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HOT HOT HOTELS; THE DEAL SHEET

HOT HOT HOTELS; THE DEAL SHEET
Mark your calendar for May 10th, our first national Hotel Investment Conference at the Capital Hilton in DC. Not just because it’s down the street from the White House (with a lovely view of the Washington Monument) but because the DC area is the new hotel capital of America. Enjoy great programming and plenty of time to arrange meetings with important contacts. Click here to join the hundreds of top executives who’ve already signed up.
Capital Hilton, Washington, DC
Among our many remarkable panelists: Pebblebrook Hotel Trust CFO Ray Martz, whose company has acquired 11 properties around the country totaling $860M since December ‘09. Other speakers include top officials of Marriott, Choice Hotels, Pircher Nichols & Meeks, Hersha Hospitality Trust, Mesa West, LaSalle Hotel Properties, Crestline Hotels, Apple REIT, Ackman-Ziff, LW Hospitality Advisors, Humboldt Hospitality Advisors, Walker & Dunlop, Morgan Keegan, Allied Advisors, Arent Fox, Greenberg Traurig, and OPX.Sign up now!

Sales Transactions

Invesco Real Estate
acquired the 32-story, 166-unit The Elektra residential building at 290 Third Ave on behalf of an institutional client from JP Morgan Investment Management for a reported $122M (CoStar). HFF’s Andrew Scandalios, Jose Cruz, Jeff Julien, and Kevin O’Hearn repped the seller.***
200 W 108th St, New York, NY
108 Amsterdam Realty Co purchased a package of 24 sponsor-owned apartments in the 111-unit 200 W 108th St from a revocable living trust for $7M. Eastern Consolidated’s George Moss procured the buyer, while Eastern’s Deborah Gutoff and Brian Ezratty, along with Meridian Real Estate Group’s Gjon Kalaj, repped the seller.***Springhouse Partners purchased 285 Fort Washington Ave, a 39k SF building containing 40 apartments and two medical office tenants, for $6M.

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Massey Knakal sold two four-story, mixed-use buildings at 252-54 Tenth Ave for $5.2M cash. Together, the properties have four vacant retail stores and six free market floor-through apartments. The firm’s Brock Emmetsberger and James Nelson brokered the deal.

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Marcus & Millichap sold 1973 Amsterdam Ave, a 34-unit multifamily building, for $4.3M. The firm’s Peter Von Der Ahe and Scott Edelstein brokered the deal on behalf of a private investor.

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Box Graphics purchased a 4,500 SF office condo at 223 W 19th St for $2M. JBA Inc’s Jonathan Bernstein repped the buyer, while Winoker Realty’s Jonata Dayan, Adam Ben-Dayan, and Jonathan Ben-Dayan repped the seller, 223 West 19th Street LLC.

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Plata LLC purchased the seven-unit 26-07 18th St in Astoria from Kevin Hernandez for $2M. Falco & Isak Realty Services’ Rubin Isak brokered the deal.

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Highcap Group’s Josh Goldflam sold 102-14 Jamaica Ave in Woodhaven, Queens for $1.4M. The one-story retail building is 4,500 SF and has a billiards tenant with a NNN lease on the entire building, with eight years remaining.

Lease Transactions

UN Women signed a 10-year, 85k SF lease at 220 E 42nd St, also known as The Daily News Building. Colliers International’s Andy Roos repped the tenant, while Steve Durels, Larry Swiger, and Chris Gulden repped owner SL Green in-house.

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Headquarters Plaza in Morristown, NJ
Headquarters Plaza in Morristown, NJ saw nearly 68k SF of leases, including: Jackson Lewis’ 24k SF renewal; Eclipse Marketing Services’ 17k SF lease; The State of New Jersey Appellate Judges’ 17k SF renewal; and The State of New Jersey Judicial Offices’ 4,200 SF renewal. Cushman & Wakefield’s Robert Donnelly Jr, Jon Williams, and Ben Brenner repped owner Olnick-Fisher. Also in Morristown, Starbucks took a 2,100 SF lease at 40 Park, owned by Roseland Property Co and Woodmont Properties.***KnowledgePoint360 Group inked a new, long-term 60k SF lease at Skyline Corporate Center at 125 Chubb Ave in Lyndhurst, NJ. Cushman & Wakefield’s Ed Duenas and Marc Graham repped the tenant, while CBRE’s Gregory Barkan repped owner SL Green.

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1540 Broadway, New York, NY
Yahoo for Yahoo!, which signed a 55k SF lease at 1540 Broadway. JLL’s Martin Horner and Joseph Pollaci repped the tenant, while CBRE’s Mary Ann Tighe, Eric Deutsch, Christie Harle, Howard Fiddle, and Jason Pollen repped owner CBRE Investors.***British Airways signed a 10-year, 46k SF lease at 2 Park Ave, occupying the entire 11th floor and relocating from Queens. CBRE’s Joan Meixner and Brad Needleman repped the tenant, while Cushman & Wakefield’s Tara Stacom, David Green, Mitchell Arkin, and Whitten Morris repped owner PPF OFF Two Park Avenue Owner LLC.

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MBS Insight inked a long-term, 32k SF sublease at 265 Broadhollow Rd in Melville, Long Island, where it will relocate its HQ from Central Islip. CBRE’s Philip Heilpern, Richard Karson, and Martin Lomazow repped the subtenant, which took the space from Capital One Bank.

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3.1 Phillip Lim inked a long-tem, 25k SF lease at 304 Hudson St for its NY corporate and design HQ. ABS Partners’ Steven Solomon and Jason Kling repped the tenant, while Tom Lynch repped owner Trinity Real Estate in-house.

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Pearl Studios NYC signed a 16k SF lease at 519 Eighth Ave. Grubb & Ellis’ Ira Rovitz repped the tenant, and the landlord is The Kaufman Org.

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Experian Hitwise renewed its 13k SF, full-floor lease at 300 Park Ave South for five years. JLL’s Paul Formichelli repped the tenant, while Cushman & Wakefield’s John Peters, Andy Peretz, and Mikael Nahmias repped owner Rockrose Development.

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Rabobank expanded and extended its lease to 13k SF at Gateway at One North Lexington Ave in White Plains for 10 years. Cushman & Wakefield’s Steve Baker repped the tenant, while CBRE’s William Cuddy repped the owner.

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BNP Foods inked a three-level, 11k SF lease at 290 Madison Ave for a fast-casual gourmet eatery. JW Burke & Co’s Lena Roth and Jonathan Burke repped the tenant, while Winick Realty’s Hal Shapiro repped owner Yadidi Group.

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400 Riverview Plaza in Trenton saw two deals: The Times of Trenton’s 5,600 SF lease (tenant rep: Richardson Commercial’s Michael Pratico; landlord rep: NAI Fennelly’s Jerry Fennelly); and Public Strategies Impact’s five-year, 5,400 SF lease (tenant rep: UGL Services’ Greg Lezynski; owner rep: Brian Banaszynki in-house for Advance Realty).

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Adams & Co zipped up 11k SF worth of deals in the Fashion District, including: Broadway Sun Ben Trading’s four-year, 1,600 SF lease and SA & E International Bag & Accessories’ eight-year, 1,500 SF lease (tenant rep: Hidrock Realty) at 10 W 33rd St (broker:David Levy; landlord: Ten West Thirty Third Associates); and Gerald E. Hespos’ five-year, 2,600 SF renewal and 973 SF expansion and DA Global Group’s five-year, 2,000 SF lease (tenant rep: Best One Realty) at 110 W 40th St (brokers: Levy and Brett Maslin; landlord: One Ten West Fortieth Associates).

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Gracious Home signed a 10-year, 10k SF lease at 158 W 27th St. ReCom’s Josh Sands repped the tenant, while Mark Stein and Jason Vacker repped owner Himmel + Meringoff in-house.

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Hee-yah! Tiger Schulmann’s Mixed Martial Arts inked 9,500 SF of deals: 3,500 SF at 184 Route 17 in North Paramus, NJ (landlord reps: The Goldstein Group’s Chuck Lanyard and Ryan Glastein for Pyramid Group); 3,000 SF at 3523 Merrick Blvd in Seaford, Long Island(landlord rep: The Fagen Group’s Stu Fagen for Metro Capital Holdings); and 3,000 SF at Village Commons Shopping Center in Smithtown, Long Island (landlord rep: Karalyn Holbrook in-house for Acadia Realty Trust). JW Burke & Co’s Jonathan Burke repped the tenant in all three deals.

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BuzzLogic inked a three-year, 3,600 SF lease at 29 W 38th St. The Kaufman Org’s Loren Biller and Elliot Warren repped the tenant, while ABS Partners’ Adam Maxson and John Gols repped the owner.

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D2 Office Furniture signed a 3,000 SF lease at 150 E 39th St. JW Burke & Co’s Jonathan Burke repped the tenant, while Williamson Picket Gross’ Mike Doetsch repped owner Carlyle Construction.

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One Brooklyn Bridge Park saw two leases: Brooklyn Bridge Bar k’s 1,800 SF lease for a pet boutique, and Waterfront Wines and Spirits’ 1,200 SF lease. Winick Realty’s Diana Boutross and Lee Block, along with Spandrel Property Services’ Ian Levine, repped both the tenants and owner.

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Modern Spaces relocated to 2,100 SF at 47-42 Vernon Blvd in Long Island City.

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A sweet deal: pastry chef Francois Payard leased 1,400 SF of ground-floor retail space at 1330 Third Ave. Sierra Realty Corp’s Ruth Shnay repped the tenant and landlord JBS Realty.

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Maxim Eyes Optical II has its eyes on 805 Washington St, where it inked a seven-year, 1,400 SF retail lease. Winoker Realty’s Howard Epstein repped the tenant, while Darryl Romanoff repped owner Romanoff Equities in-house.

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D’lites Emporium inked a 1,300 SF deal at Mayfair Shopping Center in Commack, Long Island. Breslin Realty’s Amanda Gordon repped the tenant, while Levin Management Corp’s Jake Frantzman repped the center.

Financing

Meridian Capital Group arranged $50M in new mortgage financing, including: $10.6M for a 106-unit, six-story multifamily building on E 82nd St (arranged by Zev Feder); $9M for a 175-unit multifamily building on Nyack Plaza in Nyack, NY (arranged by Carol Shelby and Dani Sabesan); $8.8M for a 45-unit, seven-story multifamily building on Lenox Ave (arranged by Scott Assouline); and $6.9M for a 16-unit, six-story mixed-use building on Prince St (arranged by Cary Pollack and Nicoletta Pagnotta).

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Time Equities’ Stuart Bruck arranged mortgages totaling over $24M, including: $9M for a mixed-use building containing 50 apartments and three stores on 96th St and Broadway; $8M for a building two blocks south of Wall Street with 39 apartments and 8,800 SF of retail space;$2.9M for a building on 47th St with 11 apartments; and $2.4M for two adjoining residential buildings in Murray Hill, Manhattan.

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GCP Capital Group arranged nearly $14M in mortgage financing, including: $5M for two contiguous five-story walk-up apartment buildings totaling 26 units on Amsterdam Ave (arranged by Matthew Classi); $3.8M for an 11k SF retail and office building on Metropolitan Ave in Queens (arranged by Paul Greenbaum); $3.2M for a four-story walk-up apartment building containing 16 units on Hudson St (arranged by Greenbaum); and $1.8M for a five-story walk-up apartment building containing 21 units on 137th St (arranged by Adam Brostovski).

Construction & Development

386 Park Ave South, New York, NY
Savanna and Monday Properties launched a $30M capital improvement plan, as well as a new marketing and leasing program, for 386 Park Ave South. It calls for a revitalized lobby, new windows, elevator cabs, and common corridors, renovated restrooms, and new heating and cooling systems. The owners are also completing an 8,600 SF prebuilt office space on the 8th floor.***PSE&G and Matrix Development Group completed two rooftop solar installations at adjacent Matrix-owned buildings 1000 and 1050 Amboy Ave in Perth Amboy, NJ. The 2.8 MW project is part of PSE&G’s Solar 4 All program, which will develop 80 solar MW over the next three years—that’s enough power to server 13,000 averaged-sized NJ homes. The installation covers more than 217k SF of roof space and will power 470 homes. The developer was EnXco.

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Also in NJ, Russo Development installed a 102 kW photovoltaic solar electric system on top of its office HQ at 570 Commerce Blvd in Carlstadt, a pilot program that will offset 50% of its electricity expenditures. It plans to deploy close to 2 MW of solar systems over the next year.

Business

Israel Berger & Associates is merging with Viridian Energy & Environmental to form IBA Holdings, a building services consulting firm focusing on building envelope, energy efficiency, and building commissioning. Israel Berger and Marc Weissbach will continue in their positions of president and CEO, while Adrian Tuluca will remain managing principal of the combined practices and join the Board of IBA Holdings. All Viridian employees will remain with the company as part of the merger, and the combined company will employ 120 with offices in NYC, Connecticut, Massachusetts, Florida, Nevada, Missouri, and California.

Executive Moves

Eric Mockler joined Transwestern as present of its Mid-Atlantic region, HQ’d in DC. He was previously senior managing director in Cassidy Turley’s NY office, and held positions at USI, Johnson Controls, Cushman & Wakefield, and other NY firms.

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Jim Millard joined Transwestern as principal of its Northeast region’s landlord services. He was previously with Core Plus Properties, which he founded in ’03. He also held positions at Trammell Crow Co and Colliers ABR. He’s a Holy Cross and NYU grad.

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Matthew Crosby joined Eastern Consolidated as a director. He was previously a full-time investor in Manhattan retail and residential properties, including condo conversions. He also held positions at Deutsche Bank and American Express. He’s a Columbia grad.

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John Cahill joined Colliers International’s NJ office as managing director, focusing on life sciences leasing in the NY/NJ corridor. He was previously with Cushman & Wakefield, and also held pharmaceutical sales positions with Johnson & Johnson and Alcon Laboratories. He’s a Syracuse grad.

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Peter Simel joined Handler Real Estate Org as senior managing director. He was previously with CBRE, and specializes in repping law firms, financial services firms, and apparel and fashion brands. Prior to his real estate career, he was founder of PHD, a multi-line showroom that imported and distributed leading fashion brands from Europe. He’s a Syracuse grad.

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Ryan Horvath joined Massey Knakal as director of retail leasing, focusing on the Midtown West neighborhood. He joins from W.B. Mason, and held positions at Steinberg & Linn and Vela Systems. He’s a Bates grad.

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Bunny Escava rejoined Madison Title Agency as VP after a brief hiatus. He originally joined the firm in ’05 and has handled over $375M in building transactions.

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Jay DiResta and Jared Tunnell joined NCB FSB as VPs to lead the new cash management solutions for housing communities program, which officer co-op housing and community associations a new lockbox and payment processing options. Jay joins from Veracity Payment Solutions, and held a position at KLIK Technologies Corp. Jared joins from FirstService Financial.

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Cushman & Wakefield promoted Andrew Siemsen to director of its Edison, NJ office. He joined the firm in ’01, and specializes in industrial. He was previously with Reis and Prudential Real Estate Investors, and is a Rutgers and University of Tennessee grad.

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Levin Management Corp promoted Harold Harris to SVP. He joined the firm in ’85 and is also the firm’s CFO, responsible for all aspects of finance and lease administration for the company’s management portfolio. He’s a Pace University grad.

Related Topics: Colliers, Meridian Capital Group, Mary Ann Tighe, Tara Stacom, Monday Properties, LW Hospitality Advisors, Modern Spaces, Capital One, Choice Hotels, Acadia Realty Trust, Hidrock Realty, Advance Realty, American Express, Woodmont Properties, Diana Boutross, Hersha Hospitality Management, Jose Cruz, JP Morgan Investment Management, ABS Partners, Tom Lynch, Midtown West, FirstService, Winoker Realty, Time Equities, UGL Services, James Nelson, Mesa West, FINANCINGMeridian Capital Group, Matthew Classi, Trinity Real Estate, Deutsche Bank, Allied Advisors, Andrew Scandalios, Morgan Keegan, Crestline Hotels, Apple REIT, Howard Fiddle, Peter Von Der Ahe, Sierra Realty Corp, Brett Maslin, Humboldt Hospitality Advisors, Murray Hill, Scott Assouline, Israel Berger, Cary Pollack, Johnson Controls, Russo Development, Brock Emmetsberger, Paul Formichelli, Handler Real Estate Org, Stu Fagen, The State, Levin Management Corp, Highcap Group, Scott Edelstein, David Green, Adam Ben, Howard Epstein, Brian Ezratty, Jonathan Ben, Elliot Warren, Josh Goldflam, Mitchell Arkin, Larry Swiger, Hotel Investment Conference, Ten West Thirty Third Associates, Matrix Development Group, Street LLC, Jeff Julien, William Cuddy, Viridian Energy, Mark Stein, Pace University, Roseland Property Co, Rockrose Development, Steve Durels, The Fagen Group, Robert Donnelly Jr, Holy Cross, Hal Shapiro, Central Islip, Rubin Isak, Isak Realty Services, Steve Baker, Loren Biller, Jamaica Ave, Deborah Gutoff, Eric Deutsch, Jason Vacker, Andy Roos, Marc Graham, Richard Karson, Martin Horner, Peter Simel, Lee Block, Broadhollow Rd, Ed Duenas, Andy Peretz, The Goldstein Group, Amanda Gordon, Jon Williams, Breslin Realty, Ira Rovitz, Christie Harle, Brad Needleman, Jonathan Burke, Adam Maxson, Stuart Bruck, Madison Title Agency, Romanoff Equities, Philip Heilpern, Chuck Lanyard, One Ten West Fortieth Associates, Adrian Tuluca, JW Burke, Springhouse Partners, Williamson Picket Gross, Joseph Pollaci, John Peters, Chris Gulden, Jake Frantzman, Martin Lomazow, Jason Pollen, Mixed Martial Arts, Andrew Siemsen, Jackson Lewis, John Gols, Gregory Barkan, Ryan Horvath, George Moss, British Airways, Joan Meixner, Spandrel Property Services, JBS Realty, Zev Feder, Jim Millard, John Cahill, Jonathan Bernstein, Jason Kling, Kevin Hernandez, Ben Brenner, Skyline Corporate Center, Phillip Lim, Riverview Plaza, International Bag, One Brooklyn Bridge Park, Ruth Shnay, Darryl Romanoff, Mayfair Shopping Center, IBA Holdings, Marc Weissbach, 360 Group, Best One Realty, Tiger Schulmann, Ryan Glastein, Whitten Morris, ", Pircher Nichols & Meek