THE DEAL SHEET
| SALES CIM Group closed on its majority investment in the high-rise residential tower and retail development site at 303 W 51st St for an undisclosed amount. Construction at the property is expected to begin this year. The existing capital partners—ACRO Real Estate and Polar Investments—will remain as minority equity investors, and affiliates of CIM Group and HFZ Capital will co-develop the property.SLCE Architects designed the 32-story, 273k SF tower and base, which will include 123 residential units and 9,000 SF of retail space.*** |
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| Aberdeen Realty Group purchased the 17-unit Milbank Commons townhome community in downtown Greenwich, Conn. from Ascent Real Estate Advisors and Square Mile Capital Management for $18M. CBRE’s Jeffrey Dunne and Christopher Leonard brokered the deal.***Rechler Equity Partners purchased Standard Microsystem Corp’s HQ facility at 80 Arkay Dr, Hauppauge, Long Island in a sale-leaseback for $18M. The acquisition and subsequent 15-year, 120k SF leaseback was negotiated by Rechler Equity’s Gregg Rechler and Ted Trias, while CBRE’s Robert Godfrey repped SMSC. *** The Praedium Group and NorthEnd Equities acquired the 13-story, Class-B 16 W 36th St for $8.2M. Rosewood Realty Group’s David Berger and Aaron Jungreis brokered the deal. *** Massey Knakal brokered the sale of three properties: the 14k SF multifamily building at 190 Claremont Ave for $4M cash (brokers:Bob Knakal and Rob Shapiro); the five-story, 7,500 SF 161 Columbia Heights, Brooklyn for $3M cash (brokers: Knakal and Stephen Palmese; sellers: The Watchtower Bible and Tract Society of New York); and the 16k SF multifamily building at 216 Macon St,Brooklyn for $2.4M cash (broker: Michael Amirkhanian). *** GB Lodging purchased 5 Beekman St for an undisclosed price, and plan to turn the building and an adjacent parcel into a 297-room luxury boutique hotel with 90 residences. *** A private buyer purchased the 11-unit, bank-owned multifamily property at 15 Lafayette St, Stamford, Conn. from Clearview Opportunity Fund for an undisclosed price. Colliers International Connecticut’s Louis Zuckerman and Enzennio Mallozzi brokered the deal. *** TerraCRG brokered the sale of a 22k SF development site at 650-654 Bergen St, Brooklyn for $2.7M cash, a record for the area at $121 per buildable SF. LEASES Byram Healthcare signed a 10-year, 27k SF renewal and expansion at 120 Bloomingdale Rd, White Plains, taking an additional 7,000 SF. Cushman & Wakefield’s Steve Baker repped the tenant, while Newmark Knight Frank’s Patricia Valenti repped the owner. *** Catalyst signed a long-term, 19k SF renewal and building relo at 120 Wall St for its global HQ. Cassidy Turley’s Harry Krausman repped the tenant, while Jeremy Moss repped owner Silverstein Properties in-house. *** Pier 1 Imports inked a 18k SF lease at 1110 Third Ave at the base of The Chatham residential condo building. Welco Realty’s Jerry Welkis repped the tenant, while RKF’s Robert Futterman, Beth Rosen, and Jackie Totolo repped owner The Related Cos. *** |
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| General Assembly signed a 13k SF lease at 915 Broadway. ABS Partners Real Estate manages the building.*** Columbus Square saw three leases: a yet-unnamed children’s clothing store took 9,200 SF at 808 Columbus Ave (tenant rep: Winick’s Zach Mishaan); Starbucks took 1,200 SF at 805 Columbus Ave (tenant rep: SCG Retail’s David Firestein); and Verizon Wireless took 1,500 SF adjacent to the new Starbucks store (tenant reps: Royal Properties’ Jason Daniels and David Landes). Winick’s Kelly Gedinsky and Lori Shabtai repped the owner in all three deals. *** 231 W 39th St saw eight deals, among them: D.N.A.M. Apparel’s three-year, 4,100 SF renewal and expansion; Destino Vero Designs & Apparel’s three-year, 2,700 SF lease; Forum Showroom’s three-year, 1,800 SF renewal; and ESP Showroom’s three-year, 1,600 SF renewal. Adams & Co’s James Buslik and Jeff Buslik repped all the tenants and landlord 231/249 West 39 Street Associates. *** Mall media company EYE signed a 4,800 SF lease at 48 Wall St. The Vortex Group’s Rick Marek and Oliver Petrovic repped the tenant, while Jonathan Dean repped owner Swig Equities in-house. *** Gusy Van der Zandt inked a 10-year, 2,800 SF lease at 261 Madison Ave. Savitt Partners’ Elliot Zelinger repped the tenant, while Cushman & Wakefield’s Myles Fennon, Robert Gallucci, Alan Wildes, and Bruce Mosler repped the owner. FINANCING NCB FSB arranged $56M in co-op financing, including: a $7.5M second mortgage at North Isle Village, a 769-unit co-op at 50 Gibbs Rd, Coram, Long Island (arranged by Edward Howe III); a $2.6M first mortgage and $500k line of credit for 7210 Owners Corp, a 66-unit co-op at 72-10 112th St, Forest Hills (arranged by Mindy Goldstein); and a $4.7M first mortgage and $500k line of credit for a 149-unit co-op at 203 E 72nd St (arranged by Sheldon Gartenstein). *** LCOR closed on a $50M construction loan from Helaba for its new six-story, 234-unit, $100M rental property at 250 N 10th St, Brooklyn. The 185k SF, SLCE Architects-designed building is scheduled for completion next year. *** GCP Capital Group negotiated: $19.9M for a package of nine apartment buildings totaling 302 units in Upper Manhattan (arranged by Adam Brostovski); an $8.5M permanent loan for the Tam O’Shanter Country Club and Golf Course in Brookville, Long Island (arranged by Matthew Classi); $2.7M for a six-story, 30-unit elevator apartment building on St. Nicholas Place (arranged by Paul Greenbaum); and $1.5M in additional financing for a five-story walk-up apartment building with 12 units and one store on Columbus Avenue (arranged by David Sessa). *** Hidrock Realty secured a $22.5M refi for 53 W 36th St. Original lender Allstate Investments provided the five-year. 3.98% mortgage with a 30-year amortization. Hidrock, in partnership with Assurant, acquired the 12-story, 78k SF Class-B property in ’07. *** Madison Realty Capital closed a $14.5M bridge loan for a 90k SF condo project in Kew Gardens, which includes 52 residential units and a 8,300 SF community facility. The financing allowed the borrow to recapitalize its 97%-complete project and provided the necessary completion financing. *** HKS Capital Partners’ John Harrington arranged a $10M construction loan for the Daten Group to complete the renovation and conversion of 72 Poplar St, Brooklyn Heights. The one-time, 33k SF City-owned building is awaiting conversion approval from the Landmark Preservation Commission and the Department of Buildings. *** The NYC Industrial Development Agency approved assistance for the renovation of a vacant 19k SF building to house a brand-new Fine Fare supermarket at 801 E Gun Hill Rd, Williamsbridge, the Bronx. The new market reps a private investment of $4.8M; it’s expected to break ground this spring and take approximately 12 months to construct. It’s the 11th supermarket approved under the City’s Food Retail Expansion to Support Health (FRESH) program. CONSTRUCTION & DEVELOPMENT |
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| Extell and Tishman Construction topped out Extell’s International Gem Tower on West 47th Street. The tower is expected to be completed by year’s end and be fully operational by the middle of next year.*** American Campus Communities started construction on a 172k SF, 133-unit student community on the College of Staten Island campus. The residences are being financed with $65.8M in tax-exempt Residential Revenue Bonds and $2M in taxable bonds, all issued by the NYC Housing Development Corp. The housing facility is designed for LEED Silver, and occupancy is scheduled for fall 2013. EXECUTIVE MOVES Graham Stephens joined Cassidy Turley as SVP, responsible for investment sales and debt placement in the Tri-State region. He was previously with Eastdil Secured. *** Whitnee Williams joined Cassidy Turley as AVP, focusing on tenant and landlord rep in the brokerage services group. She was previously with CBRE. *** Robert Kunikoff joined Lee & Associates NYC, focusing on retail. He was previously with Grubb & Ellis and held a position at Garrick-Aug Associates. *** CBRE promoted Richard Weiss to VP. Among his significant transactions included participation in Alaska Permanent Fund’s $624M purchase of Rockpoint Group’s 49.5% stake in 299 Park. Prior to CBRE, he worked for ING Clairon, and is a University of Miami grad. *** Studley promoted Daniel Horowitz to EVP. He’s amassed more than 4M SF in leasing transactions, repping tenants like Burberry, CUNY, and Rockefeller Brothers Fund. He’s a UPenn grad. |
