THE DEAL SHEET
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| SALES Equity One is contracted to acquire the 78k SF, Pathmark-anchored Clocktower Plaza in Queens for $56M. It also closed on the $36M purchase of the 152k SF Darinor Plaza in Norwalk, Conn. and the $27.5M purchase of the 18k SF retail condo at 1225 Second Ave.*** Massey Knakal’s Bob Knakal and David Simone brokered the sale of a senior note collateralized by two large apartment buildings—Robert Fulton Terrace (530-540 E 169th St) and Fordham Towers(480 E 188th St), the Bronx—for $31M. The duo also closed on a 410k SF, 12-story commercial loft building at 385 Gerard Ave, the Bronx, which went to a storage facility operator for $28.5M. *** | ||
| DDG purchased 325 Broadway, a residential development site grossing 61k SF, from a subsidiary of Lehman Brothers Holdings for $38.4M. HFF’s Andrew Scanadalios, Jose Cruz, Jeff Julien, and Kevin O’Hearn repped the seller. Current development plans include a two-building, 24-unit condo with ground-floor retail.***Premier Equities purchased an 8,400 SF retail condo at 57-63 Greene St from Aion Partners for $17M. Eastern Consolidated’s Peter Hauspurg, David Schechtman, Lipa Lieberman, Marion Jones, and Gary Meese repped the seller. *** American Realty Capital New York Recovery REIT closed on the acquisition of the fee-simple interest at 1623 Kings Hwy, Brooklyn, for $13.3M. | ||
| LEASES Regus inked more than 110k SF of deals in eight suburban Mack-Cali offices throughout NY, NJ, and PA. CBRE’s Carolyn Sica repped the tenant in all deals.*** 5 Hanover Square saw three deals: Paradysz’s expansion to 45k SF (tenant rep: Cassidy Turley’s Brian Weld); The Christophers’ eight-year, 3,200 SF renewal and relo; and AFG Partners’ 11-year,2,800 SF lease (tenant rep: CBRE’s Jeff Sharon). Savanna’s Todd Korren and Cushman & Wakefield’s Frank Cento repped owner Savanna in-house. *** 61 Broadway saw two leases: The Leukemia & Lymphoma Society’s 11-year, 20k SF lease (tenant rep: Vicus Partners’ Andrew Stein and Compass Commercial’s Lynn Drake); and Trinity Place Department Store’s 12-year, 26k SF retail lease (tenant reps: Cushman & Wakefield’s Thomas Kaufman and Rory Murphy). Owner Broad Street Development was repped in-house by David Israni and Ramona Heugel. *** Fareportal signed a 41k SF sublease for a new HQ at 135 W 50th St. Winoker Realty’s Corey Abdo and Kristy Park repped the subtenant, while CBRE’s Bob Alexander, Christopher Mansfield,Joe Mangiacotti, and Scott Bogetti repped sublandlord AllianceBernstein. The building is owned by UBS, which is repped by Murray Hill Properties. *** The YDE School signed a 30-year, 25k SF lease to move its facilities to 2533 Coney Island Ave. The one-story building sits adjacent to an additional 25k SF for parking and future development. Winick Realty’s Zach Mishaan repped the tenant, while Massey Knakal’s Brian Hanson and Ben Fox repped the landlord. *** Barry McTiernan & Moore inked a 19k SF renewal at 2 Rector St. Studley’s Marc Shapses, Erik Schmall, and Joseph Messina repped the tenant, while JLL’s Scott Cahaly repped the tenant. *** Evolution Markets renewed its 10k SF lease at Ten Bank St, White Plains for another six years. Cushman & Wakefield’s Steve Baker and Matthew Lisk repped the tenant, while Jeffrey Newman,Kimberly Zaccagnino, and Tara Long repped owner Malkin Properties in-house. The trio also repped the owner in HUB International Group’s seven-year, 4,800 SF lease at 500 Mamaroneck Ave, Harrison, NY (tenant reps: Newmark Grubb Knight Frank’s Patricia Valenti, Elizabeth Houley, and Erica Rubenstein). *** OfficeLinks signed a long-term, 14k SF lease at 450/460 Park Ave South. Newmark Grubb Knight Frank’s Jonathan Tootell repped the tenant, while Jovani Rampersad repped owner The Moinian Group in-house. *** | ||
| Firefly Value Partners signed an 11k SF lease at the Starrett-Lehigh Building (601 W 26th St). CBRE’s Silvio Petriello and Michael Affronti repped the tenant, while owner RXR Realty was repped in-house.***Handcraft Manufacturing Corp inked a 10-year, 11k SF lease at 34 W 33rd St. Benchmark Group New York’s Michael Beyda repped the tenant, while Adams & Co’s David Levy and Brett Maslin repped owner Arcade Building Associates. | ||
| FINANCING Hybrid Capital closed on a $71M loan in connection with The Olympia House, a 240-unit, mixed-use property at 279 E 44th St, on behalf of EPIC’s Steven Elghanayan.*** NCB FSB closed more than $55M in new financing, including: a $5.8M first mortgage and $500k line of credit for 419 Apartment Corp, a 91-unit co-op at 419 E 57th St (arranged by Edward Howe III); a $4.8M first mortgage for a 179-unit co-op at 110-20 71st Rd, Forest Hills (arranged by Sheldon Gartenstein); and a $3.4M first mortgage and $500k line of credit for a 57-unit co-op at 1165 Park Ave (arranged by Mindy Goldstein). *** The Lightstone Group and Lightstone Value Plus REIT closed on a $51M construction loan with Canadian Imperial Bank of Commerce for a 199-unit residential development at 50-01 2nd St, Long Island City. The 12-story, upscale residential complex is under way. In another LIC deal, Johnson Capital arranged $2.1M in financing for three remaining residential units and three commercial units at Ten62 Condominium (1063 Jackson Ave). *** Meridian Capital Group arranged over $34M in financing, including:$17.5M for two co-op buildings totaling 590 units on Seacoast Terrace, Brooklyn (arranged by Cary Pollack); $7.5M for a 95-unit, 10-story co-op building on East 41st Street (arranged by Steve Geller and Nicoletta Pagnotta); $4.3M for two multifamily buildings totaling 57 units on University Avenue, the Bronx (arranged by Scott Assouline); and $2.5M for a 20-unit, seven-story fractured condo building on East 119th St (arranged by Isaac Filler). *** GCP Capital Group arranged over $31M in financing, including:$13M for an 83-unit, seven-story elevator apartment building with 6,000 SF of retail on Taaffe Place, Brooklyn (arranged by Adam Brostovski); $7.5M for two contiguous seven-story, walk-up apartment buildings, totaling 117 units, on Lenox Avenue (arranged by Paul Greenbaum); $4.2M for four contiguous four-story, walk-up apartment buildings totaling 90 apartments on Pennsylvania Avenue, Brooklyn (arranged by Greenbaum); and $3.8M for a five-unit, four-story walk-up apartment building with one retail space on West 10th St (arranged by Matthew Classi). *** Madison Realty Capital closed a $22M first-mortgage loan for a six-story, 36k SF mixed-use property on Thompson Street. The property, which is being renovated, will have 67 apartment units. | ||
| CONSTRUCTION & DEVELOPMENT Harrison, NJ Mayor Raymond McDonough joined Advance Realty for the groundbreaking of the 49k SF Panasonic Corp of North America Technology Center. The BTS facility—adjacent to Red Bull Arena—will house the company’s engineering offices, a lab, and various testing facilities; it is scheduled to open next year. *** After a $75M renovation, Starwood Hotels & Resorts Worldwide and Host Hotels & Resorts reopened the former New York Helmsley Hotel as The Westin New York Grand Central. The hotel features a complete redesign of the interior, including 774 rooms, 12k SF of meeting space, and a 3,000 SF fitness center. *** 650 Fifth Avenue Co (with majority owner Alavi Foundation), advisor SCOPA CRE, and leasing/property management team CBRE cut the ribbon on $11M of improvements at the 36-story, 382k SF 650 Fifth Ave. The Swanke Hayden Connell-designed upgrade includes new lobby and common areas and new elevators. BUSINESS Avison Young acquired The Walsh Co, the NJ-based multi-service advisory organization specializing in project management services in NY, NJ, Boston, and DC. It added 53 employees to AY’s operations, including Edward Walsh (Walsh Co founder and president) and Thomas Walsh (Walsh Co managing principal) as principals. *** Helios Capital Advisors leadership is combining into Newmark Grubb Knight Frank’s capital markets advisory platform. Helios founding member Steven Shultz will lead the expansion in NJ with NGKF NJ chairman David Simson. Making the transition to NGKF with Steven are Josh Malka, Tony Gergiev, and Joseph Villani, and the team will operate from NGKF offices in Rutherford, NJ and NYC. |
Fort Lee Mayor Mark Sokolich and Bergen County, NJ officials will join SJP Residential Properties tomorrow for the groundbreaking of The Modern, a $500M redevelopment that will feature 900 luxury rental apartments in two 47-story glass towers. The property is an eight-acre parcel near the entrance to the George Washington Bridge.***