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January 19, 2010 
Monday (Success \'09) - l

One week from today: Three of the biggest names in capital markets, Penner, Sonnenblick, and Portner take on the topic at our next Bisnow Breakfast & Schmooze: the future of credit, construction financing, and the CMBS market. Jan 26, NY Bar Association, crazy low price. Sign up now!

Paramount Group VP of property management Ralph DiRuggiero is receiving the REBNY George M. Brooker Management Executive of the Year Award this Thursday, recognizing contributions to the industry.

We caught up with Ralph in between his managing a 12M SF portfolio across NYC, DC, and San Francisco. He tells us that Paramount recently launched a training and mentoring program to help younger property managers, and has taken a more critical look at its portfolio to drive out deficiencies, which included internal building awards (last year’s tops was 31 W. 52nd St, and most improved was 1301 Avenue of the Americas). Ralph’s also a very active Scranton alumnus, serving on its presidential business council to help raise money for 12 annual scholarships. For tickets to Thursday’s REBNY banquet, click on the ad to the right.


An affiliate of Harbor Group International purchased the 1.1M-SF 4 New York Plaza. JPMorgan Chase has leased back 74% of the building and will remain the primary tenant. It currently has office leasing availabilities of 280k SF and 7k SF of retail space. Although deal terms were not disclosed, the New York Post’s Lois Weiss reports that the sale-leaseback was worth $107M.


Covanta Energy Corp. signed a long-term, 105k-SF lease at 445 South St. in Morris Township, NJ. CB Richard Ellis’ Jeffrey Heller and Linda Dow represented the tenant, while Brian Banaszynski represented owner Advance Realty in-house.


Sale Transactions

Massey Knakal sold 10 walk-up apartment buildings for $29M cash. The buildings, totaling 87.7k SF, include 120-22 W. 25th St.; 124 W. 25th St.; 126 W. 25th St.; 122 W. 20th St.; 156 W. 20th St.; 464 W.23rd St.; 191 W. 10th St.; 117 Varick St.; 116 E. 19th St.; and 141 E. 95th St. Brokers involved in the deal include John Ciraulo, Craig Waggner, Brock Emmetsberger, James Nelson, Robert Burton, and Cory Rosenthal.


An affiliate of Pacific Housing Advisors purchased a nine-building, 229-unit affordable housing portfolio and associated ground-level retail in East Harlem from Security Properties for $26.9M. The buildings are known as Met Paca I and Met Paca II and operate under a Section 8 rent subsidy contract with HUD. Massey Knakal’s Shimon Shkury and team represented the seller.


Christ Alive Christian Center purchased the former office/ warehouse space of Our Lady of Mercy Medical Center at 4217 Vireo Ave. in the Bronx for $4.5M. The 34k-SF building includes 50k SF of land. NAI Friedland’s Rick Stassa repped both buyer and seller. Creditor Glastonbury Capital Partners was also involved in the deal.


Roberts Street Realty purchased a 15k-SF industrial condo at 10 Malcolm Ave. in Teterboro, NJ. NAI James E. Hanson’s Thomas Vetter and Jeffrey DeMagistris repped the owner, Malcolm Associates.


Maple Avenue Group purchased a 2.4k-SF office at 121 Maple Ave. in Hackettstown, NJ. NAI James E. Hanson’s Joseph Vindigni represented the buyer.

Lease Transactions

Lewis Brisbois Bisgaard & Smith doubled its space in Lower Manhattan by signing a 10-year, 75.7k-SF lease at 77 Water St. This is the second time it’s doubled its space in the market, moving from 8k SF at 100 Wall St. to 34k SF at 199 Water St. in ’05. Studley’s Marc Shapses and Craig McKenna, along with CB Richard Ellis’ Adam Foster, repped the tenant, while Cushman & Wakefield’s Louis D’Avanzo and Robert Constable repped the sublandlord.


One Gateway Center in Newark saw seven deals totaling 65k SF, all brokered by Brian Banaszynski on behalf of owner Advance Realty:

  • EpsteinBeckerGreen’s long-term, 40k-SF lease (tenant reps: Newmark Knight Frank’s Richard Mirliss, Richard Madison, and Daniel Harrison)

  • Landman, Corsi, Ballaine & Ford’s long-term, 16k-SF renewal and expansion (tenant reps: Studley’s David Goldstein and Allyson Bowen)

  • SOFGEN’s 3.5k-SF lease and SEB-NY’s 1.5k-SF lease

  • Rovida’s 1.5k-SF lease (tenant reps: Cornerstone Real Estate’s Eric Ladden and Roger Cantor)

  • Radin Consutling’s 1.5k-SF renewal (tenant reps: FirstService Williams’ Bryn Cinque and Jim Bailey)

  • Talk Market’s 1.4k-SF lease (tenant rep: CB Richard Ellis’ Richard Charles)


Priority Express leased a 39.8k-SF industrial building at 472 Barell Ave. in Carlstadt, NJ. NAI James E. Hanson’s Thomas Vetter and Jeffrey DeMagistris represented owner R.J. Purcell Associates.


Fein, Such, Kahn & Shepard inked a long-term, 33.7k-SF renewal and expansion at Mack-Cali Business Campus, 7 Century Dr. in Parsippany, NJ. CBRE's Remy deVarenne Jr. and Greg Barkan repped the tenant, while SK Properties’ Jon Kushner, Murray Kushner, and Justin Gingeleskie repped landlord KF Schoolhouse.


A European ocean transportation and logistics company inked a 32k-SF renewal at Southgate Center Four, 465 South St. in Morris Township, NJ. Cushman & Wakefield’s Jeffrey Prezant repped the tenant, while Vincent Marano and Thomas Stange repped the owner, an affiliate of the Zirinsky Family, in-house.


AllSaints inked a 15-year, 22k-SF lease for a flagship store at 512 Broadway, which will open in late spring or early summer. Thor Equities is the owner.


Adams & Co. brokered eight deals totaling 20k SF, including:

  • David Geller Associates’ three-year, 5.3k-SF lease at 1071 Avenue of the Americas (brokers: Adams’ David Levy and Jeffrey Schwartz)

  • Danchig’s five-year, 3.5k-SF lease at 110 W. 40th St. (brokers: Levy and Michael Greenberg)

  • United Feather & Down’s 3.4k-SF renewal at 1071 Avenue of the Americas (brokers: Levy and Schwartz)

  • GFB Fashions’ three-year, 2.2k-SF renewal at 462 Seventh Ave. (broker: Levy)

  • NY Kids Showroom’s three-year, 1.7k-SF renewal at 34 W. 33rd St. (brokers: Levy and Brett Maslin)


530 Seventh Ave. saw four deals totaling 18.3k SF:

  • Takeout Sweaters’ 8.2k-SF renewal and 1.7k-SF expansion (broker: Savitt Partners’ Marc Schoen)

  • Tadashi Shoji & Associates’ 3.4k-SF renewal (brokers: Savitt Partners’ Marc Schoen and Michael Schoen)

  • Secret Charm’s 3.4k-SF lease (tenant reps: Schoen and Schoen; landlord rep: Savitt Partners’ Bob Savitt)

  • Parisa’s 1.8k-SF lease (tenant reps: Bloom Real Estate Group’s Elliot Zelinger and Susann Eaton; landlord reps: Schoen and Schoen)


The Triennale Design Museum inked a 15-year, 18.1k-SF lease at 40 W. 53rd St. for its first US location. Cushman & Wakefield’s Michael Stone and David Tricarico repped the tenant, while Arthur Bocchi, along with C&W’s Gene Spiegelman, Michael O’Neill, and Mark Lauzon, represented owner Paramount Group in-house.


Princeton Park Corporate Center at 1100 Cornwall Rd. in South Brunswick, NJ, recently saw eight new leases and an extension. They include: Niksun’s 9k-SF extension; OmniComm Systems’ 3.8k-SF lease; NIIT Technologies’ 3k-SF lease (tenant rep: CBRE’s Adam Englander); and Vivimed Lab USA’s 2.9k-SF lease (tenant rep: Colliers Houston’s Doug Twyman). Newmark Knight Frank’s Dov Sorotzkin and team represented owner American Landmark Properties in each deal.


Puckmasters inked a 10-year, 15.5k-SF lease for its first northern NJ location at 69-71 Midland Ave. in Elmwood Park. Cushman & Wakefield’s Bonni Heller and CRESCO Real Estate’s Eliot Kijewski and Joe Barna represented the franchisee, Cutting Edge Hockey, while SBWE’s Eric Lewin and Jeff Miller represented owner St. Agatha Realty.


SL Green inked eight new deals and renewals in its Manhattan properties, including:

  • Lederer de Paris Fifth Avenue’s 18-month, 6.2k-SF lease at 625 Madison Ave. (landlord broker: Newmark Knight Frank’s Jeffrey Roseman)

  • Iron Mountain Information Management’s five-year, 5.8k-SF renewal at 317 Madison Ave. (tenant rep: Jones Lang LaSalle’s John Moxley)

  • UNX’s seven-year, 4.9k-SF lease at 215 Park Ave. South (tenant rep: Newmark Knight Frank; landlord rep: Howard Tenenbaum and Gary Rosen, in-house)

  • Macaron Café’s 10-year, 997-SF lease at 625 Madison (tenant rep: Reilly Real Estate’s Edward Reilly; landlord rep: Newmark Knight Frank’s Gregg Gropper)

  • Metropolitan Shoe Repair and Shoe Shine’s 10-year, 900-SF lease at 100 Park Ave. (tenant rep: ATCO Property Service Corp.’s Peter Goldich; landlord rep: Roseman)


NicOX signed a 12k-SF lease for its US HQ relocation to 20 Independence Blvd. in Warren, NJ. FirstService Williams’ Andrew Tarvin represented the tenant. CBRE’s Robert Ryan, Geoffrey Schubert, and Craig Eisenhardt represented the owner, Normandy Real Estate Partners.


Minerals Technologies inked an 11-year, 14k-SF HQ lease at 622 Third Ave, and will occupy the space in early ’10. FirstService Williams’ Robert Goodman and Seth Hecht repped the tenant, while David Nevins repped owner Cohen Brothers Realty Corp. in-house.


Docutrend inked a long-term, 10k-SF lease at 29 Commerce Way in Totowa, NJ. FirstService Williams’ Frank Gunsberg and Jason Imperial represented the tenant, while Peter Bronsnick represented owner Mack-Cali in-house.


The Crown Building at W. 56th street saw two new retail deals: John Richmond’s 4.8k-SF deal and Crockett & Jones’ 1.9k-SF lease. Both anticipate opening in spring. Judson Realty’s Stuart Ellman represented Crockett, while Robert K. Futterman & Associates’ Ariel Schuster and Izzy Anthony represented owner Lexington Building Co.


Garnet Capital Advisors expanded its space by 40% to 5.6k SF in an early renewal at 500 Mamaroneck Ave. in Harrison, NY. The lease now runs through ’16. Newmark Knight Frank’s Patricia Valenti represented the tenant, while Jeffrey Newman represented owner Malkin Properties in-house.


SL Green’s 420 Lexington Ave. saw four deals: Clear Harbor Asset Management’s three-year, 2k-SF lease (tenant rep: Vicus Partners’ Andrew Stein); KBK’s three-year, 1.2k-SF lease (tenant rep: Sumitomo Real Estate Sales’ Hiroshi Nagata); Korea Health Industry Development Institute’s three-year, 957-SF lease (tenant rep: Own Manhattan’s Marie Hammoudi); and Pias Intercosmex Corp.’s one-year, 917-SF lease.


Tod’s Point Capital leased 4.1k SF at 100 First Stamford Place in Stamford, Conn., and will move in 1Q10. Cushman & Wakefield’s Stephen Baker represented the tenant, while Jeffrey Newman represented owner Malkin Properties in-house.


GNC inked a 1.8k-SF retail space at 205 Eighth Ave., relocating from its current location at 265 Eighth Ave. Robert K. Futterman & Associates’ Ariel Schuster and Greg Covey represented the tenant, while Aaron Schwartz represented owner Francemen 205 in-house.


Hudson Office Associates signed a 1.2k-SF lease at 39 Hudson St. in Hackensack, NJ. NAI James E. Hanson’s Judy Troiano repped owner HAMM Associates.


The Disney Store inked a lease at 1540 Broadway for a state-of-the-art, interactive store to open in the fall. The deal was negotiated by RCS Real Estate Advisors and SRS Real Estate Partners. The owner is Vornado Realty Trust.


NCB originated over $41M in new loans. These deals included $9.2M in financing and a $3M first mortgage for a 72-unit co-op at 2187 Holland Ave. in the Bronx, arranged by Edward Howe III; a $5.5M first mortgage and $500k line of credit for Edgemont Apartments Corp., a 140-unit co-op at 370-372 Central Park Ave. in Scarsdale, arranged by Mindy Goldstein; and a $5.6M first mortgage and $1M line of credit for a 142-unit co-op at 127 W. 79th St., arranged by Sheldon Gartenstein.


New York City Capital Resource Corp. gave preliminary approval for up to $2.2M in Recovery Zone Facility Bonds to assist in the development of a cultural and arts center at the Kalahari Condominium in Central Harlem. My Image Studios, or MIST at the Kalahari, will be located on the first floor of the building. The $9.6M, 18k-SF center will include a restaurant, conference/ performance area, screening rooms, and film and digital media studios. It is being developed by FS Kalahari Commercial and My Image Studios. In addition to the bonds, the project is being financed by $3.9M in conventional financing, $2.9M in New Markets Tax Credits, and $600k in developer equity.


Houlihan-Parnes Realtors placed an underlying $1.9M first mortgage on a six-story co-op at 1922 McGraw Ave. in Parkchester, Bronx. The interest-only loan is fixed at 6.05% for the full 10-year term, and was handled by the firm’s Andrew Hargadon and Mike O’Neill; Goldberg Weprin’s Aubrey Riccardi repped the borrower.

Construction & Development

The 443-unit Trump Plaza Residences, the tallest residential tower in Jersey City, will undergo a revitalization including a grander entrance, and enhancements to its outdoor space, which includes a pool, cabanas, and lawn areas. The work will be completed in two phases, with model residences, sales center, and interiors completed by next month, and the outdoor space and landscaping by May. BNOdesign’s Benjamin Noriega-Ortiz is the architect.


FirstService Williams’ New York, Connecticut, and New Jersey offices, whose parent company FirstService Real Estate Advisors we recently reported as combining forces with Colliers International, announced that it will adopt the Colliers International name and branding. New York and New Jersey’s previous Colliers offices, Colliers ABR and Colliers Houston & Co., will now become Cassidy Turley in a separate rebranding along with seven other firms.

Exec Moves

John Klopp joined Morgan Stanley as head of Americas Real Estate Investing and Global Real Estate Debt Investing. He was previously CEO of Capital Trust, and held positions at Victor Capital Group and Chemical Realty Corp.


Dewey & LeBoeuf appointed Stuart Saft as chair of the firm’s global real estate practice, succeeding Peter Britell, who will remain as counsel. One of his first initiatives will be to launch the fully integrated Strategic Utilization of Real Estate (SURE) group, advising corporate and non-profits on real estate holdings, and Disaster Assistance and Recovery Team (DART) focusing on problem-solving for real estate owners dealing with disastrous events, such as floods, fire, and terrorism.


Jason Wuchiski joined RHYS Commercial as SVP in its retail leasing division, representing both retailers and landlords in the Tri-State. He was previously with FirstService Williams and is a graduate of Fairfield University.


Vortex made three new hires: Jordan Mandel as principal, Oliver Petrovic as director, and Kirill Azovtsev as associate. Jordan was previously with UGL Equis and also worked for CB Richard Ellis and Bloomberg. He is a graduate of NYU and Babson. Oliver was also with UGL Equis, and previously worked with the hotel division of Upward Bound International. He is a graduate of SUNY New Paltz. Kirill was previously with Houlihan-Parnes, and is a Concordia College graduate.


Michael Fahy joined Ted Moudis Associates as an associate, after practicing architecture, facilities planning, and project management for 28 years. His responsibilities will include overseeing and directing his project team, including project managers, architects, and CAD support. He is a graduate of SUNY Old Westbury.


January 26 - Association of Real Estate Women - Networking Cocktail Reception - A stylish soiree at one of New York's most venerated private spaces, the 21 Club. 6-8pm. Info

January 26 - Bisnow Breakfast & Schmooze - Capital Markets -Penner, Sonnenblick, and Portner talk the future of credit, construction financing, and the CMBS market, among other issues. NY Bar Association, crazy low price. Info

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