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January 11, 2010 
 
 
 
Monday (386 Park) - left
 
CITY RENEWS 313K SF;
THE DEAL SHEET

Penner, Sonnenblick, and Portner. Three of the country’s leading figures in capital markets take on the topic at our next Bisnow Breakfast & Schmooze: the future of credit, construction financing, and the CMBS market, among other issues. Jan 26, NY Bar Association, crazy low price. See you there!

 
BIG DEAL
Continuing the whopping renewals signed the past few weeks, the City of New York has extended its 313k-SF lease at 60 Broad Street, continuing its tenancy through ‘20. The tenant has occupied twelve floors of the 1M-SF building since 2000. Cogswell Realty’s Arthur Stern, Anthony Stapleton, Eric Sarner, and Ross Jacobs repped owner Piedmont Office Realty Trust.
 
 

Sales Transactions

Urban Farms Acquisition and Two Sunny Hill Associates purchased the Urban Farms Shopping Center in Franklin Lakes, NJ from Franklin Farm Associates for $22.2M. The property includes the 90k-SF shopping center/office, plus a separate 16k-SF office building. The Kislak Co.’s Jeffrey Wiener repped the seller.

***

Massey Knakal sold a 2.8k-SF townhouse at 16 Minetta Lane for $2.1M cash. The property includes a carriage house adjoined to the townhouse by a grand solarium. The firm’s John Ciraulo, James Nelson, and Craig Waggner solely brokered the transaction. (Event planner Robert Isabell, who owned the home, was the brainchild behind 15 Little West 12, which you can read about in this Deal Sheet’s “Construction & Development” section.)

Lease Transactions

Richmond University Medical Center signed a 75k-SF lease at Corporate Commons One, located at West Shore Expressway and I-278 in Staten Island. The Nicotra Group is the landlord.

***

Axis Insurance Co. signed a long-term, 26.6k-SF lease at One University Square in Princeton, NJ. Weichart Commercial Brokerage’s Mario Chiarella and Mark Fowler, along with ICON Commercial Interests’ Jimmy Sanders and Mitch Kahlert, represented the tenant, while FirstService Williams’ Ward Greer represented the owner, RXR Realty.

***

Multi Packaging Solutions signed a seven-year, 4.3k-SF renewal and 8.3k-SF expansion at 150 E. 52nd St. Adams & Co.’s Jeffrey Buslik and David Levy represented the tenant, while Princeton International Properties’ David Tawfik and Robert Benedetto represented the landlord. Although the terms were not disclosed, the asking price was $65 PSF.

***

230 Park saw two deals: James & Co.’s seven-year, 7.2k-SF lease (tenant rep: CBRE’s Matthew McBride) and Capital Link’s seven-year, 2.9k-SF renewal (tenant rep: Cushman & Wakefield’s Mark Lauzon). Both CBRE and Monday Properties brokered the deal on behalf of Monday, 230’s owner.

***

B.R. Guest Restaurants signed a 10k-SF lease at Rockefeller Center for Bill’s Bar and Burger, which will open in May. Tishman Speyer is the landlord.

***

Prager, Sealy & Co. inked a 7.8k-SF lease at One Grand Central Place, relocating from nearby 99 Park Avenue in 2Q10. PBS Real Estate’s John Brod represented the tenant, while Newmark Knight Frank’s Billy Cohen, Alison Coffey, and Ryan Kass represented the landlord, W&H Properties.

***

NAI James E. Hanson’s Dominic Fittizzi brokered two deals: Procopy’s five-year, 3k-SF office and retail lease at 320 W. Passaic St. in Rochelle Park, NJ (owner: Associated Florist Supplies); and Jignesh Patel and Andre Betts’ 3k-SF industrial lease at 73 Trinity Place in Hackensack, NJ (owner: UCS).

 

***

110 W. 40th St. saw six deals, all brokered by Adams & Co.’s David Levy and Michael Greenberg: Hestiun Capital’s five-year, 2k-SF lease (tenant broker: Winoker Realty); Goldstein Co. CPA’s five-year, 1.6k-SF lease; W Design Studio’s three-year, 1k-SF lease; Empire Textile’s five-year, 974-SF lease; Beaders Sportswear’s 498-SF lease, and Terryland Corp.’s 373-SF lease. Although the terms were not disclosed, asking prices ranged from $36-$38 PSF.

***

350 Amsterdam Ave. saw two retail deals: Giggle’s 3k-SF lease and Crumbs Bake Shop’s 1.3k-SF lease. The space is located at the base of The Harrison, a new 126-unit luxury rental condo developed by The Related Cos. Robert K. Futterman & Associates’ Robert Futterman and Peter Whitenack represented Related in both deals. Lansco’s Lisa Rosenthal and The Auber Group’s John Auber repped Giggle, while Newmark Knight Frank Retail’s Jeffrey Roseman, Marc Frankel, and Ben Birnbaum represented Crumbs.

***

Realm Boutique signed a deal for a 3.5k-SF duplex flagship space at 98 Greene St. Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino represented the tenant, while Meisel Realty’s Susan Meisel represented the landlord.

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Elevation Burger signed a 3.2k-SF lease at 103 W. 14th St. in Union Square for its first Manhattan location, anticipated to open in May. Robert K. Futterman & Associates’ Greg Covey represented the tenant, while RKF’s Ariel Schuster, Jonathan Krieger, and Ross Berkowitz, along with Seelig & Fein’s Matthew Kasindorf and Marc Shapiro, represented owner Stonehenge Partners.

***

Tompkins Financial Corp. inked a 10-year, 2.6k-SF lease at Ten Bank Street in White Plains. Rakow Commercial Realty’s Craig Ruoff represented the tenant, while Jeffrey Newman and Kimberly Zaccagnino represented owner Malkin Properties. The space will be built out by Malkin Construction.

***

JNBY signed a 2.3k-SF lease at 75 Greene St. for its first US store. Robert K. Futterman’s Robert Draizen repped the tenant, while Tarter Stats and O’Toole’s Stephen Tarter and Catherine O’Toole represented the landlord.

***

Gourmet LTD inked a long-term, 1.3k-SF lease a 900 Eighth Ave. Winick Realty Group’s Darrell Rubens and Annie Shinn represented both the tenant, and the landlord, The Moinian Group. The restaurant plans to open its third NYC location early this year.

***

Kohl’s Corp. is relocating its NY design office from 1359 Broadway to 1400 Broadway, scheduled to open in June. The new location, owned by W&H Properties, is double the size of its previous office.

Financing

Holliday Fenoglio Fowler’s Boston office arranged a $5.45M refinancing for Town Green at Wilton Center, a 34.7k-SF specialty shopping center in Wilton, Conn. The firm’s Fred Wittmann and Lauren O’Neil worked exclusively on behalf of Boylston Properties Co. to secure the seven-year, fixed-rate loan through the Ocean Bank division of People’s United Bank.

***

Marcus & Millichap Capital Corp.’s Sean Mooney arranged three deals:

  • A $2M fixed-rate loan for the cash-out refinance of a 26-unit multifamily building in the West Farm section of the Bronx; financing was provided by a commercial bank at 6.125%, with a term of five years and 30-year amortization

  • A $1.7M fixed-rate loan for the refinance of a 20-unit multifamily building in the Hunts Point section of the Bronx; financing was provided by a commercial bank at 6.125%, with a term of five years and 30-year amortization

  • A $1M fixed-rate loan for the refinance of a single-tenant, non-investment grade NNN daycare in Bayville, NJ. Along with the firm’s Michael Fasano, he arranged the transaction through a commercial bank at 6.25%; the terms are five-years with 20-year amortization

 

Construction & Development

The $1.5B, 2.2k-unit mixed-income New Domino project in Williamsburg, Brooklyn, which will create 660 units of affordable housing, 99k SF of office, and four acres of public open space, has entered into the formal public review process. The project, which will also preserve the landmark refinery complex and 40-foot high Domino Sugar sign, is being sponsored by The Refinery LLC, and the Community Preservation Corp. development arm CPC Resources. The architects are Rafael Viñoly Architects, Beyer Blinder Belle, and Quennell Rothschild and Partners. Groundbreaking is expected in ’11, phased over a 10-year period.

***

15 Little West 12, an 80k-SF office and retail development, opened. The building was the brainchild of late celebrity party planner Robert Isabell, and was constructed by Taconic Investment Partners and Square Mile Capital Management. The five-story building includes four full-floor office spaces and ground floor retail, being marketed respectively by Newmark Knight Frank and Robert K. Futterman & Associates. It’s expected to receive its temporary CO this month, with occupancy slated for spring.

***

The Hampshire Cos. broke ground on The Madison Professional Center, a 20k-SF building targeted toward medical offices, located at 345 Main St. in Madison, NJ. The site was home to the former 13.1k-SF Mayflower warehouse. The building is slated for completion in June, and CB Richard Ellis’ Jeff Heller and Peter Hedley will lease the space.

Business

Cassidy Turley, made up of entities in NY, Baltimore, St. Louis, LA, SF, and Phoenix will launch in March. Cassidy CEO Joe Stettinius in DC becomes president. He says the combination creates a new “national boutique” that combines the best of local nimbleness and culture with a multi-city platform for complex assignments. Turley is well known in the Midwest, and both it and Cassidy were chosen as the surviving names, Joe says, because they didn’t want a name of any active person: "It's about everyone on our team." They’ll have 2800 employees, but Joe points out it’s still small compared to the JLL’s and CB’s of the world.

***

Net lease brokerage firm Stan Johnson Co. is looking to expand into four or five new offices, including New York. Executive managing director of business development Daniel Herrold will be leading the regional expansion.

Executive Moves

Grubb & Ellis promoted Shawn Mobley to president of brokerage services. In the newly created position, he'll be responsible for the day-to-day operations of Grubb’s Chicago office and will oversee the Central and Northeast regions, including NY and NJ. He was previously responsible for the Midwest region, and also served as managing director of the Chicago office. He is a graduate of the University of Arizona and the University of Chicago.


Ed Linde.
 
The real estate community mourns the loss on Sunday of Boston Properties co-founder and CEO Ed Linde, who helped build one of the iconic companies in the industry since its founding in 1970. Mort Zuckerman assumes the CEO role. We express our heartfelt condolences.

UPCOMING EVENTS
 

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

January 26 - Bisnow Breakfast & Schmooze - Capital Markets -Penner, Sonnenblick, and Portner talk the future of credit, construction financing, and the CMBS market, among other issues. NY Bar Association, crazy low price. Info

 

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

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