THE DEAL SHEET
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| SALES American Realty Capital New York Recovery REIT closed on the acquisition of the fee-simple interest in three commercial condos at 350 W 42nd St for $19.8M. The property is fully leased to three tenants (Icon Parking, Starbucks, and Well Green Market II) and contains 42k rentable SF.*** The NHP Foundation acquired the 88-unit Plaza Borinquen apartment complex in Mott Haven for $7.1M. The venture was funded with NHPF investment and a loan from the New York City Acquisition Fund LLC, a public-private partnership of the City, major foundations, and NY’s public and private investment group. The property will be operated by Shinda Management Corp. *** Storage Deluxe purchased 362 Fourth Ave, Brooklyn for $4.1M cash. The 13k SF site has a 9,500 SF building currently occupied by a dialysis center. CPEX Real Estate brokered the deal. *** Massey Knakal brokered two sales: an eight-unit, 7,300 SF multifamily building at 155 Newton St, Brooklyn for $2.2M cash (brokers: Brock Emmetsberger and Brendan Maddigan) and a 5,000 SF lot with a 3,900 industrial building at 27-40 21st St, Astoria for $2.1M cash (brokers: Bob Knakal and Al Holloman). LEASES NAI Friedland brokered four deals: Tappan Zee Hotel’s 44k SF lease at 110 North Rt 303, West Nyack (brokers: Robin Herko and David Scotto; landlord: Nyack Motor Hotel); Academy of Jewish Studies’ 8,000 SF lease at 1 Larkin Plaza, Yonkers (brokers: Herko and Scotto; landlord: National Resources); Passaic Healthcare Services’ 6,500 SF lease at 41 Columbua Ave, New Rochelle(brokers: Ellen Benedek and Carl Silbergleit); landlord: Simone Bantels Realty); and Valley Paper Products’ 4,000 SF lease at 10 Beach St, Mount Vernon (broker: Jeff Clinton; landlord: T&A Beach Avenue Corp). *** Savanna saw three leases in its buildings: Informa USA’s 11.5-year, 11k SF lease at 100 Wall St (tenant rep: CBRE’s Michael Movshovich, Ken Meyerson, Chris Corrinet, Rob Hill, and Michael Rizzo; landlord reps: JLL’s Mitch Konsker, Scott Cahaly, and Brian Reiver); Westminster Securities Corp’s 3,100 SF renewal at 100 Wall (landlord rep: Todd Korren, in-house); and Journal Register Co’s 9,900 SF lease at 5 Hanover Sq (tenant rep: Byrnam Wood’s Gordon Ogden; landlord rep: Cushman & Wakefield’s Frank Cento and Jonathan Fein). *** SailThru signed a five-year, 18k SF lease at 10 Hudson Square. Cresa’s Jamie Addeo and Jack Petrie repped the tenant, while Charles Laginestra and Marc Packman repped owner Trinity Real Estate in-house. Also in the neighborhood, Pearson Education inked a 7,400 SF lease at 325 Hudson St, bringing the building to 100% occupancy. Richard Berzine & Co’s Richard Berzine repped the tenant, while Colliers International’s Richard Warshauer repped owners Bristol Group and Young Woo & Associates. *** | ||
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| Williamsburg’ The Edge condo project saw three new retail leases:Brooklyn Harvest Market’s 15k SF lease; Fabbrica’s 20-year, 3,000 SF lease; and Ride Brooklyn’s 15-year, 3,700 SF lease. Greenstone Realty’s Robert Greenstone brokered the deals; Douglas Development is the owner.***Blink Fitness inked a 19k SF lease at 163-02 Jamaica Ave, Jamaica, the gym’s first location in Queens. Charter Realty & Development’s Peter Levine repped the tenant, while RKF’s Barry Fishbach and David Rosenberg repped landlord Sol Goldman Investments. *** West Side GI signed a 15-year, 17k SF lease for a new ambulatory surgery center at 619 W 54th St. Adams & Co’s Jeff Buslik repped the tenant, while JLL’s Matt Astrachan, Alexis Tener, and Ed DiTolla repped owner KBS Realty Advisors. *** Kalmon Dolgin Affiliates brokered two Brooklyn deals: Eleventh Street Workshop’s long-term, 6,000 SF lease at 90 North 1st St, Williamsburg (brokers : Jacques Wadler and Vincent Lopez) and Lombardy Marble and Granite’s 4,600 SF lease at 251 Lombardy St, Greenpoint (broker: Fred Rufrano; landlord: Whitehead Properties). *** The Nelson Tower at 450 Seventh Ave saw four deals: Unclaimed Property Recovery & Reporting’s seven year, 9,600 SF lease;Invention Resource International’s five-year, 3,300 SF lease and expansion; The Compliance Search Group’s three-year, 2,300 SF lease (tenant rep: MHP Commercial Brokerage Services’ Daniel Lolai); and CourtAlert.com’s five-year, 2,200 SF lease (tenant rep: Intrepid Real Estate Group’s Dave Menaged). Barbara Raskob repped owner The Kaufman Org in-house for each deal. *** Savanna donated 11k SF of space at 80 Broad St to the Lower Manhattan Cultural Council, which the non-profit will use until October. Sam Miller and Melissa Levin repped the tenant in-house, while Kevin Hoo and Andrew Fichte repped the landlord in-house. *** Goldstein, Hill & West Architects inked a 8,500 SF lease at 11 Broadway. Miyad Realty’s Michael Rouzenrouch and Abe Saks repped the tenant, while Braun Management’s Mendy Braun repped the owner. *** Guitar Center signed a 10-year, 8,100 SF lease at the Danbury Square Shopping Center in Danbury, Conn. The Shopping Center Group’s Bruce Shepard brokered the deal. *** Blakes renewed its 5,600 SF and relocated within Tower 56 at 126 E 56th St. JLL’s Randy Abend repped the tenant, while Cushman & Wakefield’s Harry Blair and Sean Kearns repped owner Pearlmark Real Estate Partners. *** | ||
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| Freeh Group International Solutions, the firm of former director of the FBI Louis J. French, leased a 5,400 SF pre-built at the Empire State Building. Cushman & Wakefield’s Joseph Fabrizi, Bill Lee, and David Malawer repped the tenant, while Newmark Knight Frank’s Billy Cohen and Ryan Kass repped owner Malkin Holdings.*** InMobi signed a 4,900 SF lease at 400 Lafayette St. Cushman & Wakefield’s William Levitsky repped the tenant, while ABS Partners Real Estate’s James Caseley, Adam Maxson, and Joe LaRosa repped the landlord. *** August Accessories inked a seven-year, 4,200 SF renewal at the New York Accessories Exchange Building, 366 Fifth Ave. Joseph P. Day Realty Corp’s Richard Mayer Segal repped the tenant, while Richard Brickell repped owner NYAE in-house. *** Weight Watchers signed a 10-year, four-month, 3,000 SF lease at 64 W 48th St. Sardell & Co’s Grace Sardell repped the tenant, while Ross Spitalnick repped owner Muss Development in-house. *** Tropical Smoothie Café leased 3,000 SF at Gateway Plaza in Patchogue, Long Island. Island Associates’ John Messineo and Roger Delisle Jr. brokered the deal; Pergament is the landlord. FINANCING Meridian Capital Group arranged: $10.8M on a 29-unit, six-story multifamily building on Union Avenue, Brooklyn (arranged by Michael Kesselman); $5.5M on a 71-unit, six-story multifamily on Ocean Parkway, Brooklyn and $4.2M on a 74-unit, six-story multifamily building on Woodside Avenue, Brooklyn (arranged by Avi Weinstock); and $2.2M on a 33-unit, five-story multifamily building on West 158th Street (arranged by David Hayum and Moe Rosenblum). *** GCP Capital Group arranged: $11.5M for a portfolio of five multifamily buildings totaling 141 apartments in Hempstead, Long Island and $1.2M for a six-unit, three-story walk-up apartment building on Green Street, Brooklyn (arranged by Matthew Albano);$3M for a 84-unit, six-story elevator co-op building on Ocean Parkway, Brooklyn (arranged by Paul Greenbaum); and $1.6M for a 22-unit, five-story walk-up apartment building on the Ground Concourse, Bronx (arranged by Adam Brostovski). *** Marcus & Millichap Capital Corp arranged a $22.5M refi for the 110-unit luxury Parkside Apartments in Haverstraw. The firm’s Steven Rock arranged the financing. The loan is adjustable for five years with an 65% LTV. CONSTRUCTION & DEVELOPMENT | ||
| The Briarwood Org started construction on the 24k SF Briarwood Plaza II, a Class-A office building at 36-29 Bell Blvd, Queens. Floor sizes will range from 4,800 SF to 6,700 SF, and the building has on-site parking and a 15-year ICAP tax abatement.*** Steiner Studios opened five new soundstages at the Brooklyn Navy Yard, totaling 45k SF. The building also features support spaces, offices, dressing rooms, hair and makeup rooms, and wardrobe rooms. Coupled with the five new soundstages, Steiner Studios now totals 355k SF on 20 acres in the Brooklyn Navy Yard. BUSINESS The US Bankruptcy Court for the Southern District of NY gave BGC Partners approval to acquire substantially all the assets of Grubb & Ellis. The transaction is expected to close shortly. Grubb & Ellis will join the BGC family, which also includes Newmark Knight Frank. Together, the firms total more than 100 offices in North America, 250M SF in property and facilities management, and a national appraisal business. *** The attorneys from Kurzman Karelsen & Frank joined Montgomery McCracken Walker & Rhoads to expand the law firm’s office in NYC, expanding the number of attorneys at its 437 Madison Ave offices to 18, with plans to reach 30 lawyers over the next two years. *** Prudential Douglas Elliman is opening a Long Island City office at 47-37 Vernon Blvd in April, managed by Rick Rosa, who has returned to the firm. The office will specialize in new developments, but will work across all avenues of business including rentals, sales, re-sales and retail. EXECUTIVE MOVES Daniel MacEachron joined Rockefeller Group Development Corp as COO, where he will oversee its NY-area development projects and leasing, as well as the national activities of RGDC’s asset services and design & construction groups. He previously spent 20 years at Hines and was also responsible for the formation and management of National Office Partners. He also held positions at The Yarmouth Group, BPT Properties, and First Boston Corp. He’s a Yale and Wharton grad. *** Mark Marasciullo rejoined JLL as managing director, serving on the firm’s national investor client team. He comes from New Canaan Partners, which he founded in 2006, and also held positions at Eastdil Secured and Spaulding & Slye. *** Henry Goldfarb and Stanley Lindenfield joined Lee & Associates NYC as vice chairmen and executive managing directors. They were previously with Grubb & Ellis. *** Mark Warren joined Ackman-Ziff as managing director. He was previously with Linear Realty Capital and held positions at Dividend Capital Total Realty Trust, UBS Investment Bank, Credit Suisse First Boston, and Heller Financial. He’s a University of Wisconsin-Madison grad. *** Adelaide Polsinelli and Robert Khodadadian joined Eastern Consolidated as senior director and associate director, respectively. Adelaide joins from Marcus & Millichap and has made over $4B in sales over her 25-year career. Robert joins from Skyline Properties, which he founded, and held a position at Massey Knakal. *** Bertand de Soultrait joined The Shopping Center Group’s SCG retail division in Manhattan as a broker, targeting luxury European brands. He previously co-founded sportswear and apparel company Vicomte A and worked as a broker for NYCRS. *** Felicia Tunnah joined Union Square Partnership as director of economic development and special projects. She was previously with the Alliance for Downtown New York. She’s a UPenn and Vassar grad. *** Mall Properties promoted Andrea Olshan to CEO, Michael Makinen to COO, and Ryan Guheen to SVP of asset management. Andrea, who was previously COO, replaces David Lukes, while Michael was promoted from SVP of asset management. Ryan is responsible for the operations and leasing of the core retail properties and spearheads redevelopment opportunities. *** JLL appointed John Wheeler to oversee its Lower Manhattan office while also continuing to provide brokerage and advisory services. (He also direct’s the firm’s activities on behalf of Gramercy Capital Corp.) He’s been with the firm for 16 years and held previous position at Antares Investment Partners. He’s a Union College grad. *** Studley promoted Zev Holzman to corporate managing director of its NY office, where he provides strategic advisory and transaction management services to his clients. Before Studley, he worked for Staubach and the NYS office of the AG in the Antitrust Bureau. He’s an American University grad. |
