The Deal Sheet
DEVELOPMENT
Zeckendorf Development, Eyal Ofer’s Global Holdings, and Rafael and Ezra Nasser’s Park Sixty LLC will build a 51-story, 31-unit residential tower at 520 Park Ave at 60th Street, designed by Robert A.M. Stern. It’ll deliver in 2017.
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HAP Investments is in contract to purchase Jersey City’s 500 Summit Ave at Journal Square, where it’ll build a 1M SF, 42-story office building for $400M.
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Savanna, the Silvermintz family, and Jamie Weiner will develop a nine-story, 160k SF office and gallery at 540 W 26th St on land owned by the Sivermintzes. Groundbreaking is expected this summer.
FINANCING
The Singer & Bassuk Org arranged $300M in permanent financing from Prudential and AXA for TF Cornerstone’s 4545 Center Blvd in LIC.
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Mission Capital Advisors’ Jason Cohen, Ari Hirt, Steven Buchwald, and Jamie Matheny arranged $95M in construction financing from an off-shore lender for Property Markets Group and Madison Equities. They’ll develop 19 condos across 16 stories, as well as four five-floor townhomes and a parking garage, at 10 Sullivan St.
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Time Equities’ Stuart Bruck arranged three loans totaling $91.5M for several office condos. The deals went to separate lenders to take advantage of tenant’s varying credit ratings and lease terms. He also put together a $12.7M loan from a New Jersey bank for a 42-unit, fully-occupied building in Great Neck.
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GCP Capital Group’s Adam Brostovski put together $46.3M for 521 apartments and one store across 12 Bronx buildings. His colleague Adam Hakim arranged a $10M bridge loan for the purchase and ground-up construction of a condo and retail building near the High Line.
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Meridian Capital Group’s Jacob Schmuckler, Abe Hirsch, and Zev Karpel negotiated a five-year, $33.2M acquisition loan from a balance-sheet lender for Waterton Associates and Clal Insurance to buy the new, 100-unit Infinity Apartments at 340-342 Old River Rd in Edgewater, NJ.
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HFF’s Michael Gigliotti negotiated a $20M refi from New York Community Bank for Tritec’s three-property suburban office portfolio in Hauppauge. The 85k SF 49 Wireless Blvd is 83% leased and the 60k SF 125 Kennedy Dr and 30k SF 50 Engineers Rd are 100% leased.
LEASING
Chesapeake Pharmaceuticals, repped by NGKF, took 60k SF in Long Island Industrial’s 325 Duffy Ave in Hicksville, relocating its HQ from Hauppauge. Tommy Tsiolis repped the landlord internally.
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Bactolac Pharmaceuticals renewed 20k SF in Rechler's 73 Oser Ave warehouse in Hauppauge for five years. Ted Trias repped the landlord internally.
LEASING (continued)
The Berger Organization’s Brendan Berger repped his company and the other owners of Newark’s 570 Broad in signing Programs for Parents for 22k SF, McElroy Deutsch Mulvaney & Carpenter (repped by The Garibaldi Group’s Peter Blanchard and Lee Barnes) to 19k SF, and Health Republic Insurance of New Jersey (repped by C&W’s Harlan Hollander) to 12k SF.
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Sunrise Cooperative (52 automotive businesses) leased 80k SF of warehouse space (the former home of Manhattan Beer Distributors) in 1080 Leggett Ave in the Bronx’s Hunts Point, relocating from Queens' to-be-redeveloped Willets Point. NAI Friedland’s Ross Schneiderman, Atanu Bhattacharjee, and Steve Kornspun arranged the deal.
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Global Experience Specialists—repped by its own Britt Casey and C&W’s Stephen Elman, Jules Nissim, and Stan Danzig—leased 75k SF in Clifton, NJ’s 203 Kuller Rd multi-tenant warehouse. CBRE’s Noah Balanoff and Tom Monahan repped the landlord, Prologis.
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Kanematsu USA leased 11k SF in 500 Fifth Ave at 42nd Street and Bryant Park. C&W’s Harry Blair and Sean Kearns repped the landlord, and Studley’s Michael Goldman, Joseph Messina, and Key Otomo repped Kanematsu.
SALES
Highcap Group’s Christen Portelli arranged the $42M sale of the vacant, 60k SF 396-398 Broadway at the corner of Walker Street.
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Argo Real Estate and Alpine Development sold Hoboken’s fully leased, 59-unit Artisan apartments at 1400 Clinton St and 1440 Grand St for $33.6M. LaSalle Investment Management bought it in an off-market deal. The 102k SF are spread across two four-story towers atop a two-story retail base.
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American Real Estate Partners and Siguler Guff & Co acquired the 341k SF, Class-A office complex at 1700, 1750, and 1800 Merrill Lynch Dr in Hopewell, NJ, for $28.6M. They were part of the Bank of America Hopewell Campus developed in 2000, but B of A’s private wealth management and investment banking divisions will vacate the buildings at the end of 2014.
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The Howard Hughes Corp has proposed to buy 80 South St near its redevelopment of Pier 17 in the South Street Seaport district.
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A pair of retail condos leased long term to Equinox and totaling 47k SF at 817 Lexington Ave at 63rd St, a Landmarked condo building known as Barbizon/63, sold for $48.2M. Equinox subleases a portion to SoulCycle. Massey Knakal’s Bob Knakal and Clint Olsen arranged the deal. Their colleagues Brock Emmetsberger and Paul Massey arranged the $16.8M sale of two apartment buildings totaling 20k SF and 23 units at 222-224 W 21st St. And James Nelson, Michael DeCheser, and Robert Burton handled the $16.1M sale of 45 Orchard St between Hester and Grand, a beneficiary of the Essex Crossing project. The 13-unit apartment building and one store total 16k SF.
