The Deal Sheet
DEVELOPMENT
Ascena Retail Group and Dress Barn broke ground yesterday on their 195k SF North American HQ (renovation of 145k SF and 50k SF new construction) at 933 MacArthur Blvd in Mahwah, the first HQ facility to receive the Economic Development Authoritys Grow New Jersey Assistance Program incentives. They're relocating from 30 Dunnigan Dr in Suffern. JLL's Scott Lesh, Erik Egger, Susan Pady, and Eric Brown are project managers, and colleagues Dana Schneider and Jasmine Davis are handling LEED cert, all working with Dressbarn's Jeff Ross.
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Prologis broke ground last week on the Pulaski Distribution Center in Jersey City, four miles from the port and three from the turnpike, transforming a 50-acre Superfund site into an 878k SF warehouse and usable green land. Prologis acquired the site in '08.
LEASING
Dr. Reddys Laboratories--repped by JLL's Shawn Straka, Steve Fleming, and John Buckley--leased National Business Parks' 76k SF 107 College Rd E and 31k SF in 303 College Rd E in Princeton, relocating from Bridgewater, NJ.
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BGB Communications, repped by Studley's Nicholas Farmakis, signed 25k SF for 10 years at Meringoff Properties' 462 Broadway at Grand Street. It's relocating from 99 Hudson St. Mark Stein and Jason Vacker repped the landlord internally.
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Elizabeth Arden will open a 10k SF Red Door Spa at 200 Park Ave S at 17th Street. ABS Partners Real Estate's Gregg Schenker, Mark Tergesen, and John Gols and CBRE's Gary Trock repped 200 Park South Associates. Cushman & Wakefield's Joseph Cabrera, Edward Weiss, Michael Gordon, and Robert Gibson repped the tenant.
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GE Capital, repped by Cushman & Wakefield's Marc Rosenberg, leased 18k SF in Piedmont Office Realty Trust's Bridgewater Crossing in New Jersey. CBRE's Jeremy Neuer, Gregory Barkan, and Garrett Rioux repped the landlord.
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The University of Oxford, repped by Newmark Grubb Knight Frank's Paul Ippolito and Michael Morris, renewed 10k SF in 500 Fifth Ave. Cushman & Wakefield's Harry Blair and Sean Kearns repped the landlord.
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Perfume Center of America, repped by Newmark Grubb Knight Frank's Ralph Perna, leased 11k SF at 79 Express St in Plainview. And Pharbest Pharmaceuticals, repped by Metro Realty's Andrew Blumenthal, took 10k SF in 171 Milbar Blvd in Farmingdale. Long Island Industrial's Tommy Tsiolis repped the landlord internally on both.
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Escalate, repped by Intrepid Real Estate Group's David Menaged, leased 9,800 SF at Savanna's 5 Hanover Square for 11 years. Cushman & Wakefield's Frank Cento, Jonathan Fein, and Carlos Suarez repped the landlord.
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Sportswear and denim fashion house Hard Tail renewed 5,500 SF at 231 W 39th St, known as the Contemporary Fashion Center, for four years. Adams & Co Real Estate's James Buslik and Jeff Buslik repped 231/249 West 39th Street Associates. They also repped Kofler Associates in its 5,200 SF, 10-year lease to And Partners at 121 W 24th St.
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Haven Riverfront Restaurant & Bar leased 6,500 SF at National RE/sources' Edgewater Harbor, NJ, on the Gold Coast. Levin Management's Jake Frantzman arranged the deal. It'll open in June.
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Relocating from Stamford, CenturyLink inked 5,700 SF in Malkin Properties' MerritView in Norwalk through 2018. Jeffrey Newman, Kimberly Zaccagnino, and Tara Long repped Malkin internally, and Newmark Grubb Knight Frank's Jesse Weber and John Goodkind repped the tenant.
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BZ Media, repped by CBRE's Budd Wiesenberg and Larry Weiss, inked 5,000 SF at Aegon USA Realty Advisors' 225 Broadhollow Rd in Melville. BZ is relocating from 3,000 SF in 7 High St in Huntington.JLL's Kyle Crennan repped Aegon.
SALES
Mack-Cali Realty sold the vacant, 248k SF 19 Skyline Dr in Westchester's Hawthorne for $17.5M to New York Medical College, part of the Touro College and University System. The property, adjacent to campus, has a 115-seat auditorium, fitness center, cafeteria, outdoor dining plaza, and 720 parking spaces. After renovations, faculty and staff will move in September.
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DelShah Capital acquired the 11k SF 58-60 Ninth Ave across from the Apple Store in the Meatpacking from Icon Realty Management for $18.2M. Pop Burger there is closing soon. Eastern Consolidated's David Schechtman worked on the deal.
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1616 Mav LLC, repped by Winoker Realtys Jonata Dayan, Adam Ben-Dayan, and Jonathan Ben-Dayan, paid $5.2M for the 17k SF sixth floor of The Setai at 40 Broad St. It's leased to Ikon and a law firm (plus a vacancy). Cassidy Turley's David Lebenstein, Stephen Bellwood, and Edward Kent repped owner of The Setai.
BUSINESS
PBS Real Estate (led by John Brod) has merged into ABS Partners Real Estate (led by Gregg Schenker).
FINANCING
Berkadia Commercial Mortgage's Yuri Kletsman originated a $35M Freddie Mac refi for the mixed-use Chocolate Factory at 275 Park Ave in Brooklyn's Wallabout. Built in 1890, it served its eponymous function until 1967. Now it's 123 occupied loft and one-bedroom apartments with Body by Brooklyn Spa & Lounge and a Fresh Fanatic market and cafe on the ground floor.
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Meridian Capital Group's Allan Lieberman and Jacob Schmuckler arranged a $60M mortgage and $2M credit line for a 90%-sold co-op (675 units) in Kew Garden Hills. Colleague Nicoletta Pagnotta negotiated a $9.6M mortgage for a 325-unit co-op on Third Avenue in Manhattan.
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Alfred Sanzari Enterprises, advised by Cushman & Wakefield's David Schaiman, obtained $32M in 12-year, fixed-rate, non-recourse financing for its 333k SF, Class-A Glenpointe Centre West office property in Teaneck, NJ. AXA Equitable, advised by Quadrant Real Estate Advisors, provided the funding.
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Eastern Union Funding's Michael Muller arranged $9.9M for the acquisition of a 146-unit, nine-building mixed-use portfolio in Hudson County, NJ.
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HKS Capital Partners' Ayush Kapahi and Jerry Swartz repped the borrower in a $5M refi of 32 E 10th St, a five-story building that's home to Il Cantinori restaurant and four apartments.
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GCP Capital Group's Adam Brostovki arranged $10M for 216 units in Hempstead and $12.6M for a 90-unit elevator building on Taaffe Place in Brooklyn. Colleague Matthew Albano negotiated $6.4M for an 86k SF elevator industrial building in LIC.
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Meridian Capital Group's Avi Weinstock negotiated $18M for a 636-unit co-op on Flatbush Avenue in Brooklyn and $5M for 67 units across three buildings on West 16th Street and East 48th Street. Colleagues Max Herzog and Abe Hirsch arranged $15M for 123 units across two buildings on Broadway, and Jacob Schmuckler arranged $8.8M for 306 units across two co-ops on Voorhies Avenue in Brooklyn.
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National Cooperative Bank's Edward Howe III arranged a $6.5M mortgage for a 138-unit co-op at 1523 Central Park Ave in Yonkers, a $5.5M loan for a 162-unit co-op at 245 E 24th St in Manhattan, and a $5.3M mortgage for a 94-unit co-op at One Kensington Gate in Great Neck.
