If you don't see images, click here to view
Story Ideas  .  Events 
 
To ensure delivery, please add newsletter@bisnow.com to your address book, learn how
Real Estate Bisnow
Real Estate | Legal | The Scene
Washington | New York | Chicago | Dallas-Fort Worth | Houston | Boston | Atlanta | Los Angeles | South Florida | Baltimore | National
   
January 10, 2011 
 
 
BIG GREEN SPENDER;
THE DEAL SHEET

Just added to our Bisnow Multifamily Summit: Abacus Capital Group prez Benjamin Friedman and Prudential Douglas Elliman CEO Dottie Herman. Join us Jan. 28 at the NY Bar Association. Early bird pricing available now!

 
SL Green’s dishing out the green, purchasing City Investment Fund’s 49.9% interest in 521 Fifth Ave and assuming full ownership of the building.
 
521 Fifth Ave, New York, NY
Although an acquisition price was not disclosed, the transaction values the consolidated interests at nearly $246M. SL Green bought the 490k SF building with CIF in ’06, and the partners subsequently invested $27M to reposition the asset, including improving the building’s infrastructure and curb appeal, and adding of a big block retail space on Fifth Avenue. One of the property’s most recent leasing successes was the addition of Urban Outfitters. This was only one building in the JV platform; the firms also partnered for 19 W 44th St and 485 Lexington Ave.

Bisnow
ESB Takes 40M Fewer Cab Rides
 
Empire State Building, New York, NY
One of the world’s most famous office buildings just got a lot greener: The Empire State Building is now NYC’s largest commercial purchaser of 100% renewable energy. The iconic tower is purchasing 100% wind power from Green Mountain Energy Co, a retail provider of cleaner energy and carbon offset solutions. The two-year contract calls for nearly 55M kWh of renewable energy annually, which will avoid nearly 100M lbs of carbon dioxide emissions each year. Can’t wrap your head around that? It’s equivalent to nearly every house in the state shutting the lights off for a week, taking 40M fewer cab rides, or planting 150k trees. Malkin Holdings prez Tony Malkin says the clean energy, paired with the building’s nearly 40% reduced consumption of watts and BTUs, will give it a competitive advantage in attracting best-credit tenants.
Sales Transactions

AvalonBay purchased the 776-unit Fox Run Apartments in Plainsboro, NJ from Angelo Gordon & Co and Vantage Properties for $86.5M, and assumed existing financing on the property. Holliday Fenoglio Fowler’s Jose Cruz, Andrew Scandalios, Jeffrey Julien, and Kevin O’Hearn repped the seller, while Jose and HFF’s John Taylor worked on behalf of the buyer to secure a $10M, fixed-rate securitized acquisition loan through PNC Real Estate.

Lease Transactions

Tzell Travel inked a long-term, 64k SF renewal and expansion at 119 W 40th St, taking an additional 16,154 SF (the 12th floor). The entire footprint (12th through 15th floors, penthouse, and basement) will also undergo workspace improvements, with the added floor scheduled for occupancy in spring. Colliers International’s Mark Jaccom, Robert Tunis, and Howard Cross repped the tenant, while Cushman & Wakefield’s Tara Stacom and David Green repped the owner.

***

Those holiday sales must’ve been good. Macy’s signed a 56,242k SF lease expansion at 1440 Broadway for its corporate office space, where it’s expanded its footprint by 130% over the past eight years. The new long-term lease brings its occupancy to over 161k SF in the building. CBRE’s Scott Gottlieb and Michael Laginestra repped the tenant, while Jordan Berger repped owner Monday Properties in-house.

***

Prime Focus North America is putting its focus on the Hudson Square neighborhood, taking a 10-year, 13,300 SF lease at 345 Hudson St for its NYC offices. CBRE’s Clyde Reetz repped the tenant, while Tom Lynch repped owner Trinity Real Estate in-house.

***

Chase is banking on 386 Park Ave South again, signing a 11-year renewal for its 12k retail space, where it’s been since 1970. Cushman & Wakefield’s David Green and Steven Soutendijk repped the tenant, while Jordan Berger repped owner Monday Properties in-house.

***

Larken Associates reported 12k SF of leases in two of its Somerset County, NJ properties. Hillsborough Business Center saw Allstate Insurance Co’s 2,270 SF lease, Contemporary Landscape Concepts’ 2,270 SF lease, Cabro Construction Corp’s 1,500 SF lease, and Boenn Technologies’ 2,326 SF lease. Kingsbridge Center on South Branch Rd saw Grab ‘Em Snacks’ 1,969 SF lease and Wellcard Family Practice MD’s 1,839 SF lease.

***

530 Seventh Ave saw five fashion showroom leases: Lands’ End’s 1,900 SF lease (tenant rep: CBC Hunter Realty’s Francine Oro; landlord rep: Savitt Partners’ Bob Savitt, Marc Schoen, and Michael Schoen); Cotton Emporium’s 1,400 SF lease (tenant rep: The Copelman Org’s Misha Copelman; landlord rep: Schoen and Schoen); Prep Showroom’s 1,700 SF renewal and extension (brokers: Schoen and Schoen); B&Y Fashions’ 1,700 SF lease (tenant rep: ID Real Estate Partners’ Richard Price; landlord rep: Marc Schoen); and Shazdeh Fashions’ 1,700 SF lease (tenant rep: Savitt’s Ed Eckstein; landlord rep: Marc Schoen).

***

Six new tenants totaling 6,727 SF are now dressing up the Fashion Accessories Building at 10 W 33rd St, including Alliance Wholesale Corp’s three-year, 2,350 SF lease and S. Fielding Accessories’ four-year, 1,404 SF lease. Adams & Co’s David Levy repped both the tenants and landlord, Ten West Thirty Third Associates, in each deal.

***

New York Ink inked (perhaps with some flowers, a skull, or a Celtic knot) a 6,000 SF lease at 43 Wooster St for a new tattoo parlor. The new space will serve as the location for a spin-off of the reality TV series “Miami Ink.” It’s scheduled to open in March. Metropolitan Property Group’s Isaac Kashanian repped tenant Ami James and Original Media, while Robert K. Futterman & Associates’ Brandon Singer repped owner 43 Wooster LLC.

***

Batteries Plus is inserting itself into 1,650 SF at 513 Route 22 in North Plainfield, NJ. Levin Management Corp’s Jake Frantzman repped the owner.

Financing

Meridian Capital Group arranged mortgages totaling $91M, including: $38.5M for a six-building, 405-unit multifamily portfolio in Brooklyn (arranged by Carol Shelby); $20M for a 325-unit, 32-story co-op building on E 93rd St (arranged by Steve Geller and Nicoletta Pagnotta); a new package totaling $10.2M on a four-building, 213-unit multifamily portfolio in New York (arranged by Jeffrey Weinberg and Moshe Majeski); $10M for a 10-story multifamily building on E 12th St (arranged by Scott Assouline and Jacob Nefoussi); $7.2M for a 111-unit multifamily building on 89th Ave in Jamaica (arranged by Jeffrey Weinberg and Mindy Bergman); and $4.9M for a 27-unit mixed-use building on Sullivan St (arranged by Carol Shelby and Dani Sabesan).

***

NCB FSB arranged $84M in financing for 25 New York-area properties including: a $15M first mortgage and $290k line of credit for The Armory Owners Corp, a 159-unit co-op at 529 W 42nd St (arranged by Edward Howe III); a $6M first mortgage and $1M line of credit for Park Briar Owners, a 160-unit co-op at 110-45 Queens Blvd in Forest Hills (arranged by Sheldon Gartenstein); and a $2.9M first mortgage for a 62-unit co-op at 55 Lenox Rd in Rockville Centre, Long Island (arranged by Mindy Goldstein).

***

Holliday Fenoglio Fowler’s Dallas office arranged $63.5M in financing on behalf of Inland Western for three retail properties, one of which is the 158k SF Lowe’s and Bed Bath & Beyond at 1210 Route 23 North in Butler, NJ (the other two properties are in Mass. and Penn.). The firm’s Kevin MacKenzie, John Taylor, and Anthony Cutone placed a blanket mortgage loan with New York life Insurance Co for five years on behalf of the borrower.

***

Savanna and Monday Properties closed on a $58M loan for 386 Park Avenue South. The loan, which was provided by PCCP, will finance a broad capital improvement plan that includes new windows, new elevator cabs, new common corridors, renovated restrooms, and updated building systems. Eastdil Secured’s Adam Spies repped the ownership in the financing.

***

GCP Capital Group arranged $25M in mortgage financing including: $9.8M for four adjacent six-story walk-ups containing 120 units on E 101 St (arranged by Matthew Albano); $7.3M for a 77k SF shopping center on Bruckner Blvd in the Bronx (arranged by Louis Perlmutter); $4M for a five-story condo unit totaling 10,884 SF on Spring St (arranged by David Sessa); and $3.8M for a seven-story elevatored co-op building containing 61 units in Great Neck, Long Island (arranged by Paul Greenbaum).

***

Deutsche Bank Berkshire Mortgage provided a $24.7M loan for the refinancing of three assisted living facilities owned by Spring Hills, with one located in Morristown, NJ (the other two are in Orlando). DBBM financed the property using HUD’s 232/223 (f) LEAN program, which streamlines the application process for the refinancing and acquisition of seniors housing properties. The loan has a 3.65% interest rate, and fully amortizes over 35 years.

***

Thomas Funding Group arranged a $5.3M underlying co-op mortgage for a 166-unit, 18-story co-op in Murray Hill, Manhattan.

***

The Community Preservation Corp and the NYC Department of Housing Preservation and Development provided a $1.4M permanent loan to rehab of a 12-unit rental apartment building at 1187 Clay Ave in the Bronx. The partnership had previously financed three additional renovations on the same block. The borrower was Sandra Erickson.

Business

Stalco International Group, an affiliate of Stalco Construction, partnered with Varco Pruden Buildings, a division of BlueScope Buildings North America, to provide complete design, engineering, pricing, and construction services to developers and architects of commercial, office, institutional, public, and industrial buildings throughout the US, with a focus on the Northeast.

Executive Moves

Peter Ruggiero joined NAI Global as managing director of Global Capital Markets, responsible for aggressively expanding and managing capital markets activity across NAI’s worldwide platform, as well as assist clients in acquisitions, dispositions, debt, equity financing, and asset management. He was previously with Cassidy Turley and held positions at Colliers International and Prudential Real Estate Investors.

***

Hank Walker joined UGL Services as SVP. He’s a tenant rep who previously was with Grubb & Ellis, and also held a position at Tishman Realty. He’s a Boston University grad.

***

KC Patel joined Holliday Fenoglio Fowler as director in its New York office, focusing on institutional grade hotel and resort property transactions throughout North America. Previously, he was with JPMorgan, and held positions at Jones Lang LaSalle Hotels, Boutique Hotel Group, and Novantas. He’s a Cornell grad.

***

Dennis McIntosh joined US Energy Group as CFO. His previous experience includes positions at Altruik, SBLI Mutual Life Insurance Co, and Ernst & Young.

***

Colliers International promoted Joseph Caridi to COO of the NY Tri-State region. He joined the firm in ’08 and is responsible for day-to-day operations, expanding services lines, recruiting, negotiating corporate acquisition, and creating new offices. He’s a City of New York School of Law and NYIT grad.

***

Robert K. Futterman & Associates promoted Beth Rosen to managing director. She’s been with the firm since ’01, and has worked with landlord and retail tenants throughout Manhattan including Tumi, Diesel, Free People, and Anthropologie. She’s a graduate of the University of Wisconsin.

 
Deal or no deal, Bisnow wants to know what you’re up to. Send transactions, story ideas, and event invites to amanda@bisnow.com
Follow us on Facebook
 
 
 
 
REBNY Jan Banquet NYRE
 
 
G&S 2nd Nature2 NYRE
 
 
Bisnow (DC Summit)
 
 
Renaissance_National
 
 
Bisnow Advertise 2 update
 
 
American Airlines DC ATL
 
 
Microsoft (Share)
 
 
BMS (Green) DCRE
 
Advertise
 
 
CONTACT EDITORIAL                             CONTACT ADVERTISING                              CONTACT GENERAL INFO

 

This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2010, Bisnow on Business, Inc., 1817 M St., NW, Washington, DC 20036. All rights reserved.

Real Estate Bisnow Sent Using iContact