Contact Us
News

Come to Our Federal Property Summit Oct. 22

New York

Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!

Come to Our Federal Property Summit Oct. 22
GSA’s new commissioner of public buildings Dorothy Robyn
The federal government is going to be one tough customer this year. Picture trying to sell a karaoke machine to a monk that's taken a vow of silence. So we're beyond excited that GSA’s new commissioner of public buildings Dorothy Robyn will be making her first public appearance at our event on Monday, Oct. 22. It's an all-day conference in Silver Spring, MD, where Dorothy and others will reveal their top priorities and budget initiatives and discuss how the federal budget is impacting federal contracts (not to mention a session on doing business with the GSA). The schmoozing begins at 7:30am in the Silver Spring Civic Building. If you register now, you won't miss out!
BIG DEALS!
Affiliates of Rockpoint Group, Goldman Sachs’ Real Estate Principal Investment Area, and Highgate Holdings purchased the 665-room Times Square Hotel from Starwood Hotels & Resorts Worldwide for $275M. The hotel—on Seventh between 51st and 52nd—will be managed by Highgate as an independent hotel.***Great Eagle Group is purchasing the 214-room hotel portion of 400 Fifth Ave from Bizzi & Partners Development and 400 Fifth Realty for $229M, rebranding The Setai Fifth Avenue as Langham Place in January. Upon completion of the acquisition, Langham Place will comprise the hotel portion of the Gwathmey Siegel & Associates Architects-designed, mixed-use property, which includes condo residences on floors 31 through 60.
SALES DelShah Capital acquired the mortgage debt at 22 Renwick St, a 19-unit luxury condo building with ground-floor commercial. The price was not disclosed, but Eastern Consolidated’s David Schechtman and Alan Miller marketed the property for nearly $25M. DelShah will finance completion of the remaining construction of the 24k SF of property, spearheaded by OTL Enterprises.

***

Massey Knakal brokered the sale of four buildings: a 40k SF loft building at 100 Vandam St, pictured, for $27.5M (brokers: James Nelson and Robert Burton); a 50k SF affordable housing building at 139 Emerson Pl, Brooklyn for $11M (brokers: Stephen Palmese and Winfield Clifford); a 6,700 SF retail condo on the second floor of the Alexander Condominium (915-919 Second Ave) for $6.3M(brokers: Nelson and Clint Olsen); and an industrial building at 941-953 Longfellow Ave, Hunts Point for $1.2M (broker: Nick Burns).
LEASES Charter Communications signed a 75k SF lease at 400 Atlantic St, Stamford, Conn. CBRE’s David Block and Steven Greenbush rep the building on behalf of The Landis Group.***

SolarCity inked a five-year, 32k SF lease at 203 Ridgewood Dr, Elmsford. Cushman & Wakefield’s John Grady repped the tenant, while CBRE’s Kevin Langtry and Bill Cuddy Jr repped owner Lighthouse Real Estate Ventures.

***

Temco signed a 22k SF lease at 417 Fifth Ave in a relo deal. Cushman & Wakefield’s David Stockel, Peter Van Duyne, John Picco, and Andrew Weisz repped the tenant, while Murray Hill Properties’ Roxana Girand repped owner 417 Fifth Avenue LLC.

***

Fujisankei Communications International inked a 21k SF renewal at Tower 52 (150 E 52nd St). Cushman & Wakefield’s Fred Smith and Omar Farooq repped the tenant, while David Tawfik and Robert Benedetto repped owner Princeton International Properties in-house.

***

On Deck Capital signed a long-term, 21k SF lease at 1400 Broadway. Newmark Grubb Knight Frank’s Paul Ippolito repped the tenant, while NGKF’s Scott Klau repped owner W&H Properties.

***

Goulston & Storrs signed a 10-year, 19k SF lease at the Lipstick Building. CBRE’s Stuart Eisenkraft repped the tenant, while Newmark Grubb Knight Frank’s Scott Klau and Eric Harris repped the owners. Herald Square Properties is the co-asset manager.

FINANCING Meridian Capital Group arranged over $35M in financing, including:$10M on a 107k SF office building on Sutphin Boulevard, Jamaica(arranged by Avi Weinstock); $7.2M on a 47-unit, 12-story multifamily building on West 30th Street (arranged by Moshe Majeski and Abe Hirsch); $4.7M on a 57-unit, four-story multifamily building on 95th Street, Flushing (arranged by Judah Hammer); and $4.3M for a 49-unit, 15-story co-op building on West End Avenue (arranged by Steve Geller and Nicolette Pagnotta).***

GCP Capital Group arranged over $23M in financing, including:$7.5M to purchase the unsold shares of 138 co-op units within four contiguous apartment buildings on 38th Street, Astoria (arranged by Matthew Classi); $6.2M for a 98-unit, six-story elevator apartment building in Mount Vernon (arranged by Paul Greenbaum); $4M for a 59-unit, six-story elevator apartment building on Wallace Avenue, the Bronx (arranged by Adam Brostovski); and $3M for a 24-unit, two-story apartment building and a 10-unit, three-story apartment building in New Rochelle (arranged by George Spanos).

CONSTRUCTION & DEVELOPMENT L&L Holding Co and Lehman Brothers Holding chose Foster + Partners to design a 650k SF, LEED office tower at 425 Park Ave.***

William Gottlieb Real Estate and Aurora Capital Associates will redevelop the adjoining 9-19 Ninth Ave and 406 W 13th St. The contiguous buildings include a footprint of 18k SF and more than 100k SF of air rights. As part of the JV, William Gottlieb Real Estate made an investment in Aurora’s neighboring redevelopment of 21-27 Ninth Ave.

***

A JV of Ironstate Development Corp, Abe and Scott Shnay, and Charles Blaichman broke ground on a new 83-home luxury condo building at 211 E 13th St. It will be designed by BKSK Architects and feature 4,500 S F of ground-floor retail; it will also be designed to LEED Silver or higher.

***

SUNY Farmingdale, Stalco Construction, Urbahn Architects , and political leaders broke ground on the $26.7M, 42k SF School of Business at the college’s campus in Farmingdale, Long Island. It’s part of a $185M campus-wide capital campaign. The building will aim for LEED Silver and exceed NYS energy efficiency requirements by 30%.