The Deal Sheet
BUSINESS
Just announced: Hard Rock International has entered a long-term agreement with New Meadowlands Racetrack LLC that includes an equity investment. It opens the door to a Hard Rock casino and other Hard Rock-branded uses at the Meadownlands and tees up expansion in the state. Hard Rock International chairman Jim Allen says a project in East Rutherford would complement others in the region, such as in Atlantic City.
***
Hidrock Realty and Robert Finvarb Cos chose Courtyard by Marriott for the 317-key hotel delivering Q2 '15 at 133 Greenwich St, across from the WTC with 3,000 SF of ground-floor retail and a rooftop bar.
LEASING
Moments ago, SL Green and The Moinian Group announced which retailer leased the vacant retail space at their 3 Columbus Circle (between Broadway and Eighth). CVS Caremark has signed a 15-year lease for 21k SF (ground floor and second story). Newmark Grubb Knight Frank's Jason Pruger repped CVS, and Winick Realty Group's Jeff Winick repped the landlords.
Williams-Sonoma leased 751k SF of industrial at IDI's Middlesex Center II, which will deliver in July, in New Jersey's Exit 8A submarket. Williams-Sonoma is the sole tenant in IDI's 1.4M Middlesex Center I, and IDI plans to start a 450k SF, third building this year. Cushman & Wakefield's Paul Torosian listed the property, and Frank Petkunas repped IDI internally.
***
Blue Mountain Capital, repped by Siderow Org's Brad Siderow, signed a 10-year, 50k SF lease at SL Green and Vornado's 280 Park Ave (between 48th and 49th), relocating from 22k SF (short-term lease) elsewhere in the building. Promontory Financial Group leased another 50k SF for 10 years, relocating from 19k SF elsewhere in the building, also a short-term lease. CBRE's Mary Ann Tighe and Peter Turchin repped the landlords.
***
The New Jersey Schools Development Authority leased 69k SF in Matrix Development's 32 E Front St in Trenton. The tenant previously leased 22k SF there and is consolidating locations.
***
NYC's first bike-share will launch thousands of bicycles in Manhattan and Brooklyn this spring after leasing 39k SF of flex industrial in a MWC Management Corp building at 53rd Street and Third Avenue in Sunset Park, Brooklyn. NYC Bike Share, sponsored by Citibank and MasterCard and branded as Citi Bike, will use the space for repairs, van parking, and a call center. CBRE's Alec Monaghan, Matthew Saker, and Bill Jordan repped the tenant. Michael Coleman repped MWC Management internally.
***
MoPub, a mobile app publisher, leased a 13k SF, full-floor pre-built at William Macklowe Co and Principal Real Estate Investors' 386 Park Ave S and will relocate from the Meatpacking in June. Cushman & Wakefield's Tim Gibson repped MoPub, and CBRE's Paul Amrich, Neil King, Ross Zimbalist, and Kerry Powers repped the landlords.
***
Jordan Desner, who operates independent movie theaters around Long Island, leased the 24k SF, vacant Soundview Marketplace movie theater at Shore Road and Soundview Drive in Port Washington on Long Island. The six-screen, updated Soundview Cinemas will open with stadium seating on Friday. CBRE's Vincent LaManna and Bruce Nelson, appointed by court-appointed receiver Wayne Wink, arranged the deal.
***
Onyx Equities' Michael Nevins repped his firm, the landlord, in a 25k SF renewal with Kraemer Properties at 1925 Swarthmore Ave and a 13k SF lease with Quality Communication Systems at 1985 Swarthmore, both in Lakewood, NJ; a 21k SF renewal with Valley National Bank, repped by CBRE's David Leviton, at 2 Jericho Plaza in Jericho, NY; a 12k SF renewal and a 3,100 SF renewal with Newmark Grubb Knight Frank at Meadows Office Complex at 201 Route 17 N in Rutherford, NJ; and an 11k SF renewal with BT Systems, repped by JLL's Dan De Palma, at 30 Montgomery St in Jersey City.
***
Newmark Grubb Knight Frank's Tim Greiner and Blake Goodman repped the landlord as Regus and Real Estate Mortgage Networks each leased 16k SF in Continental Plaza along Route 4 in Hackensack, NJ. JLL repped Regus, and Studley repped REMN. NGKF's Merrill Roth repped AIS Fund Administration in an 11k SF expansion (to 36k SF), and TGI Friday's extended its 9,400 SF lease for 10 years.
***
Samsung Information Systems of America signed for 7,900 SF for five years at Meringoff Properties 30 W 26th St in NoMad, bringing the 98k SF building to full occupancy. Avison Young's Michael Leff and David Cohen repped the tenant, and Mark Stein and Jason Vacker repped the landlord internally. SISA will move in June.
***
T. Weiss Realty Corp leased 5,300 SF at 105 Maxess Rd, known as Melville Corporate Center I, to Environmental Resources Management, which was repped by JLL's Brian Cruz and Ray Ruiz. Craig Weiss repped the landlord internally. He also relocated and expanded Freedom Abstract to 5,500 SF.
SALES
Vornado has agreed to sell Harlem Park at 1800 Park Ave and 125th Street for $65M, potentially more for brownfield credits. The deal is expected to close this quarter. We photographed the parcel last month.
***
China Construction, repped by CBRE's Geoff Schubert and Dorothy Chuang, bought the 320k SF 445 South St in Morris Township, NJ, within Southgate Corporate Park, for $71M. Cushman & Wakefield's Andrew Merin, Gary Gabriel, David Bernhaut, and Brian Whitmer repped the seller. It was China Construction's first NJ buy.
***
Jonathan Rose Cos and Goldman Sachs' Rose New Jersey Green Affordable Housing Preservation Fund acquired the 221-unit 1 Court St seniors housing property in Newark and plans moderate capital improvement now and a larger, $6M improvement upon refinancing and subsidy conversion.
***
A local investor bought the 20k SF 155 Plant Ave office building in Happauge Business Park from The Hampshire Cos, which was repped by DY Realty Services. It's fully leased to Siemens Real Estate.
***
Massey Knakal's Mark Lively and Brendan Maddigan arranged the $9.7M sale of the 23k SF, 35-apartment 265-267 S 2 St between Havemeyer Street and Marcy Avenue in Williamsburg. Seventeen of the units are rent stabilized. Colleagues Paul Massey Jr. and Bob Knakal arranged the $7.3M sale of the 4,100 SF 567 Seventh Ave between 40th and 41st. The lot has17,775 buildable SF. Prior to the sale, Massey Knakal's Ryan Horvath arranged a full-building net lease with Paris Baguette for its first Manhattan location. The property had been vacant for six years.
DEVELOPMENT
Hines is redeveloping and managing the 22-story, 1.1M SF, Sandy-damaged 4 New York Plaza office tower for owner Edge Fund Advisors. Hines will rebuild the cafeteria, add amenities, and replace equipment with energy-efficient goodies by October. Carson Lundin & Shaw architects designed the Brutalist-style, 1968 building near Water and Broad streets.
***
Jonathan Rose Cos broke ground on the East Harlem Center for Living & Learning at Washington Houses, a 143k SF mixed-use building (89 affordable housing units, a 54k SF K-8 charter school, and 6,000 SF of non-profit office space).
***
Moed de Armas & Shannon is designing the renovation of the lobby and storefront at 1450 Broadway (at 41st Street), last redone in '93. The Zar Group acquired it in 2011.
FINANCING
Natixis Real Estate Capital provided $55M for Hersha Hospitality Trust's acquisition of the 178-key Hyatt Union Square Hotel, opening this month at 132 Fourth Ave between 12th and 13th. Cushman & Wakefield's Jared Kelso and Ernest Lee repped Hersha.
***
Hudson Realty Capital funded a $5.5M construction loan secured by a former 58k SF Catholic school and rectory in Bed-Stuy for conversion into a 46-unit apartment building with 23 underground parking spaces.
***
Eastern Union Funding's Nate Hyman arranged $21M for the construction and permanent financing of a 54-unit multifamily property in Greenpoint, and colleague Shaya Ackerman negotiated a $6.1M refi of a Brooklyn mixed-use property.
***
GCP Capital Group's Matthew Classi arranged $14.3M for a seven-story, 22-apartment building with three commercial units on Essex Street. Colleague Matthew Albano negotiated $9M for two Hempstead, Long Island, buildings totaling 236 apartments. And David Sessa arranged $6.5M for a 44-unit building on Hutchinson River Parkway East in the Bronx.
