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Bisnow Exclusive: Tribeca Associates To Buy Midtown Office
Auction (Storage) L-NYRE
   
September 16, 2013
 
 

Bisnow Exclusive:
Tribeca Associates To
Buy Midtown Office


On Thursday, we told you about Scott Singer and family's fundraising for the Westchester Walk for Food Allergy, but our link to donate didn't work. We don't want to miss out on an opportunity to help, so, take 2: To donate, click here and enter "Scott Singer" under Search for a Walker!

Mark Gordon couldn't share which building Tribeca Associates' is about to buy, but the past gives us clues what'll happen with the "Class-B office in a Class-A location" in Times Square.

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We snapped Mark in the entrepreneurial local investor's office on Greenwich Street. Tribeca Associates will renovate and reposition the building, much like it did at 170 Broadway, the company's second acquisition (in 2011) after Mark joined in 2010 (the first was 20 53rd St, which became the Baccarat). He tells us 170 Broadway is now empty of office tenants and being transformed into the 243-key Marriott Residence. Tribeca Associates is moving the entrance to Maiden Lane and building a glass box on the first and second floors for a retail flagship (it'll also have some basement space), for which it's talking to an international retailer. The project is a homecoming for Mark, whose first job was managing and leasing 11 Park Place for Williams Real Estate.
CohnReznick (Think) MNY

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Outside, across from Washington Market Park, we snapped Bill Brodksy and Elliott Ingerman, who founded Tribeca Associates in 2000. Mark tells us the Times Square office buy (its sixth in Manhattan) is a JV, which is right out of the firm's playbook. It partnered with Carlyle Group on 170 Broadway, Walton Street on The Smyth Hotel, and Starwood Capital on the 300k SF Baccarat—in which residential will open in summer '14 and the hotel that fall. (The song "You'll Never Walk Alone" is based on its investment strategy.)

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In need of coffee, we asked Mark for a recommendation and found ourselves at Laughing Man around the corner, owned by Hugh Jackman (which is featured in the current issue of Time). Mark says the firm looks at 100 deals for every one it closes and at any time is pursuing five to 10. He still loves hotels, especially adaptive reuse. New builds also are on the table, though he's especially picky about submarkets, considering the longer time to market when starting from scratch.


Midtown South's Own Imminent Deals

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Colliers' Marty Meyer (flanked by colleagues Joe Harbert and Peter Kozel) tells us Midtown South along Seventh Avenue has a few deals moments away from contract, too. Kaufman Org's 198k SF Kaufman Arcade between 35th and 36th streets will sell to entrepreneurial investors, likely for $400/SF to $450/SF. And Chetrit Group is nearing a sale for 500 Seventh Ave. In other Midtown South news, RFR just closed on $100M in financing through Citibank for the 170k SF 160 Fifth.


Savanna's Next Move

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At a Cole Schotz party on the Hotel Giraffe rooftop Thursday night, we snapped Cole Schotz's Rick Abramson, Savanna's Tom Farrell and Kevin Hoo, and Cole Schotz's Jordan Fisch and Leo Leyva. Savanna—whose M.O. is buy, reposition, refinance, lease up, and sell—recently sold 5 Hanover Square (office) and 465 Broadway in SoHo (retail condos), refinanced 1375 Broadway (office) for $145M, and is working on two acquisitions to replenish its pipeline: a retail property and a ground-up development site.

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Brookfield Financial's Eric Anton (right, with Cogswell Realty's Ross Jacobs and Cole Schotz's John Park) tells us his company's quest to up its share of the NY investment sales brokerage market is going well. It's landed several land listings and pitched a $90M office gig on Friday. Ross' firm owns 55 W 125th St and 215 W 125th. He tells us the pair of office buildings totaling 400k SF are close to 100% leased.

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We also snapped this guy, scouting locations for Madagascar 4.


Tech's Flatiron Future

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Even though a flatiron is old technology, the district that shares its name is pushing hard to remain New York's top tech hub. Flatiron District startups attracted $257M in VC from '07 to '11, says ABS partners Ash Zandieh, who's also co-founder of RE:Tech NY. And the neighborhood hosts 10 co-working facilities, including two by one operator, General Assembly. Ash expects coworking space to double there by 2015. Once a company passes eight employees, it's encouraged to move on to bigger spaces, but Ash says some operators are opening larger spaces to help those no-longer-startups stay in the entrepreneurial environment. (Tech people are nicer than we were led to believe. Is it possible The Social Network has some fictionalized parts?)

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At that same event (a Flatiron BID sponsored breakfast Thursday at Almond), we snapped Related's Michael Iannacone. His firm bought the note for the Flatiron's One Madison condos in fall '11. The property emerged from bankruptcy in April '12—record time, he says. (Thank goodness our Breaking Bad torrent is even faster.) Now that it's completed, 53 units—most of them full floor and priced at $10.5M—are available for sale. (Twelve units had been previously sold.) Michael said there are 10k SF of amenities and for 65 units that is another off-the-charts differentiator for the property.The property offers two entrances--a primary one off leafy, residential, 22nd Street and another on 23rd—to allow residents quick access to that corridor's retail, where asking rents are $300/SF, according to the BID.

The kids are in school. Football is on. Long pants are tolerable. Red wine is back in favor. Ah, fall. Email amanda.metcalf@bisnow.com.

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