THE DEAL SHEET
| ||
| SALES Jamestown and Rockwood Capital closed on the previously announced $390M acquisition of 530 Fifth Ave. The partnership, which includes Crown Acquisitions and Murray Hill Properties, plans a $20M renovation and value-add campaign to bring the building to Class-A standards. Newmark Knight Frank’s David Falk will lead the office leasing, while retail development and leasing will be conducted by Crown and Jamestown. *** | ||
 | ||
| SL Green and Jeff Sutton closed on the previously announced acquisition of the 65k SF 724 Fifth Ave (pictured), which was partially financed with a five-year , $120M floating-rate mortgage. SL Green and Stonehenge Partners also closed on the previously announced acquisition of seven commercial and multifamily properties for $193M. Two of the residential properties, totaling 385 units, were financed with seven-year, fixed-rate mortgage financings totaling $100M, while the retail property at 762 Madison Ave was financed with a five-year, fixed-rate, $8.5M mortgage loan.***CIM Group and Kushner Cos closed on the previously announced acquisition of the 121k SF 200 Lafayette Ave. It plans to renovate the seven-story building into a Class-A, LEED certified office and retail property later this year. *** Chesapeake Lodging Trust entered into a definitive agreement to acquire the 185-room Hyatt Place New York Midtown South for $77M. The hotel is currently under development at 52-64 W 36th St, and the closing is expected to occur after its anticipated Q3 completion. The REIT agreed to provide the seller with $6.5M in bridge financing to facilitate the completion of the development and intends to enter into a management agreement with Real Hospitality Group. *** | ||
 | ||
| TIAA-CREF purchased the 81k SF Kings Crossing Shopping Center in Fairfield, Conn. from HH East Parcel for an undisclosed price. CBRE’s Jeffrey Dunne and David Gavin brokered the sale of the newly developed center, which is 96% leased to tenants like Whole Foods, CVS, Chase, Petco, Chipotle, and Five Guys.*** Massey Knakal sold two properties: a 40k SF commercial building and development site at 810 River Ave, Bronx for $2.5M cash(brokers: Paul Massey, Nick Burns, and Guthrie Garvin) and a mixed-use building at 195 Smith St, Brooklyn for $1.6M cash(broker: Kenneth Freeman). *** Green-Wood Cemetery purchased a landmark conversion and development site at 750-751 5th Ave, Brooklyn from McGovern Florist for $1.6M. CPEX’s Brian Leary, Sean Kelly, and Cengiz Sendogdular brokered the sale. *** Marcus & Millichap sold two properties: the 5,500 SF Boston Road Plaza in the Bronx for $1.5M (broker: Scott Plasky) and the 4,000 SF 87-73 Sutphin Blvd, Jamaica for $1.1M (broker: Said Boukhalfa). LEASES 625 Broadway saw six deals: Chipotle’s 2,800 SF lease; Gonzalez Y Gonzalez’s reopening; Manic’s 8,000 SF renewal; jumP’s 16k SF renewal and expansion; Studio One Networks’ 8,000 SF lease, and a services and analytics provider’s 8,000 SF lease. Newmark Knight Frank’s Howard Kesseler and Jordan Gosin repped the landlord in all deals. *** 1411 Broadway saw two deals: a 8,700 SF build-to-suit for Travelclick and a 6,400 SF build-to-suit for Wild Tangent. CBRE’s Robert Alexander, Robert Stillman, Bernard Weitzman, Zachary Freeman, and Brian Hay repped the landlord in both transactions. *** The Brooklyn Eagle signed two five-year leases totaling 10k SF at 883 Third Ave in Brooklyn’s Industry City. *** 530 Seventh Ave saw two deals: Soulstar Creations’ 3,500 SF lease and Prep Showroom’s 1,700 SF renewal. Savitt Partners’ Marc Schoen and Michael Schoen repped the tenants in both deals, while Bob Savitt repped ownership in-house. *** Pilot Creative Services inked a 4,000 SF lease at 315 Ten Eyck St, Brooklyn. Kalmon Dolgin Affiliates’ Jacques Wadler and Vincent Lopez repped the tenant, while KDA’s Joseph Nicholas repped owner Suzana Potenec. FINANCING GCP Capital Group negotiated: $5M for a seven-story, 75k SF commercial building in Brooklyn (arranged by Adam Hakim); $3.5M for an 88-unit, six-story elevator apartment building with two offices and $3M for a 73-unit, six-story elevator apartment building, both in Jamaica Estates (arranged by Paul Greenbaum); and $1.9M for two five-story apartment buildings totaling 33 units on West 182nd Street(arranged by Adam Brostovski). *** Massey Knakal Capital Services closed a $1.8M loan for a seven-unit, one-story mixed-use residential property in Greenpoint, Brooklyn. The seven-year, fixed-rate loan was executed through Fannie Mae at 4.4%. Scott Aiese arranged the transaction. OPENINGS DoubleTree by Hilton opened the 224-room DoubleTree by Hilton New York-Times Square South on 36th St, its fifth NYC-area hotel. It was formerly a Wyndham Garden hotel. BUSINESS Northwest Atlantic Real Estate Services merged with The Shopping Center Group. With NWA now operating as the latter (its first Northeast expansion), it’s expanding its tenant rep focus by adding third-party leasing and management and investment sales expertise to its services. It plans to open a Manhattan office this year. *** NCB FSB is now offering funding for the purchase of co-op and condo office spaces, providing financing for up to 75% of the spaces’ appraised values (minimum: $200k). The five- or seven-year adjustable-rate mortgage has up to 30-years’ amortization. EXECUTIVE MOVES Mark Melas joined JLL’s banking industry group as account director. He comes from 16 years with HSBC, where he oversaw the bank’s North and South American portfolios. He also held a position with NYNEX and is a Rensselaer Polytechnic Institute and Texas A&M grad. *** Andrew Silvester joined Murray Hill Properties as director of leasing. He was previously with Taube Management Realty and is a University of Hartford grad. *** Theodora Livadiotis joined Cassidy Turley’s brokerage division as AVP. She was previously with JLL and held a position with Foxtons. *** Matthew Cohen joined Mesa West Capital as principal in the firm’s NY office. He was previously with Natixis North America and held positions at Genworth Financial and Assurant. He’s a University of Michigan and NYU Stern grad. *** Corey Gluckstal joined Sperry Van Ness’ Long Island office as investment sales advisor. He was previously with Drive Medical Design and Manufacturing and held positions at Sleepy’s, Estee Lauder, and Golden Rule Development Corp. He’s a Hobart College and Hofstra grad. *** Peter Koffler joined Venable to lead its real estate group. He was previously with Stroock & Stroock & Lavan and is a Boston University and Georgetown grad. *** Michael Algiere joined Cannon Design as principal and leader of the firm’s interiors practice. He was previously with JLL and held positions at Aetna and PricewaterhouseCoopers. *** Eastern Consolidated promoted Aliza Avital and Lipa Lieberman to senior directors. Aliza joined the firm in ’03 and has closed over $650M in deals and has served in the Israeli army, while Lipa joined in ’09 and has closed more than $300M in deals. He’s a Rabbinical College of America grad. *** Stalco Construction promoted Joseph Serpe to VP, where he’s responsible for overall management of construction operations, supervision of project management and superintendent staff, management of selected projects, and mentorship. He’d previously held positions at Radon Construction and as a NYS highway and road construction inspector. |
FelCor Lodging Trust acquired the landmark Knickerbocker Hotel at Broadway and 42nd for $115M, forming a JV with an affiliate of Highgate Holdings. The hotel will serve as FelCor’s flagship when it opens in late 2013; the four-plus star hotel will feature 330 guest rooms, several food and beverage outlets, a sky bar and lounge, meeting space, and a fitness facility. Highgate will manage the hotel.