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Real Estate Bisnow
   
January 2, 2013 
 
 
 
WorkSpaces (Left1) NYRE

The Deal Sheet:

Last Big Trades of '12

 
BIG DEALS!

Eight Spruce Street

TIAA-CREF became a 49% equity owner in the Frank Gehry-designed Eight Spruce Street in a recap that values the 76-story, 898-unit high-rise residential building at $1.1B. Original partners Forest City and National Real Estate Advisors have retained 26% and 25% stakes in the building, respectively; Forest City will receive proceeds of approximately $120M.

***

Vornado acquired a nearly 59% interest in the 1,328-unit Independence Plaza residential complex in TriBeCa, which comes with 55k SF of retail and 550 parking spaces. During the first step of the transaction in 2011, Vornado acquired a 51% interest in the asset’s subordinated debt for $45M and a warrant to purchase 25% of the equity for $1M. The current transaction values the property at $845M; it included Vornado’s purchase of an equity partner’s 33.75% interest for $160M. Vornado and other equity partner Stellar Management expect to refi the mortgage in Q1 ’13.

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AECOM inked a new 90k SF lease at 125 Broad St, consolidating employees from 71 W 23rd St, 31 W 27th St, and 20 Exchange Pl in Q4 ’13. It will retain its 605 Third and 100 Park Avenue offices. CBRE brokered the deal.

SALES

RFR Holding and a real estate investment fund purchased the 513k SF, 26-story 285 Madison Ave from Young & Rubicam for an undisclosed price. RFR will perform a $50M repositioning of the fully vacant building, including total infrastructure, common corridors, restroom, and building system updates.

 

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Avalon at Aberdeen Station

MFREVF Aberdeen Urban Renewal purchased the four-story, 290-unit Avalon at Aberdeen Station multifamily community (1000 Central Ave) in Aberdeen, NJ from AvalonBay Communities for $66.3M. HFF’s Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien, and Michael Oliver repped the seller.

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Onyx Equities purchased the 235k SF Atria West office building in Garden City, Long Island from CAF Realty for an undisclosed price, and will soon begin a capital program to upgrade the public areas. The Rochlin Org will lease the building, while original architect Marc Spector of Spector Group will design the renovations.

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National Health Investors sold its 148-bed seniors living campus in Edison, NJ to current tenant Sunrise Senior Living for $23M.

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Urstadt Biddle Properties purchased a 50% TIC interest in the 91k SF Chestnut Ridge Shopping Center (Chestnut Ridge Road) in Montvale, NJ and the 26k SF Plaza 59 Shopping Center (Route 59) in Spring Valley, NY for a combined $18.2M.

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The Solomon Org purchased the 172-unit Chesterfield Gardens apartment complex in Freehold, NJ from Chesterfield Associates for $16.6M. Gebroe-Hammer Associates’ Joseph Brecher and Steven Follman brokered the deal.

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Stellar Management purchased 26 Vandam St, a 21-unit multifamily property, from a private investor for $6.1M. Marcus & Millichap’s David Lloyd, Peter Von Der Ahe, and Joe Koicim brokered the deal. The buyer is aiming to add air rights to its adjacent office project, One SoHo Square.

LEASES

The Center for Allied Health & Nursing Education tripled its space at Capitol Plaza in Ewing, NJ to 30k SF. Levin Management leases the 357k SF retail plaza.

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One Grand Central Place saw two deals: Davidson, Dawson & Clark’s 10-year, 13k SF renewal (tenant rep: Norman Bobrow & Co’s Norman Bobrow); and Service Now’s 12k SF relocation (tenant rep: Colliers’ Jim Abarta, Brian Given, and Sheena Gohil). Newmark Grubb Knight Frank’s Billy Cohen and Ryan Kass repped owner W&H Properties in both deals.

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Golfsmith inked a 12.5-year, 14k SF lease at 420 Fifth Ave for its flagship location, leasing the last remaining retail space. Ripco’s Peter Ripka, Andrew Mandell, and Richard Skulnik repped the tenant, while George Constantin repped owner Heritage Realty Services in-house.

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Riverdale Crossing—a 162k SF under-development shopping center adjacent to the 238th Street subway station on the 1—saw two deals: Petco’s 10-year, 9,600 SF lease (tenant rep: Ripco’s Brian Schuster) and Bank of America’s 15-year, 2,800 SF lease (tenant rep: CBRE’s Allan Price). Ripco’s Todd Cooper and Miles Mahony repped developers Metropolitan Realty Associates and Angelo, Gordon & Co in the Petco lease, while former colleague John Hanlon (now with CBRE) repped them in the BofA lease. The center is scheduled for completion next year.

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Patina Restaurant Group will open a 10k SF, white-tablecloth restaurant with private dining rooms and a banquet catering facility on the ground and lower floors of the Empire State Building in early 2014. The new establishment—not yet named—will be operated and managed by Patina and owned by ESB. CBRE’s Matt Chmielecki and Andrew Goldberg repped owner W&H Properties.

FINANCING

GCP Capital Group’s Paul Greenbaum arranged $55.6M for a package of 17 multifamily properties totaling 927 apartments and 5,600 SF of commercial space in Brooklyn, Staten Island, and Queens, as well as $2.2M for an 18-unit, four-story walkup apartment building with one commercial unit on Stuyvesant Avenue, Brooklyn. Colleague Matthew Classi arranged $21M for nine two-story senior citizen garden apartment buildings totaling 272 units in East Farmingdale, Long Island, as well as $7.5M for nine two-story senior citizen garden apartment buildings totaling 68 units in Oakdale, Long Island.

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Commercial Mortgage Capital’s Mark Scott closed: a $19M new construction loan for a 116-unit luxury rental project in Rahway, NJ; a $15M, self-liquidating 15/15 loan secured with a major life company for a 236-unit project in Woodbridge, NJ; $9.4M for a recently renovated, two-building, 45k SF office complex at the Yonkers train station; and a 25-year, $8M self-liquidating refi for a flex office/warehouse complex in South Brunswick, NJ.

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Meridian Capital Group arranged: $16M for four multifamily buildings totaling 225 units on Fourth Avenue, Bay Parkway, East 31st Street, and Quentin Road, Brooklyn (arranged by Joe Taub); $11.3M for a 112-unit, six-story multifamily building on Fort Hamilton Parkway, Brooklyn (arranged by Jacob Schmuckler); $5.2M for a 157-unit, six-story co-op building on 67th Road, Forest Hills (arranged by Judah Hammer); and $5M for a 109-unit, six-story multifamily building on East 209th Street, the Bronx (arranged by Taub).
CONSTRUCTION & DEVELOPMENT
 

iStar Financial and subsidiary Asbury Partners announced an infrastructure financing program with the City of Asbury Park, NJ, which will fund up to $58M of new infrastructure costs. The redevelopment of the waterfront is expected to bring more than $1B of economic activity to Monmouth County and create more than 5,900 jobs. The financing agreement also removes the final obstacle to the commencement of VIVE, a 28-unit luxury townhome community at the intersection of Kingsley Street and Asbury Avenue.

BUSINESS

Denihan Hospitality Group signed a management agreement with Ark Partners for the 177-room Shoreham Hotel on 33 W 55th St, which will be converted to an Affinia Hotel this summer. The addition of the hotel gives Denihan 12 luxury and upscale hotel properties in NYC, totaling 2,577 rooms.
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