THE DEAL SHEET
| SALES Stellar Management and Imperium Capital acquired 161 Avenue of the Americas and 233 Spring St for an undisclosed price. The properties are located within the Hudson Square BID.*** Massey Knakal brokered four deals: a 62k SF, 60-unit residential building at 204 Huntington St, Carroll Gardens for $25M (brokers:Stephen Palmese and Bob Knakal); the 17k SF former Prince Hotel at 218-220 Bowery (with 13k SF as of right) for $11M on behalf of buyers Alessandro Zampedri and Andrea Venturelli (broker:Robert Burton); four contiguous institutional buildings, one indoor lot, and five adjacent parking/development lots at 930, 950, 969-973, and 998 University Ave, Bronx for $11M (brokers: Nick Burns and David Simone; buyer Tuck-It-Away Self Storage); and a 5,400 SF townhouse at 14 E 11th St for $9M (brokers: James Nelson for the seller; John Gomes and Frederick Eklund for the buyer). *** Madison Realty Capital purchased the note and deed of 385 Union Ave, Williamsburg, a six-story, 53k SF residential property, for $22M. The building includes 47 apartments, 24 parking spaces, and a gym. *** |
 |
| Histo99 purchased the 102k SF 100 and 102 Corporate Park Dr, Harrison from Nokia for $12M. CBRE’s William Cuddy Jr, Jeffrey Dunne, and Steven Bardsley repped the seller, while New York Commercial Realty Group’s Michael Rao and Frank Rao repped the buyer. Jeffrey, along with CBRE’s David Gavin, also repped seller Old Derby Realty Associates in the sale of the 199k SF Walmart Plaza in Derby, Conn. to Derby Improvements for an undisclosed price.***DelShah Capital purchased the $11M first-mortgage debt on 11 E 36th St (Morgan Lofts) from First Central Savings Bank. The collateral includes 14 residential units, two ground-floor retail spaces, and one second-floor office suite. It also received payment for the senior lien on 118-120 S Second St, Williamsburg, a non-performing note it purchased last year for $5.1M. *** A religious NFP group purchased a 12k SF retail property at 2207 Adam Clayton Powell Jr Blvd for $3.1M. CPEX’s Duke McCabe and Tim Conan repped the sellers, while attorney Jennifer Polovetsky repped the buyer. *** Marcus & Millichap’s Shaun Riney and Matthew Fotis brokered two deals: the eight-unit apartment building at 244 New York Ave, Brooklyn for $1M and the 16-unit apartment building at 5122 Snyder Ave, Brooklyn for $1.2M. LEASES Regus signed a 15-year, 28k SF lease at 747 Third Ave for a flagship three-floor business center. Rosenhaus Real Estate’s Richard Rosenhaus repped the tenant, while JLL’s Alexis Tener and Sage Realty Corp’s Michael Lenchner repped owner The William Kaufman Org. Additional leases at the building include Group Gordon’s eight-year, 4,000 SF lease (tenant rep: CBRE’s Jared Silverman), Advanced ICU Care’s five-year, 3,600 SF lease (tenant rep: CBRE’s Jared Freede), and The Permanent Mission of Senegal to the US’s three-year, 9,300 SF lease (tenant rep: CBC Hunter Realty’s Richard Gottlieb). Michael and Alexis, along with JLL’s Frank Doyle and Cynthia Wasserberger, repped WKO in each deal. *** Dentsu Network signed for an additional 33k SF at 32 Avenue of the Americas for 10 years, occupying a total of 183k SF. JLL’s Alex Chudnoff and Scott Vinett repped the tenant, while Robert Steinman repped owner Rudin Management Co in-house. *** |
 |
| The Global Food International Corp inked a long-term, 25k SF lease at 11 Times Square, taking half the retail space. Owner SJP Properties will build out the space this fall along with architect HLW International, and the restaurant is scheduled to open next year. Colliers International’s James Emdem, Robert Koslow, and Dmitry Levkov repped the tenant, while RKF’s Robert Futterman and Joshua Strauss repped SJP.***641 Lexington Ave saw two deals: North Shore-Long Island Jewish Health System’s 10-year, 11k SF lease (tenant reps: Newmark Grubb Knight Frank’s Brian Waterman and Brent Ozarowski); and New York Presbyterian Hospital’s 15-year, 6,600 SF lease (tenant reps: Studley’s Ira Schuman, David Carlos, and Kurt Handschumacher). Robert Steinman repped owner Rudin Management Co in-house on both deals. *** The Council of State Governments expanded its lease at 100 Wall St to 17k SF. Cushman & Wakefield’s Richard Kennedy repped the tenant, while JLL’s Mitch Konsker, Scott Cahaly, and Brian Reiver repped owner Savanna. *** Zar Property NY saw two leases in its SoHo buildings: Herman Miller’s three-month, 14k SF pop-up lease at 64-68 Wooster St(tenant rep: Isaacs & Co’s Marc Simon); and Stranger & Stranger’s five-year, 1,800 SF lease at 42 Greene St (tenant rep: Prime Manhattan Realty’s Scott Bennett; landlord rep: David Zar, in-house). *** 80 Broad St saw two deals: All Metro Home Care’s 11-year, 7,700 SF lease (tenant reps: Studley’s Marc Shapses and Zev Holzman; landlord: Todd Korren in-house for Savanna); and Educational Networks’ six-year, 5,800 SF lease (tenant rep: Colliers International’s Robert Corbi; landlord reps: Newmark Grubb Knight Frank’s Hal Stein, Adam Leshowitz, and Todd Stracci). *** Cosmic Studios signed a 9,300 SF lease at 345 Ten Eyck St, East Williamsburg. Kalmon Dolgin Affiliates’ Jacques Wadler and Vincent Lopez repped the tenant, while Pinnacle Realty repped the owner. *** Peter Freeman Gallery signed a 10-year, 11k SF lease at 140 Grand St. PBS Real Estate’s Robert Neborak repped owner Melebar Holding Co. *** Kirkland West inked a 4,800 SF lease at 263 W 38th St. Halstead’s Jonathan Cohen repped the tenant, while Scott Galin and Peter Newman repped owner Handler Real Estate Org in-house. *** A hot yoga studio signed a 1,500 SF lease at 511 W 20th St. Massey Knakal Retail Leasing Services’ Brendan Gotch repped the landlord. FINANCING Meridian Capital Group arranged: $22M for four multifamily buildings totaling 221 units on 37th Avenue, Astoria; East 96th Street; and Euclid Avenue, Brooklyn (arranged by Avi Weinstock);$14.5M for a 194-unit, six-story multifamily building on Ocean Avenue, Brooklyn (arranged by Carol Shelby and Dani Sabesan); $4.5M for a 65-unit, six-story multifamily building on Westminster Road, Brooklyn (arranged by Scott Assouline); and $2.7M for two multifamily buildings totaling 47 units on Cabrini Boulevard(arranged by Morris Diamant). *** GCP Capital Group arranged: $9.8M for two contiguous, three-story elevator apartment buildings totaling 132 apartments on Front Street, Hempstead, Long Island (arranged by Matthew Albano); $5.1M for two single-tenant industrial buildings totaling 86k SF in Hempstead and 147k SF in Westbury, Long Island (arranged by Alan Perlmutter and George Spanos); $2.1M for a 30-unit, six-story walk-up apartment building on West 163rd St (arranged by Adam Brostovski); and $1.3M for a 6,000 SF shopping center in St. James, Long Island (arranged by Matthew Classi). *** The Islip Industrial Development Agency approved a preliminary measure than could provide over $21M in economic developments, allowing Chase Partners to build a four-story, 90-unit, 133k SF apartment-retail complex called Pace Cove at 11 Maple Ave, Bay Shore, Long Island. Chase is purchasing the 1.7-acre site from Eleven Maple Avenue Associates for $4.4M; construction is expected to begin in October and be completed by December ’13. *** Islip IDA also approved a preliminary inducement measure to allow Photonics Corp to purchase a 50k SF building in 1860 Smithtown Ave, Ronkonkoma, Long Island—economic benefits that could include property tax abatement and sales and mortgage-recording tax exemptions. *** HKS Capital Partners’ Ayush Kapahi secured a $12.5M, non-resource loan from Archetype Mortgage Capital to refi a 200k SF Clinton Hill self-storage facility. The loan’s LTV is 65% and replaces CMBS debt. *** Marcus & Millichap Capital Corp refinanced a 52-unit affordable housing project in Brooklyn for $7.3M. The firm’s Anita Pins and Gerald Kray arranged the deal at 3.3% fixed for five years, a 30-year term with 30 years’ amortization, and a 70% LTV. |
| CONSTRUCTION & DEVELOPMENT |
| Brooklyn Navy Yard Development Corp is investing $46M to build a green manufacturing center in the Brooklyn Navy Yard. The NYC Regional Economic Development Council-priority includes the adaptive reuse of three former WWII-era Navy machine shops into a 220k SF, multi-tenanted LEED Silver center. It will create 300 new permanent jobs and 400 construction jobs. Construction begins this summer for an 18-month buildout.*** NYC Economic Development Corp and Empire State Development issued an RFP for the redevelopment of a 42k SF site at 121 W 125th St in hopes of transforming the site into a central retail, office, and cultural exhibition space. As much as 363k SF of commercial space can be built there. |
