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January 18, 2011 
 
 
 
Monday (YearEnd) Presenti
 
THE DEAL SHEET

Don’t miss the MillerQA seminar, Understanding the Housing Market, 4Q2010 with Jonathan Miller. Gain insights on the latest housing results nationally and regionally. Also, attorney Steven Wagner will speak on the legal issues impacting housing. Jan. 19, 4-7:15 pm at the Grolier Club, 47 E. 60th, NY. Register here.

 
Sales Transactions
 
DSW Plaza on Middle Country Rd in Lake Grove, Long Island
Prestige Properties purchased the 251k SF DSW Plaza on Middle Country Rd in Lake Grove, Long Island from Centro Properties for $48M. The property counts DSW, Toys R Us, Staples, and Michael’s among its tenants. Cushman & Wakefield’s Gary Gabriel, Andrew Merin, David Bernhaut, and Jared Zimmel brokered the deal.

***

Massey Knakal closed four deals: a multifamily portfolio, located at 25-21 31st Ave, 31-39 29th St, 29-07 31st Ave, and 30-95 29th St in Astoria, Queens (total: 220 residential units) for $30M (seller rep: MK’s Bob Knakal and Al Holloman; buyer rep: Rosewood Realty Group’s Aaron Jungreis); five contiguous mixed-use buildings at 321-27 First Ave and 356-58 E 19th St for $11.2M cash (brokers: Knakal and John Ciraulo); a 5,880 SF mixed-use building at 242 Prospect Park West in Brooklyn for $1.9M (broker: Adam Hess); and a commercial condo at 225 Eastern Pkwy in Brooklyn for $1.1M cash (brokers: Knakal and Jonathan Berman).

***

A JV of ING Clarion Partners and the William Macklowe Co acquired the 90k SF 636 Avenue of the Americas from APF Properties for $45.2M. This marks Billy Macklowe’s first acquisition since he formed WMC less than five months ago. The partners plan substantial upgrades to the building’s interior, common areas, and mechanical systems. CBRE’s Darcy Stacom, Bill Shanahan, Paul Leibowitz, and Robert Garrish repped the seller.

***

 
401 W 56th St, New York, NY
56 Scarlett Associates, an affiliate of Orin Management, purchased the 95-unit, 90k SF mixed-used residential/retail building Stonehenge 56 at 401 W 56th St from Stonehenge Partners for $38M. Eastern Consolidated’s Alan Miller repped the seller, while Eastern’s Peter Carillo procured the buyer.

***

The Albanese Org and BD Hotels’ Richard Born and Ira Drukier purchased a 27k SF commercial and retail space at 556 W 22nd St, the current home of the Chelsea Art Museum, for $19.4M. The sale brings the museum out of bankruptcy and will allow it to continue operating rent-free until the end of ’11. After that, The Albanese Org plans to lease the building to one or more new tenants.

***

First Market Properties acquired a portfolio of 25 non-performing mortgage assets on multifamily properties in Brooklyn, Queens, and the Bronx, from a national bank for $11.5M, which represents a discount of approximately 35% on the current unpaid principal balance.

***

Moore & Maltby Associates purchased a 29k SF warehouse at 383 Concord Ave in the Bronx for $3.2M. New York Commercial Realty Group’s Michael Rao and Frank Rao repped the buyer, while City One Real Estate’s Eitan Agbashoff repped the seller.

***

Conserve Construction purchased 13 acres of land at 230 Route 17 in Hillburn, NY for $1.1M. NAI Friedland’s Jeff Clinton brokered the deal on behalf of the buyer and seller, S&W Estates. The firm also brokered the sale of 17,424 SF at 11 Kimball Pl in Mount Vernon for an undisclosed price. Ross Schneiderman repped the buyer, while Sayle Properties’ Ken Sayle and Paul Pallett repped the seller, Kimball Place LLC.

***

An investment group purchased the 174k SF 101 Mettlers Rd in Somerset, NJ from Prudential for an undisclosed price. Originally developed by Exxon Biomedical, the building is currently unoccupied, and the new owner specializes in adaptive reuse, focusing on biotech. Cushman & Wakefield’s David Bernhaut, Gary Gabriel, Tom Walsh, and Robert Donnelly Jr. repped the seller and procured the buyer.

Lease Transactions

 
Skyline Corporate Center, 125 Chubb Ave in Lyndhurst, NJ
KnowledgePoint360 Group inked a long-term, 59,354 SF lease at Skyline Corporate Center, 125 Chubb Ave in Lyndhurst, NJ. Cushman & Wakefield’s Ed Duenas and Mark Graham, along with Barry Joyce & Partners’ Jonathan Varholak and Michael Joyce, repped the tenant, while CBRE’s Gregory Barkan, along with SL Green’s Clark Briffel, repped owner SL Green.

***

General Re Corp subleased 56k SF to Statoil and 7,000 SF to Fuel Tech, both for 10 years, at 120 Long Ridge Rd in Stamford, Conn. JLL’s Brian Higgins, Chris Kraus, Ethan Rice, and Pat Lennon repped Gen Re, while CBRE’s Colin Riley repped Statoil and JLL’s George Walker and John Stoddard repped Fuel Tech.

***

Marsh USA inked a 55k SF lease at Advance@Southgate, 445 South St in Morris Township, NJ. CBRE’s Ray Sohmer, Craig Eisenhardt, Gregg Middleton, and Nicholas Hilton repped the tenant, while Brian Banaszynski repped the owner, a JV between Advance Realty and Strategic Capital Partners, in-house.

***

500 Fifth Ave saw 45k SF of leases, brokered by Colliers International’s Harry Blair and Sean Kearns for the owner in each deal:

  • Dragados’ seven-year, 14,355 SF expansion (tenant rep: Winoker Realty’s Marc Miller);

  • Hyde Park Real Estate’s five-year, 6,793 SF lease (tenant rep: Grubb & Ellis’ Dan Gronich and Larry Zuckerman)

  • Lucas Associates’ five-year, 6,001 SF lease (tenant reps: CresaPartners’ Richard Charkham and Justin Halpren)

  • ICAP Securities USA’s 10-year, 5,909 SF lease (tenant rep: Cushman & Wakefield’s John Picco)

  • Ryan Labs’ seven-year, 5,653 SF lease (tenant rep: Newmark Knight Frank’s Neil Goldmacher and John Moran)

  • Hildene Capital Management’s five-year, 3,625 SF lease (tenant rep: ATCO Property Services’ John Cinosky)

  • Heat Energy Group’s 1,240 SF lease (tenant rep: JLL’s John Moxly)

***

New York Commercial Realty Group’s Frank Rao and Michael Rao brokered three industrial leases: All Weld Products Corp’s 20k SF lease at 102 Fairview Park Dr in Elmsford, NY (landlord: Silverman Realty Group); USAgain 2000’s long-term, 13k SF flex lease at 18 Sargent Pl in Mount Vernon (landlord: Autumn Properties & Development); and Econocraft Worldwide Car Wash Mfg’s long-term, 8,700 SF lease at 56 Worth St in Yonkers (landlord: Michael Abruzese).

***

Mizuho Capital Markets Corp inked a 15-year, 39k SF renewal at 1440 Broadway, where it’s resided for the past 10 years. Newmark Knight Frank’s Brian Waterman and Lance Korman repped the tenant, while Jordan Berger repped owner Monday Properties in-house.

***

NAI Friedland’s industrial division completed four transactions: McKinney Welding Supply Co’s 10k SF lease with 10k SF of outdoor storage at 1145 Bronx River Ave in the Bronx (broker: Andy Grossman; landlord: Sire Holdings); HB Home’s 9,000 SF lease at 139 Hoyt Ave in Mamaroneck (broker: Ross Schneiderman; landlord: Simone Development); Candela Lighting Systems’ 4,150 SF lease at 99 Fulton St in White Plains (broker: Grossman; landlord: The Frem Group); and Azo Reptiles’ 2,000 SF lease at 145 Saw Mill River Rd in Yonkers (brokers: Jeffrey Kornspun and Jeff Clinton; landlord: Lubin Flowers).

***

Ideal Properties Group brokered 28k SF of Brooklyn leases, including Life Inc’s five-year, 4,000 SF at 515 Fifth Ave in Park Slope (broker: Robert Tekavec); Menzini Restaurant Corp’s five-year, 2,800 SF storefront at 492 Fifth Ave in Park Slope and The Brooklyn Guild’s 11k SF lease at 110 Eighth St in Gowanus (broker: Kristina Hamlin); New York Vein Management’s 10-year, 3,500 SF lease at 503 Fifth Ave in Park Slope, Big T Burger’s 10-year, 3,600 SF lease at 833 Union St in Park Slope, and a group of artists’ five-year, 1,400 SF lease at 287 Nevins St in Boerum Hill (broker: Justin Dower).

***

Faust Harrison Pianos hit the right note with a 22k SF retail lease at 214 Central Park Ave in White Plains. New York Commercial Realty Group’s Frank Rao and Michael Rao repped the tenant, while Studley’s Craig Lemle and Ira Schuman repped the Music Conservatory of Westchester.

***

 
521 Fifth Ave, New York, NY
Modis Inc signed a 10-year, 21,677 SF lease at 521 Fifth Ave. CBRE’s Sloane Rhulen repped the tenant, while Amy Schustek repped owner SL Green in-house.

***

Two deals zipped up in the Fashion District: FAF Inc’s 10-year, 11k SF lease at 411 Fifth Ave, and Wathne USA’s 8,218 SF lease at 42 W 39th St. FAF was repped by ABS Partners Real Estate, while Adams & Co’s David Levy repped 411 Fifth’s owner; Colliers International’s Michael Joseph repped Wathne and David and Adams’ Jeffrey Schwartz repped owner 45-52 W 39th St LLC.

***

Mulberry’s bringing Britain to SoHo, signing a long-term, 10,700 SF lease at 134 Spring St. The store will serve as its NYC flagship and its third store in Manhattan. Isaacs and Co’s Joel Isaacs and Joshua Lewin repped the tenant, while Robert K. Futterman & Associates’ Karen Bellantoni and Beth Rosen repped owner Calliope Associates. Also in SoHo, Tomasella USA signed a 5,520 SF lease for its first Manhattan store at 32 Greene St. Grubb & Ellis’ Jason Meister and Gary Schwartzman repped owner Sorgente.

***

Global Shipping Services signed a 10-year, 15,189 SF lease at 21 Fadem Rd in Springfield, NJ. NAI James E. Hanson’s Barry Cohorsky repped the tenant, and the landlord is 21 Fadem Road Realty.

***

North American Precis Syndicate signed a 14,315 SF sublease at 415 Madison Ave. Coldwell Banker Commercial Hunter Realty’s Peter Sabesan, Thomas Sullivan, and Wayne Siegel repped the subtenant, while Colliers International’s Leon Manoff and Dolores Menardi repped owner Rudin Management Co.

***

The ASPCA signed two separate five-year leases for a total of 13,500 SF at Atlas Terminal in Glendale, Queens, where it will be relocating from Greenpoint, Brooklyn. Right Time Realty’s Joe Ibrahim repped the tenant, while Josh Popow repped owner ATCO Advisory Services in-house.

***

IMS Health Transportation Corp signed a 10-year, 14,206 SF lease at 485 Lexington. JLL’s Lisa Kiell repped the tenant, while David Kaufman repped owner SL Green in-house.

***

ITAC signed a long-term, 7,986 SF lease at 39 Broadway. Coldwell Banker Commercial Hunter Realty’s Peter Sabesan and David Dannick repped the tenant, while The Lawrence Group’s Tom Hettler repped the owner.

***

The Berger Org’s Newark portfolio saw four law firm leases: Jasinski’s 7,500 SF relocation to the Military Park Building at 60 Park Place; and Richard Roberts’ 1,500 SF, Scarpone & Vargo’s 2,000 SF, and Randy P. Davenport’s 1,400 SF leases at the Robert Treat Center at 50 Park Place.

***

Norton Supply Co inked a 12k industrial, office, and flex lease at 140 Grand St in Carlstadt, NJ. NAI James E. Hanson’s Jeffrey DeMagistris repped the tenant, while Blake Chroman repped owner AMB Institutional Fund 11 LP.

***

NAI Friedland’s retail division completed four Bronx leases: 231 Food Corp’s 4,800 SF lease at 184 W 231st St (brokers: Robin Herko, Steve Lorenzo, and David Scotto; landlord: John Narlis-Eleni Properties); The Institute for Family Health’s 2,600 SF lease at 2590 Frisby Ave (broker: Kathy Zamechansky; landlord: Dr. Michael Pisicano/Westchester Sq Partners); Burnside Furniture’s 2,200 SF lease at 96 E Burnside Ave (broker: Rick Stassa; landlord: Potrem Realty Co); and 188 Wireless’ 1,100 SF lease at 308 E 149th St (brokers: Peter Conkin, Herko, Lorenzo, and Scotto; landlord: Peter Fine-Atlantic Development).

***

Sports Physical Therapy of New York signed three deals in Manhattan: a 10-year, 3,330 SF lease at 30 Broad St (owner rep: Murray Hill Properties’ Wesley Rudes); a 10-year, 2,970 SF lease at 721-723 Seventh Ave (owner rep: JDF Realty’s Evan Intrater); and a three-year, 2,000 SF renewal within the Equinox Sports Club at 521 Fifth Ave. Colliers International’s Donald Lutt and Andrew Boliek repped the tenant in all three deals.

***

12 E 52nd St saw 7,682 SF of leasing activity, including Sharon Gioe’s 2,404 ground-floor retail space and Revere Capital Advisors’ expansion to 7,390 SF. Al Lawrence repped owner Heritage Realty Services in-house, while the tenants repped themselves.

***

Adina for Life inked a 4,140 SF lease at MerrittView, Route 7 and Merritt Pkwy in Norwalk, Conn. Cushman & Wakefield’s Paul Kauffman and Torey Walsh repped the tenant. Market research firm Bell, Falla and Associates also renewed and expanded its lease at the building, taking an additional 2,862 SF lease on top of the 2,325 SF it already occupies. CBRE’s Barbara Segalini-Stilley repped the tenant. Jeffrey Newman, Kimberly Zaccagnino, and Jovani Rampersad repped owner Malkin Properties in-house for both deals.

***

Paradoxal is relocating to 540 Broadway, where it inked a five-year, 5,500 SF lease. UGL Services’ David Starr and Jordan Mandel (now with Vortex Group) repped the tenant, while Norbert Soussan repped owner Broadway Continental Corp.

***

MCEnergy moved its HQ to 4,000 SF at 2000 Summit Lake Dr in Valhalla, NY. The new location consolidates personnel from previous locations in Katonah and provides room for further expansion. T. Square Porperties’ Trevor Tunnell repped the tenant, while Ted Grogan repped owner Reckson, a division of SL Green.

***

Qdoba Mexican Grill served up a new 2,100 SF lease at the 40 Park residential development in Morristown, NJ. CBRE’s Jason Pierson repped the tenant, while Cushman & Wakefield’s Rick Rizzuto and Michael Stone repped owner Rosewood.

Financing

Aristone Realty Capital and Elliot Management Corp completed the refinancing of 245 Tenth Ave, where it acquired all existing debt, entered into a forbearance agreement with the borrower/owner Grasso Holdings, and advanced an additional $4M to complete construction (the price paid for the existing debt was not disclosed). A Kleinberg, Kaplan, Wolff & Cohen team led by Ross Yustein advised Aristone and Elliott.

Business

Shimon Shkury launched Ariel Property Advisors, a commercial real estate firm focused on the New York investment sales markets. Shimon and the founding members—Victor Sozio, Michael Tortorici, Christopher Lefferts, and Ivan Petrovic—have been selling investment properties for nearly decade, closing more $850M in transactions during their time at Massey Knakal. The firm plans to recruit additional industry talent.

***

Max Spann Real Estate & Auction Co is opening an office at 370 Lexington, expanding from its NJ offices in Clinton. The office will be headed by Jeffrey Freireich, formerly of Kushner Cos.

***

BNE Associates rebranded as BNE Real Estate Group to reflect the firm’s focus on development, investment, and management, and management of diversified real estate assets across the country. It will retain Millennium Homes as the construction, sales, leasing, and marketing division of BNE Real Estate Group’s residential properties.

Executive Moves

Charles Schoenherr joined Broadway Partners as chief investment officer. He was previously president of Scout Real Estate Capital, and held a position at Lehman Brothers. He’s an Iona and UCONN grad. In a related move, John Rivard assumed the position of COO. Before working for Broadway Partners, he was CIO at CalSTRS and partner at O’Connor Capital Partners.

***

Cushman & Wakefield named Bruce Mosler, former president & CEO, as chairman of global brokerage. He will partner with former C&W CEO Arthur Mirante to create a brokerage services team in NY. The team will include Bruce, Arthur, David Rosenbloom, and several other brokerage professionals. In the past nine months, both executives completed more than 2M SF of office leasing assignments in the metro region.

***

Andy Simon joined Colliers International as executive managing director. He was formerly with NAI Global New York City, where he arranged more than 3M SF of transactions throughout his career. He’s primarily a tenant rep, but also reps landlords and specializes in serving international banks with NYC real estate holdings. He also held positions at Colliers ABR, Jones Lang Wootton, Julien J. Studley, The Galbreath Co, and Douglas Elliman Commercial/MB Real Estate. He’s a Tufts grad.

***  

LePatner & Associates named Jeffrey Kleiner and Alexander Tuttle as partners of the construction law firm. Jeffrey joined in ’08, and specializes in commercial and real estate litigation, construction and real estate-related transactional matters, and corporate compliance and advisory services. He’s a University of Maryland and Brooklyn Law School grad. Alexander joined in ’07, and has repped owners, developers, contractors, and designers in commercial and high-end residential real estate, construction transactions and litigation, and has provided corporate advisory and compliance services. He’s a George Washington University Law School and Emory grad.

***

Frank Pagano joined Donnelly Sustainability Energy Services as sales director, responsible for selling energy audits, energy conservation retrofits, energy efficient equipment replacements, and energy service contracts. He was previously with Johnson Controls and California Comfort Systems, and served in the US Navy. He’s a National University grad.
Deal or no deal, Bisnow wants to know what you’re up to. Send transactions, story ideas, and event invites to amanda@bisnow.com
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