The Deal Sheet
LEASING
Waterman Interests signed a 75-year master lease at 400 Park Ave at 54th Street. Benenson Capital Partners owns the land, and Waterman and J.P. Morgan Asset Management investors had acquired the leasehold interest (17 years left at the time) from RFR in 2010. The new master lease allows Waterman to continue its renovation and enjoy the upside. COO Richard Kessler and James Stifel repped Benenson internally.
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Splashlight Photographic and Digital Studios signed 14k SF for five years in Trinity Real Estate's 225 Varick St, which our friend Leslie Goldstein snapped for us last night. It also occupies 63k SF in Trinity's 1 Hudson Square. And Optomen Productions expanded in 225 Varick from 12,800 SF to 15,500 SF for nine years. Tom Lynch repped Trinity internally, and Newmark Grubb Knight Frank repped Splashlight.
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Pop-up opera is now a thing. Natasha, Pierre, and the Great Comet of 1812 from producers Howard and Janet Kagan will run May 1 to Sept. 1 in 10k SF of temporary space in a lot at West 13th and Washington Streets across from The Standard Hotel in the Meatpacking. Douglas Elliman Sroka Worldwide's Anita Grossberg arranged the $250k/SF lease with lot owner Romanoff Equities.
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Bringing the education cycle full circle, Codecademy, founded in 2011 byColumbia University students Zach Sims and Ryan Bubinski, leased 9,000 SF of renovated space in the Flatiron District near 27th Street. It incubated in Silicon Valley but intends to continue its growth in NYC. The company teaches computer coding via free online apps.
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Petco leased 14k SF in Hamilton, NJ's Hamilton Plaza. Levin Management's Michael Cohen repped the landlord, and Ripco's Brian Schuster repped the tenant.
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Bederson & Co, repped byCushman & Wakefield's David Sherman and Marc Trevison, leased 16k SF for 10 years in Accordia Realty Ventures' Greenbrook Executive Center at 100 Passaic Ave in Fairfield, NJ. National Life Insurance Co inked 7,700 SF for five years in the same building. JLL's Jonathan Meisel, Fred Hyatt, and Derek DeMartino repped Accordia.
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Mobotix Corp leased 7,800 SF at Savanna's 80 Broad St for seven years. Newmark Grubb Knight Frank's Hal Stein, Adam Leshowitz, and Todd Stracci repped the landlord, and CBRE's David Young and Scott Sloves repped the tenant.
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Kaufman Borgeest & Ryan, repped by Howard Properties' Howard Greenberg, expanded by 6,600 SF and extended its existing 32k SF in Howard Properties' 200 Summit Lake Dr in Reckson's Summit at Valhalla.
SALES
Mack-Cali Realty Corp sold its 205k SF 55 Corporate Dr office building in Bridgewater, NJ, for $72.3M to a Cole Corporate Income Trust subsidiary. The Sanofi-Aventis build-to-suit delivered in 2011. Eastdil Secured's Adam Spies, Kevin Donner, and Neill Wessell repped Mack-Cali.
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Advance Realty and CrossHarbor Capital Partners acquired the former Sanofi US Research and Development Campus in Bridgewater, NJ. The 1.2M SF complex will be branded New Jersey Center of Excellence. Advance will relocate from Bedminster to the campus, and the new owners may redevelop a portion into mixed-use. A JLL team lead by Dan Loughlin repped Sanofi. NorthMarq Capital's Gregory Nalbandian repped Advance in forming the JV.
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HFF's Jeff Julien,KC Patel, Andrew Scandalios, Jose Cruz, and Kevin OHearn sold the 207-unit 166 W 75th St multifamily property to Simon Development Group, which will renovate it.
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NATMI Truck Terminals--a JV between Realterm NAT,LaSalle Income & Growth Fund V, and Assurant repped by CBRE's Jeff Dunne, Michael Caprile, Steven Bardsley, Kevin Welsh, Michael Hines, and John Reinertsen--acquired the 57k SF 57-54 Page Place industrial property in Maspeth. The same CBRE team also procured the 1031 buyer, Morris Maspeth Associates, part of The Morris Cos.
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Massey Knakal's Guthrie Garvin and Paul Smadbeck sold 41 condos within The Hopkins Condominium at 172 W 79th St (at Amsterdam Avenue) for $16.3M.
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Rosewood Realty Group's Jake Blatter repped BGB Associates in its $9M sale of five four-story walkup apartment buildings (80 units totaling 49k SF) at 14-26 Broadway Terrace in Washington Heights. His colleague Ryan Perkoski repped the buyer, BTH Holdings. Rosewood's Aaron Jungreis, repped the sellers in the $6.7M sale of two four-story walkups at 126 and 139 E 53rd St (71 units and 12 commercial units totaling 81k SF) in Brooklyn.
DEVELOPMENT
Mayor Mike announced that KNIC Partners will enter into a 99-year ground lease for the Bronx's Kingsbridge Armory at 29 W Kingsbridge Rd, vacant for more than a decade, and spend $275M to redevelop it into the 750k SF Kingsbridge National Ice Center with nine indoor regulation ice rinks, including one that will seat 5,000, as well as 50k SF of community-use space. Groundbreaking will occur late next year. Phase 1 will deliver September 2018 and Phase 2 a year later. The City has invested $30M for environmental cleanup, facade repairs, and a new roof.
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Queens' $27.8M, 30k SF Elmhurst Library topped out yesterday at 86-01 Broadway. Stalco Construction is the GC, and Marpillero Pollak Architects designed it.
FINANCING
Commercial Mortgage Capital arranged an $11M first mortgage loan from a life company correspondent for the 120-unit Crossings at Ewing luxury apartments in Ewing, NJ, and a $9.8M, 10-year first mortgage refi for the 82-unit luxury garden apartment and townhouse development Wellsbrook in Neptune, NJ.
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Meridian Capital Group's Avi Weinstock arranged a $13.5M, 10-year mortgage for a 217-unit, seven-story co-op on 43rd Street in Woodside. He and Josh Rhine also arranged a 10-year, $8.4M Fannie Mae acquisition loan from Beech Street Capital for the 108-unit South Orange Towers in New Jersey. Their colleague Scott Assouline negotiated a $10.5M, 10-year loan for a 45-unit, seven-story multifamily building on Lenox Avenue. And Abe Shonfeld arranged a $20M, 10-year Freddie Mac loan from Beech Street to refi the 406-unit Norman Towers Section 8 apartments for residents 62 or older or disabled in East Orange, NJ.
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HKS Capital Partners'Ayush Kapahi arranged a $5M, seven-year, permanent loan for a Manhattan building with four luxury apartments and one restaurant.
So how'd the draft work out for your team? We're proud of the Bengals for drafting an Estonian, Margus Hunt. Email amanda.metcalf@bisnow.com.
