This Week's NY Deal Sheet
Kushner Cos closed on a buy of a 16-building, 291-unit residential and mixed-use portfolio in Manhattan and Brooklyn for $131.5M.
Kushner picked up the 144k SF portfolio from Stone Street Properties and HIG Realty Partners, who bought it in 2012 for $73M. The selling price comes to about $915/SF. Five retail stores are part of the portfolio, which is scattered around the Upper East Side, Murray Hill, the East Village and West Village, as well as two buildings in Boerum Hill, Brooklyn. Marcus & Millichap’s Joseph Koicim and Peter Von Der Ahe repped both sides.
EXECS
RKTB Architects named Alex Brito and Albert Aronov as principal. Alex specializes in multifamily design, and he’s been with RKTB since 1992. Albert specializes in building restoration and new construction, and he joined the firm in 1997.
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Kyle Burkhardt joined Cushman & Wakefield's Long Island office as a senior director. Kyle had been a broker at Colliers and a managing principal at Alliance Real Estate, and before that was an analyst at Bear Sterns and a loan officer at Concord Mortgage. Kyle specializes in industral real estate sales and leasing. He's also VP of the Commercial Industrial Brokers Society of Long Island.
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Sitex Group brought on Blake Chromon as an SVP responsible for leasing and acquisitions in the NY and NJ markets. Before joining Sitex, Blake was an SVP at JLL, working with a team that advised industrial property owners and tenants.
SALES
Shamah Properties bought a right-building Washington Heights portfolio for $44M from E&M Associates. Westwood Realty Associates’ Steven Vegh repped both sides.
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An investment group headed by Walter & Samuels chairman David Berley bought the seven-story, 25k SF 160-162 Lexington Ave for $24.5M. Cohen Real Estate senior executive director Ric Kaiser repped the seller, Lexington Landmark Properties, which bought the building from Touro College in June 2006.
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A JV between Wonder Works Development Group, Forbes Development, Mink Development and Fimida Enterprises paid $24M for 302 E 96th St, a three-story parking garage, with plans to construct a new 21-story luxury condo. Cushman & Wakefield’s Gideon Gil, John Spreitzer and Andre Haas repped the JV.
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970 Lexington Ave sold for $7.4M. The price per SF on the four-story mixed-use building comes to about $2,344/SF. Cushman & Wakefield VP of sales Thomas Gammino Jr. and SVP Guthrie Garvin repped the seller. The buyer was repped by Judson Realty’s Nick Judson.
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Four parcels of land at 3449-3461 Fort Hamilton Pkwy in Kensington, Brooklyn, sold in an all-cash deal for $5M. Cushman & Wakefield’s Jeffrey Shalom repped the seller. Eretz Realty’s Leiby Gold repped the buyer.
LEASES
Markit, a London-based financial data firm, signed a 15-year lease for 140k SF at 5 Manhattan W. Savills Studley’s Jeffrey Peck and Danial Horowitz repped Markit. Cushman & Wakefield’s Bruce Mosler, Josh Kuriloff, Mikael Nahmias and Ethan Silverstein repped the landlord, Brookfield Properties.
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Capital Markets group sold 79-40 Cooper Ave, eight parcels totaling 94,000 SF in Glendale, Queens. The site’s got an industrial building, two attached residential buildings, two parking lots and some vacant land. Avison Young VP Jason Meister and principals Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley repped the seller, Hansel ‘n Gretel Brand.
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Fox Rothschild signed a 48k SF lease at 101 Park Ave. Newmark Grubb Knight Frank vice chairman Mark Weiss repped the law firm.
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Personal Democracy Media signed an 18,500 SF sublease in HRC Corp’s 156 Fifth Ave. Avison Young team principal Martin Cottingham, SVP Anthony LoPresti and associate James Lizmi repped the tenant.
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Long Tail Ad Solutions is expanding to 15k SF in 8 W 38th St, from just under 12k SF. Ron Zimmerman and Andy Udis of ABS Partners repped the landlord. Scott Brown of Newmark Grubb Knight Frank repped the tenant. Asking rent was $49/SF. Meridian VP Akiva Friend and senior managing director Abe Hirsch also worked on the deal.
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EVO Real Estate Group repped tenant and landlord in a deal that’ll bring Didit, a marketing firm based on Long Island, to 10k SF at 276 Fifth Ave. LVM Group and Bridge Global Strategies are the Didit subsidiaries that’ll be in the new space. EVO president Dana Moskowitz repped Didit, and EVO’s Elliot Klein repped the landlord.
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The Savitt Partners’ Brian Neugeboren and Nicole Goetz repped the landlord on three fashion industry leases at 530 Seventh Ave. Triumph of Europe expanded its lease from 1,700 to 3,600 SF. Mutyaar moved from 485 Seventh Ave to 1,700 SF in the building. CBRE’s Jared Freede repped Mutyaar. Maoteng Group signed a 900 SF lease.
FINANCING
Meridian Capital negotiated a $120M loan from Ladder Capital. The 2.87% fixed-rate loan will go toward the purchase of 30 Park Ave, a 20-story, 237-unit multifamily building. Meridian VP Akiva Friend and senior managing director Abe Hirsch worked on the deal.
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CBRE arranged a $19.5M refinancing for 33 W 46th St., a 39k SF 1915 vintage office building. Morgan Stanley provided the 10-year, fixed-rate, non-recourse loan priced in the low 4% range. CBRE SVPs Jason Gaccione and Michael Sherman and VP Irene Lu repped the landlord, Foreign National Sponsorship.
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GCP Capital Group managing member Paul Greenbaum arranged a $7.5M loan for a five-story, 63-unit apartment building with one retail space on Grand Concourse in the Bronx.
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Avant Capital Partners originated a $3.4M bridge loan on two Williamsburg residential properties. Zev Pollack & Co first VP Dan Pollack repped the borrower.
