The Deal Sheet
Continuing this week's litany of $1B deals in NYC, Brookfield Office Properties has locked in a refi for two of its Brookfield Place buildings Downtown.
Deutsche Bank, Royal Bank of Canada, Citibank, Bank of America, and Wells Fargo are kicking in $800M for the 2.5M SF 225 Liberty S t and the 1.8M 250 Vesey St, and Brookfield could draw down another $200M. It's a three-year floating-rate loan (starting at 3.44%) that comes with two one-year extension options.
SALES
Rivercrest Realty Investors sold the 19k SF 138 Spring St in SoHo to 138 Spring Owners LLC for $48.5M. Eyewear retailer Ilori occupies 4,600 SF of ground-floor and lower-level retail, and the rest is commercial loft space. RKF's Jeff Fishman, Brian Segall, Andrew Jacobs, and Jonathan Butwin repped both sides.
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The Community Development Trust and Proto Property Services are purchasing and rehabbing Coney Island's 360-unit Ocean Towers affordable housing on West 24th Street between Mermaid and Surf avenues for $52M. The buyers are putting in $10M. Another $35M will come from the Enterprise Community Loan Fund's New York City Acquisition Fund, managed by Forsyth Street Advisors. Another $4.5M is expected from the NYC Department of Housing Preservation and Development's Article 8A Loan Program. And Enterprises Bank of America Energy Efficiency Loan Program will kick in $1M. The Community Preservation Corp has issued a commitment for a $35M, 30-year mortgage insured by the State of New York Mortgage Agency and funded by the New York City Employees Retirement System.
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Massey Knakal's John Ciraulo, Bob Knakal, Michael DeCheser, and Craig Waggner sold 195, 199, 201, and 203 E 4th St (between avenues A and B), all five-story walk-ups, for $29M. John, Craig, and James Nelson arranged the $20M, all-cash sale of 118 and 120-122 East 4th St (between 1st and 2nd streets), totaling 69 units. Bob and Nick Petkoff put together the $23M sale of the 27k SF 360-362 Broadway (eight apartments on one-year leases and two sublet stores) in Tribeca. They also sold 106 Greenwich St (16 apartments and two stores) between Rector and Carlisle streets in FiDi for $5.7M to a buyer repped by Hakimian Properties. And John and Thomas Gammino repped LHG Group and Palladium Management in their $13M cash sale of the development site at 16-18 E 30th St between Madison and Fifth. The buyer plans a high-end, boutique hotel.
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The remaining 189 residential condos, four retail condos, and a 225-unit parking lot in Union City, NJ's Lenox (500 Central Ave) sold for $15.3M. Eastern Consolidated's Deborah Gutoff and George Moss repped the seller, and colleagues Lipa Lieberman and Gabriel Saffioti procured the buyers, Sun Realty and Gibraltar Realty. They'll renovate the 47 vacant units and sell as condos.
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Francmen 205 LLC, repped by Eastern Consolidated's Deborah Gutoff and Paul Nigido, sold two buildings (23 apartments and two stores across 22k SF) on the west side of Eighth Ave between 20th and 21st to 205 Eighth Ave. LLC for $15.9M. Their colleague Gabriel Saffioti brought in the buyer.
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Alfa Development and Park-It Management acquired 117-119 W 21st St for $12M. The vacant four-story warehouse with frontage on Sixth Avenue is a redevelopment play that can be replaced with 32k SF. Eastern Consolidated's Alan Miller, David Schechtman, and Paul Nigido repped the seller. Their colleague Brian Ezratty procured the buyer.
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Cassidy Turley's David Lebenstein, Stephen Bellwood, and Edward Kent arranged the sale of an 17k SF commercial condo at 40 Broad St for $6.3M. Maya Consulting repped the buyer, COMM5 Setai LLC.
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Mack-Cali Realty Corp sold the 63k SF, two-story, single-tenant 51 Imclone Dr in Branchburg, NJ, for $6.2M.
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The 62-apartment (plus one store) 1084 New York Ave in Flatbush sold for $6M. GFI Realty Services' Yosef Katz repped the seller, a local investor, and GFI's Josh Orlander repped the buyer, Castellan Real Estate Partners.
FINANCING
Cassidy Turley's Noble Carpenter arranged an $84.5M first mortgage from HSBC forWafra Investment Advisory Group's 329-unit LockWorks at Yale & Towne apartments in Stamfords Harbor Point.
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Hudson Realty Capital provided a $16M first mortgage to acquire and stabilize a 117k SF office/medical condo in Garden City.
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Marcus & Millichap Capital Corp's Christopher Marks arranged a five-year, $14M loan for a 58-unit apartment property in Manhattan, and Anita Pins arranged $7M for 104 units in Brooklyn.
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Meridian Capital Group's Carol Shelby and Dani Sabesan arranged $13.2M for a 31-unit apartment building with 5,100 SF of retail on West Eighth Street. Cary Pollack placed $8.9M on 52 apartments in 52 units on Ludlow. Scott Assouline and Jacob Nefoussi arranged $8.3M for 11 apartments and 3,500 SF of retail on Ninth Avenue. Morris Diamant negotiated a $5M mortgage for a 68-unit building on Thayer Street. And David Hayum negotiated a $5.8M mortgage on two multifamily buildings (82 units) on East 94th Street and East 96th in Brooklyn.
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GCP Capital Group's Adam Brostovski negotiated $5M for two five-story apartment buildings (60 units and 2,400 SF of retail) in the Bronx.
LEASING
In Q3, Allianz Real Estate of America will move from 1114 Ave of the Americas to 7,000 SF in W&H Properties One Grand Central Place. Studley's Greg Taubin and Jason Perl a repped the tenant, and Newmark Grubb Knight Frank's William Cohen and Ryan Kass repped the landlord.
HOTEL
InterContinental Hotels Group has signed on to open a second EVEN Hotels property in NYC. Frank Chan and Lance Steinberg own the property,321 W 35th St, where the 77k SF, 150-key hotel will rise. It'll open in the middle of 2015.
DEVELOPMENT
EEA Industries and SWH Residential Partners broke ground on the 57 Gateway luxury apartments and 9,100 SF of high-end retail at 9 W S Orange Ave next to the South Orange Village Center train station.
