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The Baccarat Rises; The Deal Sheet
March 19, 2013

The Baccarat Rises;
The Deal Sheet

When Barry Sternlicht sets his mind to something, it tends to happen. That explains the eight stories already out of the ground in his plan to create NYC's finest condos and hotel.

We snapped progress last week from an adjoining tower where a sales office recently opened. Baccarat Hotel & Residences is mid-block west of Fifth Avenue on 53rd (across from the MoMA), where it will rise to 50 floors with 114 hotel rooms on the first 17 and 61 residences from there up to the top. Prices will range from $3.5M for a one-bedroom to $60M for a 7,318 SF duplex penthouse with five bedrooms and 360-degree views. (That's only $200k per degree. A bargain!) The floors immediately below the penthouse will be four full-floor, four-bedroom residences, and all owners will have access to the luxury hotel's services and amenities.
CohnReznick (May6) MNY

Tribeca Associates partner Mark Gordon and Corcoran Sunshine sales director Larry Kruysman showed us the model last week. Sternlicht acquired the Baccarat company in 2005 to access its skill, products, and reputation, in the making since it was founded in 1764 by order of King Louis XV. SOM was project architect, Tony Ingrao created the residential interiors, Gilles & Boissier designed the hotel, and Tishman Construction is building. Tribeca is developer and co-equity partner with Sternlicht's Starwood Capital. Window heights are 10 feet, and floor heights are 11 foot 8 inches slab to slab. Flagship restaurant is on the ground floor, and bar with striking outdoor terrace on the second. Of course, crystal is everywhere.

In a model unit: Lido white marble vanities, marble slab floors and walls, Kallista wash basins, Fantini polished chrome fixtures, radiant heated floors. Well, you get the idea. If these are the bathrooms, you can imagine the rest of the apartment.

The Deal Sheet


Harrison Street Real Estate Capital bought seven Class-A seniors housing properties in Nassau and Suffolk counties for $380M (equity and assumption of Freddie Mac debt) for its Harrison Street Core Property Fund. Developer Engel Burman Group has an interest in them and will continue to manage them and partner with Harrison on other investments. Of the 1,047 beds, 80% are assisted-living and the rest are memory care. The newest property, The Bristal at East Northport, delivered last year and is 100% leased.


The Orbach Group acquired a three high-end-apartment buildings (178 units) for $70M and plans improvements. The Hamilton (210-230 W 107th between Amsterdam and Broadway) is 95% leased. HFF's Andrew Scandalios, Jose Cruz, Jeff Julien, and Kevin O'Hearn repped the seller, a JV of Dermot Co and Henderson Global Investors.


The Gulaylar Group bought a 12k SF (three-floor) retail condo in Extell Development's International Gem Tower on 47th Street, including 80 feet of ground-floor frontage, for a jewelry exchange. IGT condo purchasers will start moving in this summer.


JRK Property Holdings bought its first metro New York multifamily property—the 214-unit, 14-building Southpoint Apartment Homes in Massapequa—from an institutional seller repped by CBRE's Jeff Dunne, Christopher Leonard, and Malcolm McComb.


Marolda Properties acquired four affordable apartment buildings comprising 52 units and a courtyard at 144-150 Ludlow St. Eastern Consolidated's Brian Ezratty, Nancy Tran, Scott Ellard, and Aliza Avital repped the seller, Ludlow Associates. Brian and Aliza also found the buyer.


A 1031 exchange buyer paid $8.5M for an under-construction building at 18th Avenue and 66th Street in Brooklyn that's leased to Bank of America for 20 years. Stan Johnson Co's Jason Maier arranged the deal.


Alloy Digital sublet 29k SF from Liquidnet Holdings at George Comfort & Sons' 498 Seventh Ave for six years. JLL's Alexander Chudnoff and Dan Turkewitz repped Alloy, and CBRE's Howard Fiddle and Joe Mangiacotti repped Liquidnet.


For JFK's expanding Terminal 4, travel retailer Hudson Group and JME Group are bringing in Michael Kors, Coach, Thomas Pink (its second US airport store), Solstice, Victoria's Secret (larger than the old one), a Discover New York souvenir shop, and seven Hudson travel essentials stores (an outtake of the ubiquitous Hudson News), all to open between May and October.


Platinum Underwriters Reinsurance, repped by Studley's John Johnson and Marc Shapses, signed a 10-year, 26k SF lease at Union Investment Real Estate's 140 Broadway, relocating from the World Financial Center. Cushman & Wakefield's Bob Constable and Willard Overlock repped the landlord. Marc and colleague Nancy Weinstein also repped First Chinese Presbyterian Community Affairs in its lease of an 8,600 SF prebuilt suite at 30 Broad St. Murray Hill Properties repped Richard Doolittle, and John Howard repped the landlord, Gotham Realty Holdings.


Ullico provided a $41M, five-year refi for The Cameo, a seven-story, 102-unit apartment complex with a 60-car parking garage at 311 W 50th St.


There's more to the Elghanayan clan than Rockrose and TF Cornerstone. A fourth Elghanayan brother, Jeffrey, has taken out $30M in first mortgages—arranged by The Singer & Bassuk Org—for the 129-unit Eagle Court at 215 W 84th and 79-unit Tatham House at 138 E 38th St, both luxury apartment buildings with retail.


Parkway Lodging Realty, advised by HVS Capital Corp, got a $17M first mortgage from a foreign bank for Lakewood, NJ's Hilton Garden Inn.


Meridian Capital Group's Cary Pollack placed a $36M mortgage on a 20k SF mixed-use building on Broadway in Elmhurst. Ben Piller arranged an $11.6M mortgage on 173 units on Townsend Avenue, an $11.5M refi for 164 apartments and 8,500 SF of commercial space on Ellis Avenue, and $7.8M for 74 units and 5,000 SF of commercial space on Chatterton Avenue, all in the Bronx. David Zlotnick placed a $6.5M mortgage on two buildings (64 units) on East 73rd and First.


Procida Funding & Advisors and Romspen Investment Corp provided an $8M bridge loan, arranged by Berko & Associates Finance & Capital Markets, to Ladera II for the development site at 300 W 122nd St, where Ladera will begin a 13-story, 164-unit residential building with ground-floor retail within a year.


HKS Capital Advisors' Ayush Kapahi arranged a $6M first mortgage for a half-vacant, 80-unit apartment building and $5.5M in non-recourse, interim financing for a vacant mixed-use building.


AVR Carle Place Associates opened the Dimension Development-managed, 150-key Homewood Suites Carle Place-Garden City at 40 Westbury Ave.

Tomorrow Night: Bisnow @ Women In Media Panel

Bisnow New York reporter Amanda Metcalf is speaking (alongside other top women in the CRE media industry) at NYCREW's Women in Real Estate: The Real Scoop event tomorrow at 6:30pm in Ted Moudis Associates' office at 79 Madison. It's our way of celebrating Women's History Month. Sign up here. We'd love to see you!

If you could live in any building in New York City, which would it be? We'd love to publish some of your responses—and start saving up for rent for the coolest place in town. Email amanda.metcalf@bisnow.com.

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