$1B PARTNERSHIP; THE DEAL SHEET
| In one of the largest transactions in recent years, Olympic Tower Associates and Crown Acquisitions have entered into a JV at the Olympic Tower complex on Fifth Ave—a deal sources value at $1B. Crown will assume a 49.9% equity interest in the multi-building complex, which includes Olympic Tower (645 Fifth), the Versace Building (647 Fifth), the Cartier Building (653 Fifth), and 10 E. 52nd St. | ||
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| The 51-story, mixed-use, SOK-designed Olympic Tower includes 225 high-end luxury apartments and an additional 500k SF of office and retail space. Crown is no stranger to the neighborhood—it’s been instrumental in revitalizing the retail portion of 666 Fifth and the retail condo portion of the St. Regis Hotel at 530 Fifth. Congrats to Colliers International’s Harry Seherr-Thoss and Robert Freedman, who transacted the JV on behalf of Olympic Tower Associates. Crown was repped in-house. | ||
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| SALES Marcus & Millichap brokered the sale of two buildings: a 117-unit apartment building (with five retail tenants and a cell phone antenna) at 680 St. Nicholas Ave for $24M (brokers: Peter Von Der Ahe,Scott Edelstein, and Seth Glasser); and the 10-unit 143 North 8th St, Brooklyn for $1.9M (broker: Shaun Riney). *** Besen & Associates brokered three deals: two six-story elevator apartment buildings totaling 119 apartments and five stores at 1307 Edward L. Grant Hwy and 1201 Ogden Ave, Bronx for $9M (seller rep: Amit Doshi and Matthew Slomin for Stratford Five Realty; buyer rep: Ben Weiss for ELG1275 LLC); two walkup apartment buildings totaling 47 units and six stores at 2196 Amsterdam Ave and 255 Audubon Ave for $5.7M (broker: Doshi for seller Wayne Lopkin and buyer Karabelas & Papagianopolous); and the 23-unit, five-story walkup at 2409-2411 Beaumont Ave, Bronx for $1.4M(broker: Kelly Lin). *** Massey Knakal brokered three deals: a 3,600 SF development site at 100 Norfolk St for $8.7M cash (broker: Michahel DeCheser); a 21k SF commercial property at 4380 Bronx Blvd, Bronx for $1.9M cash (broker: Karl Brumback); and a 5,000 SF industrial building at 15-19 Wythe Ave, Williamsburg for $1.5M (brokers: Mark Lively and Brendan Maddigan). *** Madison Realty Capital purchased three non-performing senior notes with a principal balance of $5.7M, secured by multifamily and industrial properties in Park Slope, Woodside, and West Harlem, from a community savings bank. It also purchased a non-performing senior loan with a principal balance of $5.3M, secured by a 80k SF office building near Barclays Center in Brooklyn. The seller was a local savings bank. *** The Naftali Group purchased a 15k SF development site at 95 3rd Ave, Boerum Hill from Goldport Properties for $6.7M. CPEX’s Brian Leary, Sean Kelly, Cengiz Sendogdular, and Matthew Dzbanek brokered the deal. CPEX’s Duke McCabe also repped the seller in the $1.2M sale of the 4,800 SF 1741 Bath Ave, Bensonhurst (buyer rep: Patsis Co’s Angelo Patsis). *** An affiliate of Westport Capital Partners purchased 1262 Post Rd, Fairfield, Conn. from the US Postal Service for $4.3M. CBRE’s Steven Bardsley and David Gavin brokered the deal. *** Imperium Capital purchased the 16k SF office and retail building at 174-180 North 11th St, Brooklyn for $3.4M. The property has air rights that would allow the development of a multi-story residential apartment building. LEASES MakerBot Industrial inked a long-term, 31k SF lease at One MetroTech Center, Brooklyn for its corporate HQ. Cushman & Wakefield’s Glenn Markman and Joseph Cirone repped the tenant, while CBRE’s Keith Caggiano repped owner Forest City Ratner Cos. *** FTI Consulting signed a nine-year, 23k SF renewal at 750 Third Ave. Cushman & Wakefield’s Sam Clark repped the tenant, while David Amsterdam repped owner SL Green in-house. *** 1040 Avenue of the Americas saw two deals: Exec-Comm’s 10-year, 9,800 SF lease (tenant rep: Studley’s Bill Montana) and Dorma Group North America’s 8,300 SF lease (tenant rep: Studley’s David Dusek). Newmark Grubb Knight Frank’s Billy Cohen and Ryan Kass repped owner Skyline Developers. *** VTB Capital moved into 16k SF at 452 Fifth Ave. PBC USA Real Estate’s Ehud Elizur and Alicia Popper repped the landlord in-house. *** MJLF & Associates signed an 11k SF lease at First Stamford Pl, Stamford, Conn. CBRE’s Mike Nelson and Cushman & Wakefield’s Trip Hoffman repped the tenant, while Jeffrey Newman, Kimberly Zaccagnino, and Tara Long repped owner Malkin Properties in-house. *** 980 Madison Ave saw three retail deals: Rebecca Taylor’s 4,300 SF lease (tenant reps: Dallimore & Co’s Simon Dallimore and Lansco’s Robin Abrams); Sandro’s 2,000 SF lease (tenant rep: Isaacs & Co’s David Baker); and Vince’s 3,800 SF lease (tenant reps: Dallimore and Abrams). RKF’s Robert Futterman, Beth Rosen, and Jackie Totolo worked with RFR Realty’s Oliver Katcher to rep owner RFR Realty. *** CVS Pharmacy inked a 10k SF lease at 500 W 23rd St. Newmark Grubb Knight Frank Retail’s Jason Pruger, Ross Kaplan, and Trever Gallina repped the tenant, while Craig Slosberg and Paul Berkman, formerly of NGKF, repped owner Equity Residential. *** Massey Knakal Retail Leasing Services brokered two deals: a 99-cent discount store’s 8,000 SF lease at 566 Nostrand Ave, Bed-Stuy(broker: Andrew Clemens) and Sheshe Pizzeria’s long-term, 1,600 SF lease at 961 Columbus Ave (broker: David Chkheidze). *** The Active Network doubled its office space at 370 Lexington Ave to 6,300 SF. Sherwood Equities’ Adam Weissleder and Jill Burrowes brokered the deal in-house for the landlord. Jill and Adam, along with colleague Fred Rosenberg, also repped Sherwood in a 2,500 SF lease for Zucker’s Bagels and Smoked Fish in the building. Newcorn Realty’s Warren Newcorn repped the tenant. *** Gallery Systems signed an eight-year, 7,200 SF lease at 5 Hanover Sq. Hunter Realty’s Richard Gottlieb repped the tenant, while Cushman & Wakefield’s Frank Cento, Jonathan Fein, and Carlos Suarez repped owner Savanna. *** 100 Wall St saw two deals: Blackwall Capital Market’s eight-year,4,300 SF lease (tenant rep: Winslow & Co’s Joshua Winslow) and RIB North America’s six-year, 1,900 SF renewal. JLL’s Mitch Konsker, Scott Cahaly, and Brian Reiver repped owner Savanna in the Blackwall deal, while Todd Korren repped the landlord in-house for the RIB lease. *** Syndicate Media Group signed a five-year, 5,600 SF lease at 30 W 24th St. CBRE’s John Termini repped the tenant, while Adams & Co’s James Buslik and Alan Bonett repped owner Twenty Three RP Associates. *** 490 Wheeler Rd, Hauppauge, Long Island saw two deals: a NYS-subsidized office’s 2,300 SF lease and Pet Group’s 1,700 SF lease. Island Associates’ Roger Delisle Jr repped the landlord in both leases as well as Pet Group; Prudential’s Mike Murphy repped the NYS office. *** Revolve inked a 3,000 SF lease for its first NY location at 52 E 13th St. Winick Realty’s Lee Block and Annie Shinn repped the tenant, while Safeguard Realty repped the owner. FINANCING Meridian Capital Group arranged: $18M for an 80-unit, 20-story multifamily building on West 86th Street (arranged by: Carol Shelby and Dani Sabesan); $7.9M for an 80-unit, six-story multifamily building on Bay 19th Street, Brooklyn (arranged by Avi Weinstock);$6.5M for a 9,000 SF retail property on Steinway Street, Astoria(arranged by: Shelby and Sabesan); and $5M for two multifamily buildings totaling 33 units on West 45th and West 21st streets (arranged by Weinstock). *** GCP Capital Group arranged: $3.6M for a 34-unit, four-story walkup apartment building with 3,800 SF of retail space on East 5th Street, Brooklyn (arranged by Michael Charnowitz); $3.1M for a 35-unit, six-story elevator apartment building on Ocean Avenue, Brooklyn(arranged by Paul Greenbaum); $2.2M for a 20-unit, six-story walkup apartment building with 2,100 SF of retail space on West 173rd Street (arranged by Stephen Katz); and $1.3M for a five-unit, three-story apartment building on Graham Avenue, Brooklyn (arranged by Matthew Albano). *** Madison Realty Capital provided: a $7M bridge loan for a 12k SF retail property in Queens that will be occupied by a CVS Pharmacy;$3.8M in financing for the purchaser of a $5.2M note on a 45k SF industrial property in Long Island City; and a $3.9M bridge loan for a 50k SF medical office and retail property on Flatbush Ave, Lefferts Garden. *** Besen Capital’s Angela Ortiz arranged: a $4.2M first mortgage loan to refi 123-125 E 7th St, which totals 17 apartments and four stores; and a $2.6M first mortgage loan to refi 233 Merrick Blvd, Rosedale and 1471 Westchester Ave, Bronx, which total 17 stores. CONSTRUCTION & DEVELOPMENT Lettire Construction Corp, Jonathan Rose Cos, and Phipps Housing completed construction of Via Verde, the 20-story, 222-unit green affordable housing development with 71 co-ops and 151 rentals at 700-706 Brook Ave, Bronx. The team for the LEED-NC Gold building also included Dattner Architects, Grimshaw Architects, Ettinger Engineering Associates, Robert Silman Associates, and Lee Weintraub Landscape Architecture. *** BF Development, Basser-Kaufman, and Town of Hempstead officials broke ground on a new Walgreens store at 585 Uniondale Ave, Uniondale, Long Island. It’s the first standalone chain drugstore in Nassau County, and the planned 13k SF store with a drive-thru window is a departure from Walgreens’ 15k SF prototype. The store should be finished by the end of the year; the GC is March Associates Construction. Department of Corrections We mistakenly combined two deals last week. DKNY signed a long-term, 18k SF early renewal at 655 Madison Ave for its flagship store. PBS Real Estate’s Laura Pomerantz and John Brod repped the tenant, while Colliers International’s Andrew Roos and Michael Cohen repped owner Plaza Associates. And Aronauer Re & Yudell signed a 8,100 SF lease at One Grand Central Place. Newmark Grubb Knight Frank's Greg Wang repped the tenant while he was at Colliers International. NGKF’s Billy Cohen, Ryan Kass, and Julie Christiano repped owner W&H Properties. |
