The Week In Deals
SALES
American Realty Capital New York Recovery REIT agreed to buy the 756k SF, 95% occupied 1440 Broadway from Rockpoint Group for $528.6M. Eastdil Secured advised the seller.
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A private investor repped by Rosewood Realty's Aaron Jungreis bought seven buildings (435 apartments and 299 parking spots) in New Jersey from another private investor, repped by Rosewood's David Berger, for $25.2M: Orange's 283-293 S Center St and 210 Central Ave and East Orange's 157 S Harrison St, 249 Prospect St, 110 Washington St, 147-149 Halsted, and 157 Halsted.
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A local development firm (repped by Marcus & Millichap's Peter Von Der Ahe, Joe Koicim, and Sean Lefkovits) sold 256 W 15th St (22 apartments and two stores) two blocks from the High Line for $10.8M SF to a private investor.
FINANCING
Meridian Capital Group's Tal Bar-Or and Michael Ottomanelli negotiated an $85M, five-year CMBS loan to refi Matrix Realty Group's 1.1M SF Matrix Corporate Center at 39 Old Ridgebury Rd in Danbury. Colleagues David Hayum and Moe Rosenblum arranged $11.6M in new mortgages for three apartment buildings totaling 92 units on Amsterdam Avenue, Hudson Street, and Riverside Drive. Avi Weinstock and Michael Farkovits put together $11.1M for eight apartment buildings totaling 376 units on Brooklyn's Montgomery Street, East 53rd Street, Clinton Avenue, Cortelyou Road, and Lefferts Avenue; Queens' Beach 22nd Street; and the Bronx's Stratford Avenue. And Morris Diamant negotiated $10.4M for a 68-unit apartment building on Lenox Avenue.
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Berkadia Commercial Mortgage's Stewart Campbell originated $25M in bridge financing for the acquisition and completion of construction of the apartment buildings at 96 Steuben St and 97 Grand Ave in Clinton Hill, expected to deliver and stabilize in 12 months. Stewart also arranged $12.1M in interim financing for Downtown Brooklyn's 70-78 Willoughby St. The borrower, Metrotech BH Holdings, will redevelop the commercial and retail building into apartments and retail and expects it to deliver and stabilize within 15 months.
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CBRE's James Gunning, Donna Falzarano, and Evan Kleppe secured $14.7M for Hartz Mountain's 1440 Harbor Blvd, a 207k SF, 653-space parking garage in Weehawken.
DEVELOPMENT
BioMed Realty Trust broke ground on a 300k SF build-to-suit for Regeneron Pharmaceuticals at BioMed's Landmark at Eastview campus straddling Westchester County's Greenburgh and Mt. Pleasant. Regeneron will lease the lab and office space for 15 years, likely starting in late 2015.
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The NYCEDC selected NFC Associates to redevelop a long-vacant, 46-acre site on Brielle Avenue in Staten Island's Willowbrook for a senior-targeted residential community called Landmark Colony with 300 units and 17k SF of commercial or community facility space. It'll use $91M of private investment and break ground in 2016.
LEASING
A distribution company leased The Hampshire Cos' entire 232k SF PortSouth Milik at 200 Milik St in Carteret, NJ. CBRE's Thomas Monahan repped Hampshire.
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Horizon Media, repped by NGKF's Chris Mongeluzo and Moshe Sukenik, expanded in Trinity Real Estate's One Hudson Square by 34k SF to 191k. It's taking Command Financial Press Corp's space. That company, repped by CBRE's Scott Sloves and Rob Wizenberg, will relocate to 29k SF in Trinity's 345 Hudson St in early 2014 under a 15-year lease. Jason Pizer and Tom Lynch repped Trinity internally.
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Blink Fitness, repped by Charter Realty & Development's Peter Levine, leased 28k SF in Savanna's 31 Penn Plaza for 15 years. NGKF's Amy Zhen and Marc Frankel repped the landlord. And Dewberry Engineers, repped by DTZ's Chris Helgesen, took 21k SF there for 10 years. Brian Reiver repped the landlord internally.
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Sirius XM Radio, repped by Morford & Dodds Realty's Bob Morford, renewed 28k SF in Prism Capital Partners's 989 Lenox Dr in Lawrenceville, NJ's Princeton Pike Corporate Center.
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Alok Industries, repped by EVO Real Estate Group's Barry Bernstein and Evan Lieberman and Bloom Industry's Scott Bloom, took 18k SF at 105 Madison Ave for 10 years. NGKF's Paul Davidson and Michael Frantz repped the landlord.
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HC Wainwright, repped by EVO's Corey Abdo, subleased 16k in 430 Park Ave for two years. George Comfort & Sons' Dana Pike repped the original tenant.
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Vatech America, repped by Z Realty Group's Sarah Kim, leased 16k SF in Fort Lee's 2200 Fletcher Ave and will relocate from the Meadowlands. C&W's Richard Baumstein, Marc Graham, and Christian Politan repped the owner, James Campbell Co.
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El Al Airlines, repped by New York Realty Group's Albert Duryea, took 15k SF in Savanna's 100 Wall St for 10 years. Brian Reiver repped the landlord internally.
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Derek Lam (repped by Studley's Jeffrey Peck, Daniel Horowitz, and Christopher Foerch) signed a long-term lease for 13k SF in A&R Real Estate's 105 Madison Ave, relocating from 10 Crosby St in January. NGKF's Paul Davidson and Michael Frantz repped the landlord.
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Gruss Capital took 12k SF in Boston Properties' 510 Madison Ave, starting below $100/SF and rising after five years, according to CompStak. The Greatest Good took 11k SF for more than $130/SF to be higher in the building. Both 10-year terms start at the end of 2014.
