THE DEAL SHEET
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| SALES Alchemy Properties acquired a condo interest in the top 30 floors of the Woolworth Building from The Witkoff Group and Cammeby’s International for $68M, where it plans to develop 40 residences. The sellers will continue to own the lower 28 floors for office tenants. *** Massey Knakal brokered the sale of two buildings: the 42-unit The Milan elevator apartment building at 117-122 W 23rd St for $39.3M(brokers: Paul Smadbeck, Brock Emmetsberger, and James Nelson); and a mixed-use development site with 88k buildable SF at 2977-89 and 2997 Webster Ave, the Bronx for $2.5M (broker: Karl Brumback). *** Kimco Realty purchased the 97k SF grocery-anchored Wilton Campus Shops (5 River Rd) in Wilton, Conn. from Kleban Properties for $39.7M, including $20.9M of mortgage debt. The shopping center is 98% occupied and anchored by Stop & Shop. *** 88 Richardson LLC purchased a 50k SF development site at 88 Richardson St, Williamsburg from 391 Leonard Street LLC for $18M. Kalmon Dolgin Affiliates’ Robert Klein brokered the deal. *** A fund purchased three contiguous buildings at 29-33 Arden St—which total 63 units and 31k SF—from 29 Arden LLC for $5.3M. Rosewood Realty Group’s Aaron Jungreis repped the seller, while colleague Michael Guttman repped the buyer. *** TerraCRG’s Adam Hess and Jacob Colleran brokered the sale of the 5,900 SF mixed-use building at 149 4th Ave, Park Slope for $2.1M. *** Ariel Property Advisors brokered the sale of two buildings: a five-story mixed-use property at 2272 Adam Clayton Powell Jr Blvd,Central Harlem for $1.2M (seller reps: APA’s Victor Sozio and Jesse Deutch; buyer rep: Aizer Realty’s Joseph Aizer); and a 6,200 SF lot housing a 4,400 SF commercial building at 796-800 Yonkers Ave, Yonkers for $1M (seller reps: APA’s Sozio and Scot Hirschfield; buyer reps: NAI Friedland’s Robin Herko and David Scotto). *** Trevi Retail acquired a 27k SF retail condo at 650 Sixth Ave for an undisclosed price. Prince Realty Advisors’ David Ash brokered the deal. | ||
| LEASES SL Green and Stonehenge Partners entered into a 99-year ground lease covering a residential building at 1080 Amsterdam Ave. The JV will invest $13M into the transaction, which includes a complete redevelopment program when the partnership takes possession. It’s a 20-story, 82k SF pre-war elevator building comprising 96 residential and two commercial units. *** CBRE’s Eric Gelber, Bill Shanahan, Andrew Goldberg, and Darcy Stacom repped Host Hotels & Resorts in Vornado’s previously reported 20-year lease at the Marriott Marquis, where it plans to spend as much as $140M to redevelop and expand the existing retail space. *** Abbott Capital Management signed a 35k SF lease at 1290 Avenue of the Americas. JRT Realty Group’s John Thompson repped the tenant, while Cushman & Wakefield’s Franklin Speyer, Amy Fox,Mikael Nahmias, and Bruce Mosler repped owner Vornado. *** Operative Media signed an eight-year, 31k SF lease at 6 E 32nd St. JLL’s Jim Wenk and Ryan Masiello repped the tenant, while Mark Stein and Jason Vacker repped owner Meringoff Properties in-house. *** The Jordan Co signed a 15-year, 25k SF lease at 399 Park Ave. Cassidy Turley’s David Hoffman Jr. repped the tenant, while CBRE’s Peter Turchin and Boston Properties’ Adam Frazier repped owner Boston Properties. *** JPMorgan Chase signed a 15-year, 22k SF expansion and renewal at One Grand Central Place. The expansion includes 3,000 SF of ground-floor space, and it will remodel its current 19k SF and integrate it with its new street-level facility. Cushman & Wakefield’s Gene Spiegelman and Michael O’Neal repped the tenant, while Newmark Grubb Knight Frank’s Jared Lack repped owner W&H Properties. *** 345 Adams St, Brooklyn saw two new deals: Bright Horizon’s 15k SF lease and Potbelly Sandwich Shop’s 2,500 SF lease. Cassidy Turley’s Peter Occhi and Michael Hofmann repped Bright Horizons, while Newmark Grubb Knight Frank Retail’s Ben Birnbaum and Potbelly’s John Epifanio repped the eatery. RKF’s Ariel Schuster and Brian Segal repped owner Muss Development in both deals. *** Cutie Pie Baby inked a 17k SF lease at 34 W 33rd St. Adams & Co’s David Levy brokered the deal. *** Magnolia Pictures signed a 8,700 SF lease at 49 W 27th St. UGL Services’ Ryan Harding and John Pavone repped the tenant, while Cassidy Turley’s Mark Furst repped owner Chestnut Holdings. *** Sandeep Diamond Corp signed a long-term, 7,300 SF lease at 535 Fifth Ave. Rudder Property Group’s Michael Rudder and Michael Heller repped the tenant, while Cushman & Wakefield’s Andrew Sachs, Ben Shapiro, Jonathan Fales, and Myles Fennon repped owner The Moinian Group. *** Conviva signed a three-year, 2,300 SF lease at 370 Lexington Ave. Cushman & Wakefield’s David Glassman and Brandon San Antonio repped the tenant. And on the retail side, Zaro’s Bread Basket renewed its 2,900 SF lease for eight years in the building.Adam Weissleder and Jill Burrowes repped owner Sherwood Equities in-house for both deals. *** Nassau Educators Federal Credit Union inked a 4,900 SF lease at Commack Corners Shopping Center (6500 Jericho Tpke) in Commack, Long Island. Sabre Real Estate Group’s Anthony Russo repped the tenant, while Randall Briskin and Brian Feil repped owner The Feil Org in-house. *** Dempsey Partners signed a 3,400 SF lease at Wilton 372 (372 Danbury Rd) in Wilton, Conn . JLL’s Rick Rosencrans repped both the tenant and owner Luzern Associates. *** Anya Hindmarch inked a 12-year, 2,800 SF lease at 795 Madison Ave. Repping the tenant were Simon Dallimore and The Lansco Corp’s Robin Abrams, while Prudential Douglas Elliman’s Gary Dana, Rick Dana, and Adam Kramer repped owner EGAT America. *** DSAQ Realty-DSA Management Co inked a 2,200 SF lease at 60 Madison Ave. Murray Hill Properties’ Daniel Lolai repped the tenant, while Jovani Rampersad repped owner The Moinian Group in-house. *** The Green Café signed a 1,100 SF lease on the ground floor of 1324 Lexington Ave. Massey Knakal’s Jill Lovatt repped the landlord. | ||
| FINANCING NCB FSB arranged over $69M in co-op financing, including: a $36M first mortgage and $5M line of credit for Castle Village Owners Corp, a 585-unit co-op at 120 Cabrini Blvd (arranged by Edward Howe III); a $2.8M first mortgage and $500k line of credit for 255 Fieldston Buyers Corp, a 73-unit co-op at 255 Fieldston Terr, Riverdale (arranged by Sheldon Gartenstein); and a $2.5M first mortgage for 211 Terry Owners, a 36-unit co-op at 211-215 Terry Rd, Smithtown, Long Island (arranged by Mindy Goldstein). *** GCP Capital Group arranged: $23.5M for three six-story apartment buildings totaling 184 units and 20k SF of commercial space on Broadway (arranged by Adam Brostovski); $4.9M for four three-story buildings totaling 20 units and one retail space throughout Brooklyn (arranged by Matthew Albano); $4.1M for two residential apartment buildings totaling 66 units in Freeport, Long Island(arranged by Albano); and $1.5M for a 32-unit, four-story walk-up apartment building on 45th Street, Brooklyn (arranged by Paul Greenbaum). *** Meridian Capital Group’s Josh Rhine negotiated $20M in mortgage financing on behalf of Zahav Properties for 40 Gold, a recently constructed multifamily building at 40 Gold St. The five-year permanent loan is at 3.05% and was provided by a local balance sheet lender. *** Meridian Capital Group also arranged: $6.7M on two mixed-use buildings totaling 23k SF on Forsyth Street (arranged by Cary Pollack); $4.6M for a 65-unit, six-story multifamily building on Bay Parkway, Brooklyn (arranged by Morris Diamant); $4.4M for a 52-unit, four-story multifamily building on Metropolitan Avenue, Kew Gardens (arranged by Joe Taub); and $4.2M for a 42-unit, six-story multifamily building on Fort Washington Avenue (arranged by Allan Lieberman). *** Hudson Realty Capital funded a $6.5M bridge loan secured by a 6,400 SF West Village commercial building. Loan proceeds are being utilized by the developer-sponsor for debt refinancing and to fund pre-development expenses. *** TerraCRG’s Efrat Sharon arranged $5.5M in first-mortgage financing on behalf of IWC Capital Management for the $7.3M acquisition of 654 Putnam Ave, 319 Malcolm X Blvd, 419 and 421 Marcus Garvey Blvd, and 804 and 814 Macon St. The portfolio totals 38k SF, 46 residential units, and one store. |
Cervalis inked a long-term, 168k SF lease at 10 Norden Pl, Norwalk, Conn.—the largest lease in Fairfield County so far this year and the county’s largest build-to-suit in 12 years. Howard Properties’ Howard Greenberg and JLL’s John Stoddard repped the tenant, while Cushman & Wakefield’s Jodie Dostal repped owner FPG Norden DC, a subsidiary of Fortis Property Group.