The Deal Sheet
SALES
After 70 years, Tunnel Holdings (repped by Eastern Consolidated's Peter Carillo, Alexander Erdos, and Paul Nigido) sold 351-353 Canal St (above) in SoHo's Cast Iron Historic District for $24.8M. It has three stores, four offices, and 10 apartments. 85% of the tenants were on month-to-month leases or had termination clauses.
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Hap Investments bought a development site and air rights at 215-219 W 28th St between Seventh and Eighth and will break ground in spring '14 on luxury condos with below-ground parking and ground-floor retail. Hap raised equity from Israeli investors, and Trevian Capital arranged $30M of first mortgage bridge loans and reports the site has 94k SF of as-of-right residential rights.
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National Grid sold a 133k SF development site at 809-873 Neptune Ave in Coney Island for $15M. The site allows 227k SF of retail or light industrial. Massey Knakal's Stephen Palmese arranged the deal.
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Ariel Property Advisors' Shimon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch, and Marko Agbab arranged the sale of five attached walkups (100 apartments) at 265-273 W 146th St between Adam Clayton Powell Jr. and Frederick Douglass boulevards for $11.1M.
LEASING
Tory Burch sublet 52k SF at 11 W 19th St from Epsilon Interactive and will later lease it directly. It now occupies 130k SF there. Savitt Partners' Bob Savitt repped the landlord in the 12-year deal. C&W repped Tory Burch, and Cassidy Turley's Stephen Bellwood and John Boyle repped Epsilon Interactive.
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WeWork has leased 86k SF for 20 years at 25 Broadway, according to CompStak, starting in the low $30s/SF after a year of free rent and generous TIs. Compstak also reports that JVL Ventures, known as Isis Mobile Wallet, expanded into 22k SF in 230 Park Ave, subleasing the 27th floor for seven years starting in the mid-$40/SF.
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WisdomTree (repped by Studley's Matthew Barlow, Greg Taubin, and Gabe Marans) signed 38k SF for 15 years at Brookfield's 245 Park Ave and will relocate from 20k SF in 380 Madison in Q1. NGKF's Peter Shimkin and Brookfield's Sarah Pontius repped the landlord.
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Jed Root (repped by CBRE's Stuart Siegel, Matthew Bergey, and Daniel Bodner) leased 11k SF in Samco Properties' 333 Seventh Ave for 10 years and will relocate from 61 Walker St.
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Kraft & Kennedy signed a 15-year, 10k SF lease in ATCO's 630 Third Ave at 41st Street. It's relocating from 360 Lexington Ave to swing space in September and to 630 Third in December. NGKF's Arthur Draznin and Hunter Berman repped the landlord, and JLL's Patrick Heeg and Pyne Cos' Amy Sykes repped the tenant.
FINANCING
Meridian Capital Group's Allan Lieberman negotiated a $26M, 12-year loan and a $42.2M 10-year loan to refi Kew Managment's 97k SF Townsend (1123 Broadway) and 156k SF St. James (1133 Broadway) office buildings. A local savings bank provided the funds. Morris Diamant and Tzvi Krieger arranged $37.1M in new mortgages for seven buildings totaling 365 apartments on Brooklyn's East 18th, East 19th, and East 21st streets and Clarkson, Caton, Ditmas, and Ocean avenues. Avi Weinstock and Michael Farkovits negotiated $14.4M of mortgages on four buildings totaling 249 apartments on Brooklyn's Brighton 4th, Brighton 5th, and Crown streets. And Jacob Schmuckler arranged a $13M loan for a 152k SF office on West 14th Street.
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GCP Capital Group's Alan Perlmutter arranged a $12.5M loan for a two-story, 48k SF retail and entertainment complex anchored by a nine-screen movie theater in Forest Hills.
