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Real Estate Bisnow
   
January 8, 2013
 
 
 
WorkSpaces (Left2) NYRE
Microsoft's Mega Lease;
The Deal Sheet

 
Start → All Programs → Lease Space. Microsoft has inked more than 200k SF at 11 Times Square, bringing the 1.1M SF, mixed-use tower to over 70% occupied.
 
11 Times Square
Microsoft joins anchor tenant Proskauer, Global Food International Corp, and other tenants in the LEED Gold tower—which we snapped yesterday afternoon—owned by a JV of SJP Properties and investors advised by Prudential Real Estate Investors. JLL’s Lisa Kiell repped Microsoft, while colleagues Mitch Konsker, Paul Glickman, and Diana Biasotti repped SJP.
BIG DEALS!

Dermot Property Associates sold a portfolio of 14 buildings totaling 861 apartments and 41 retail units in Midtown, the Bronx, and Astoria for $191M. Cushman & Wakefield’s Steve Kohn, Helen Hwang, Mark Ehlinger, Nat Rockett, Karen Wiedenmann, Sujohn Sarkar, and Sridhar Vankayala repped the seller. Additionally, Helen, Nat, Karen, and Sujohn brokered Toll Brothers’ purchase of an 8,800 SF residential development site at 953-961 First Ave for an undisclosed price, which has DOB-approved plans for a 30-story, 161-unit luxury rental tower.

***

HFZ Capital Group purchased the 12-story, 139-unit The Chatsworth rental building at 344 W 72nd St from Chatsworth Realty Corp for $150M. Eastern Consolidated’s Lipa Lieberman, David Schechtman, Azita Aghravi, and  Gary Meese repped the seller.

***

American Realty Capital New York Recovery REIT closed $124M in acquisitions: the 119k SF 256 W 38th St ($48.6M); the 149k SF 229 W 36th St ($64.9M); and the master lease for the 15k SF commercial portion of a co-op at 350 Bleecker St ($10.9M). Studley’s Woody Heller, Will Silverman, Eric Negrin, and Daniel Parker repped sellers East End Capital and GreenOak Real Estate in the first deal.

***

Transatlantic Reinsurance Co signed a 15-year, 134k SF lease at One Liberty Plaza. Cushman & Wakefield’s Robert Lowe and John Cefaly repped the tenant, while Duncan McCuaig repped owner Brookfield Office Properties in-house.

***

ShopRite announced its largest supermarket in the Tri-State, taking 90k SF in the second phase of Related’s Gateway Center at 501 Gateway Dr, Brooklyn. Related Retail’s Glenn Goldstein, Wakefern Food Corp’s Alex Arancio, and CBRE’s John Hanlon negotiated the long-term lease; Ricpo repped Related in the deal. The store will open in fall 2014.

***

Trevcon Construction and Skanska is building the East 91st St Marine Transfer Station on behalf of the NYC Department of Design and Construction in a contract worth $181M. It includes an 8,000 SF new facility and new access ramp; work will finish in March 2016.

SALES

CIM Group closed on its acquisition of the retail portion of 225 Fifth Ave for a reported $80M. The two parcels total 40k SF and are 100% leased; they’re below the 12-story, 192-unit luxury residential condo building The Grand Madison.

***

A JV of The Kaufman Org and Lubert-Adler purchased the 11-story, 115k SF 27-35 W 24th St for $55.5M. Massey Knakal’s Thomas Gammino, John Ciraulo, and Craig Waggner brokered the deal. Signature Bank was the lender.

***

American Development Group purchased land at 219 W 28th St for $42M for the $150M development of a 116k SF, 150-unit 80/20 residential tower that will break ground in June. Buchbinder and Warren Realty repped the seller, while Cornerstone Properties’ Edmond Levy repped the buyer.

***

A NY-based investor purchased the 28-unit, mixed-use 228 Bleecker St from Bleecker Square Realty Corp for $18.7M. Marcus & Millichap’s John Stewart brokered the deal. And colleagues Shaun Riney and Derek Bestreich brokered two sales: the 4,700 SF, mixed-use 648 Myrtle Ave, Brooklyn for $1.2M and the 9,900 SF mixed-use 252 Schenectady Ave, Brooklyn for $1.2M.

***

Massey Knakal brokered four deals: a 12k SF, nine-unit mixed-use building at 228 W 72nd St for $5.5M and a 10k SF, 14-unit apartment building at 121 W 79th St for $5.3M (broker: Paul Smadbeck); a 15k SF school building at 159 W 127th St for $3.5M (broker: Robert Shapiro); and a six-story, 6,600 SF townhouse at 102 Pierrepont St, Brooklyn Heights for $3M (brokers: Stephen Palmese and Winfield Clifford).

***

Eastern Consolidated brokered the sales of two properties: Acadia Realty Trust’s $7.5M purchase of the 9,200 SF 210 Bowery (brokers: Adelaide Polsinelli, Robert Khodadadian, and Gary Meese); and Ira Lifshutz’s $5.6M purchase of the 11k SF commercial loft property at 31 West 26th St (seller rep: Eastern’s Ari Schwartz for JYN LLC; buyer reps: Eastern’s Marcia Rose Yawitz and Gabriel Saffioti).

LEASES

Grubman, Indursky, Shire, & Meiselas signed a five-year, 25k SF renewal at Carnegie Hall Tower (152 W 57th St). Colliers’ Ted Rotante and Michael Cohen repped the tenant, while Newmark Grubb Knight Frank’s Matthew Leon repped owner TF Cornerstone.

***

Maserati signed a 25k SF sublease at 619 W 54th St, where it will renovate the ground-floor exterior and open a showroom in the spring. Lee & Associates NYC repped Maserati, while CBRE repped existing tenant Grainger. The landlord is Taconic Investment Partners.

***

Kalmon Dolgin Affiliates brokered two Brooklyn deals: Technology Solutions’ 11k SF lease at 1780 Pacific St, Bed-Stuy (broker: Jeffrey Unger; landlord: Halsey Properties); and Wizards Studio North’s 8,000 SF lease at 305 Ten Eyck St, East Williamsburg (tenant rep: KDA’s Jacques Wadler and Vincent Lopez; landlord rep: KDA’s Joseph Nicholas).

***

Adidas signed a 10-year, 15k SF office lease at 435 Hudson St. JLL’s John Moxley repped the tenant, while Marc Packman and Peter Fontanetta repped owner Trinity Real Estate in-house.

***

Michael Kors expanded its lease by 12k SF at One Meadowlands Plaza, East Rutherford, NJ. Cushman & Wakefield’s Ed Duenas and Marc Graham repped the tenant, while CBRE’s Patrick Murphy, Greg Barkan, Donald Sperling, Robert Norton, and Supriya Kota repped owner KBS.

***

The Riese Org is opening its 10th T.G.I. Friday’s restaurant in NYC, taking 12k SF at 147-149 W 46th St (the former Rosy O’Grady’s space). It’s scheduled to open this spring.

***

Roll & Hill signed a five-year, 12k SF lease at Industry City in Sunset Park, Brooklyn.

***

The Ophthalmic Consultants of Long Island inked a 12-year, 10k SF lease at 711 Stewart Ave, Garden City, Long Island. United Realty’s Bill Yorio repped the tenant, while CBRE’s Rob Seidenberg, Richard Karsen, and Phil Heilpern repped owner Metropolitan Realty Associates.

***

FEMA signed a short-term, 9,700 SF lease at 4425 Amboy Rd, Staten Island for Sandy relief efforts. The General Services Administration repped the tenant, while Nicholas Forelli repped owner Muss Development in-house.

***

 

Broadhallow Coporate Center in Melville, Long Island saw three deals: Wells Fargo’s 6,000 SF renewal (tenant rep: Signature Partners’ Robert Solimine); Cenveo’s 2,900 SF lease (tenant rep: Commercial Realty Services’ Jack Britvan); and TC Ravenswood’s 2,100 SF renewal. Craig Weiss repped T. Weiss Realty Corp in-house.

FINANCING

GCP Capital Group closed: $20.5M for a luxury, two-story garden apartment complex totaling 200 units in Islip Terrace and $10M for a two-story garden apartment complex totaling 92 units in Islip, Long Island (arranged by Matthew Classi); $7.2M for a five-story, mixed-use building with ground-floor retail and four commercial lofts on Broadway (arranged by David Sessa); and $3.6M for a 54-unit, six-story apartment building on Barnes Avenue, the Bronx (arranged by Adam Brostovski).

***

Eastern Union Funding closed: $8.4M to refi a Bank of America branch on 13th Avenue, Boro Park through Investors Bank (arranged by David Metzger); $4.5M to refi a 15-unit multifamily property on Myrtle Avenue, Williamsburg through Investors Bank (arranged by David Eisen); and $2.9M to refi a 22k SF retail property on Berry Street, Greenpoint through TD Bank (arranged by Moti Blau).

CONSTRUCTION & DEVELOPMENT

Property Group Partners and Romanoff Equities will develop 860 Washington St, a 10-story, 120k SF mixed-use office and retail development in the Meatpacking District. Development starts immediately on the James Carpenter Design Associates-designed building—aiming for LEED cert—with a groundbreaking by Q3. They anticipate a 2015 delivery. The deal was facilitated by Eastdil’s Douglas Harmon, Adam Spies, and Josh King.

***

The Lightstone Group topped out its new 12-story, 199-unit residential development at 50-01 2nd St, Long Island City. CIBC supplied the $51M construction loan on the project, which will welcome its first tenants in the fall.

***

Mill Creek Residential closed on its purchase of Speedwell Avenue Redevelopment Area’s phase one in Morristown, NJ. The land purchase paves way for Latitude, a luxury rental apartment development with 268 units and a 357-space parking garage, which will deliver next year. Mill Creek is also designated redeveloper of the next two phases.

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