THE DEAL SHEET
| SALES Life Time Fitness purchased the 232k SF One Gannett Dr in Harrison for an undisclosed amount. It plans to raze the building, situated on a 24-acre site, to build a 200k SF fitness facility. NAI Friedland’s Carl Silbergleit and Ellen Benedek, along with NAI James E. Hanson’s Ken Lundberg, repped the buyer. CBRE’s Jeffrey Dunne, Bill Cuddy, Steven Bardsley, and Kevin Langtry repped seller Gannett Satellite Information Network. *** Massey Knakal brokered three deals:Silverstone Property Group’s purchase of a pair of mixed-use buildings, totaling 26 units, at 143-145 W 4th St, for $11.3M (brokers: James Nelson, Mitch Levine,Caroline Hannigan, and Matt Nickerson); a seven-unit townhouse at 350 E 51st St for $2.6M (brokers: Hall Oster and Clint Olsen); and three contiguous lots at 3677-81, 3673, and 3687 White Plains Rd in the Bronx, where a local developer will build an apartment building, for $2.5M (broker: Karl Brumback). *** Rosewood Realty Group brokered three Bronx sales: Morgan Group’s purchase of 161-165 E 179th St, a six-story, 83-unit elevator apartment building, for $7.3M (broker: Aaron Jungreis); 2121 Matthews LLC’s purchase of the 62-unit, seven-story elevator apartment building at 2121 Matthews Ave from DSEB for $6.8M(broker: Jungreis); and Morgan Group’s purchase of the 48-unit, six-story apartment building at 3136 Perry Ave for $4.5M. *** Besen & Associates’ Shoy McKen and Orly Hazan brokered the sale of 2251-2273 Adam Clayton Powell Jr Blvd—three five-story walkup apartment buildings totaling 41 units and six stores—for $6.8M. *** TerraCRG’s Geoffrey Bailey brokered the sale of the 4,800 SF Triangle Sports retail building at 182 Flatbush Ave, Brooklyn for $4.1M. *** An anonymous buyer purchased a three-story, 18k SF retail property at 80 Jamaica Ave, Brooklyn for $3.2M. Winick Realty Group’s Zach Mishaan repped the buyer, while Newmark Grubb Knight Frank’s Ken Zakin, Hymie Dweck, and Randall Liberman repped the seller. *** Tab Max purchased a 36k SF development site at 1280 DeKalb Ave, Brooklyn from Santiago Distributors for $1.6M. Right Time Realty’s Joe Ibrahim brokered the deal. |
| LEASES |
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| Roche Holding is moving its translational clinical research center to the Alexandria Center for Life Science, signing an 11-year lease and moving the TRCE team to the 421k SF West Tower, which will deliver in Q4 ’13.*** 111 Town Square Pl in Newport, NJ saw nine deals totaling 63k SF, including Global Association of Risk Professionals’ 28k SF lease (tenant rep: Coldwell Banker Commercial’s Peter Wisniewski) and Hartfield, Titus & Donnelly’s 16k SF lease (tenant rep: CBC Hunter Realty’s Peter Sabesan). Cushman & Wakefield’s Barry Zeller,Robert Rudin, Ed Duenas, and Dave DeMatteis, along with The LeFrak Org’s Brian Decillis, repped owner LeFrak. *** 136 Madison Ave saw over 55k SF of deals, including Regus’ 10-year, 37k SF lease (tenant rep: Rosenhaus Real Estate’s Richard Rosenhaus) and Sunshine Sachs & Associates’ 10-year, 18k SF lease (tenant rep: Cushman & Wakefield’s Andrew Peretz and William Levitsky). Colliers International’s Andrew Roos and Michael Cohen repped the owners, which include the Cohen, Roos, and Carmel families. *** LA Fitness signed a 43k SF lease at Metro Center Atrium, the latest phase (370k SF in office, retail, and hotel) at Simone Development’s Hutchison Metro Center campus. The fitness center will open in November 2013. Simone’s James MacDonald handles leasing at the campus. *** Sentry Centers announced plans for a third NYC conference center, taking 39k SF at 32 Old Slip. It will undergo a $3.6M renovation and open in December. CBRE’s Jared Freede, Rocco Laginestra, and Michael Wellen repped the tenant, while CBRE’s Robert Alexander,Doug Lehman, David Maurer-Hollaender, and Bruce Surry repped owner Old Slip Properties, an affiliate of Beacon Capital Partners. *** American Masters inked two deals in Bed-Stuy: 11k SF at 1178 Pacific St and 8,300 SF at 1840-1842 Atlantic Ave. Kalmon Dolgin Affiliates’ Neil Dolgin repped the tenant and owner Atlantic Properties. *** Harbor Freight Tools signed a 16k SF lease at Linpark Square(Park Avenue and Rts 1/9) in Linden, NJ. The landlord is Garden Commercial Properties. *** Blumberg Excelsior signed a five-year, 12k SF lease at 16 Court St, Brooklyn. Ingram & Hebron Realty’s Robert Hebron brokered the deal; the landlord is SL Green. *** 1156 Avenue of the Americas saw three deals: Liebert & Solow’s 7,800 SF renewal and expansion; China Telecom’s 3,300 SF lease (tenant reps: CBRE’s Yuan Tang and Clyde Reetz); and Miniclip’s 1,600 SF lease. Cushman & Wakefield’s David Rosenbloom,Joshua Goldman, Emily Weber, Jonathan Fales, and Michael Tranfalia repped owner APF Properties, as well as Liebert & Solow and Miniclip. The building is now fully leased. *** Kids With Character signed a 9,900 SF renewal at 34 W 33rd St. Adams & Co’s David Levy brokered the deal; the landlord is Arcade Building Associates. *** ABS Partners’ Mark Tergesen brokered three deals: S&N Discount’s 6,000 SF NNN lease at 2033 Third Ave (tenant rep: RKF’s Young Kim); Atelier Charles Jouffre’s 2,000 SF lease at 459 W 18th St(tenant rep: Prudential Douglas Elliman’s Anita Grossberg; additional landlord rep: ABS’s Dean Valentino); and Nate’s Pharmacy’s 1,700 SF lease at 223 Third Ave (additional broker: ABS’s Richard Farley). *** Warburg Realty is opening a new corporate HQ in 7,000 SF at 654 Madison Ave. Agents currently based at 969 Madison Ave will move into the new office; members currently working at 30 E 76th St will then move into the 969 Madison space. *** 7-Eleven signed a 10-year lease at 2758 Broadway; both the ground floor and basement have 3,600 SF. Massey Knakal’s David Chkheidze repped the landlord. And colleagues Brendan Gotch and Ryan Horvath signed a dental office to 1,500 SF at 305 W 28th St. *** CME Group signed a nearly six-year deal for 5,000 SF at 370 Lexington Ave. Real Estate Partners’ Holly Duran repped the tenant, while Adam Weissleder and Jill Burrowes repped owner Sherwood Equities in-house. *** The New Republic magazine signed a 3,800 SF lease at 60 Madison Ave. Rice & Associates’ Elie Reis repped the tenant, while Jovani Rampersad repped owner The Moinian Group in-house. *** A an importer and exporter of general merchandise sold at 99-cent stores inked a 2,500 SF lease at 301 Ten Eyck St. Kalmon Dolgin Affiliates’ Linda Wong brokered the deal. *** Christian Louboutin signed a long-term,1,000 SF lease for its first US men’s boutique at 808 Washington St. RKF’s Karen Bellantoni and Pamela Haber brokered the deal; the landlord is TF Cornerstone. FINANCING Meridian Capital Group arranged over $60M in loans, including:$41M for a 131k SF office building on West 37th Street (arranged by David Hayum); and $6.8M for two multifamily buildings totaling 32 units on West 18th Street; $4.6M for a 52-unit, six-story multifamily building on East 164th Street; and $3.8M for a 58-unit, six-story multifamily building on 18th Avenue, Brooklyn (all arranged by Avi Weinstock). *** Meridian Capital Group also arranged $50M in permanent financing for the recently constructed Harrison Station multifamily building in Harrison, NJ on behalf of Harrison Building 1 Urban Renewal, a JV between Ironstate Holdings and The Pegasus Group. The 10-year Freddie Mac loan features a 3.69% rate and was provided through Beech Street Capital; Meridian’s David Cohen and Russ Drebin arranged the deal. *** Mark Scott’s Commercial Mortgage Capital arranged $47.5M in loans, including: $27M to finance the second phase of construction at Sterling Parc, a multifamily complex in Middletown, NY, through PNC Bank; $17.5k for 152k SF of office space in Yonkers; and $3M for the refi of a 109-unit apartment building on Broad Street in Elizabeth, NJ through A EGON USA Realty Advisors. *** GCP Capital Group arranged over $25M in loans, including: $16M for two six-story apartment buildings totaling 78 units on Joralemon Street, Brooklyn (arranged by Paul Greenbaum); $2.6M for a 50-unit, six-story elevator apartment building on Emerson Place, Brooklyn (arranged by Matthew Albano); $2.1M for a 43-unit, six-story elevator apartment building on Wyatt Street, Bronx (arranged by Adam Brostovski); and $2.8M for a 59-unit, six-story elevator apartment building on Ocean Parkway, Brooklyn (arranged by Greenbaum). *** HKS Capital Partners’ Ayush Kapahi arranged a $15.3M permanent financing of an office building in TriBeCa (75% LTV at 4.25% for nine years) and a $6M first mortgage with $3.6M earn-out on an 80-unit apartment building in Midtown West (75% LTV at 5.38% fixed, IO for two-years). |
| CONSTRUCTION & DEVELOPMENT |
| Forest City Enterprises marked the completion of Barclays Center, cutting the ribbon on the building with Mayor Mike Bloomberg, Brooklyn borough prez Marty Markowitz, Brooklyn Nets owner Mikhail Prokhorov and CEO Brett Yormark, and other leaders. The 675k SF sports and entertainment venue will be home to the Nets and more than 200 other events. It officially opens Friday with the first of eight sold-out Jay-Z concerts.*** Newark Mayor Cory Booker joined Tucker Development Corp and Marriott International this week to mark the completion of the Courtyard by Marriott Newark Downtown, a mixed-use hotel and retail project and the city’s first downtown hotel in more than four decades. BUSINESS Brookfield Asset Management and Fairfield Residential Co closed the Brookfield Fairfield US Multifamily Value Add Fund with total commitments of $323M. It was initially launched with a $250M target; Brookfield has committed $50M to the fund, which is managed by Fairfield and is currently 50% invested. *** CBRE Group launched the Real Green Research Challenge, a four-year, $1M commitment to fund leading-edge sustainability and research relating to commercial real estate. It’s accepting submissions for research proposals—funding select applicants up to $250k for basic research and implementation—with the goal of developing solutions for the industry’s critical environmental challenges. *** Aaron, Carolyn, and Benjamin Malinsky launched Curbcut Urban Partners for the site selection and development of mixed-use retail, industrial, and office properties. |
