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January 21, 2009 
 
       
 
Monday Properties
 

DEAL SHEET


You loyal readers know we normally have lots of pictures and fun personality stuff, but we're thinking that once a week we should also provide a convenient, if drier, summary of actual business being done. We're dubbing it the Deal Sheet and trying it out. Like it? Pro or con reaction welcome:  ReaderFeedback@Bisnow.com.

 

Financing:

The New York and Hartford offices of Holliday Fenoglio Fowler arranged a $94M refinancing for Riverbank West, a 44-story, 97%-leased luxury multifamily building at 560 West 43rd St. It has 418 units, 26k SF of retail and an 84-space underground parking garage. HFF's Mike Tepedino, Dana Brome, Joe Morningstar and Andrew Scandalios worked on behalf of the borrower, advised by Cornerstone Real Estate Advisors, a subsidiary of MassMutual.

Lease Transactions:

Urban Outfitters signed a 20-year, all-cash triple net lease to occupy the 15k-SF Metro Theater at 2626 Broadway. In turn, Eastern Consolidated's Peter Hauspurg, Jeffrey Troy, Peter Carillo, and Paul Nigido are marketing the property for an $11.5M all-cash price.

***

Hardware and houseware distributor Howard Berger Co. signed a 237k-SF lease at 324 Half Acre Road in Cranbury, NJ. CB Richard Ellis' Scott Belfer, Stacey Weinberg, Mindy Lissner, Lou Belfer, and Brittany Smith brokered the transaction.

***

St. Mary's Hospital for Children signed a long-term, 25.5k-SF lease at 5 Dakota Drive in Lake Success, Long Island, as part of a consolidation effort. Cushman & Wakefield's David Leviton, Robert Kuppersmith, and Marisa Karmitz represented the tenant, while Andy Newman represented landlord We're Associates internally.

***

The Bank of Communications renewed its 22k-SF lease at 55 Broadway for 10 years at $50 PSF. Project Vision Group's Doris Pokras represented the tenant, while Daniel Blanco, David Israni, and Mona Heugel represented landlord Broad Street Development in-house.

***

Lighthouse Financial Group expanded by 12k SF and simultaneously extended its term for a total commitment of 17k SF at 420 Lexington Ave. SL Green's Ashley Gee acted on behalf of both the landlord and tenant in the transaction.

***

The American Lung Association inked a long-term lease for 9k-SF on the eighth floor of 14 Wall Street to relocation from 61 Broadway. Studley's Jarod Stern represented the tenant, while CB Richard Ellis' Brad Gerla represented landlord Capstone Equities. Eaton & Van Winkle's Robert Churchill and Robert Swetnick were the attorneys for the association, while Jonathan Scheinberg acted in-house for Capstone.

***

National Promotions Associated signed a six-year, 5,594-SF lease at 49 West 23rd St. for its general and executive offices. Bernstein Real Estate's Paula Chait represented the tenant, while Adams & Co.'s James Buslik and Alan Bonnet represented the landlord. The lease details were not released, but the asking price was $39 PSF.

***

Online media services firm Exponential Interactive doubled its space at 1359 Broadway with a new unit totaling 5k-SF on the 15th Floor. NAI New York City's Kyle Miller represented the tenant. Newmark Knight Frank's Michael Frantz and Brian Waterman represented landlord W&H Properties.

***

My Gym Children's Fitness Center inked a lease for 2,500-SF at 1135 Second Ave. Newmark Knight Frank's Jason Prueger represented the tenant, while Robert K. Futterman & Associates' Brett Weinblatt represent landlord Atlantic Development Group.

***

Deejay John "Jellybean" Benitez signed a five-year, 2,350-SF sublease at 220 E. 23rd St. for office space. Adams & Co.'s Joseph Friedman represented the tenant, while Newmark Knight Frank's Ronald Zimmerman represented the landlord. The lease details were not released, but the asking price was $38 PSF.

Sales Transactions:

CB Richard Ellis Investors purchased a three-building portfolio of Class A office buildings on behalf of its Strategic Partners US Value 5 fund. The transaction included the 422k-SF, 72%-occupied Metropolitan Center at One Meadowlands Plaza in East Rutherford, NJ, which has a 4,500-SF cafeteria, 1,450 parking spots, a newly designed fitness centered and shuttle service to the Secaucus/Allied Junction transfer station. The other buildings were 500 North Brand in Glendale, Cal. and Esperante at 222 Lakeview Ave. in West Palm Beach, Fla. All three buildings will be fully modernized through an extensive capital campaign.

***

Massey Knakal's James Nelson, Brendan Gotch, Billy Simons, and Rich D'Andrea, with the assistance of Joe Sitt and John Ciraulo, sold three separate East Village properties for an aggregate sale price of $20.8M. An Arun Bhatia-controlled LLC purchased 644 East 14th St., a development site with 36k SF of buildable space for residential or 68k SF for a community center, for $12.3M cash. Stuyvesant Square Brownstone purchased 306 East 15th St., a five-story, 7,425-SF townhouse from an affiliate of Cofinance for $5.2M cash. And an undisclosed buyer, who was represented by Brown Harris Stevens' Felise Gross, purchased the three-family 78 East 2nd St. for $3.3M cash. James also sold a five-story walk-up loft building at 464 Greenwich St. in TriBeCa for $5.5M cash.

***

Massey Knakal also sold three buildings in Brooklyn. An undisclosed buyer purchased a 9,900-SF retail property at 2201 86th St. in Bensonhurst for $5M cash; Jeffrey Shalom was the sole broker. An undisclosed buyer purchased the 6,240-SF multi-family building at 1941 Ocean Ave. in Midwood for $835k cash; Eric Greenfield was the sole broker. And an unclosed buyer purchased a 1,200-SF commercial building at 389 Bond St. in Gowanus for $795k cash; Ken Freeman was the sole broker.

***

Time Equities purchased a 40k-SF parking garage located in Long Island City's Arris Lofts for $4.3M cash. The net-leased garage is located at 27-28 Thomson Ave. and contains 200 parking spaces. Francis Greenburger represented the buyer internally, while Eastern Consolidated's Ronald Solarz and Eric Anton represented seller Tag Court Square.

Business:

NAI Global launched its Commercial Property PowerSale accelerated marketing program to help property owners and financial institutions dispose of troubled real estate assets. Property owners will have the option of selling their properties via live online auctions, sealed bids, or a combination of both, which will include an aggressive marketing campaign with advertising and direct-to-buyer outreach.

***

Real estate owner Bob Savitt launched Savitt Partners, a full-service commercial real estate firm. The firm will continue to oversee the leasing and management of its own assets, as well as brokerage and management services for tenants and owners. The 15-member team includes former Murray Hill Properties exec managing director Michael Dubin and former SL Green VP James Raso.

***

Robert K. Futterman & Associates opened the firm's first New Jersey office, which will be under the leadership of EVP Barry Fishbach. The office will be staffed by managing directors Jerry Rockoff and Alan Retinski, as well as associates Amy Staats and Scott Wesley.

Exec Moves:

WB Engineers | Consultants' Michael Quigley was promoted to principal, his second promotion this year. His projects have included Citibank's "Green to the Core" campaign, which helped new branches in the Northeast achieve LEED certification from the United States Green Building Council. He also served as the project manager for the firm's mission critical work on Verizon FiOS data centers throughout the Northeast. He has been with the firm since graduating from Worcester Polytechnic Institute in 2001.

Deal or no deal, Bisnow wants to hear what's going on. Send story ideas to amanda@bisnow.com

 
 
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