THE DEAL SHEET
| At least they’re not shoveling snow. SJP Properties and USAA Real Estate Co broke ground yesterday on Hoboken’s Waterfront Corporate Center III, a 500k SF office and retail building on the final site within the city’s 26-acre mixed-use and master-planned neighborhood. | ||
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| Pearson—which inked a 200k SF lease there earlier this year—will anchor the 14-story building at 221 River St, relocating 900 employees from Upper Saddle River and Old Tappan, NJ. PNC Real Estate is providing construction financing, along with co-lenders US Bank and People’s Bank. The building is designed as NJ’s only waterfront LEED Silver office building (275k SF is available on floors 7 through 14). It’s also the last phase of SJP’s 1.5M SF, three-building office and retail complex. | ||
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| SALES Massey Knakal brokered four deals: The Chinese government’s purchase of a full-block development site at 421 Kent Ave, Williamsburg for $54M. (Hipsters there liked the Chinese government before it was cool.) It has the right to build 216 residential units and 400k SF (brokers: Bob Knakal and Mark Lively); a development site at 1227 Broadway for $16M (seller reps: Knakal and John Ciraulo; buyer rep: Venture Capital Properties); a five-unit, five-story Renaissance Revival townhouse at 11 W 84th St for $3.3M (brokers: Hall Oster and Robert Shapiro); and a 13k SF mixed-use building at 7136 Myrtle Ave, Glendale for $2.2M (broker:Thomas Donovan).*** | ||
| The Feil Org purchased the 389k SF Sunrise Business Center in Great River, Long Island from Angelo Gordon & Co and Metropolitan Realty Associates for $50M. CBRE’s Jeffrey Dunne,Steven Bardsley, Patrick Carino, Bruce Nelson, and David Leviton repped the sellers. Additionally, Jeffrey, Steven, and Patrick, along with CBRE’s Gene Pride, repped Baywater Properties and True North Management Group in the sale of 450 Post Rd, Westport, Conn. (above) to an entity of Earle W. Kazsis Associates for $12.6M. The buyer was repped in-house by Brad Phillips.***ABS Partners’ Alan Cohen, Steve Hornstock, Adam Maxson, and Justin Strizzi brokered the sale of a 45k SF, eight-story parking garage, on the southern side of 13th Street between University Place and Fifth Avenue, for $32M. The sellers included Darren Postel. *** A private investor purchased a two-property, 44-unit multifamily portfolio at 215 W 108th St and 210 W 109th St from another private investor for $14M. Marcus & Millichap’s Joe Koicim, Peter Von Der Ahe, and Shlomo Gelernter repped the seller, while the trio, along with colleagues Scott Edelstein and Seth Glasser, repped the buyer. Peter and Joe, along with David Lloyd, also brokered the sale of 368 Eighth Ave, a 23-unit, 7,200 SF mixed-use property, for $3M. *** An office and industrial developer purchased the 4,500 SF retail property fully leased to TD Bank at 291 W 230th St, the Bronx for $7.1M. The property has 19 years remaining on the lease with four five-year renewal options. Stan Johnson Co’s Jason Maier brokered the deal. *** Besen & Associates brokered the sale of three properties: the 22-unit, five-story walkup apartment building at 12-16 E 177th St, the Bronx for $1.7M (seller rep: Rosewood Realty’s Aaron Jungreis; buyer rep: Besen’s Amit Doshi); the 21-unit, five-story walkup apartment building at 2486 Morris Ave, the Bronx for $1.7M (broker: Doshi); and a 5,300 SF, two-story retail building at 2345-2347 Coney Island Ave, Sheepshead Bay (broker: Jack Cohen). LEASES Savanna saw three deals at its buildings: Schindler Cohen & Hochman’s 10-year, 12k SF renewal at 100 Wall St (tenant rep: Newmark Grubb knight Frank’s Brian Waterman and Jonathan Tootell; landlord rep: Todd Korren, in-house); Meltwater’s 9,000 SF lease at 1375 Broadway (tenant rep: Colliers’ Lance Yudkin; landlord rep: Colliers’ Martin Meyer, Eric Meyer, and Michael Thomas); and Learning Express’ three-year, 8,700 SF lease at 80 Broad St (tenant rep: The Vortex Group’s Jordan Mandel; landlord rep: Korren). *** Big Lots signed a 25k SF lease at 571 Route 10, Livingston, NJ. The Goldstein Group’s Curtis Nassau and Florian Suserman repped owner Maral Realty Associates. *** High Ridge Park Corporate Center in Stamford, Conn. saw three leases totaling 17k SF: Lake Partners’ seven-year lease at 4 High Ridge Park (tenant rep: JLL’s George Bagley); High Ridge Brands’ five-year lease at 5 High Ridge Park (tenant rep: JLL’s Rick Rosencrans); and Pastore, Shofi & Dailey’s lease at 4 High Ridge Park (tenant rep: Rosencrans). CBRE’s Colin Reilly and Paul Jacobs repped owner George Comfort & Sons. *** Throggs Neck Shopping Center, which is being developed by Simone Development, Aaron Malinsky, and Paul Slayton in Ferry Point, the Bronx, saw two deals: Petco’s 10k SF lease and Famous Footwear’s 5,500 SF lease. Ripco’s Miles Mahoney repped the owners. The center is scheduled for completion in early ’14 and will include a 165k SF Target anchor and 285k SF of stores and restaurants on two levels. *** Winoker Realty brokered four deals: Brite Media Group’s 3,900 SF lease at 152 Madison Ave (broker: Barry Bernstein); Smooth Industries’ 3,800 SF lease at 1450 Broadway (tenant rep: Bernstein; landlord rep: JLL’s Jonathan Fanuzzi); Big Yellow Taxi’s 1,400 SF lease at 347 W 36th St (brokers: Bernstein and Howard Epstein); and Carl Nicholas & Co’s 1,300 SF lease at 347 W 36th St (tenant rep: Murray Hill Properties’ Joseph Friedman; landlord reps: Bernstein and Epstein). FINANCING Meridian Capital Group arranged: $11.5M for a 50-unit, 13-story multifamily building on West 22nd Street (arranged by Moshe Majeski); $6.7M for four multifamily buildings totaling 119 units on Featherbed Lane, East Burnside Avenue, East 182nd Street, and Davidson Avenue, the Bronx (arranged by David Hayum); a $5.5M refi for three multifamily buildings totaling 48 units on East 70th,75th, and 78th streets (arranged by Shamir Seidman); and $3.9M for an 18-unit, five-story multifamily building on Essex Street(arranged by Judah Hammer). *** Walker & Dunlop provided $20.5M in Fannie Mae financing for the 95-unit 41 Kosciuszko Street Apartments, a Class-A apartment with 1,800 SF of commercial space at 41 Kosciuszko St, Brooklyn. Walker & Dunlop’s Drew Anderman led the team that structured the refi loan with a 10-year loan and 30-year amortization period; the borrower is Kosciuszko Plaza. *** Eastern Union Commercial arranged: $8.1M for the refi of a 30-unit multifamily property on Bennett Avenue (arranged by Ira Zlotowitz and Michael Muller); $3M for the refi of a 3,800 SF single-tenant property on Fifth Avenue (arranged by Moshe Spitz and Meir Kessner); $3M for the refi of a mixed-use property totaling 35 residential units and four commercial spaces on Hennessy Place, the Bronx (arranged by Muller); and $2.9M for the refi of a 22k SF retail property on Berry Street, Brooklyn (arranged by Moti Blau). *** GCP Capital Group arranged: $6.4M for a three-unit, eight-story mixed-use building with 16k SF of commercial space on Fifth Avenue (arranged by Matthew Classi); $5.6M for a five-story, 14k SF building on Washington Street (arranged by Adam Hakim);$2.1M for a 32-unit, five-story walkup apartment building on Creston Avenue, the Bronx (arranged by Adam Brostovski); and $2.1M for a nine-unit, five-story building with one commercial tenant on York Avenue (arranged by Matthew Albano). CONSTRUCTION & DEVELOPMENT Here's three for Downtown Brooklyn Cultural District:
*** Choice Hotels International, Concord Hospitality, We Care Trading Co, and Meyer Jabara Hotels broke ground on three Cambria Suites hotels in New York, the brand’s first foray into the market. The locations are Times Square, Chelsea, and downtown White Plains, repping a combined investment of $141M and 461 hotel rooms. |
Spencer T. Tucker Mayor Mike and City Council speaker Christine Quinn joined The Related Cos and Oxford Property Group to celebrate the start of construction at Hudson Yards. Construction commenced on the first tower, the 1.7M SF, 47-story South Tower at Tenth Avenue and 30th Street, the future home of Coach’s 740k SF HQ. The KPF-designed building will finish in 2015. It will be followed by the 2.4M SF North Tower.