THE DEAL SHEET
|We'd call this a quieter transaction week, but Vantone Industrial's almost 21-year, 191k SF lease at The Freedom Tower—err, One World Trade Center—knocked everything out of the water. Presenting The Deal Sheet, your weekly feel-good reading.|
|Sales Transactions Massey Knakal brokered the sale of five assets: a 8.3k-SF industrial property at 855 Humboldt St. in Greenpoint, Brooklyn for $1.4M cash (broker: Mark Lively); two six-unit apartment buildings at 35-20-22 102nd St. in Corona, Queens for $1M cash (broker: Swain Weiner); a 6.5k-SF mixed-use development site at 1767 Southern Blvd. in East Morrisania, Bronx for $650k cash (broker: David Simone); and a 3.4k-SF retail building at 223-18/20 Linden Blvd. in Cambira Heights, Queens for $600k cash (broker: Brian Sarath).Lease Transactions|
Vantone Industrial Co. inked an almost 21-year, 191k-SF lease at One World Trade Center, formerly the Freedom Tower, which will create the China Center business and cultural facility on a portion of the 64th floor and the entire 65th-69th floors. Immediately following the signing, China Center provided landlord The Port Authority of New York and New Jersey with a $10M letter of credit. The lease will commence upon the building's completion in late '13; rents will start at $80 PSF and escalate in subsequent years. The tenant will also have the right to lease up to two additional contiguous floors in an option that expires at the end of '09. Jones Lang LaSalle represented the tenant, while the Port Authority was represented in-house by Michael Francois, Thomas Maher, and Nicholas Houselog.
Law firm Kilpatrick Stockton doubled the size of its New York office by subleasing 25k SF at 31 W. 52nd St. from law firm Clifford Chance. Studley's Ken Ruderman represented the sublessee.
Insurance broker S.H. Smith & Co inked a 21k-SF deal at 20 Church St. in Hartford, Conn. CB Richard Ellis' John McCormick, Patrick Mulready, and Alexis Augsberger represented owner The Hampshire Cos.
Chromocell Corp. signed a multi-year, 15k-SF lease at the New Jersey Economic Development Authority's Biotechnology Development Center in North Brunswick, NJ. Cushman & Wakefield, Inc.'s Mary Ryan and Jon Marks brokered the deal.
Luxury children apparel company Best & Co. expanded its showroom space at 530 Seventh Ave. from 2k-SF to 3.8k-SF. Savitt Partners'Marc Schoen and Michael Schoen represented both the tenant and building owner in the transaction.
Newmark Knight Frank Capital Group secured $25M in fixed-rate financing for a 10-year term for the Film Center Building at 630 Ninth Ave. Paul Talbot arranged the first-mortgage financing for owner GSH Associates and placed with a New York bank.
Construction & Development
Tamarkin Co. topped out its new condo building at Chelsea's 456 W. 19th St. The 11-story building includes 22 one to three-bedroom units and penthouses ranging from $1.5M to $6M. The building is aiming for LEED Silver certification.
ALSO AROUND NEW YORK...
John Krush joined Newmark Knight Frank as executive managing director, overseeing the firm's project management division in the Tri-State region. He was previously with Tishman Technologies, a division of Tishman Construction, and also held positions at Jones Lang LaSalle and Trammell Crow.
Patrick Bisceglia joined Marcus & Millichap's Manhattan office as an associate VP of investments, focusing on the sale of multi-family and investment properties in the Tri-State Area. He joins the company from CB Richard Ellis' Stamford, Conn. office, and was also an investment sales broker at Rockwood Realty Associates. He holds degrees from St. Lawrence University and New York University.
Jeffrey Oram joined Marcus & Millichap's New Jersey office as senior associate, where he will focus on the sale of office and industrial assets in suburban New Jersey, New York City, and nationally. He comes from CB Richard Ellis' Saddle Brook, NJ office, where he arranged the sale of more than $1B in investment properties, primarily in suburban New Jersey. He is a graduate of Princeton University.
Christopher Grinnell joined Massey Knakal's Westchester division as first VP of sales. He previously worked for Morgan Stanley, where he worked with top-tier municipal accounts, and DPS Sporting Development Club, where he sold property at the Turks and Caicos Sporting Club at Ambergris Cay. He is a graduate of Maritime College.
Brendan Maddigan joined Massey Knakal's Brooklyn Division as director of sales. He comes from Baltimore's Signature Properties, where he created models that improved analysis of potential real estate purchases. He was also founding partner of Davenforth, a company that acquired and managed investment properties. He is a graduate of the Massachusetts Institute of Technology.
Karen Armstrong has joined private real estate investment fund manager The Hampshire Cos. as assistant controller, participating in all the company's financial reporting, accounting, and tax matters. Past experience includes Coopers & Lybrand, RJR Nabisco, and AT&T. She holds degrees from the University of Rhode Island and Rutgers.