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 | Tech/Fed IT | Association/Non-Profit | The Scene
Washington | New York | Chicago | Dallas-Fort Worth | Houston | Boston
January 5, 2010 
Monday (386 Park) - left
Breaking News: $475 Million Refi for SL Green; The Deal Sheet

This morning, SL Green announced it secured a $475 million refinancing for 1515 Broadway in Times Square. Known to some as Viacom's HQ, to others as home to the Minskoff Theatre, the building's former $625 million mortgage was due Nov. 10, replaced now by longer-term financing.

The new five-year, floating rate mortgage was provided by a syndicate led by The Bank of China that included DekaBank and Landesbank Baden-Wurttemberg. An SL Green/SITQ jv acquired the building in '02 and is on the tail end of a $40M capital improvement. CB's Rob Martin and Deutsche Bank’s Commercial Real Estate Restructuring Advisory practice acted as advisors for SL Green

Real estate pros are slowly adapting to the new residential market, with 4Q a continuation of 3Q’s increased sales activity, declining inventory, and price stabilization. These findings are from Prudential Douglas Elliman’s quarterly analysis, prepared by Miller Samuel’s Jonathan Miller, who says future conditions will be determined by unemployment declines, shadow inventory resolution, and consumer access to credit. Average sale price was down 12.7% to $1.3M year-over-year, although price PSF was up 18.1% to $1,176 from 3Q. Listing inventory declined, while days on market are up to 204 days, up from 159 days this time last year.
Colliers International and FirstService Real Estate Advisors, an autonomous subsidiary of FirstService Corp, are combining their operations and global real estate services platforms. The combined entity will assume FirstService REA’s operating and partnership model and operate as Colliers International in 61 countries worldwide. Douglas Frye is the chairman and CEO of Colliers International, while Dylan Taylor will become president and CEO of Colliers International in the US

Sales Transactions

In one of the largest NJ industrial investment sales of ’09, Cabot Properties purchased a 826k-SF fully leased portfolio, located at NJT Exit 8A, from TIAA-CREF. Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Jose Cruz, Kevin O’Hearn, Frank Caccavo, Jason Goldman, and Andrew Siemsen orchestrated the deal. Tenants include Wicked Fashions, Staples, and Tyler Distribution Centers.


ASH Realty Associates purchased the 55.4k-SF 50 E. Industrial Rd. in Branford, Conn. from Alliance Commercial Partners for $4.1M. CB Richard Ellis’ Elli Klapper, Pat Mulready, Tim Fegan, and John McCormick represented the seller and procured the buyer.


1642-1646 Pitkin Ave, Brooklyn, also known as 79-93 Bristol St, sold. The 43.2k-SF building includes 40 apartments, two retail tenants including a McDonald’s, and cell antennas. Highcap Group’s Christen Portelli represented both the seller and buyer, and the property sold for a cap rate slightly north of 8%.

Lease Transactions

Crystal Lake Holdings inked a 15-year, 37.5k-SF lease at The Brooklyn Army Terminal, 140 58th St. in Sunset Park. Twill Realty represented the tenant, while Lee Winter represented landlord NYC Economic Development Corp. in-house.


Alan Schatzberg & Associates signed a long-term, 7.2k-SF industrial lease at 45 Ruta Court in South Hackensack, NJ. NAI James E. Hanson’s Scott Perkins represented the tenant.


Siemens Enterprise Communications signed a five-year, 5.1k-SF lease at 545 Madison Ave. Newmark Knight Frank’s Derek Myers represented the tenant, while Jones Lang LaSalle’s Lisa Kiell, Frank Doyle, David Kleiner, and Andrew Flint represented owner LCOR.


Wendy’s inked a 10-year, 3.4k-SF lease at 291 Livingston St. in Brooklyn, opening last week. Pliskin Realty represented the tenant, while CPEX’s Timothy King, Eric Altschul, and Ryan Condren represented the landlord.


Vitality Pizza signed a 10-year, 1k-SF lease for the northeast corner of E. 31st St. and Third Ave. Working Realty’s Josh Prottas repped the landlord, Kips Bay Joint Venture. Asking rent was $168 PSF.

Exec Moves

Deborah VanAmerongen, who is currently commissioner of the NYS Division of Housing and Community Renewal, is joining Nixon Peabody as strategic policy adviser, starting February 1. She will be based in the law firm’s NYC office, and will work closely with the attorneys in the firm’s affordable housing practice. Previous to serving as commissioner, she was director of multifamily housing for the U.S. Department of Housing and Urban Development’s NYC region. She is a graduate of Utica and Rockefeller Colleges.


January 12 - REBNY Commercial Seminar 8am-10am - 570 Lexington Avenue - REBNY Mendik Education Center - Registration Required; members only


Deal or no deal, Bisnow wants to find out what you’re up to. Send transactions, story ideas and event invites to amanda@bisnow.com

Follow us on Facebook
Monday (386 Park) - Bette
Lexden (Yellow Box)
Note Auction
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. ? 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW Washington, DC 20036. All rights reserved.

Real Estate Bisnow Sent Using iContact