The Deal Sheet
Sale Transactions
Raymour & Flannigan purchased the 248k-SF distribution center at 111 Windsor Pl. in Central Islip, Long Island for $21M. The furniture retailer had leased the property for the past two years and had a two-year put option with the exercise price. Ashlind Properties’ Richard Cohen and Michael Landsman represented both the buyer and seller, Jefry Rosmarin of Islip U-slip.
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Massey Knakal sold four properties: two five-story walk-up mixed-use buildings at 16-18 North Moore St. for $8.1M cash (brokers:Nick Petkoff and Bob Knakal); a 14k-SF retail conversion site at Albany Ave. and Farragut Rd. in Brooklyn for $1.9M cash (brokers:Rene Santiago and Eric Greenfield); a 3k-SF three-story mixed-use building at 91 Avenue D for $1.3M cash (brokers: Michael DeCheser and Joseph Sitt); and a 2k-SF ground-floor retail condo at 215 W. 29th St. for $1M cash (brokers: Brock Emmetsberger and Knakal).
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Gammon Ragonesi Associates purchased a 6.3k-SF office condo at 131 W. 33rd St. Adams & Co.’s Brett Maslin and Joseph Friedman represented the buyer, while Time Equities’ Michael Rudder and Mike Heller represented the seller.
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456 Washington LLC purchased a 44k-SF retail/mixed-use building at 33 New Bridge Rd. in Bergenfield, NJ. NAI James E. Hanson’s Jon Stravitz and Russell Verducci repped the landlord, 33 New Bridge Properties. The buyer will take occupancy early this year.
Lease Transactions
Coining inked a 60k-SF industrial/flex lease at 15 Mercedes Dr. in Montvale, NJ, and plans to move in, after renovations, in late ’10.NAI James E. Hanson represented the tenant, while Cushman & Wakefield’s Robert Rudin represented owner The Hampshire Cos.
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Lippe Taylor inked a five-and-half-year, 16.2k-SF sublease at 215 Park Avenue South. Winoker Realty's Bill Berkis represented the subtenant, while CB Richard Ellis' Rob Hill and Brian Hay represented sublessor Zeno Group. The building owner is SL Green.
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1071 Avenue of the Americas saw two renewals totaling 28k SF:Bardwil Industries’ 10-year, 14k-SF lease (tenant broker: Studley’s Jeffrey Peck) and Pacific Coast Feather Co.’s 10-year, 14k-SF lease (tenant broker: Cushman & Wakefield). Adams & Co.’s David Levy and Jeffrey Schwartz represented the owner in both transactions, which had respective asking rents of $39 and $46 PSF.
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Consolidated Business Resources inked a 10-year, 26.1k-SF lease at 900 Second St. in Harrison, NJ. Abraham + Martin represented the tenant, while Charles Reese represented owner Hartz Mountain in-house.
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230 Park Avenue saw three renewals: Weinberger Singer’s 4.2k-SF extension (tenant brokers: Winoker Realty’s Jerry Suchman and Barbara Eddington); the law firm of Suite 2525’s 11.3k-SF renewal and 2.4k-SF expansion (tenant brokers: Newmark Knight Frank’s David Falk and Jason Greenstein); and attorney Thomas Puccio’s 2.4k-SF extension. Monday Properties and CB Richard Ellis represented owner Monday Properties in all three deals.
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The City of New York inked a 20k-SF renewal for the NYC Department of Environmental Protection at 1250 Broadway. Owners Murray Hill Properties and Jamestown were represented in-house by MHP’s AJ Camhi and Eric Levy.
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Harris Corp. inked a 17.5k-SF lease at 555 Fifth Ave. in a relocation from 99 Madison Ave. UGL Equis’ Tadd Winiski and David Starr represented the tenant, while Peter Goldich represented owner Atco Properties in-house.
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AFD Contract Furniture inked a 10-year, 16.2k-SF lease at 810 Seventh Ave. Feld Real Estate’s Lee Feld and Andrew Beckler represented the tenant, while Newmark Knight Frank’s David Falk,Peter Shimkin, and Daniel Levine represented owner SL Green.
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MKM Partners leased 15k SF at 300 First Stamford Place in Stamford, Conn. Newmark Knight Frank’s Brian Carcaterra and Paul Gojkovich represented the tenant, while Jeffrey Newman and Kimberly Zaccagnino represented owner Malkin Properties in-house.
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LEO Pharma inked a 12.7k-SF lease at 1 Sylvan Way in Parsippany, NJ. CB Richard Ellis’ Carolyn Sica and Kurt Burdack represented the tenant, while Brian Decillis and Diane Chayes represented owner Mack-Cali in-house.
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Interdyn AKA expanded to 9.1k SF at 875 Sixth Ave. for 10 years. Bloom Real Estate’s Scott Bloom represented the tenant, while Sierra Realty Corp.’s Peter Braus represented the owner.
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Tarlow & Co. CPAs inked a 10-year early renewal and expansion at 7 Penn Plaza, also known as 370 Seventh Ave. They have relocated within the building, bringing their space from 4k to 7.8k SF. Winoker Realty’s Bill Berkis represented the tenant, while Randall Briskin represented owner The Feil Org. in-house.
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Cisco Systems renewed its 7.3k-SF lease for five years at MerrittView, located at Merritt Parkway and Route 7 in Norwalk, Conn. Jones Lang LaSalle’s Ed Tonnesson, Saxon Nowotka, and J’ne Templin represented the tenant, while Jeffrey Newman represented owner Malkin Properties in-house.
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450 Seventh Ave. saw three transactions: Sound Advice Consulting Service’s two-year, 978-SF lease (tenant broker: ABS Partners’ Jay Kreisberg); AFG Construction Management’s five-year, 3.3k-SF expansion; and ePAC Technologies’ three-year, 1.6k-SF renewal. The Kaufman Org.’s Barbara Raskob represented the landlord in all three deals, as well as AFG and ePAC.
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Avtech Technology inked a 2.4k-SF renewal at 25 E. Salem St. in Hackensack, NJ. The tenant was represented in-house, while NAI James E. Hanson’s Steven Leitner and Michael Walters represented owner East Salem 2001 LLC.
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SmartWorld Coffee signed a five-year, 1.3k-SF retail lease at 370 River Rd. in New Milford, NJ. NAI James E. Hanson’s Michael Jamgotchian represented the tenant, while NAI Hanson’s Louis Tapia represented owner Lucerne-New Milford. The first year will fall under a gross lease, followed by four years of triple-net terms.
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Sports Clips signed its first franchise location at a 1k-SF store for five years at 1650 Boston Post Rd. in Milford, Conn. RYHS Commercial’s Dominick Musilli represented the tenant, while owner CBL and Associates was represented in-house.
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Lauren Vidal signed a 10-year, 460-SF lease at 2450 Broadway. Murray Hill Properties’ AJ Camhi represented the tenant, while Newmark Knight Frank’s Stu Morden represented the owner. The deal’s terms were not disclosed, although the asking price was in the high $200s PSF.
Business
NAI Global formed its Special Assets Solutions group to assist clients with financially distressed real estate assets and REO. The group’s service offering includes loan sales, loan restructurings, asset management, property management, receivership, due diligence, valuation, leasing, and disposition. The team will be lead by EVP Rhyne Brown.
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A Kuwait-based public company sponsored by one of the largest merchant families in the Middle East announced the formation of Eastbridge Al Mal Holdings, with NYC, Dubai, and Kuwait offices. It will principally be focused on opportunistic investments in high-quality, income-producing commercial real estate in major U.S. cities with local operating partners who require additional equity capital for direct investment, debt, and securities. Rick Singer will serve as CEO, and Edward Hamilton will head business development and capital efforts from the NYC office.
Executive Moves
CB Richard Ellis’ Private Client Group appointed Jeffrey Ackerman as part of its leadership team, overseeing the eastern region. He presently manages the group at CBRE’s Pittsburgh office and specializes in advising clients in the disposition and acquisition of income-producing properties. The group also announced Jennifer Pierson and Christina Roush as leaders of their respective central and western regions.
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Gregory Green joined Jones Lang LaSalle as president of its National Agency Leasing group, based out of the NY office. He will report to Greg O’Brien and work closely with landlords in NY and nationally. He was previously with Broadway Partners and Trammell Crow.
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Jones Lang LaSalle appointed Peter Belisle as president of Energy and Sustainability Services in the Americas. He was previously president of Project and Development Services in the Americas. To take over Peter’s previous role, Jones Lang LaSalle promoted Todd Burns. He was previously COO of the group, and will continue to chair the firm’s Global PDS board.
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Chris Zlocki joined Newmark Knight Frank Global Corporate Services as senior managing director of consulting. He was previously co-founder of Trace Venture Associates, worked for HLW International, and was an urban designer and master plan consultant. He is a graduate of Columbia, UPENN, and Penn State.
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Studley promoted three David Dwight to assistant director and Zev Holzman and Scott Weiss to managing directors. Scott joined Studley in ’99 as an analyst, and was previously an architect for large-scale commercial real estate developments. He is a graduate of Rice and NYU. Attorney Zev joined in ’08 and is responsible for new biz development and strategic advisory. He was previously with Staubach, the Attorney General’s Antitrust Bureau, and Stroock, Stroock & Lavan, and is a graduate of American and New York Law School. Scott Weiss joined in ’02, responsible for strategic real estate counsel, and previously worked for Colliers International, ING Barings, and Edward Jones. He is a graduate of Washington University.
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Michael Tesser joined FirstService Williams’ NJ office as senior managing director, working in the office leasing division. He was previously with Newmark Knight Frank and also worked for RFR Realty. He is a graduate of the University of Delaware.
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Coldwell Banker Commercial promoted Fred Schmidt to president and COO, succeeding Rick Davidson, who was appointed president and CEO of Century 21 Real Estate. Before joining CBC in ’03, he held positions with CB Richard Ellis and United Systems Integrators Corp. He is a graduate of Seton Hall.
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Savills US hired four: Jan-Peter Daehn as VP of healthcare/senior housing, Henry Gom as VP of hospitality/gaming/leisure, and Brendan Burke and Chad Jones as associates. Before Savills, Jan-Peter worked for Epson America and CapitalSource Banks; Henry for Citi Property Investors and Merrill Lynch; Brendan for Brookfield Asset Management; and Chad for Capmark Investments.
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Jacqueline Finkelstein-Bayer joined The Moinian Group as senior managing director, leading office leasing efforts at 3 Columbus Circle and sales at the soon-to-open W New York Downtown Hotel & Residences. She was previously president of JSF Development, and also worked for Trammell Crow. She is a graduate of Cornell.
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Brittany Bragg joined Crown Acquisitions as COO, and will be involved in acquisitions, structuring and operation processes, and shaping new business initiatives. She was previously a director at Acadia Realty Trust and also worked for Bain & Co. She is a graduate of Emory University and the Stanford Graduate School of Business.
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Donnelly Mechanical Corp. appointed Robert Ragozine as president of Donnelly Sustainable Energy Services, its recently formed division dedicated to energy efficiency consulting and services. Most recently, he was co-founder and COO of Metro Energy Solutions, and held a position at SYCOM Enterprises. He is a graduate of Rutgers.
