THE DEAL SHEET
| Yesterday, Mayor Mike, NYU prez John Sexton, NYU-Poly prez Jerry Hultin, and MTA chairman Joseph Lhota announced a partnership to create the NYU Center for Urban Science and Progress (CUSP) in Downtown Brooklyn, where new research and tech developed there will generate $5.5B in overall economic impact and 7,700 jobs over the next three decades. | ||
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| Spencer T Tucker | ||
| Over the next five years, the 460k SF 370 Jay St (which had been the HQ for NYC Transit) will be transformed into the research center. It’s currently occupied by the MTA and NYPD, and after the tenants relocate, NYU will transform the underutilized building for completion by 2017. 150k SF will be used for classrooms, offices, and lab space, and an additional 40k SF will be used for a business incubator for CUSP-related businesses and research. | ||
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| SALES | ||
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| Waterbridge Capital and RedSky Capital purchased 158-160 N 4th St, 151-173 N 3rd St, and 237-241 Bedford Ave in Williamsburg from The Backer Group for $66M. The portfolio contains 50k SF of retail space, 39 rental units, and a 5,000 SF vacant lot. Eastern Consolidated’s Gabe Saffioti and Benjamin Tapper introduced the JV partners, while Cooper-Horowitz’s Richard Horowitz and Mark Niman sourced the $51M senior debt for the portfolio.*** An addendum to Hidrock Realty and Robert Finvarb Co s’ $28M previously reported purchase at 133-135 Greenwich St: Eastern Consolidated’s David Schechtman and Lipa Lieberman repped the seller, while the firm’s Adelaide Polsinelli and Robert Khodadadian procured the buyer. Costas Kondylis has designed the 150k SF, 33-story, mixed-use building planned for the site. *** Highcap Group brokered the sale of 72, 74, and 104 Forsyth St for $9.8M cash. The portfolio totals 56 apartment units and six stores. The firm’s Josh Goldflam repped the seller and Jonathan Aziz repped the buyer. *** Massey Knakal brokered the sale of two properties: a four-story, 6,000 SF multifamily building at 653 Washington Ave, Prospect Heights for $1.7M cash (brokers: Stephen Palmese and Paul Massey); and a three-story, 8,800 SF building and 5,000 SF parking lot at 1002 Bushwick Ave, Bushwick for $1.3M cash (broker:Michael Amirkhanian). *** Marcus & Millichap’s Matthew Fotis and Evmorfea Barbatsis brokered the sale of a 3,500 SF mixed-use building at 1077 Brighton Beach Ave, Brooklyn for $1.3M. LEASES 40 Exchange Pl saw over 56k SF in deals, including: Pearl Capital, Voice Switching Corp, and Riviss Ventures Group (5,200 SF each); The Mana Group, Transperfect Documents, Polaris Communications Group, Sfinity Corp, and New York Business Partners (4,200 SF each); and Sottitle Security Corp (3,600 SF), FDS Products (2,600 SF), Europe by Car (2,200 SF), and BWRC (1,800 SF). Jud Leasing’s Charles Beyda brokered the deals on behalf of landlord 40 Exchange Corp. *** NAI Friedland brokered over 43k SF in deals, including: Streamline Plastics’ 10k SF lease at 243 141st St, Bronx (broker: Ross Schneiderman; landlord: Gladiator Realty); Walgreens’ 8,500 SF lease at 1031 Southern Blvd, Bronx (brokers: Steve Lorenzo and Robin Herko; landlord: Simpson West); Bus Tev’s 5,000 SF lease at 529 B Worthen St, Bronx (broker: Steve Kornspun; landlord:Simone Development); and Arc of Westchester’s 3,300 SF lease at 2 John Walsh Blvd, Peekskill (broker: Carl Silbergleit; landlord:Singer Properties). *** City Harvest signed a 31k SF lease at 6 E 32nd St for its HQ. Cassidy Turley’s David Lebenstein repped the tenant, while Mark Stein repped owner Himmel + Meringoff Properties in-house. *** Pomerantz Haudek Grossman & Gross leased 14k SF at 600 Third Ave for 10 years. Colliers International’s Ted Rotante repped the tenant, while Andrew Weiner and David Berkey repped owner L&L Holding Co in-house. *** Handler Real Estate Org brokered four leases: Green Island Cleaners’ 10-year, 6,500 SF lease at 1959 Front St, East Meadow, Long Island (tenant rep: Handler’s Peter Newman; landlord rep: Serota Properties’ Steve Appas); Cardiovascular Consultants of New York’s 10-year, 2,000 SF renewal at 345 E 37th St (tenant rep: Handler’s Darell Handler; landlord rep: Corcoran Wexler’s Paul Wexler); Core Capital Solutions’ four-year, 1,700 SF lease at 275 Madison Ave (tenant rep: Handler’s Peter Newman and Rosanne Lucarelli; landlord rep: RFR Realty’s Oliver Katcher); and Headwater Media’s five-year,1,600 SF lease at 231-239 W 29th St(tenant reps: Newman and Lucarelli; landlord rep: Justin management’s Sam Stein). *** Intermedia.net signed a seven-year, 8,400 SF lease at Tower 45(120 W 45th St). Cresa’s Bob Stella and Ed Wartels repped the tenant, while JLL’s Diana Biassotti, Dana Kleiner, and Frank Doyle repped owner SL Green along with in-house brokers Ashley Gee and David Kaufman. *** Massey Knakal Retail Leasing Services brokered two deals: a laundromat’s long-term, 5,900 SF lease at 77-79 E 115th St (brokers:Jill Lovatt and Michael Hefferon); and WhipperSnapper’s 2,700 SF lease at 1124 Bedford Ave, Bed-Stuy (broker: Andrew Clemens). *** ThoughtWorks inked a 7,500 SF lease at 99 Madison Ave. UGL Services’ Abe Bose, Gerard Picco, and Ryan Collins repped the tenant, while Kiamie Management Co’s Matthew Kiamie repped the owner in-house. *** Bayard Fabrication signed a 7,000 SF lease at 421 Manhattan Ave, North Williamsburg. Kalmon Dolgin Affiliates’ Vincent Lopez and Jacques Wadler repped the tenant, while KDA’s Fred Rufrano repped the owner. *** 80 Broad St saw two deals: Gwertzman, Lefkowitz & Burman’s six-year, 4,400 SF renewal (tenant rep: Colliers International’s Robert Goodman); and Projects Abroad’s seven-year, 1,900 SF lease (tenant rep: Prime Manhattan Realty’s Omar Sozkesen). Todd Korren repped owner Savanna in-house for the Gwertzman lease, while Newmark Knight Frank’s Hal Stein, Adam Leshowitz, and Todd Stracci repped Savanna in the Projects Abroad lease. *** Coco-Mat opened a 5,700 SF, two-story flagship store at 49 Mercer St for a 10-year term. Lee & Associates NYC’s Peter Braus and Peter Levitan brokered the deal. *** R.F. Stuart Real Estate signed a long-term, 1,900 SF lease at 192 Lexington Ave. Savitt Partners’ Elliot Zelinger repped the tenant, while Cassidy Turley’s Bruce Weinberg repped owner Commercial Real Estate Services. *** Papyrus opened in 1,200 SF at 345 E 69th St. SCG Retail’s Jacqueline Klinger repped the tenant, while Larry Kopp repped co-op owner 345 E 69th St Owners Corp in-house. FINANCING Meridian Capital Group arranged over $43M in financing, including : $32.9M for 11 multifamily buildings in Manhattan and Queens (arranged by Carol Shelby and Dani Sabesa n); $2.5M each for two four-story multifamily buildings on St. Nicholas Avenue and a 3,400 SF retail property on Broadway (both arranged by Cary Pollack); and $2M for two four-story multifamily buildings on Lincoln Place, Brooklyn (arranged by Avi Weinstock). *** GCP Capital Group arranged over $23M in financing, including:$10M for a three-story, 41k SF commercial building on West 125th Street (arranged by Alan Perlmutter); $4M for five multifamily buildings totaling 51 apartments and one office in Park Slope(arranged by Stephen Katz); $3.7M for a six-story elevator building with 65 units and 3,700 SF of commercial space on the Grand Concourse, Bronx (arranged by Paul Greenbaum); and $3M for a six-story apartment building with 70 apartments in Queens (arranged by Adam Brostovski). *** | ||
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| Beech Street Capital provided a $21M Fannie Mae conventional loan for the acquisition of the the 117-unit Gramercy East Apartments. Meridian Capital Group’s Avi Weinstock and Matt Texler negotiated the transaction.*** Walker & Dunlop proved $13M in Fannie Mae financing for the 12-story CL Tower, a Class-A residential apartment community in East Harlem. The refi loan was structured with a 10-year term and 30-year amortization at a 71.8% LTV. Deerwood Real Estate Capital’s Igor Goldenberg originated the loan on behalf of borrower Cohen & Levy Development Group. *** Johnson Capital’s Daniel Lissser and Andrew Glass Brokerage arranged $13M in financing for the 99-room Best Western Plus Prospect Part Hotel in Brooklyn. The non-recourse debt is being used to refi a construction loan, and was provided by a CMBS lender with a fixed interest rate in the mid-5%. *** Massey Knakal Capital Services’ Scott Aiese closed on a $6M loan collateralized by a 19-unit multifamily property one block from Central Park West at 3.55% for five years. FUNDS AllianceBernstein closed its first private equity real estate fund, with capital commitments of $680M. Commitments were received from several large, global institutional investors, including Temasek,Alberta Teachers Retirement Fund, and investors from the US, Hong Kong, and Japan. With additional co-investment capital, the fund could have approximately $900M in available equity. CONSTRUCTION & DEVELOPMENT | ||
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| Gene Kaufman Architect has designed 500 Metropolitan, a 15-story, 200k SF mixed-use development site slated for 500 Metropolitan Ave, Williamsburg. The building will combine 189 hotel rooms, 58 residences, and street-level retail.*** Jamestown Properties, Rockwood Capital, Crown Acquisitions, and Murray Hill Properties are reconfiguring the retail at 530 Fifth Ave, offering various configurations for the cellar, ground, and mezzanine levels ranging from 16k to 42k SF. Additionally, it’s launching a major renovation for the building’s office portion, including a Class-A lobby upgrade, a new, pronounced building entrance, mechanical and electrical upgrades, and brand new elevators. Crown and Jamestown will handle retail leasing, while Newmark Grubb Knight Frank’s David Falk heads office leasing. *** The NYC Economic Development Corp and Central Amusement International has started renovations for 10 new amusements and attractions on Jones Walk in the Coney Island amusement district. Two of the features will include a laser maze challenge and Pop Noggins, an interactive green-screen attraction. The site will be open by Memorial Day. EXECUTIVE MOVES Normandy Real Estate Partners promoted Paul Teti and Mark Roopenian to co-head the firm’s leasing activities. The duo will continue to manage the leasing process, working landlord reps to attract tenants to Normandy’s Tri-State and Mid-Atlantic portfolio. *** Herrick, Feinstein added a group of nine real estate attorneys who will practice out of the firm’s New York, Newark, and Princeton offices. The group, which comes from Stark & Stark, will be lead by David Byrne, Richard Linderman, and Mark Weichnik. It also includes Stacey Patterson, five associates, and 10 paralegals and staff members. *** Beacon Redevelopment Industrial Corp appointed Frank Castellano as president and COO. *** Abigail Jones joined Periconi as associate attorney, helping developers through the regulatory maze so they can develop brownfields and other contaminated properties. She was previously with the Budd-Falen law firm in Wyoming and is a Cornell and Pace University School of Law grad. |
