CONSTRUCTION ALERT; THE DEAL SHEET
|A JV between SL Green, in partnership with Jeff Sutton, and Harel Insurance and Finance is developing a building featuring high-end retail space and student housing for Pace University. At the same time, the JV closed on a new five-year, $90M construction loan facility led by Helaba Bank.|
|The JV will build the 24-story building (at 180-182 Broadway and 2 John St) and convey a long-term, ground-lease condo interest to the university for 20 floors of student housing. The JV will retain ownership interest in the three bottom floors through a separate condo interest and seek to lease that space to one or more upscale retail tenants. Newmark Knight Frank’s David Falk and Kyle Ciminelli and Stroock’s Jack Bart repped Pace, while Haynes and Boone’s Stuart Mass and Noah Shapiro, and Fried Frank repped SL Green. Magnum Management’s Ben Shaoul provided pre-development, development, and advisory services. SL Green/Sutton will retain a 51% controlling interest in the property. It's slated for 2013 completion.|
|Sales TransactionsMassey Knakal sold two properties: a 14,447 SF walk-up apartment building at 317-319 Second Ave, which has 18 units and is in need ofextensive renovations, for $4.8M (brokers: John Ciraulo and Craig Waggner; buyer: Icon Realty Management’s Terrence Lowenbergand Todd Cohen; seller: Jelstone Realty Corp); and a five-family brownstone at 272 Hicks St in Brooklyn Heights for $1.5M (broker:Stephen Palmese).***|
CBRE sold the 29,310 SF multifamily building at 37-47 High St in Passaic, NJ for $3.6M. The firm’s Charles Berger secured the seller, while Dean Marchi, Gehane Triarsi, and Robert Pine repped the seller.
Stark Office Suites opened two locations: 25,500 SF at One Grand Central Place and 11,500 SF at 243 Tresser Blvd in Stamford. Goldschmidt & Associates’ Eric Goldschmidt repped the tenant in both deals, while Newmark Knight Frank’s Billy Cohen and Ryan Kass repped owner W&H Properties for One Grand Central Place, and Cushman & Wakefield’s Glenn Walsh and Larry Ruggierirepped owner H.D. Realty for 243 Tresser.
|Daffy’s is dressing up The Times Square Building, where it signed a 28k SF lease for a store scheduled to open in 3Q. Kaufman Realty Services’ Monroe Kaufman and Burak Asscoaites’ Art Burak repped the tenant, while Robert K Futterman & Associates’ Robert Futterman, Joshua Strauss, and Spencer Levy repped the owner, a JV between AFI USA and Five Mile Capital Partners, with AFI’sLaurie Golub and Lori Ordover. ***Knowledge Networks signed a 10,335 SF lease at Eisenhower/280 Corporate Center,103 Eisenhower Pkwy in Roseland, NJ to consolidate its NJ operations. Cushman & Wakefield’s Harlan Hollander repped the tenant, while Richard Travaglini repped ownerMack-Cali.|
Café Today signed an 8,000 SF ground-floor and lower-level lease at60 Madison Ave, taking the remainder of the available retail space in the building. PD Properties’ Tony Park repped the tenant, whileKimia Shadrokh repped owner The Moinian Group in-house.
|A 6,000 SF food court opened at the Tanger I Factory Outlet Center in Riverhead, Long Island. Great American Brokerage’s Paul Fetscher brokered the lease on the space, which will be operated byBen Wong, president of Wok & Roll. The food court will also have aFamous Famiglia, Nathan’s, and Grand Cafe. ***North American Family Institute relocated its Westchester County HQ to 5,000 SF at 2269 Saw Mill River Rd in Elmsford. RHYS Commercial’s Alexander Anderson repped the owner, Elmsford Executive Park.|
Island Associates brokered two Long Island retail deals: Max Muscle Sports Nutrition for 1,500 SF in West Babylon and R&S Pet Supplies for 2,208 SF at the Strathmore Commons Shopping Center in Middle Island.
QQ Nails and Spa painted a long-term, 2,500 SF lease at 249 Eighth Ave. Winick’s Michael Gleicher repped both the tenant and landlord.
Construction & Development
|Equity Residential topped out construction on its 14-story residential tower at 500 W 23rd St, a luxury rental property adjacent to the High Line Park. The building, which was designed by Gerner, Kronick & Valcarcel, will contain a combination of studio, one-, two-, and three-bedroom homes upon its completion. Pictured above are the firm’sFrank Fumosa, Robert Piazza, Magumi Brod, Richard Boales, and Mark Tennison. Financing|
|Meridian Capital arranged $200M in acquisition financing through a New York-centered bank for RXR Realty’s purchase of 1330 Avenue of the Americas. The 40-story, Class-A office tower is 540k SF. The firm’s Ralph Herzka and Rael Gervis arranged the deal on behalf of the borrower. ***Meridian Capital also arranged $58M in other mortgages, including: a $30.4M package on five mixed-use and multifamily buildings totaling 557 units in Brooklyn (arranged by Jeffrey Weinberg andMindy Bergman); $7.5M on a 48-unit mixed-use building on Third Ave (arranged by Carol Shelby); $7.4M on a 236-unit co-op building on W 145th St (arranged by Steve Geller and Nicoletta Pagnotta);$5M for the 87-unit Harvard and Stratford Arms Apartments in North Brunswick, NJ (arranged by Elliot Birnbaum); $4.7M on a 91-unit multifamily building on Valentine Ln in Yonkers (arranged byIsaac Filler); and $2.9M on a 73-unit multifamily on Fifth Ave in Pelham, NY (arranged by David Zlotnick).|
Marcus & Millichap Capital Corp arranged a $4.3M refinancing for a 14,917 SF shopping center in Woodbridge, NJ. The firm’s Joshua Lipsey and Michael Chavkin arranged the loan, a take-out of a first mortgage and construction loan. The loan is fixed for 20 years at6.1%, with a 70% LTV. The firm also arranged $4.3M in bridge refinancing for a luxury multifamily asset in Rockland County, arranged by Steven Rock.
Prudential Douglas Elliman expanded to Westchester with the acquisition of Prudential Holmes & Kennedy, a family run company that's been servicing Westchester and Putnam Counties from established offices in Armonk, Bedford, Chappaqua, Katonah, Pleasantville, and Somers.
SL Green promoted David Schonbraun and Isaac Zion to co-chief investment officers to take over the responsibilities from Andrew Mathias, who has been serving in the position since ’04. Andrew will continue to serve as the firm’s president. David joined SL Green in ’02, and spearheads the company’s structured financing investments. He was previously with Credit Suisse First Boston and is aPrinceton grad. Isaac joined in ’07 and will lead property acquisitions, dispositions, and JVs. He was previously with Tishman Speyer and is an NYU and Binghamton grad.