The Deal Sheet

FINANCING

Cornerstone Real Estate Advisors lent an Invesco-advised pension fund $150M for the 50-story, 404-unit, 93% leased Madison Belvedere apartments at 10 E 29th St, built in '99. HFF's John Rose and Steven Klein repped Invesco.

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NorthStar Realty Finance Corp announced a $255M loan to Highgate Hotels and Rockpoint Group secured by the leasehold mortgage in the renovated, 1,331-room Milford Plaza hotel. NorthStar originated $166M and its NorthStar Real Estate Income Trust put in $89M. It was financed with $130M from Deutsche Bank credit facilities. NorthStar intends to securitize an interest in the senior portion of the loan.

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Meridian Capital Group's Avi Weinstock arranged a 10-year, $13.5M mortgage for a 217-unit co-op on 43rd Street in Woodside, and Scott Assouline negotiated a 10-year, $10.5M mortgage for a 45-apartment building on Lenox Avenue.

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HKS Capital Partners' Ayush Kapahi arranged a $6.7M, one-year bridge loan at 6% for six vacant lots in the Bronx and Westchester.

LEASING

The Environmental Defense Fund, repped byColliers' Alan Desino, renewed 44k SF in The Feil Org's 257 Park Ave S, and Madison Logic, repped byEllman Realty Advisors' Marc Ellman, expanded to 25k SF there. Brian Feil and Robert Fisher repped Feil.

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Blink Fitness, repped by Charter Realty & Development's Peter Levine, leased 16k SF in Chelsea Park, a new residential building at 260 W 26th St. Blink's entrance will be at 308 Eighth Ave. Winick Realty Group's Alexander Hill repped the ownership.

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The Lanier Law Firm renewed 12k SF and expanded by 6,000 in Tower 56 at 126 E 56th St between Park and Lex. Cushman & Wakefield's Harry Blair and Sean Kearns repped the owner, Pearlmark Real Estate Partners, and CBRE's Silvio Petrillo, Ben Friedland, and Sam Seiler reppedthe tenant.

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Metropolitan Real Estate is moving its New York HQ from 135 E 57th St to 650 Fifth Ave on 52nd Street via an 11-year, 11k SF lease. CBRE's Robert Stillman, Paul Haskin, and Zachary Freeman repped 650 Fifth Avenue Co (majority owner: Alavi Foundation), and Brickman & Associates'Paul Kotcher repped the tenant.

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Document Technologies expanded by 7,900 SF to 17k SF in Muss Development's 64 W 48th St. Colliers' Brian Given, Lou Prisco, and Eric Lasoff repped Muss.

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A tech company is relocating from Midtown South to Lower Manhattan. In September, Paperless Post will move from 7,000 SF at 151 W 25th St (between Sixth and Seventh) to 12,500 SF at 115 Broadway just south of Zuccotti Park. The tenant received $445k from the World Trade Center Job Creation & Retention Program and last month received $250k from the Lower Manhattan Development Corp's Take the H.E.L.M.: Hire + Expand in Lower Manhattan competition.

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Manikay Partners subleased 8,800 SF from Marathon Asset Management in Bank of America Tower (One Bryant Park). JLL's Alexander Chudnoff repped Marathon, and his colleague Dan Turkewitz repped Manikay, which is relocating from the Seagrams Building (375 Park Ave).

SALES

Brack Capital Real Estate sold The James New York hotel at 27 Grand St at Thompson Street for $85M. Denihan Hospitality Group will continue to manage it. Citigroup arranged the sale. Brack delivered the hotel in fall 2010.

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Massey Knakal's Bob Knakal and Stephen Palmese sold the development site at 49 Bond St in Downtown Brooklyn for $70M. The acre allows 500k SF as of right or 600k SF with Inclusionary Housing Program bonuses.

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Lalezarian Properties bought a development site at 511-515 W 36th St in the Hudson Yards Special District for $21.3M. Eastern Consolidated's Nancy Tran repped the seller, National Acoustics, and her colleague Azita Aghravi procured the buyer. The lot now holds a 38k SF, six-story loft building. Lalezarian plans apartments on this and adjacent sites it already owns.

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Urstadt Biddle Properties acquired the 110k SF, grocery-anchored Village Shopping Center on Springfield Avenue in New Providence, NJ, for $34.9M, subject to an existing $19M mortgage that matures in January 2022.

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Mack-Cali Realty Corp sold its 287k SF, fully leased Mack-Cali Airport property in Little Ferry, NJ, for $32.3M.

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Metropolitan Realty Associates and Angelo Gordon & Co--repped by CBRE's Jeff Dunne, Steve Bardsley, David Gavin, Philip Heilpern, Richard Karson, and Martin Lomazow--sold its 118k SF of office/medical condos (55% leased) at Garden City Square at 711 Stewart Ave in Hempstead for $16.4M. They also procured the buyer, Benedict Realty Group, which Robert Watman repped internally.

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Fairfield Properties paid Orix USA Corp $8M for the 134k SF, three-building Woodlands Office Park at 700-800 Veterans Memorial Hwy in Hauppauge for Orix USA Corp. JLL's Ray Ruiz, Marianne Dugan, and Joseph Garibaldi repped Orix, and Michael Broxmeyer repped Fairfield internally.

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Ariel Property Advisors'Victor Sozio, Shimon Shkury, Michael Tortorici, and Jesse Deutch sold a Washington Heights site at 4452 Broadway that now houses four vacant, one-story buildings and allows 97k SF. An investment group sold to an international developer for $7.3M. They also worked with Brown Harris Stevens Wolf Jakubowski to sell the 5,900 SF, five-story, 11-unit co-op at 313 W 77th St at bankruptcy auction for $5.2M. The buyer is a national investor that plans an extensive renovation.

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Marcus & Millichap Real Estate Investment Services' Peter Von Der Ahe and Seth Glasser sold the 10-apartment 538 E 89th St for $6.1M.

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The Linde Group, repped by JLL's Dan Loughlin and Jim Medenbach, sold the 25k SF 460 Mountain Ave on five acres in Murray Hill, NJ, to Erickson Living, a continuing-care retirement community developer repped by NAI James E. Hanson's Kenneth Lundberg.

DEVELOPMENT

The Borough of Montvale, NJ, approved rezoning for two parcels at Mercedes Drive and West Grand. The 20 acres is a farm (in danger of foreclosure) owned by Edward and Elaine DePiero and was zoned for 160 apartments, 20% of them affordable. Now, it'll include 32 affordable units and the Shoppes at DePiero Farm (a 140k SF Wegmans and 84k SF of lifestyle retail). Another seven acres will be green space, including a walking/bike path linking to the town center. The developers are the DePieros and The S. Hekemian Group. RTKL is handling planning and design.

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Abramson Brothers is restoring the arched windows and original limestone facade (a green-black granite covering at street level was added in the '60s) while redesigning the lobby at 501 Fifth Ave. It'sinspired by the renovation of the New York Public Library across the street, which shares many architectural details. The Astor family built 501 Fifth in 1916 to be HQ for the Astor Trust Co, and Abramson is rebranding it the Astor Trust Company Building. Bohlin Cywinski Jackson will be the architect.