This Week's NY Deal Sheet
Vanbarton Group has picked up 31 Penn Plaza, a 444k SF office building at 132 West 31st St, for $265M. The sale price represents about double what the seller, Savanna, paid for the property in 2011.
Savanna sunk $20M into improvements on the 90-year-old building, including redesigning the lobby, modernizing the elevators, restoring the façade and adding retail amenities. Savanna, with the help of a JLL team for the office space and a Newmark Grubb Frank Knight team for the retail space, signed a total of 260k SF in leases during its ownership. The sale comes just a day after the unveiling of a new pedestrian mall in front of nearby Madison Square Garden. Eastdil Secured’s Douglas Harmon, Adam Spies, Joshua King, Adam Doneger and Michael Saclarides repped Savanna.
EXECS
John Pavone has joined Colliers as a director in its NYC office. John’s done more than 8M SF of sales and leasing in his 15-year career, and will focus on landlord and tenant repping in his new role, primarily in Midtown. John’s career highlights include arranging Baker & Hostetler’s 83k SF relocation to 45 Rockefeller Plaza and Anderson Tax’s 40k SF lease for its HQ at 1177 Sixth Ave.
***
Brad Weber has joined B2R Finance as chief accounting officer. Brad comes to B2R from Bank of America, where he served as controller. Prior to BofA, Brad was a senior manager and engagement team leader in the consumer finance group at PricewaterhouseCoopers.
CBRE has promoted Daniel Brandel of its Long Island office to First VP. Daniel was a 2012 Commercial Industrial Brokers Society of Long Island “Rising Star” and is a current member of CIBS.
SALES
Merchant Hospitality sold five adjacent lots on the UES to Omega Healthcare Investors for $109M. 1802-1810 Second Ave and 303-305 E 93rd St come with 213k SF of development rights. EPIC Commercial Realty’s Ido Tzaidi repped the buyer and seller. Besen & Associates' Michael Besen and Rolfe Haas repped the sellers in a separate transaction.
***
A private investor has picked up a 14-building, 176-unit multifamily portfolio in Morningside Heights and southern Harlem, for $58M. The buildings come to around 150k SF altogether. Eastern Consolidated’s Matthew Sparks repped the buyer and the sellers, Morningside Partners I LP and 9-11 CPN LLC. Eastern’s Wade Hazelton served as an analyst on the deal.
***
Two contiguous mixed-use buildings at 1703-1705 Second Ave totaling 15,350 SF have sold for $22.5M. Cushman & Wakefield’s Thomas Gammino Jr. brokered the sale.
BEB Real Estate closed on the buy of a 42k SF parking garage at 27-28 Thomson Ave in LIC, for $7.2M. The seller was repped by Cushman & Wakefield. The buyer was repped by Northeast Equity.
LEASES
KCG Holdings signed a 15-year, 169k SF lease at 300 Vesey St. JLL’s Derek Trulson and Michael Shenot repped both the tenant and the landlord, Brookfield Properties.
***
Anomaly Partners signed a five-year, 18k SF expansion lease at 530-536 Broadway. CBRE’s Stuart Eisenkraft, Frederick Fackelmayer and Ben Friedland repped the tenant. Thor Equities’ Adam Rappaport repped the landlord in-house.
***
Preferred Concepts signed a 13k SF lease at 14 Wall St. CBRE’s John Isaacs and Gerry Miovski repped the tenant. CBRE’s Jonathan Cope, Brad Gerla and Zakery Snider repped the landlord.
***
SLSCO signed an 8k SF lease at Edgewater Plaza, a Class-A office property on Staten Island. Gateway Arms Realty’s Robert Fitzsimmons repped the tenant. Colliers’ Richard Madison repped the ownership, Edgewater Plaza Loft LLC.
***
Kings County Distillery signed a 9k SF lease at 173 Cook St in Brooklyn. KCD already occupies 15k SF at the Brooklyn Navy Yard, and will open a second location at the Yorkshire Properties-owned building. Kalmon Dolgin Affiliates’ Jacques Wadler and Vincent Lopez repped KCD, and Denham Wolf’s Lauren Davis and Stephen Powers repped Doe Fund, the property’s master tenant. The landlord self-repped.
***
Staten Island Performing Provider System signed a 6k SF lease at Edgewater Plaza. Colliers’ Darren Leiderman repped the tenant. Colliers’ Richard Madison repped the ownership.
***
Timehop signed an expansion lease at 401 Broadway, bringing its total footprint in the building to 4,142 SF. ABS Partners’ Alan Friedman and Charles Conwell repped the tenant. The landlord, 401 Broadway LLC, was repped in-house.
***
Ricky’s signed a 2,400 SF lease at 7 East 14th St. Winnick Realty’s Steven Baker and Aaron Fishbein repped the landlord, TF Cornerstone.
***
Juice Generation signed a 1,500 SF lease at 1 Maiden Lane. The store opens Wednesday, Aug. 12. Newmark Grubb Knight Frank’s Benjamin Birnbaum repped Juice Generation. Winnick Realty Group’s Steven Baker and Aaron Fishbein repped the landlord, TF Cornerstone.
***
Caffé Bene signed a 10-year, 800 SF lease at 24 St. Marks Pl in the East Village. Eastern Consolidated’s Ravi Idnani repped the tenant, and Eastern’s James Famularo repped the ownership, Beane Realty.
FINANCING
Avery Hall Investments and ARIA Development Group landed a $34.2M construction loan from JP Morgan Chase for a 30-unit condo project at 472 Atlantic Ave in Brooklyn.
***
Wells Fargo closed on a $28.5M refi on 211 Mount Airy Rd, a 305k SF Class-A office property in Basking Ridge, NJ. Rudenstein Partners was the borrower. The term of the loan is five years.
