This Week's NY Deal Sheet
Heller Realty is buying an 11-building portfolio from Doulgas Eisenberg’s A&E Real Estate for $206.5M.
The buildings are scattered around central and southern Brooklyn and add up to 821 rental units totaling 870k SF. There’s no retail, and 33 parking spots are part of the deal. The biggest property is a six-story, 114k SF elevator building in Wingate, near Prospect Lefferts Gardens. A&E’s been building up the portfolio for four years. Rosewood Realty Group broker Aaron Jungreis repped buyer and seller.
EXECS
Hines promoted Sarah Hawkins to managing director in its NY office. Sarah joined Hines in 2011, working on project management at 7 Bryant Park and project financing, leasing and new business activities. Before coming to Hines, she was an analyst at the Blackstone Group.
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Epic Commercial Realty brought on Tali Israeli as COO. Tali came from Hearing Life/Total Hearing Care, where she oversaw operations for several hundred locations. Prior to that, Tali was partner in the property management division at Shuster Management.
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RAM Real Estate Capital hired Matt Matteson as its first VP. Matt joins RAM from Toll Brothers, where he was an AVP. Before that, Matt worked for Liberty Street Real Estate Group, where he managed a $2.5B portfolio.
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Jennifer Tuhy’s been tapped by Related as CFO for Hudson Yards. She’s been with Related since 2001, most recently serving as SVP of accounting and finance functions, managing 150 people. Before joining Related, she worked at Tishman Speyer Properties and PricewaterhouseCoopers.
SALES
Peter Rebenwurzel’s Coney Realty Group and David Malek’s Malek Management won a four-round bidding war and inked a $236M deal for a 15-property rental portfolio from Urban American. It includes 1.5M SF of primarily rent-stabilized multifamily properties, totaling 1,434 units throughout Brooklyn and Staten Island. Eastern Consolidated’s Lipa Lieberman repped the buyers.
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Vornado Realty Trust closed on the $142M buy of the 437k SF Center Building at 33-00 Northern Blvd in LIC. Madison Marquette and Perrella Weinberg sold the eight-story, 437k SF office property. Ackman-Ziff managing directors David Robinov and Marc Warren repped the sellers. Vornado will assume an existing $62M mortgage that’ll mature in October 2018.
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Newcastle Realty Services bought two rent-stabilized rentals in Washington Heights from Candlebrook properties for $42M. The PSF for both 12-story buildings was about $333. Cushman & Wakefield chairman of investment sales Bob Knakal brokered the deal with Cushman & Wakefield EVP Robert M. Shapiro.
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Kalbridge Associates, a JV between the Kalikow Group and Waterbridge Capital, sold three multifamily buildings in Nolita to A.D. Real Esatate Investors for $26M. The buildings total 30k SF. Kalbridge bought the buildings in 2011 for $12.6M. TOWN Residential broker Alex Heydt repped the seller; TOWN brokers Joe Messina and Stephen Ferrara repped the buyers.
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CPEX Real Estate repped the seller of 295 DeGraw St in Brooklyn. It sold for $3.8M. Associate directors Stephen Safina, Lawrence Sarn and associates Thomas Ryan and Alonya Chystyakova brokered the sale.
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CPEX Real Estate repped the seller of 2038-2050 Flatbush Ave for $4.5M. Associate director Andre Sigourney and associate Harrison Balisky brokered the sale.
Thor Equities bought 98 Morningside Ave in Harlem for $22M, from Baruch Singer. It’s a seven-story, 48-unit rental building across from Morningside Park. The price works out to $328/SF.
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Thor Equities closed on the sale of 463 86th St in Bay Ridge, Brooklyn, to the Zucker Organization for $5.7M. Thor signed Chipotle for a 15-year retail lease in the two-story 4,475 SF building in 2014, after buying the building for just under half the selling price in 2012.
LEASES
Toys R Us isn't renewing its 110k SF flagship Times Square lease at 1514 Broadway. Cushman & Wakefield vice chairman Brad Mandelson has been quietly marketing the space, which he says may be divided into smaller spaces since it'll be tough to find one client willing to throw down $2,500/SF for a space that big.
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MetLife is quadrupling its space at 200 Park Ave—the building with its logo by the roof. MetLife’s footprint there will swell to 550k SF, and it’ll be the firm’s only NYC office. The insurance giant’s leaving offices at 277 Park Ave, 1095 Sixth Ave and an office in LIC. Cushman & Wakefield chairman of global brokerage Bruce Mosler and EVC John Cefaly repped MetLife.
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Limited Brands will renew its 50k SF lease at 503 Broadway for 10 years. The space houses Limited’s Bath & Body Works personal care brands. CBRE EVP Eric Deutsch repped Limited. Newmark Grubb Knight Frank managing director Eric Cagner and SMD David Falk repped Hang Seng Realty, the landlord.
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Citizen Watch Company of America signed a 28k SF lease at 1120 Sixth Ave. CBRE EVP William Iacovelli and vice chairman Mark Ravesloot repped Citizen. Cushman & Wakefield vice chairmen Gus Field and Michael Burgio with associate director David Berke repped Edison Properties, the landlord.
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Regus signed a 10-year lease for 34k SF in the Falchi Building at 31-00 47th Ave in LIC. It’s the office space provider’s first spot in Queens. CBRE vice chairman Mark Ravesloot repped Regus. Cushman & Wakefield exec directors Mitchell Arkin, Michael Blanchard and directors Kelli Berke and Haley Fischer repped Jamestown, the landlord, with JRT Realty Group president Greg Smith.
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HNTB Corp. signed a 78k SF lease at the Empire State Building. Colliers EVP Mark Friedman, director Tyler Owens and EVP Sven Sykes repped the tenant.
FINANCING
GCP Capital Group brokered a $25M mortgage for 12 two-story garden apartment buildings on Atlantic Avenue in Brooklyn. GCP managing member Paul Greenbaum brokered the deal.
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Cushman & Wakefield closed on a $22M loan against three mixed-used buildings: 92-94 Second Ave, 192 First Ave and 194 First Ave, all in the East Village. Cushman & Wakefield director of capital services Morris Betesh worked on the deal with Cushman & Wakefield senior associate for capital markets Omar Ferreira.
