totals 88 units. The upgrades include boiler replacements, new roofs, reinforcement of a retaining wall, insulation improvements, and installation of a new laundry room. The borrower also received a $270k grant from Nassau County. The contractor is Apollon Group. EXECUTIVE MOVE Jim Sansivero joined The Rochlin Org as managing director to launch the firm's retail division. He was previously with CBRE and is a SUNY Farmingdale grad. |
