Deal Sheet
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| Sale Transactions 201 Park Avenue South PEH placed the winning bid in the foreclosure sale of certain ownership interests in the W New York – Union Square. The new equity owner is an affiliate of LEM Mezzanine, which acquired a mezz loan backed by the W’s property owner in March ’07. The UCC foreclosure sale proceedings were initiated in November after a series of defaults by the borrower.***Massey Knakal sold three properties: a 10k-SF commercial loft building at 112 Stanton St. for $2.4M cash (brokers: Michael F. DeCheser and Philip Huang); a five-story walkup at 504 E. 84th St. for $2.7M cash (broker: Thomas Gammino Jr.); and a four-story mixed-use building at 414 Myrtle Ave. in Fort Greene, Brooklyn for $1.3M cash (brokers: Stephen Palmese and Matthew Giordano). *** NAI Friedland’s Industrial division brokered three Westchester sales:
*** CPEX Real Estate sold the 8.3k-SF 204 Livingston St. in Brooklyn in a 1031 transaction for $2.7M. The building includes 14 units over retail space, which is occupied by Bridge Cleaners. The firm’s Stephen Safina, Brian Leary, and Michael Annunziata represented the seller. *** The Conti Group purchased the 67k-SF 2045 Lincoln Highway building, one of the three buildings that comprise Edison Square in Edison, NJ. Jones Lang LaSalle’s Paul Giannone, Kevin Carton,Paul Hindes, Dan DePalma, and Todd Elfand represented both the buyer and the seller, Onyx Equities. *** An affiliate of Mountain Development Corp. purchased the 103k-SF 208 Harristown Rd. in Glen Rock, NJ, which is net leased to Bank of America. Jones Lang LaSalle’s Dan De Palma represented the seller, while first mortgage financing was provided by M&T Bank. Lease Transactions RFR Realty saw 127k SF of transactions in its seven-building downtown Stamford, Conn. portfolio . Margaret Carlson and Joseph Artusa are the portfolio directors. The top five are:
*** Arch Insurance Group renewed its 45.6k-SF lease and expanded by 19.8k SF at One Liberty Plaza. CB Richard Ellis’ Mark Ravesloot, Scott Sloves, Mike Monahan, and Colin Reilly represented the tenant. The owner is Brookfield Properties. *** NAI James E. Hanson’s Tom Vetter and Jeff DeMagistris brokered two industrial transactions: Coining’s long-term, 60k-SF lease at 15 Mercedes Dr. in Montvale, NJ (landlord broker: Cushman & Wakefield for owner Hampshire Cos.); and Baby Playtime’s five-year, 38.3k-SF lease at 450 Murray Hill Pkwy. in East Rutherford, NJ (owner: Safer Development). *** Drew & Rogers signed a long-term, 45.8k-SF lease at 30 Plymouth St. in Fairfield, NJ. NAI James E. Hanson’s Steven Leitner represented the tenant. *** JLA Home signed a 12-year, 24.2k-SF expansion and 12k-SF renewal at 11 E. 26th St. Adams & Co.’s James Buslik and Jeffrey Schwartz represented both the tenant and landlord. Although lease details were not disclosed, the asking price was $32 PSF. *** NorthEast Electrical Distributors renewed its 32k-SF lease at 35 Larkin St. in Stamford, Conn. CB Richard Ellis’ Kevin Langtry and Valerie Bowman represented the tenant, while Beaudry Commercial Real Estate’s Mark Beaudry represented owner Larkin Street Associates. *** Edison Square Office Park at Lincoln Highway in Edison, NJ, saw four transactions. Onyx Equities is the owner:
*** Wayne Tile signed a 20k-SF lease at 400 Newark Pompton Turnpike in Wayne, NJ. The tenant represented itself, while NAI James E. Hanson’s Joshua Levering, Robert Borny, and Gregory Reid represented owner United Yarn Products. *** Glatt Air Techniques expanded its space at 575 Corporate Dr. in Mahwah, NJ from 8.5k SF to 17.8k SF. Studley’s Christopher Marx represented the tenant in the five-year expansion, while Masi-Boyle Associates’ Rose Najarian represented owner Rad Data Communication. *** Perfect Building Maintenance signed a 10-year, 14.2k-SF deal to relocate to 360 Lexington Ave. Colliers ABR’s Aron Schreier represented the tenant, while Colliers ABR’s David Hoffman, Robert Billingsley, and Wendy Miller represented the owner, AEW Capital Management. *** NYC Knitwear inked a 10-year, 14k-SF lease for showroom space at 525 Seventh Ave. Savitt Partners’ Marc Schoen represented the tenant, while Savitt’s Bob Savitt and Brian Neugeboren and Olmstead Properties’ Steven Marvin represented the owner. *** WHO.A.U. California Dream inked a long-term, 12k-SF lease for its two-level flagship NYC store at 22 W. 34th St. Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino represented both the tenant and landlord. *** 530 Seventh Ave. saw three transactions: Swat Fame’s 10-year, 8.8k-SF lease; Evy of California’s 1.7k-SF renewal and 3.4k-SF expansion; and The Green Room NYC’s 1.4k-SF lease. Savitt Partners’ Marc Schoen and Michael Schoen represented Swat and Evy, while Michael represented The Green Room; Bob Savitt represented ownership in-house for the Swat and Evy deals, while Michael represented ownership for The Green Room. *** NAI Friedland Realty brokered four transactions:
*** Prudential Douglas Elliman’s Louis Puopolo brokered three Downtown leases: iCandy America’s three-year, 2k-SF lease at 401 Broadway (landlord broker: ABS Partners’ Douglas Regal); CelPro & Associates’ seven-year, 2.4k-SF lease (tenant broker: Olmstead Properties’ Daniel Breiman); and Café Picasso’s 10-year, 3k-SF lease at 513 W. 27th St. *** Frank Hirth inked a five-year, 6.1k-SF expansion at One Penn Plaza. The Kaufman Org.’s Michael Kaufman and Michael Selimo represented the tenant, while Daniel North represented owner Vornado in-house. Although the terms were not disclosed, the asking price was $54 PSF. *** St. Luke’s-Roosevelt Hospital Center inked a 10-year, 5.5k-SF lease at the The Sutton, a newly constructed 134-unit residential building at 2771 Frederick Douglass Blvd. Grubb & Ellis’ Daniel Woods and E.L. Martin Partners’ Elizabeth Martin represented the tenant, while New Street Realty Advisors’ Matthew Gorman and Joshua Gettler represented owner Duvemay + Brooks. *** Krizia signed a 4k-SF ground-floor lease at 446 W. 14th St. for a store that will open in ’10. Thor Equities is the owner. *** Ideal Properties brokered four Brooklyn transactions: Maribelle’s five-year, 1k-SF lease at 696 Washington Ave. in Prospect Heights (broker: Martine Shandles); Kaz An Nou’s five-year, 1.2k-SF lease at 53 Sixth Ave. in Park Slope (broker: Sheretha Franklin); Brooklyn Homebrew’s five-year, 1k-SF lease at 163 8th St. in Gowanus (broker: Maria Sartori-Spencer); and Clear Boutique’s three-year, 750-SF lease at 180 Lincoln Place in Park Slope (broker:Justin Dower). *** Meadowlands Regional Chamber of Commerce inked a 3.1k-SF lease at the Meadows Office Complex, 201 Route 17 North in Rutherford, NJ. NAI James E. Hanson’s Steven Leitner represented the tenant, while Michael Nevins represented owner Meadows Office in-house. *** A national retailer inked a lease for the last 2.5k SF of space at 2220 Flatbush Ave. in Brooklyn for five years with a five-year option. The store is expected to open in ’10. Grubb & Ellis’ Alan Weisman represented the tenant, while CPEX Real Estate’s Timothy King,Eric Altschul, and Ryan Condren represented owner SBK Realty. The asking price was $30 PSF. *** Greenpoint, Brooklyn’s 57 Nassau Ave. saw two deals: 57 Nassau Food Corp.’s 10-year, 2.2k-SF lease for a gourmet deli; and Sindicato’s 10-year, 2.2k-SF lease. Kalmon Dolgin Affliates’ Fred Rufano represented the tenant, while Kalmon’s Neil Dolgin represented the owner in the deli lease; and Neil and Grant Dolgin represented both the tenant and owner in the Sindicato lease. *** Chicken BonChon inked a 10-year, 2k-SF lease at 104 John St., concurrent with the opening of its corporate location at W. 38th St. Winick Realty’s Darrell Rubens and Lee Block represented both the tenant and the owner, The Moinian Group. *** Michael Bao Huynh inked a 10-year, 1k-SF lease at 115 St. Mark’s Place for a new restaurant/café in the former home of Australian Ice Cream, where he plans to open next month. NYCRS’ James Famularo was the exclusive broker. *** FedEx leased part of the second floor at 501 Seventh Ave., relocating from its One Penn Plaza offices. Cushman & Wakefield’s Lee Miller represented the tenant, while CB Richard Ellis’ Jonathan Fales represented owner W&H Properties. *** Congoleum Corp. renewed its lease for the long-term at 3500 Quakerbridge Rd. in Hamilton, NJ in a blend-and-extend deal. Colliers Houston & Co.’s Milton Charbonneau represented the tenant; the owner is The Fruscione Co. Financing Holliday Fenoglio Fowler arranged a $44M refinancing for a five-property office and industrial portfolio in the Tri-State. The firm’s Mike Tepedino and Whit Wilcox worked exclusively on the borrower, RNY Austrialia Operating Co., to secure the seven-year, fixed-rate loan through Investors Savings Bank. Loan proceeds were used to refinance a maturing loan facilities. The properties include: 710 Bridgeport Ave. in Shelton, Conn.; 300 Executive Dr. in West Orange, NJ; 300 Vanderbilt Motor Pkwy. in Hauppauge, Long Island; and 505 and 580 White Plains Rd. in Tarrytown. *** The Board of the NYC Capital Resource Corp. gave preliminary approvals for the allocation of Recovery Zone Facility Bonds to assist in the construction of two medical facilities that represent nearly $68M in private investment and will create and retain more than 230 jobs. Arthur Management Corp. plans to use the $19.8M in bond financing to construct a five-story, 605-space parking facility for St. Barnabas Hospital in the Bronx, while Fleet Financial Group plans to use the $17M in bond financing to develop an 80k-SF medical office building at 42-31 Union St. in Queens. *** NCB originated $25M in new loans during November, including: a $6M first mortgage for Highpoint-on-Hudson Owners Corp., a 125-unit co-op at 2727 Palisade Ave. in Riverdale, arranged by Edward Howe III; a $4.3M first mortgage and $500k line of credit for Lane Tower Owners, a 161-unit co-op at 107-40 Queens Blvd. in Forest Hills, Queens, arranged by Mindy Goldstein; and a $3M first mortgage and $300k line of credit for an 84-unit co-op at 811 Cortelyou Rd. in Brooklyn, arranged by Sheldon Gartenstein. Construction & Development The 119-unit Rose Hill Apartments at 2855 Southern Blvd. in the Bronx opened after a $20.1M renovation, which was funded by the NYC Housing Development Corp. with a $10.1M fixed-rate tax-exempt bond to finance the first phase of construction and $8.3M in permanent financing. The renovation was undertaken as part of the Mayor’s New Housing Marketplace plan to create or preserve 165k homes by ’14. The project team included Daughtry Carstarphen Edelman Sultan, Knox and Wood Architects, and Notias Construction. *** Alfred Sanzari Enterprises completed $6M in improvements and renovations at Glenpointe, a flagship mixed-used complex in Teaneck, NJ. The renovations started in ’07, and included enhancements to the public areas of the 300k-SF Glenpointe Centre West, 240k-SF Glenpointe Centre East, and the 80k-SF Atrium at Glenpointe. The buildings were updated both aesthetically and functionally, including new slab granite flooring and a warmer color scheme. The complex also includes a spa, Marriott hotel, and a residential condo community. Business The Kaufman Org. launched Kaufman New Ventures, a new division to focus on acquiring commercial properties in the NY metro to grow the firm’s portfolio. Fredric Leffel will serve as president and lead the division. Prior to joining Kaufman, Frederic was with Savills and owned his own real estate firm. *** David Ash formed Prince Realty Advisors, a full-service commercial real estate investment services firm concentrated in the Northeast. Its focus will be to seek opportunities for clients to buy, sell, or invest in prime real estate deals. David was previously with The Kaufman Org., and also held a position at Eastern Consolidated. He is a graduate of NYU. Exec Moves Martin Burger joined Silverstein Properties as EVP, helping lead the firm’s US and overseas expansion. He previously was CEO of Artisan Real Estate Ventures, and held positions with The Related Cos., Blackstone, and Whitehall Real Estate. He is a graduate of Wharton. *** Jeffrey Rosenblatt rejoined Newmark Knight Frank as senior managing director. He was previously with Grubb & Ellis. His roster of tenant rep deals includes IBM’s 160k-SF renewal at 590 Madison,CEMEX’s $20M renewal at 590, and Rose Associates’ 47k-SF renewal at 200 Madison. He is a CUNY graduate. *** Dominick Musilli joined RHYS Commercial as EVP and principal, heading its retail services division. He was previously with FirstService Real Estate Advisors, and spent his earlier carrier in real estate for McDonalds and Stop & Shop. He is a graduate of UConn. *** Jon Sabrowski also joined RHYS as EVP and principal to head the company’s investment sales division, where he will represent institutional and individual investors in the acquisition and disposition of office, retail and mixed-use investment properties throughout the Tri-State. He was previously with FirstService Williams. *** Thomas Devitt joined Traxi as managing director, responsible for further developing the general investment banking practice. He was previously with BMO Capital Markets, and began his career at First Fidelity Bank. He is a graduate of Marquette. *** Christopher Marks and Mark Goldstein were named associates of Marcus & Millichap Capital Corp.’s Brooklyn office. Prior to joining MMCC, Christopher was a senior loan officer at The Mortgage Capital Group and held positions at Velocity Commercial Capital and GreenPoint Mortgage. Mark was an associate with Kalco Realty, founded Olympus Properties, and is a graduate of UPenn. |
