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December 23, 2008
 
       
 

HOLIDAY DEALS!


 

No, you’re not going to find sales on Nintendo Wii in here. But we will leave you with some of the good things that happened in December around the New York metro area. Happy holidays from Bisnow!

Construction & Development

Serota Properties proposed a $300M mixed-use development on 135 acres at the corner of Sunrise and Veterans Memorial highways in the Town of Islip. Called Islip Pines, it will include 200 residential units; retail, including a multiplex movie theater; 50% in industrial development; and a Class A corporate complex. It will also incorporate energy conservation technology and a spacious green belt.

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Roseland Properties and Garden State Developers broke ground on the $210M Monaco Towers at Washington Boulevard and Thomas Gangemi Drive in Jersey City. The project will consist of two towers, 524 residential units, 11k SF of ground-floor retail and create more than 400 construction jobs. Additionally, the project will provide $700k to the city’s Affordable Housing Trust Fund.

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Becker + Becker broke ground on the $180M 360 State Street development in New Haven, Conn., the redevelopment of the former Shartenberg Department Store. The 700k-SF project will include 500 apartment units, a grocery store, other retail, a parking garage, and an early childhood center. The project will be managed by Suffolk Construction Co. It will be the first LEED Silver residential project in Connecticut and the largest residential building ever built in the state upon its Fall 2010 completion.

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Montroy Andersen DeMarco has completed the $28M renovation of the 150k-SF Givaudan fragrance development campus at 717 Ridgedale Ave. in East Hanover, NJ. Along with project and mechanical engineers, it created odor booths completely impermeable to external research in order to conduct fragrance research. The renovation also included open space and natural lighting, new curtain wall enclosures, roofs, HVAC, electrical and plumbing systems. Team members included: Eric J. Peter & Associates, project management; LKU Group, MEP engineer; McManus Design Group, structural engineers; and Citadel Construction, general contractor.

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Ogilvy New York tapped WB Engineers | Consultants to create and implement the extensive IT infrastructure for its new 565k-SF HQ at 636 Eleventh Ave., including a 2,000-SF equipment room, 24 telecommunications rooms and a cable plant. Additionally, WB is managing the various tech vendors, as well as coordinating IT requirements with architect Gensler, project manager Jones Lang LaSalle and construction manager StructureTone; as well as designing the physical electronic security system for both Ogilvy and building owner Hakimian Organization.  The advertising agency will be moving into the space in May.

Exec Moves

Joseph Caridi joined Williams Real Estate as senior managing director. He was previously Newmark Knight Frank’s executive director of brokerage and advisory services for the New York Tri-State region and also served as COO for Ivy Realty Services, where he supervised all acquisitions, leasing, property management, development and financial matters.

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David Robinov joined Acadia Realty Trust as SVP of investments, focusing on sourcing acquisition, development, and investment opportunities for the firm’s retail platform. He was formerly managing director of Eastdil Secured, where he specialized in the acquisition, disposition and recapitalization of major shopping centers, and was a developer for Lazard Realty.

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Geoffrey Bailey joined the New Jersey division of Massey Knakal as director of sales for Newark. He was previously in Massey Knakal’s Brooklyn office covering Canarsie, focusing on various types of properties including multi-family and mixed-use properties, as well as industrial properties and development sites.

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Susan Gladstone joined Levien & Co. as associate project manager. She comes from Columbia University’s development team, where she worked on the $5B Manhattanville campus in West Harlem. She is also a doctoral candidate in urban planning with a concentration in architectural history, and has served as an adjunct professor at Columbia for the past six years.

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JCJ Architecture appointed Douglas Hyde to serve as director of the firm’s college and university design group. He joins from Einhorn Yaffee Prescott, where he participated in more than 40 college and university projects across the U.S., including Michigan State University, Virginia Tech, Fordham University, and the University of Iowa. He is also assisting in the development of JCJ’s new Boston office.

Financing

LCOR closed on a $33M construction loan with Bank of America for a new 142-unit, $69M rental property to be located at 34 Berry Street in Brooklyn’s Williamsburg neighborhood. The apartment building will be at the corner of North 12th Street, opposite McCarren Park, and adjacent to Brooklyn Brewery. Completion is expected in Spring 2010. Richard Bassuk of Singer & Bassuk served as mortgage broker.  The architect is Perkins Eastman, the contractor is Ryder Construction, and leasing is being handled by Rose Associates.

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Capmark Finance arranged $60M in floating-rate finance for dry and cold storage facilities at the Port Carteret Industrial Complex in Carteret, NJ. The two buildings total 1.1M SF. Capmark’s Brian Campbell originated the loan for the borrower, an affiliate of KTR Capital Partners.

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Cushman & Wakefield Sonnenblick Goldman arranged a $55M construction loan for a 25-story luxury hotel under construction at Lexington Avenue and 48th Street. The hotel will include 116 guest suites, a library lounge, a wine bar and café, a fitness center and more upon its 2010 completion. It will also include 3,800 SF of prime corner retail space. Hersha Hospitality Management will manage the development.

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The Arker Cos. finalized financing for its 83-unit Hewitt House Apartments at 886 Westchester Ave. in the Longwood neighborhood of the Bronx. The New York City Housing Development Corp. is providing $11M in tax-exempt bonds and $4.6M in subordinate financing; Wachovia Securities is providing $7.4M in tax credit equity; Freddie Mac, through MMA Financial, is providing credit enhancement for a $4.1M permanent mortgage; and Bank of America is participating with a $11.1M construction letter of credit and $2.16M in financing for the project’s retail portion. The $24.4M, 75k-SF development will include approximately 11.5k SF of ground-floor retail; construction is expected to be complete in Fall 2010.

Lease Transactions

WestLB inked a 15-year, 129k-SF lease for the top three floors of 7 World trade Center, moving from its current location at 1211 Avenue of the Americas. Newmark Knight Frank’s Mark Weiss, Scott Klau and Robert Eisenberg represented the tenant, while Silverstein’s Roger Silverstein and CB Richard Ellis’ Mary Ann Tighe, Steve Siegel, Howard Fiddle, Brad Gerla, Adam Foster, Jason Pollen, Simon Wasserberger and Christie Harle represented landlord Silverstein Properties.

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Aerospace supplier Cox & Co. inked a $35M, 90k-SF deal for space at 1650 Old Country Rd. in Plainview, Long Island. Williams Real Estate’s Robert Tunis and Richard Warshauer brokered the deal for building developer and owner Steel Equities. Nassau County’s Industrial Development Agency and the Long Island Power Authority offered an incentive package that included sales and property tax relief, as well as reduced energy costs.

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Panavision is splitting its camera and lighting operations, with its camera rental facility taking a 15-year, 22k-SF sublease at 150 Varick St. in Manhattan and its lighting facility taking an eight-year, 41k-SF lease at 30-40 48th Ave. in Long Island City. Studley’s Erik Schmall and Mark Robinson arranged both transactions on behalf of the tenant. Landlord W&M Operating represented itself for 150 Varick, while Sholom & Zuckerbrot represented sublandlord Adirondack Chair Co. at 48th Avenue.

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Fifth Street Capital inked a 13.5k-SF lease at Ten Bank Street in White Plains, relocating from its current offices at 445 Hamilton Ave. Lawrence Ruggieri of Cushman & Wakefield represented the tenant, while Jeffrey Newman and Kimberly Zaccagnino represented landlord W&M Properties in-house.

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Kaufman Astoria Studio Lighting renewed its 13k-SF industrial lease at 36-45 37th Street in Astoria, Queens. Sholom & Zuckerbrot Realty represented both the tenant and owner Verta Industries in the transaction.

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Beth Israel Medical Center signed an 8-year, 9,658-SF renewal at 317 E. 34th St. for its hand surgery center. David Levy of Adams & Co. represented both the tenant and the undisclosed landlord in the deal; the asking price for the space was $125 PSF. David was also involved in two other recent transactions: a five-year, 1,248-SF lease for C.K. (NY) Industries at 34 W. 33rd St. (with colleague Brett Maslin) and a seven-year, 475-SF lease with ATNY Group at 110 W. 40th St. (with colleague Michael Greenberg).

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T. Weiss Realty signed 30k SF in new leases, expansions and renewals at its various office properties on Long Island. Craig Weiss represented the landlord for the following transactions: the Juvenile Diabetes Research Foundation’s 3,489-SF extension and expansion at 532 Broadhollow in Melville (tenant rep: Seth Leiderman, Sutton & Edwards); Town Total Nutrition’s extension and expansion into 7,396 SF at 532 Broadhollow; Property & Casualty Subrogation Group’s new 2,149-SF lease at 532 Broadhollow (tenant rep: Harris Rousso, Real Estate Strategies);  TC Ravenswood Service Corp.’s new 2,081-SF lease at 532 Broadhollow; Countrywide Home Loan’s 12k-SF lease renewal at 330 S. Service Rd. in Melville (tenant rep: William Korchak, Jones Lang LaSalle); Thomas Varvaro, CPA’s new lease for 750 SF at 1160 E. Jericho Turnpike in Dix Hills.

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The CB Richard Ellis team of Zachary Freeman, Robert Flippin and Conor Denihan arranged three leases totaling 14k SF at 500 West 37 StKVA Audio Visual Service inked a 12-year, 7,839-SF lease on the third floor (tenant rep: Michael Gambino and Michael Burgio, Cushman & Wakefield); Ai Media group signed a five-year, 2,710-SF lease on the fourth floor (tenant rep: Terry Robinson, Prudential Douglas Elliman); and WahlRich Group signed a four-year, 3,226-SF lease on the second floor.

Marketing Assignments

ARE-East River Science Park tapped Cushman & Wakefield to exclusively market and lease the new Alexandria Center for Science and Technology at East River Science Park. The C&W team includes William Hartman, Jonathan Serko, Barry Zeller, David Malawer, Mark Winters, Christopher Kinum, Thomas Giannone, John Minervini, Marc Packman, Matthew Jackson, and Matthew Highfield. Phase I of the 3.5-acre campus includes the construction of a 319.4k-SF lab and office tower; 1.1M SF of office and lab space has been permitted and approved.

Sales Transactions

SL Green and Gramercy Capital announced an agreement to sell their interests in a three-building, 670-SF property at 55 Corporate Dr. in Bridgewater, NJ for $230M. The transaction was negotiated by Inland Real Estate Acquisitions on behalf of Inland American Real Estate Trust, which includes the assumption of an existing $190M mortgage. Cushman & Wakefield’s Andrew Merin, Gary Gabriel, and a legal team from Greenberg Traurig represented the SLGreen/Gramercy JV in the transaction. Joseph Cosenza, Peter Harsy and Gary Pechter represented Inland in-house.

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Kent Properties Co. sold its 80-unit Kent Arms Apartments in the Briarwood section of Jamaica, Queens for $13M. Marcus & Millichap’s Peter Vassiliou and John Stewart represented both the seller and buyer 85-02 139th Realty.

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Massey Knakal was involved in a slew of sales, including: a $3.5M development site located at 335 W. 15th St. (brokers: Brock Emmetsberger and James Nelson);  a $1.6M, 16-unit walk-up building at 41-50 46th St. in Sunnyside, Queens (broker: Stephen Preuss); a $3M industrial property at 1090 Leggett Ave. in Hunt’s Point, Bronx (broker: Nick Burns); and a $4.9M commercial property at 208-220 Clarkson Ave. in East Flatbush, Brooklyn (broker: Rene Santiago).

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TGG Holdings sold two office condo blocks in the Bar Building at 36 W. 44th St. for a total transaction value of $5M. The New York Genealogical & Biographical Society purchased 4,045 SF of space (buyer rep: Winoker Realty), while Solari Real Estate purchased 1,635 SF of space (buyer rep: Gregg Roberts, TGG & CitySites Commercial Group). Jonata Dayan and Adam Ben-Dayan of Winoker Realty represented the seller in both transactions.

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