TWO BIGGIES; THE DEAL SHEET
| Praying for more shade at Bryant Park? Your wait is over—Hines and Pacolet Milliken Enterprises just announced the development of a new 450k SF office tower at 1045 Avenue of the Americas. |
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| The 28-story tower will be built on a property that Pacolet Milliken has owned since ’54 (the same year Marilyn Monroe married Joe DiMaggio, “Rock Around the Clock” was recorded, and Godzillapremiered). Demolition has been completed, and construction of the building—which has full-block frontage on the southwest corner of the park—will begin as early as next year for ’14 occupancy. The Pei Cobb Freed & Partners-designed building’s centerpiece will be a floating stainless steel disc (48’ in diameter) canopy. Other features: 10’ finished ceilings, full-height vision glass, two outdoor terraces overlooking the park on the 10th floor, and a possible duplex penthouse. |
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| In other big news, UDR agreed to snap up the 507-home Dwell95 apartment community on Wall Street from The Moinian Group for $325M, one block east of UDR’s 10 Hanover Square (expected closing: Aug. 31). The 22-story building was formerly the corporate HQ of JPMorgan prior to residential conversion in ’08. It’ll be funded through the issuance of $50M in operating partnership units and $275M in cash, partially from the disposition of communities that no longer fit the company’s long-term growth profile. The deal comes a month after UDR snapped up Murray Hill’s 706-unit Rivergate and the 210-unit 21 Chelsea on West 21st Street for $581M. |
| SALES TRANSACTIONSQuinlan Development Group purchased two retail properties for $15M: 5,200 SF at 144 Tenth Ave and 8,000 SF at 25 West Houston St. Quinlan had previously purchased the non-performing loan collateralized by the property and recently foreclosed to take title. Walker Malloy & Co, a subsidiary, will manage and lease both properties.*** Massey Knakal brokered the sale of three buildings: two multifamily buildings totaling 22 units at 278-284 South 2nd St, Williamsburg for $7.3M cash (brokers: Mark Lively and Brendan Maddigan); and a 12k SF mixed-use development site at 3555 White Plains Rd, Bronx (broker: Karl Brumback). *** Jade Holdings Group purchased a 3,900 SF office condo at The Bar Building, 36 W 44th St, from TGG Holding for $2.2M. The Auriel Group’s Daniel Tang repped the buyer, while Rudder Property Group’s Michael Rudder repped the seller. *** |
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| A Buddhist congregation purchased a 2,400 SF religious building from a Lutheran congregation at 41-01 75th St, Elmhurst for $1.3M. Falco & Isak Realty Services’ John Falco brokered the deal.NOTE SALES An NYC family purchased a defaulted mortgage note on two adjacent pre-war multifamily buildings at 132 and 134 W 109th St from a European Bank for $7.8M. Eastern Consolidated’s Eric Anton and Ronald Solarz repped the seller. LEASE TRANSACTIONS |
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| NYU School of Continuing and Professional Studies’ Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management relocated to a 117k SF custom-designed facility at 7 E 12th St. The building, which houses other divisions of NYU-SCPS, has classroom space, student lounges, conference rooms, and administrative and faculty offices.*** SecondMarket Holdings inked a 10-year, 50k SF HQ lease as the anchor tenant of 636 Avenue of the Americas. As part of the agreement, it will now be known as the SecondMarket Building. JLL’s Jim Wenk, Paul Formichelli, Dan Suozzi, and John Lewis repped the tenant, while JLL’s Mitchell Konsker, Matthew Astrachan,Jonathan Tootell, and Matt Ginberg repped owners William Macklowe Co and Clarion Partners. *** Regus Business Centres leased 38k SF at 245 Park Ave. CBRE’s Steve Rigby, Peter Danna, Baron Aldrine, Mike Kay, and Mike Cleary repped the tenant, while Duncan McCuaig repped owner Brookfield Office Properties in-house. *** Quirky signed a 10-year, 28k SF lease to relocate to 601 W 27th St, more than tripling the size of its operation. Studley’s Greg Taubin repped the tenant, while Chris Flagg repped owner Waterfront New York Realty Corp in-house. *** Jacmel Jewelry inked a long-term, 24k SF lease at 1385 Broadway for its corporate HQ. Benchmark Properties’ Michael Beyda and Dweck Group’s Matthew Dweck repped the tenant, while Cushman & Wakefield’s Jonathan Serko, Diana Gaines, Gary Greenspan,David Malawer, and Larry Lazerwitz repped owner B. Bros. Broadway Realty. *** Adams & Co brokered four Fashion District deals: Tribu International’s 10-year, 7,200 SF lease at 148 W 37th St (tenant rep:CBRE; landlord reps: Adams’ James Buslik and Jeffrey Buslik for Fashion Associates); Aruliden’s five-year, 5,600 SF lease at 30-2 W 24th St (tenant rep: Sinvin Real Estate; landlord reps: Adams’James Buslik and Alan Bonett for Twenty Three RP Associates); and Ashko Group’s seven-year, 3,000 SF lease at 10 W 33rd St and Pollack Import Export Corp’s three-year, 1,400 SF lease at 463 Seventh Ave (broker: Adams’ David Levy for Ten West Thirty Third Associates and The Arsenal Co, respectively). *** Pathways to Housing signed 10-year, 4,000 SF lease at 361 W 125th St. Giscombe Realty Group’s Holley Drakeford repped both the tenant and landlord Harlem Commonwealth Council. HCC’s Dr. Joseph Tait and Pathways to Housing’s Harry May also worked on the deal. *** 231 W 39th St saw three deals: Island World Apparel Corp’s four-year, 1,200 SF lease, CP Shades’ three-year, 1,100 SF lease, and KVM International Fashion’s three-year, 1,000 SF lease. Adams & Co’s James Buslik and Jeffrey Buslik repped the tenants and landlord 231/249 West 39 Street Associates in all deals, except KVM, which was repped by Intrepid Real Estate Group. *** Pinch Food Design signed a 10-year, 2,200 SF lease at 545 W 27th St. Bernstein Real Estate’s David Berger repped the tenant, while Walker Molloy and Co’s Rafe Evans repped owner Ekstein Development. *** Crave inked a 1,000 SF lease at the Hippodrome Building, 1120 Avenue of the Americas. Halstead Property’s Jonathan Cohen repped the tenant, while Lenny Lazzarino repped owner Edison Properties in-house. FINANCING The Moinian Group secured an extension of the securitized $84M mortgage loan on The Renaissance at 100 John St, the residential portion of the 36-story mixed-use property. As part of the deal, The Moinian Group committed to the property’s renovation and upgrade. It’s one of the original office-to-mixed-use conversions in Downtown and consists of 35k SF of retail, 200k SF of office, and 221 apartments. *** GCP Capital Group arranged over $29M in financing, including:$15.9M for six two-story garden apartment complexes totaling 262 units and $5.5M for an 87-unit luxury seniors apartment complex in Suffolk County, Long Island (arranged by Matthew Classi); and $3.8M for a 45-unit, five-story elevatored apartment building on Davidson Avenue, Bronx and $3.2M for a 12k SF retail building on Guy R. Brewer Avenue, Queens (arranged by Paul Greenbaum). CONSTRUCTION & DEVELOPMENT |
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| IDB Group completed Phase 1 of a $22M capital improvement campaign and repositioning of 452 Fifth Ave. The STUDIOS Architecture-designed lobby renovation and elevator cab redesign includes a new glass entrance that illuminates at night from within.Phase 2 will include an upgrade of emergency generators and the extension of five high-rise elevators to serve the top floors directly.BUSINESS The Durst Org and Vantone will make $11M investments in the other’s countries. The Durst Org will invest in Vantone Taipei 2011, a 320k SF high-end luxury hotel-style condo complex in the Danshui District of New Taipei City, Taiwan, while Vantone will invest in 855 Sixth Ave, a mixed-use hotel and residential rental building now being designed. The 570k SF, 350-unit, Cook + Fox Architects-designed building is scheduled to break ground in ’12. EXECUTIVE MOVES Jonathan Dean joined Swig Equities as SVP and director of commercial leasing. Previously, he was with Jack Resnick & Sons and held a position at Cushman & Wakefield. He’s a University of Richmond grad. *** Marc Magazine, Tom Baker, Dave Durbin, and Justin Magazine joined Savills’ NYC and DC hospitality platform as part of the “brain trust” that will provide owners, investors, borrowers, and lenders with strategic advisory services. They all come from Humboldt Hospitality Advisors in DC. Marc also worked for CBRE and the Hays Adam Hotel; Dave and Tom lead the exec management team at Crestline Hotels & Resorts; and Justin worked for CBRE,Newfound Resorts, and Octagon. *** Gerry Steinberg joined Johnson Capital’s Norwalk, Conn. office. He was previously with a regional bank and held positions at Citicorp and a pension-backed commercial loan fund. He’s a Columbia and NYU grad. *** Reckson promoted Matthew Holst to director of architectural services, responsible for architectural advisory services to tenants in the 5M SF portfolio in Westchester, Conn. and NJ. He’s a grad of University of New Haven and Wentworth Institute of Technology |
