THE DEAL SHEET
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| SALES Massey Knakal sold an 11-building multifamily portfolio on the Upper East Side and the East and West Villages, plus an additional 40-unit property in Downtown Brooklyn, for $73M cash: 104 E 7th St, 438-440 E 13th St, 234-238 E 33rd St, 101 MacDougal St, 401 E 64th St, 319-321 E 78th St, 223 E 82nd St, 310 and 325 E 83rd St, and 504 E 88th St, Manhattan and 354-356 State St, Brooklyn. The portfolio totals 299 residential units and two stores. The brokers: Paul Smadbeck, Thomas Gammino Jr, James Nelson, and John Ciraulo. *** | ||
| SDK Realty Corp purchased the 20-story, 273-unit Gaia Park View(320 South Harrison) in East Orange, NJ from Gaia Real Estate Co and Harel Insurance Investments & Financial Services for $39.3M—two years after the sellers purchased it for $30M. HFF’s Jose Cruz repped the buyer.***Highcap Group’s Christen Portelli and Michael Ferrara brokered the sale of 69 and 71-73 Greene St to a private investor for $33M. The buildings, which total 33k SF, houses retailers Bo Concept and Onassis. *** RWN Real Estate Partners and Silverstone Property Group purchased 3 Bleecker St, 324 Bowery, and the retail condo at 1 Bleecker St in an off-market buy for $13.4M. The three contiguous properties total 13k SF and contain three interconnected retail units and six rental units. Cohen Real Estate’s Michael Cleeman and Paul Trupia brokered the deal. *** Massey Knaka l also sold a 21-unit, six-story apartment building with two retail units at 246 E 53rd St for $7.7M (brokers: Bob Knakal and Clint Olsen); a 6,000 SF loft building at 230 Seventh Ave for $4.3M cash (brokers: John Ciraulo and Brock Emmetsberger); and a Citibank-leased building at 77 E Main St, Bay Shore, Long Island for $1.5M cash (broker: Stephen Preuss). *** A local private investor purchased a 21-unit, six-story elevator apartment building with one retail unit at 414 E 73rd St in a 1031 exchange for $7M. Besen & Associates’ Amit Doshi, Lynda Blumberg, and Rolfe Haas brokered the deal. | ||
| LEASES FEMA inked a 200k SF lease at Forest Hills Tower (118-35 Queens Blvd) in Forest Hills to serve as the agency’s NYC HQ over the next several months, with the option for short-term lease extensions. CBRE’s Mark Greenspan repped the US General Services Administration, while JLL’s Ken Siegel repped owner Muss Development. *** NAI Friedland’s industrial division brokered: Barrie House Coffee’s 68k SF lease at 4 Warehouse Lane, Elmsford (broker: Andy Grossman; landlord: Mack-Cali); Mark Siegerman LLC’s 30k SF lease at 646 E 113th St, the Bronx (broker: Ross Schneiderman; landlord: Resnik Realty Corp); National Distributional Alliance’s 20k SF lease at 801 S Fulton Ave, Mount Vernon (broker: Schneiderman; landlord: Autumn Properties); and American Orthopedics’ 16k SF lease at 560 S 4th Ave, Mount Vernon(broker: Schneiderman; landlord: Simone Development). *** | ||
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| Tiffany & Co inked an additional 58k SF at 200 Fifth Ave, taking a total of 405k SF. Studley’s Mitchell Steir, Matt Barlow, David Goldstein, and Greg Taubin repped the tenant, while David Berkey and Andrew Wiener repped owner L&L Holding Co in-house.*** A Classic Time Watch Co signed a 10-year, 14k SF lease at 10 W 33rd St. Adams & Co’s David Levy repped both the tenant and owner Ten West Thirty Third Associates. *** N&S Wines inked a long-term, 8,000 SF lease at 58-50 Francis Lewis Blvd, Flushing. Kalmon Dolgin Affiliates’ Grant Dolgin brokered the deal. *** NAI Friedland’s Robin Herko, Steve Lorenzo, and David Scotto brokered Walgreens’ 4,000 SF lease at 1375 Metropolitan Ave, the Bronx (landlord: Mall Properties), while Robin and David brokered both Little Caeser’s Pizza’s 1,500 SF lease at 841 E 149th St, the Bronx (landlord: Simone Development) and Popeye’s Louisiana Kitchen’s 1,500 SF lease at 1600 Bruckner Blvd, the Bronx(landlord: G&T Consulting Co). *** SAP America inked an early renewal for 5,000 SF at MerrittView(Route 7 and Merritt Parkway) in Norwalk, Conn. Choyce Peterson’s John Hannigan and Fischer & Co’s Brandon Kenney repped the tenant, while Jeffrey Newman, Kimberly Zaccagnino, and Tara Long repped owner Malkin Properties in-house. And at Malkin’s 500 Mamaroneck Ave in Harrison, the Motion Picture Association of America signed a five-year, 2,500 SF lease. City Commercial Real Estate’s Daniel Chillemi repped the tenant. *** Admiral Real Estate Services’ Joan Simon brokered the following Westchester deals: Entertainment Technologies’ 2,400 SF lease at 309 N Bedford Rd, Mount Kisco; Lacrosse Unlimited’s 2,200 SF lease at 487 Main St, Mount Kisco (with Jonathan Gordon; tenant reps: Colliers’ Kyle Burkhardt and Jeffrey Schwartzburg);Peachwave Frozen Yogurt’s 1,800 SF lease at 275 Purchase Ave, Rye (landlord rep: Goldschmidt & Associates’ Erik Goldschmidt); and Angel Beauty Nail Salon’s 1,400 SF lease at 503 Bedford Rd, Pleasantville. *** Benjamin Sinanaj and Benjamin Prelvukaj—who are behind Benjamin Steakhouse—are opening their newest venture, Sea Fire Grill, in 6,200 SF at 158 E 48th St. ABS Partners Real Estate’s Dean Valentino and Mark Tergesen brokered the deal. *** NAI Friedland’s office division brokered two deals: Wormser Riely Galef Jacobs’ 4,000 SF lease at 399 Knollwood Rd, White Plains(broker: Carl Silbergliet; landlord: RPW Group); and Dr. Jennifer LaFontant’s 2,200 SF lease at 3250 Westchester Ave, the Bronx(broker: Steve Lorenzo; landlord: The Hampshire Cos). *** Bruno Magli USA signed a 10-year, 5,200 SF lease at 4 W 58th St. JLL’s Michael Higgins repped the tenant, while JLL’s Scott Panzer and Steve Rotter repped owner Solow Management. *** SoulCycle inked a 4,300 SF lease at 184 Kent Ave, Williamsburg, a 340-unit residential building. TerraCRG’s Geoffrey Bailey brokered the deal. *** Dr. Carfora Family Medicine signed a 3,100 SF lease at Motor Parkway Plaza (694 Motor Pkwy) in Hauppauge, Long Island. Sabre Real Estate Group’s Greg Batista repped the tenant, while Gary Joel Schacker repped owner United Realty in-house. FINANCING Meridian Capital Group arranged: $26M for three multifamily buildings totaling 222 units on Fort Washington Avenue (arranged by Carol Shelby and Dani Sabesan); $19.9M for 11 multifamily buildings totaling 193 units in Brooklyn (arranged by Michael Kesselman); $6.5M for five multifamily buildings totaling 18 units on Atlantic Avenue, Graham Street, Smith Street, and State Street, Brooklyn (arranged by Alan Friedman); and $3.8M for an 11-unit, 11-story mixed-use co-op on West 17th Street (arranged by Steve Geller and Nicoletta Pagnotta). *** GCP Capital Group arranged: a rate modification of $14.6M for four retail condos totaling 9,000 SF, located in a 15-story residential condo building on Lexington Avenue (arranged by Matthew Classi); $7M for a 38-unit, six-story walkup apartment building with 3,000 SF of commercial space on Hudson Street (arranged by Paul Greenbaum); a $6M acquisition loan for an 84-unit, six-story elevator apartment building on Sheridan Avenue, the Bronx (arranged by Adam Brostovski); and $4.2M for three contiguous, five-story walkup apartment buildings totaling 51 units on West 45th Street(arranged by Greenbaum). *** Greystone’s Robert Meehan and Jonathan Morales originated $14.3M in financing for two co-op properties: $7.7M for the 163-unit 399 E 72nd St, which also has two ground-floor commercial spaces; and $6.6M for the 59-unit 41 Eastern Pkwy, Brooklyn. The duo worked with FirstService Financial to secure the loans, both Fannie Mae DUS transactions. *** Hudson Realty Capital funded an $11M first mortgage loan secured by a four-building mixed-use portfolio in Manhattan. The sponsor will use the loan proceeds to acquire a property on West 38th Street with 48k SF of rentable space and 86k of as-of-right buildable SF and establish interest reserves. | ||
| CONSTRUCTION & DEVELOPMENT The spire that will top One World Trade Center is on its way to New York. The Atlantic Salvor barge is carrying eight of the 18 sections of the 408-foot spire in a 1,500-mile journey from Valleyfield, Quebec to the Port of Newark, where it’s scheduled to arrive this week. It will be then be readied for transfer to Lower Manhattan; the remaining smaller pieces will travel via truck and will arrive mid-December. Installation will take three months, depending on weather. *** Clarion Partners is launching a $10M capital improvement program at the 425k SF, nine-building Greenwich Office Park in Greenwich, Conn., which will commence next year. It includes a complete renovation of entryways, lobbies, rest rooms, common corridors, and more, as well as a top-to-bottom renovation of Building 1. The team includes CBRE Group, Granoff Architects, and Sun & Moon Marketing. *** Riverhead Central School District and BBS Architects, Landscape Architects, and Engineers broke ground on the $3.8M expansion and renovation at Aquebogue Elementary School (499 Main Rd) in Aquebogue, Long Island, part of a $78M, district-wide expansion and renovation program. The expansion will include a new kitchen, four new reading and resource rooms, and more. The team also includes Triton Construction Co and Office of Thomas Riley PE. BUSINESS Guggenheim Commercial Real Estate Finance and Pillar Multifamily launched a new affordable housing division. Based in NY and San Francisco, the division will be lead by Andrew Weil and Justin Ginsberg, who have joined GCREF as managing directors. The group’s work will include financing through Fannie Mae, FHA, and Guggenheim Partners’ proprietary life insurance company capital, deploying equity, and developing new financing products. Both come from CWCapital and Centerline Capital Group. *** Colliers International has formed an exclusive alliance with Suzanne Sunshine, in which she will rep tenants and landlords through Colliers’ platform while growing S. Sunshine & Associates. Her focus will be on companies that are led by and/or focused on serving women, including the arts, fashion, publishing, health, wellness, cosmetics, tech, education, and financial sectors. |
Vornado completed a $120M refi of the 206k SF retail property at 4 Union Square South. The seven-year loan bears interest at LIBOR plus 2.15% and amortizes on a 30-year schedule beginning in the third year.