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Bisnow Exclusive: Tahl Propp Building East Harlem Apartments; The Deal Sheet
Auction (Lompac) NY
   
February 20, 2013
 
 
WorkSpaces (Left2) NYRE

Bisnow Exclusive:
Tahl Propp Building
East Harlem Apartments;
The Deal Sheet


Bisnow has learned that Tahl Propp Equities will begin construction this fall on 126 apartments, 14k SF of retail, and a parking garage on a stalled development site at 121st and Third. Expect 80/20 market-rate and affordable housing, better retail for the neighborhood, and one Tetris piece-shaped building.

1
Tahl Propp Equities prez Joe Tahl told us his firm bought the defaulted note on 2211 Third Ave from New York Community Bank in the summer of 2011. For $6.2M, it acquired a vacant site with as-of-right zoning for $0.35 on the dollar, compared to the $18M in debt and equity the seller had invested. By fall 2014, you'll see a 130k SF building with an attended lobby, tenant rec room, fitness center, bike rooms, outdoor space, and studios to multiple-bedroom units. The market-rate studios likely would bring in $1,700/month, and the affordable units would rent for a third of that. Financing is through FHA.

090308a
Douglas Elliman's Faith Hope Consolo, Joe Aquino, and Arthur Maglio are already marketing the retail space. Faith is excited for a ground-up development in a neighborhood where her team has already planted the IRS, Veterans Affairs, and several banks. What the area needs now, she says, is a good grocery store like Fairway or Trader Joe's (because you can't spell gentrify without k-u-m-q-u-a-t), drugstore, and gym. The neighborhood's existing Key Food, Faith says, doesn't do right by the area.

121808a
Joe (right, whom we snapped with Rodney Propp) tells us Tahl Propp—a long-term holder that owns and operates 3,500 units in Harlem, most of them affordable—is also negotiating with the NYC Department of Housing Preservation & Development to build 200 or 300 affordable units on City-owned land on Park between 107th and 108th; construction is at least two years away. And the firm is in discussions with the NYC Housing Development Corp to preserve Tahl Propp's Harlem units as affordable. Tahl Propp would get tax credits by extending the HUD contracts from a standard five years to 20 or 30.


The Deal Sheet

SALES

Simone Healthcare Development Group acquired the 19k SF Park Avenue Medical Arts Center condo at 62 E 88th for $11.5M. Corcoran Wexler Healthcare Properties' Paul Wexler and CBRE's Edward Midgley, Timothy Sheehan, and Daniel Kaplan repped the seller, S&H 88th Street Associates. Paul also repped the buyer. His firm will lease the to-be-renovated space, which has a separate entrance from the building's 18 residential units.

***

Comcast will buy out GE from their 51/49 JV for $18.1B, including $1.4B from the sale to affiliates of NBCUniversal's space in 30 Rock and in Englewood Cliffs, NJ. GE had reduced its holdings from 80% to 49% in December '09. J.P. Morgan, Weil Gotshal & Manges, Goldman Sachs, Centerview Partners, and CBRE (as well as Tina Fey) advised.

***

AEW Capital's AEW Core Property Trust bought Hoboken's 128-unit Juliana from The Milestone Group and Invesco for $67M. HFF's Jose Cruz, Andrew Scandalios, Kevin O'Hearn, Jeffrey Julien, and Michael Oliver marketed the five-year-old, 95% leased luxury apartments at 600 Jackson St and 601 Harrison St.

***

A private investor counseled by Feinstein Raiss Kelin & Booker's Larry Raiss bought 13 multifamily properties (398 units) in Hudson County, NJ, for $37.6M. Seven were in West New York, five in Union City, and one in North Bergen.

***

The Hampshire Cos sold 269k SF of Meadowlands warehouses at 165 and 205 Chubb Ave in Lyndhurst, NJ, to Seagis Property Group, which was repped by CBRE's Thomas Monahan. The pair of props are 90% occupied.

***

Phillip and Carl DelPrete's R-Best Produce, repped by Feinberg Bros Agency, bought the 160k SF warehouse at 99 Seaview Blvd in Port Washington's Seaview Commerce Center from a buyer repped by JLL's Joseph Lagano II, Douglas Omstrom, and Thomas DiMicelli. R-Best is relocating from the Bronx and will receive a property tax abatement from the Nassau County Industrial Development Agency.

***

Harrjoy Realty Corp sold the 51k SF 281 St. Nicholas Ave at 124th Street to 281 St. Nicholas Partners for $8.1M. It's got 32 apartments and six stores. Cignature Realty Associates' Lazer Sternhell and Peter Vanderpool repped both parties.

LEASES

Flexible workspace provider Regus leased the 55k SF 24th floor of Brookfield Office Properties' 200 Vesey St (formerly 3 World Financial Center) for 16 years. JLL's John Wheeler, Paul Glickman, and Clayton Kline worked with Brookfield's David Cheiken, and CBRE's Scott Sloves repped Regus.

***

Syracuse University, repped by Newmark Grubb Knight Frank prez Jimmy Kuhn, leased the 20k SF second floor of 136 Madison Ave for 10 years. Colliers' Andy Roos and Michael Cohen repped the owner. It'll be a hub for academic programs, internship opps, and other fun stuff in the middle of the bustling and young Midtown South. Syracuse will move in in time for the fall 2013 school term. Jimmy also is chair of the facilities committee for the university's board of trustees and chair of its Whitman School of Management advisory council.

***

AECOM Technology Corp—repped by CBRE's Adam Foster, Fred Facklemeyer, and Michael Scimo—leased 91k SF in Mack-Cali's 125 Broad St and renewed 60k SF and expanded by 11k at Mack-Cali's 30 Knightsbridge Rd in Piscataway, NJ. And Institute for Community Living, repped by JLL's Janet Woods and Ellen Herman, leased 42k SF in 125 Broad.

***

The Bank of Tokyo-Mitsubishi UFJ—repped by Cushman & Wakefield's Curtis Foster, Fred Smith, and James Hewlette—added 21k SF to its 262k SF in Mack Cali's Harborside Financial Center Plaza 3 in Jersey City.

***

Senor Frogs leased 21k SF along 42nd Street in SJP Properties' 11 Times Square, which was repped by RKF's Robert Futterman, Joshua Strauss, and Andrew Connolly. SCG Retail's Jordan Cohn and Bruce Shepard repped the restaurant. Robert, Joshua, and Zach Winkler also placed Off The Wall frozen yogurt in 2,500 SF along 41st Street.

***

Underground Visuals is relocating to 10k SF at 263 W 38th St under a 10-year lease in which Handler Real Estate Org's Peter Newman repped the buyer. That's twice the space the tenant has now at 307 W 38th.

***

Verde, Steinberg & Pontell leased 10k SF at Alfred Sanzari Enterprises' Court Plaza East in Hackensack, relocating from Fort Lee. MRH Real Estate Services' Michael Herman arranged the deal.

***

Manhattan Wardrobe Supply, repped by Colliers' Perry Mesmer, renewed 7,600 SF for seven years at 245 W 29th St. Newmark Grubb Knight Frank's Michael Moorin repped the landlord.

FINANCING

Madison Realty Capital arranged $12.8M for an investor to buy the defaulted note for the 71k SF 3052 Brighton 1st St in Brighton Beach (41 residential units and seven commercial spots).

***

Meridian Capital Group's David Hayum arranged a $46.5M loan for a 152k SF office building on East 45th, a $31.1M loan for 346 apartments across three buildings on Fulton Avenue in Hempstead, and $19.6M for 202 units across three buildings in Jamaica. Colleague Nicoletta Pagnotta negotiated $16.1M for a 330-unit co-op on Tudor City Place, and Cary Pollack arranged $9.3M for 4,200 SF of retail on Madison Avenue.

***

GCP Capital Group's Adam Brostovski arranged a $36.8M loan for 10 multifamily properties (473 units across Upper Manhattan).

***

Eastern Union's Eli Breiner negotiated an $11M refi for a 127-unit multifamily portfolio in the Bronx.

CONSTRUCTION & DEVELOPMENT

Alfa Development topped out its Chelsea Green condos at 151 W 21st St and has sold out the 51 units. Occupancy will come later this year. The firm also will launch construction soon on another Green Collection condo project at 245 W 14th St.

***

Glenco Residential, Mack-Cali subsidiary Roseland, Mirado Properties, and Sharp Management broke ground on the 108-unit luxury apartment building Village of Tuckahoe on Main Street in Westchester County.

It was eerily quiet today. What do you guys have brewing out there? Email amanda.metcalf@bisnow.com.

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