21 PENN PLAZA SELLS; THE DEAL SHEET
| Savanna and The Feil Org have snapped up the 375k SF 21 Penn Plaza (aka 360 W 31st St) from GHG Realty in an off-market JV transaction. | ||
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| Savanna co-managing partners Christopher Schlank and Nicholas Bienstock, whose firm also recently acquired 31 Penn Plaza and 80 Broad St. Although the JV was mum on terms, a source confirmed the building sold for $137M (as first reported by the New York Post). The office building is 95% occupied by major tenants that include Saks & Co, Central Parking, Langan Engineering, and Joseph Loring & Associates. The JV retained Jeffrey Management Corp, a Feil affiliate, as property manager and leasing agent, and The Feil Org'sBrian Feil and David Turino are charged with lease-up. Upcoming: new prebuilt units, upgraded common corridors and restrooms, and base building improvements. | ||
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| SALESHarbor Group International acquired the 500 W 43rd St parking garage from Alliance Parking Services for $10.5M. The three-level garage has 130 parking spaces and has a long-term net lease withHertz Corp for a car rental site. *** | ||
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| Besen & Associates sold a 67k SF apartment building at 261 East Kingsdbridge Rd, Bronx for $6.4M. The firm's Alan Zucco brokered the deal.***Time Equities purchased a 10k SF retail center at 180 Mclean Avein Yonkers for $3.5M. The firm's Ami Ziff repped the buyer in-house, while Gelcor Real Estate and CBRE repped the seller. *** Marcus & Millichap brokered two deals: the 7,600 SF 4906-4908 4th Ave, Sunset Park for $1.7M (brokers: Matt Fotis and Jeb Hollingsworth for the seller and Dolly Amigon for the buyer); and a 17-unit apartment building 939 Sterling Pl, Brooklyn for $1.8M(brokers: Derek Bestreich and Shaun Riney). LOAN SALE Helios Capital Advisors advised in the sale of a $2.3M non-performing multifamily loan for a seven-story, 13k SF property (comprised of 25 units and one retail unit) on East 14th St. LEASES Scripps Networks inked a six-year, 22k SF lease at 1180 Avenue of the Americas. Cushman & Wakefield's Samuel Clark repped the tenant, while Murray Hill Properties' Garett Varricchio, Bret Varricchio, and James Tamborlane repped owner HNA Group. *** 1250 Broadway saw three deals: Office Depot's 3.5-year, 7,700 SF lease, Spectrum Group's six-year, 7,200 SF lease (tenant rep: SL Green's Gary Rosen); and ShoreTel's 5.5-year, 4,400 SF lease (tenant rep: JLL's Mercedes Fernandez). Murray Hill Properties'Randy Sherman repped owner JT MH 1250 Owner LP in each deal. *** 60 Bay St, Staten Island saw three deals: The Legal Aid Society's 14-year, 11k SF expansion (tenant reps: CBRE's Michele Freemanand Christopher Mansfield); the US Department of Veterans Affairs' five-year, 3,400 SF lease (tenant reps: JSDA Real Estate'sDel Smith and Newmark Knight Frank's Rob Sattler); and Jay Dietz & Associates' 10-year, 2,000 SF lease. Ross Spitalnick and Stan Markowitz repped owner Muss Development in-house for each deal. *** Murray Hill Properties brokered four deals: Destination Media's seven-year, 5,000 SF lease at 183 Madison Ave (tenant rep: MHP'sBret Varricchio; landlord rep: Cushman & Wakefield's Harry Blair);Avalon Partners' six-year, 4,800 SF sublease at 461 Park Ave(subtenant rep: Rice & Associates' Elizabeth Juviler; sublandlord rep: MHP's Randy Sherman and Barry Spagna); Grand Cru Selections' 3.5-year, 3,600 SF sublease at 1-5 W 19th St (subtenant rep: MHP's Esther Zar; sublandlord rep: Signature Partner's Michael Pinney for Jann Cobb); and Joy Cioci New York's four-year, 3,500 lease at 132 Crosby St (tenant reps: MHP's James Tamborlane,Michael Politi, and Ryan Nizolek; landlord rep: George Comfort & Sons' Dennis Someck). *** | ||
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| The Polytechnic Institute of NYU renewed its 11k SF lease atMelville Corporate Center I, 105 Maxess Rd in Melville, Long Island. Newmark Knight Frank's Scott Berfas and Brian Lee repped the tenant, while Craig Weiss repped owner T. Weiss Realty in-house.***Throckmorton Fine Art and Kranz & Co both signed five-year,5,000 SF renewals to remain at The Hammacher Schlemmer Building, 145 E 57th St. Colliers International's Charles Goldbergrepped the tenants, while Grubb & Ellis' Barrett Stern repped ownerMIP145 E57th LLC. *** Ricky's Halloween Store inked a 5,200 SF pop-up lease at 55 W 125th St. Task Realty's Adam Stupak repped the tenant, while Cogswell Realty's Ross Jacobs and Anthony Stapleton repped the owner. *** | ||
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| Lornamed is relocating from Stamford, Conn. to 3,900 SF at 500 Mamaroneck Ave, Harrison. Colliers International's Michael McCarthy repped the tenant, while Jeffrey Newman and Tara Longrepped owner Malkin Properties in-house. Malkin Construction will build out the space.***Axilone USA inked a 3,300 SF renewal and expansion at 276 Fifth Ave. The tenant repped itself, while Winoker Realty's Elliot Kleinrepped owner 276 Manager LLC. *** Seven Points Capital inked a five-year, 2,900 SF lease at 805 Third Ave. Winoker Realty's Bill Berkis repped the tenant, while Steven Lambert repped owner Cohen Brothers Realty Corp in-house. FINANCING Meridian Capital Group arranged over $45M in financing, including:$22M for a 548-unit, 28-story co-op building on West End Ave(arranged by Steve Geller and Nicoletta Pagnotta); $10.5M for a six-story mixed-use buildings on 37th Avenue, Jackson Heights(arranged by Avi Weinstock and Josh Rhine); $6M for a 96-unit, six-story multifamily building on 67th Road in Flushing (arranged byCharles Grussgott); and $4.3M for a 40-unit, five-story multifamily building on East 81st Street (arranged by Weinstock and Rhine). *** Marcus & Millichap Capital Corp arranged over $19M in financing, including: a $17M bridge construction loan for the completion of a 110-unit multifamily property in Rockland County (arranged bySteven Rock); and $2.3M for three apartment buildings in Astoria,Brooklyn, and Norwalk, Conn. (arranged by Sean Mooney andChristopher Marks). *** GCP Capital Group arranged nearly $16M in financing, including: $5.6M for a 5,400 SF vacant parcel, which will be developed into a residential condo building, on Columbia Street, Brooklyn (arranged by Matthew Albano); $4.7M for a seven-story, 28-unit walk-up apartment building on Sullivan Street (arranged by Paul Greenbaum); $4M for one six-story and two five-story buildings totaling 79 units on South 2nd Street in Brooklyn (arranged byMatthew Classi); and $1.6M for a 6,000 SF retail building on Utica Avenue in Brooklyn (arranged by Greenbaum). *** Hudson Realty Capital arranged a $5M bridge loan for the purchase of a 39k SF retail condo in Brooklyn. BUSINESS Grubb & Ellis completed the sale of its real estate investment fund business, Alesco Global Advisors, to Lazard Asset Management. Terms of the transaction were not disclosed. *** Helios AMC acquired The Situs Cos, and the combined companies will operate at The Situs Cos. Helios CEO D. Keith Johnson will serve as CEO of the combined platform, and Situs principals will assume leadership positions, including Ralph Howard as president of Europe, Steve Powel as president of North America, and Martin Bronstein as president of Situs Asset Solutions. Helios principalsEric Lidner and John Maute will continue in their current roles. *** Woodmont Properties announced the formation of affiliateWoodmont Industrial Partners (WI Partners), a new venture focused on acquiring industrial properties in select high-barrier-to-entry and globally oriented seaport and inland port markets in the Eastern US (including NY, NJ, Baltimore, South Florida, Lehigh Valley, and Harrisburg). It retained Cushman & Wakefield to identify investment capital partners for co-investment and seeks to raise$300M to create a portfolio of 8M SF to 10M SF. *** Procida Funding launched the “100-Mile Fund,†a short-duration real estate investment fund that will provide capital to builders and real estate operators within a 100-mile radius of NYC. The fund's target is to raise $25M and with leverage and strategic partners, should make roughly $100M in loans. EXECUTIVE MOVES Hugh Macdonnell joined Clarion Partners as managing director and global head of client capital management. He was previously withMorgan Stanley and is a McGill University, Queen's University, and Wharton grad. (See coverage here.) *** Javier Lezamiz joined Hidrock Realty as director of operations. He was preiously with CBRE, where he was responsible for the management of 1M SF, including The Lipstick Building. He's a St. Francis grad and is pursuing a master's at NYU. *** Joseph Armano joined UGL Services as VP of brokerage. He was previously with CresaPartners and held positions at Joseph Armano Real Estate, Helmsley Spear, and Coldwell Banker. He's a SUNY Binghamton and Wharton grad. *** Bozena Sardelic joined Cassidy Turley as SVP in the not-for-profit practice group. She was previously with JLL and Staubach. *** Cowen Group promoted Jeffery Solomon to CEO of Cowen & Co. He was previously COO and head of investment banking. *** Hidrock Realty promoted Dinko Nikolic to director of finance. He joined the firm in '08, and was previously with Monday Propertiesand Weiser. *** L&L Holding Co promoted Josh Carson to VP, responsible for the acquisition, financing, and recapitalization of the firm's office assets in NY and DC. He was previously with New Boston Fund andMcKinsey & Co and is a Middlebury College grad. |
