TRIBECA TRADE; THE DEAL SHEET
| Waterton Associates is snapping up the luxury rental 88 Leonard St in TriBeCa in a two-part transaction. | ||
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| Owner Africa Israel USA is now in contract to sell the 352-unit building in two stages: within the next 60 days, it plans to sell 49% of its membership interest in 88 Leonard to Waterton for $37M. In the second phase, AFI USA will transfer the remaining 51% interest in return for $17M plus the paydown of a $24M mezz loan and the assumption of the $132M long-term Liberty Bonds secured by the building. The entire transaction is expected to close by February. AFI USA’s Laurie Golub and Windels Marx Lane Mittendorf repped the seller, while Greenberg Traurig repped Waterton. Cushman & Wakefield’s Helen Hwang and Nat Rockett brokered the sale. | ||
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| Sale Transactions | ||
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| Daekyo USA purchased the 150k SF 105 Challenger Rd in Ridgefield Park, NJ from special servicer LNR New Jersey Partners for nearly $60/SF—or approximately $9M. Newmark Knight Frank’s Richard Madison, Jacklene Chesler, Matthew Schnurr,Richard Mirliss, and Hope Brodsky were tapped to manage, lease, and sell the property on behalf of LNR.***A residential developer purchased a 12k SF site at 385-393 4th Ave in Brooklyn from 6th Street Development for $6.5M. Current plans call for 52 residential units totaling 61k SF and 3,300 SF of community space. CPEX’s Brian Leary, Sean Kelly, and Cengiz Sendogdular brokered the deal. *** Benchmark East 6th purchased the eight-unit 318 E 6th St (which also houses a large restaurant) for $3.3M. *** Massey Knakal sold a retail development site at 3200 Long Beach Rd in Oceanside, Long Island for $1M cash. The firm’s Lev Kimyagarov was the sole broker. *** A JV between CTNY Investors (primarily Cassidy Turley shareholders) and Declaration Management & Research purchased a commercial condo within The Setai Wall Street at 40 Broad St. The condo is comprised of four floors, four through seven, of Class A office space encompassing 70k SF. Terms of the deal were not released. Lease Transactions NAI Friedland’s industrial division brokered 62k SF in Yonkers deals, including: Royal Coach Lines’ 40k SF lease at 215 Lake Ave and 20k SF lease at 201 Saw Mill River Rd (broker: Peter Cokin; landlord: 200 Saw Mill River Rd); and Furniture City’s 2,000 SF lease at 201 Saw Mill River Rd (broker: Ross Schneiderman; landlord: 201 Saw Mill Rive Rd Dev). *** H Mart Supermarket inked a 37k SF lease for the former Pathmark space on Central Ave in Hartsdale, NY. Goldschmidt & Associates’Fern Wagner repped the tenant, while Nick Andreadis repped owner Centro Properties Group in-house. *** 460 W 34th St saw two deals: Counsel Press’ 10-year, 21k SF lease (tenant reps: Colliers International’s Richard Plehn and Tyler Owens) and Culinary Technical Center’s 10-year, 7,000 SF lease (tenant reps: Colliers’ Eric Lassoff). The Kaufman Org’s Daniel Kahn and Daniel Lipton repped the landlord in both deals. *** Aegis Communications Group inked a 24k SF lease at 80 Broad St. Studley’s Marc Shapses, Joseph Genovesi, and Jason Schwartzenberg repped the tenant, while Todd Korren repped owner Swig Equities in-house. *** Columbus Circle Investors expanded its space at Stamford’s Metro Center to 24k SF. CBRE’s Steven Greenbush and Amanda Bokman repped the tenant, while Jeffrey Newman and Kimberly Zaccagnino repped owner Malkin Properties in-house. *** NAI Friedland’s retail division brokered over 21k SF in deals. including 134 Food Corp’s 10k SF lease at 134 South Lexington Ave in White Plains (landlord reps: Rick Stassa and Peter Cokin; tenant reps: Robin Herko, Steve Lorenzo, and David Scotto; landlord: 134 S Lexington Ave Inc); Duane Reade’s 7,300 SF lease at 3387 Broadway (brokers: Herzo, Lorenzo, and Scotto; landlord:Extell Development); NYS Senate’s 1,700 SF lease at 2432 Grand Concourse in the Bronx (broker: Kathy Zamechansky; landlord: Pal Affiliates); and Samuel S Oberg’s 1,300 SF lease at 2043 Grand Concourse (brokers: Stassa and Karnit Mosberg; landlord:Grandside Realty). *** | ||
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| Argo Turboserve Corp expanded and extended its HQ lease at Cityview Corporate Center to 20k SF at 160 Chubb Ave in Lyndhurst, NJ. United Realty Advisors’ John Friedland and James Klayman repped the tenant, while Cushman & Wakefield’s Curtis Foster repped owner Kwartler Associates.***Edwards Angell Palmer & Dodge signed a 10-year, 19k SF lease at Caterbury Green, 201 Broad St in downtown Stamford, Conn. Cushman & Wakefield’s Steve Baker repped the tenant, while Margaret Carlson and Steve Lash repped owner RFR Realty in-house. *** GuardHill Financial Corp inked a 10-year, 16k SF lease at 2 Grand Central Tower. JLL’s Scott Panzer, Howard Hersch, and Sands Point Properties’ Alan Rosenbaum repped the tenant, while Newmark Knight Frank’s Billy Cohen repped owner Boston Properties. *** Center for Family Representation signed a 10-year, 13k SF lease at 40 Worth St. Denham Wolf Real Estate Services’ Paul Wolf repped the tenant, while Newmark Knight Frank’s Brian Steinwurtzel and Roy Lapidus repped owner 40 Worth Associates. *** Mother’s House restaurant is opening at 10k SF location at the Hyde Park Shopping Center on Jericho Turnpike in Garden City Park, Long Island. ABS Partners Real Estate’s Steve Solomon and Jason Kling repped the tenant. *** Yelp.com inked a 9,500 SF lease at 100-104 Fifth Ave (which we heard received a “Woohoo! As good as is gets!” rating). CBRE’s Paul Milunec and Scott Gamber repped the tenant, while The Kaufman Org’s Grant Greenspan repped the owner, a JV of Kaufman and Invesco, in-house. *** Intuitive Entertainment signed a 4,000 SF lease at 237 W 35th St. The Kaufman Org’s Slater Traaen repped the tenant, while The Kaufman Org’s Michael Kaufman repped the landlord. *** Village Vines signed a 2,500 SF lease at 37 W 17th St. The Kaufman Org’s Elliot Warren repped the tenant, while Jake Mansher repped owner The Moinian Group in-house. *** H&R Block inked a 2,400 SF lease at 208 W 96th St. Esquire Properties’ Craig Hantgan repped the tenant, while Winick Realty’s Joseph Isa and Steven Weissmann repped owner Catalpa Development. *** Venessa Arizaga Jewelry and Shawn Roche Photography signed a 2,000 SF lease at 33 Nassau Ave in Brooklyn. Kalmon Dolgin Affiliates’ Howard Darsi and William Chang repped tenant VS Collective, while KDA’s Grant Dolgin repped owner 33 Nassau LLC. *** Red Rocket Tattoo inked (perhaps with a rose or crossbones?) a long-term, 1,500 SF lease at 976 Sixth Ave. Winick Realty’s Bob Weber and Jayme Tomita repped both the tenant and owner 976 Sixth Avenue Operating Corp. Financing Meridian Capital Group arranged $37M in financing, including:$10M for a retail building on Beach 20th St in Far Rockaway(arranged by Jeffrey Weinberg and Jack Adler); $8.6M for a five-building multifamily portfolio totaling 141 units in Union City and West New York, NJ (arranged by Morris Diamant); $7M for a 236-unit manufactured housing property on Philipsburg Belvidere Rd in Belvidere, NJ (arranged by Scott Jackson and Jim Bologno); and $6M for a 100-unit, eight-story multifamily building on Gerard Ave in the Bronx (arranged by Michael Kesselman and Zev Karpel). *** Cushman & Wakefield Sonnenblick Goldman and Starwood Property Trust completed a $23M refinancing and the arrangement of up to $13M in construction financing for the completion of the City Club Hotel in Midtown. The loan will allow for the construction of up to 66 additional rooms to be built above the existing small luxury hotel, home to DB Bistro Modern on 44th between Fifth and Sixth. C&WSG’s Jared Kelso and Ernest Lee repped the owners in the refinancing, which was completed in less than 30 days. *** GCP Capital Group arranged nearly $17M in financing, including:$5M for a six-story elevator apartment building with 60 units on Bay Parkway in Brooklyn (arranged by Adam Hakim); $3.5M for a six-story elevator apartment building with 72 units on Ocean Ave in Brooklyn and $3.2M for a newly constructed 12k SF retail building in Queens (arranged by Paul Greenbaum); and $2.3M for a six-story elevator apartment building with 37 units on Audubon Ave (arranged by Adam Brostovski). Construction & Development | ||
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| City officials and Theatre for a New Audience broke ground on the new, permanent home for TFANA in the BAM Cultural District on Ashland Pl in Brooklyn. The 28k SF building will house a three-level, 299-seat theater, a rehearsal room, public lobby, and various supporting spaces. The project is expected to create 175 construction jobs, and will be built to LEED Silver standards. The City is contributing $34M to the $48M project, including $1.5M allocated by the borough.***The New York City Economic Development Corp issued an RFP for the sale or lease and development of an approximately 25k SF vacant site at the north side of Atlantic Ave, bordered by Bancroft Pl and Prescott Pl, in Bed-Stuy, Brooklyn. It will prioritize responses that proposed industrial and light manufacturing uses for the site. Executive Moves Charles Ray Wilson joined Cushman & Wakefield as a strategic partner in the firm’s self storage industry group. He was previously founder of Self Storage Data Services. *** Joseph Rosario rejoined Cushman & Wakefield as senior director. He was previously with Rosario Realty Services, and held positions at Murray Hill Properties, CBRE, Koll Real Estate Services, and Helmsley Spear. He’s a Pace grad. *** Wallace Schwartz and Adam Endick joined Kasowitz, Benson, Torres & Friedman as partners to launch the firm’s real estate practice. Both were previously with Skadden, Arps, Slate, Meagher & Flom, where Wallace was the global head of Skadden’s RE group. He’s a Cornell and Harvard grad, while Adam is a Fordham and Cornell grad. *** Herb Brien joined Onyx Equities as property manager. He was previously with I&S Investment Co, and was president of Lismarc Management Corp. *** Michael Cebula joined Jarmel Kizel Architects and Engineers as VP of business development. He was previously with Marcus & Millichap and Rachel Manor Properties. *** Salvatore Cammalleri joined Donnelly Mechanical Corp as director of estimating. He was previously with BP Mechanical Corp, and held positions at React Industries and Keyspan Energy Solutions. He studied at The Technical Career Institutes. *** SL Green promoted Jason Black to director of sustainability, responsible for the continued development of the firm’s environmental initiatives throughout the company’s entire 57-property portfolio. He joined the company in ’04, and is a Roger Williams University grad. |
