The Deal Sheet
| Big Deals |
| Walker & Dunlop’s Drew Anderman provided a $151M refinance loan for the 479-unit luxury Ritz Plaza Apartments at W. 48th St. The loan was structured with a 10-year term, two years’ interest only, and a 30-year amortization, underwritten to a 66% LTV.Meridian Capital Group arranged the financing.***Cushman & Wakefield Sonnenblick Goldman arranged a $145M leasehold mortgage for the refinancing for 420 Lexington Ave., owned by SL Green. The C&WSG team included Morton Holliday, Alex Hernandez, Kate Pelet, and Kathryn Schledwitz. The financing was provided by TIAA-CREF. |
Sales Transactions
According to Bloomberg News’ Hui-yong Yu, Fortress Investment Group won the bidding for the Kent Swig’s $640M Sheffield57 condo conversion at 322 West 57th St. The sole bid was $20M. Fortress paid less than the $70M face value for the mezz loan, and paid $32M outstanding principal to buy the mortgage from the bondholder trust.
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Falco & Isak Realty Services sold a 2.6k-SF building at 30-46 Steinway St. in Astoria, Queens for $2.5M cash. The NNN property is occupied by corporate tenant T-Mobile, which is in place until ’12. The firm’s Rubin Isak solely brokered the transaction.
Lease Transactions
A global manufacturer leased 231k-SF of warehouse/distribution and office space at 261 River Rd. in Clifton, NJ, consolidating its existing Newark, Elizabeth, and Secaucus facilities. Studley’s Thomas Carragher and Dan Foley represented the tenant, while Cushman & Wakefield’s Stan Danzig, Stephen Elman, Noah Balanoff, and Robert Adams represented owner The Morris Cos.
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Aetna Life Insurance Co. inked a 10-year, 40.1k-SF lease at 100 Park Ave. Jones Lang LaSalle’s William Korchak represented the tenant, while Cushman & Wakefield’s Tara Stacom, Mitti Liebersohn, Alexander Chudnoff, Diana Biasotti, Jonathan Tootell, and Andrew Ackerman represented the owner, SL Green.
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Raymour & Flanigan signed a 10-year, 30k-SF lease to open its first West Side store at 1961 Broadway, formerly occupied by Circuit City. Cushman & Wakefield Retail Services’ Gene Spiegelman represented the owner, Millennium Partners, in marketing and lease negotiations.
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61 Broadway saw 40k SF of leases, bringing it to 96% occupancy. These leases include Gemini Systems’ 11k-SF renewal; DeOrchis & Partners’ 8k-SF relocations; Lewis Johs Avallone Aviles’ new 6.5k-SF lease; and Lovell Stewart Halebian’s 3.9k-SF lease. Broad Street Development is the owner.
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N.Y. Knight Capital Group Inc. renewed its 14.2k-SF direct lease for 12 years and signed for an additional 11.8k SF at 100 Manhattanville Rd. in Purchase, NY. Knight was represented in-house, while Jones Lang LaSalle’s William Korchak and Barbara Winter represented owner SEB Investment GmbH.
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1407 Broadway saw two office and showroom deals: Franco Apparel’s 10-year, 13.8k-SF lease (tenant rep: Intrepid Real Estate’s David Menaged; landlord rep: The Kaufman Org.’s Grant Greenspan); and Beverly Jeans’ five-year, 1.5k-SF lease (tenant rep: Millennium Realty’s Michael Yadgard; landlord rep: Kaufman’s Greenspan and Michael Heaner). Although the terms of the leases were not disclosed, the asking price was $42 PSF.
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Designer Eugene Fenasci inked a five-year, 11.7k-SF HQ deal at 440 Seventh Ave. Fenway Equities’ Glenn Roberts and Molk Associates’ Harriet Molk represented the tenant, while The Kaufman Org.’s Michael Heaner represented Bill Blass Licensing Co., which previously occupied the space.
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463 Seventh Ave. saw three transactions: Antares Contential Corp.’s four-year, 1.3k-SF lease (broker: Adams & Co.’s David Levy); Y&Z World Development’s seven year, 4.6k-SF lease (brokers: Levy and Adams’ Jeffrey Buslik); and Divine Apparel’s six-year, 2.8k-SF lease (tenant broker: Winoker Realty’s Evan Lieberman; landlord broker: Levy).
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The NJ Builders Association signed a new 6.5k-SF lease at the American Metro Center, 240 Princeton Ave. in Hamilton, NJ. Mercer Oak Realty’s Sab Russo represented the tenant, while Daniel Ackerman represented owners Lincoln Equities Group and Meritage Properties.
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Meltwater Group is relocating to 5.6k SF at 49 W. 27th St., moving from 20 Jay St. in DUMBO. Colliers ABR’s Stephen Bellwood represented the tenant.
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TD Bank signed a 20-year, 4.7k-SF lease for a new branch at 224 W. 57th St. Cushman & Wakefield’s Joanne Podell represented the tenant, while FirstService William’s Robert Sass, Brian Given, and Ed Brock represented the owner, M1 Real Estate.
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Organic Avenue leased 3.2k SF at 43-37 Ninth Ave. in Long Island City, Queens. Kalmon Dolgin Affiliates’ Allison Chambers represented the tenant, while Kalmon Dolgin’s Gary Mayzlin represented owner Schuman Properties.
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Dream Riders Studio expanded its lease to 2.2k SF at Kaufman Astoria Studios in Astoria, Queens.
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Zac’s Opticals signed a long-term 1.5k-SF retail lease at 1-11 Anderson Ave. in Fairview, NJ. NAI James E. Hanson’s John Schilp represented both the tenant and landlord.
Construction & Development
The City broke ground on $76.4M in infrastructure improvements in Long Island City, Queens that will transform the primary entrance to queens into a new commercial, residential, and retail development. Phase I of the Queens Plaza Streetscape Improvement Project extends from Queens Plaza North to Queens Plaza South and from Northern Boulevard/Queens Plaza East to 21st St., while Phase II will continue improvements to the East River at Vernon Blvd. The project will complement the Jackson Ave. streetscape project, and both will be completed by the end of ’11.
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Plans for a 345-unit senior living campus in Willowbrook, Staten Island, were unveiled by government officials and developers Leewood Real Estate Group and Met Council. The project will occupy 15 acres to the north of Sea View Hospital Rehabilitation Center and Home on the east side of Brielle Ave. The development will be the first in the city to offer both independent and assisted living residences to moderate-to-middle income New Yorkers. The $65M Phase I includes the project’s infrastructure, a 132-room multi-story building, the rehabilitation of the landmarked Director’s Residence building, and a commons building. Phase II will include a 70-unit affordable multi-story building two multi-story market-rate buildings. Completion of Phase I is expected in late ’11.
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Aragon Construction completed a 13k-SF office in 10 weeks for Forward Association at 125 Maiden Lane. The new executive office wing includes private offices, open department areas, conference rooms, informal meeting areas, reception, broadcast space, and performance/gallery space. It also renovated a 5k-SF office space for a sublease tenant for the short term, which will also enable Forward Association to expand in the long-term. Levien & Co. represented the owner and was the project management firm.
