LITTLE SUPPLY, HIGH PRICES
|AllianceBernstein has committed 35% of its first real estate fund ($680M), we learned from the firm’s Brahm Cramer, who's speaking at our 2nd Annual NY Investment Summit this Thursday. So far it's bought eight investments, including three UWS multifamily plays, one of which was immediately sold at closing. Another will be converted to condos. Brokers have reported to Brahm there's little supply of high-quality, renovated condos in NYC, so even sub-optimal properties are getting strong prices. It helps that high rents make buying (for those who can afford a down payment) a similar or even cheaper option than renting. Last chance—sign up to hear from Brahm and 11 other all-star speakers here!|
Hersha Hospitality Trust acquired the remaining 50% interest in Metro 29th Street Associates, the lessee of the 228-room Holiday Inn Express at 232 W 29th St, for $10.8M.
LA Fitness inked a long-term, 55k SF lease at Garden City Square(711 Stewart Ave) on Long Island. Ripco’s Brian Schuster repped the tenant, while CBRE’s Greg Carlin, Richard Karson, Robert Seidenberg, and David Zelinski repped owner Metropolitan Realty Associates in-house.
A family trust and RE management firm signed a 10-year, 27k SF lease at 545 Madison. CBRE’s Brian Gell and Laurence Briody repped the tenant, while CBRE’s Gregg Rothkin, Paul Milunec,Keith Cody, Robert Kluge, and Bob Flippin repped owner LCOR. And Paul, along with CBRE’s Scott Gamber, repped Yelp in its 20k SF expansion for seven years at 100-104 Fifth Ave, occupying a total footprint of nearly 30k SF. The Kaufman Org’s Grant Greenspan repped the ownership, a JV between The Kaufman Org and Invesco.
400 Madison Ave saw six deals totaling 17k SF, including: Round Hill Music’s five-year , 4,500 SF lease; Duet Group’s five-year, 3,400 SF lease (tenant reps: CBRE’s Ramsey Feher and Arkady Smolyansky); Bergen Asset Management’s 3,100 SF lease (tenant rep: Winslow & Co’s Dan Schwartz); and Eastwind Global Partners’ three-year, 2,600 SF lease (tenant reps: CBRE’s Clyde Reetz and Yuan Tang). JLL’s Cynthia Wasserberger, Randy Abend, and Alexis Tener repped owner William Macklowe Co in each deal.
Creative World Management signed a long-term, 9,100 SF lease at 245 Fifth Ave. Williamson Picket & Gross’ James Gross and Peter Gross repped the tenant, while Gregg Weisser and Jovani Rampersad repped owner The Moinian Group in-house.
Pennsylvania Six, a new restaurant and bar from the owners of Public House, signed a long-term, 4,000 SF lease at 31 Penn Plaza. Newmark Grubb Knight Frank Retail ’s Marc Frankel, Amy Zhen, and Michael Cohen repped owner Savanna. And Amy, along with NGKF Retail’s Jeffrey Roseman, repped owner M3 Holdings in Janovic Paint & Decorating Center’s 4,200 SF lease at 1491 Third Ave. Esquire Properties’ Craig Hantgan repped the tenant.
Tiger Schulmann’s Mixed Martial Arts signed a 15-year, 4,900 SF lease at 1623 Kings Hwy, Brooklyn. JW Burke & Co’s Jonathan Burke repped the tenant, while CPEX’s Timothy King and David Muessel repped owner RCG Longview.
Anthony’s Coal Fired Pizza inked a 3,500 SF lease at Peppertree Commons Shopping Center (6401 Jericho Tpke) in Commack, Long Island. Sabre Real Estate Group’s Jayson Siano and Stu Fagen arranged the deal with owner Mason Asset Management.
GNC signed two Manhattan leases: 1,400 SF at 1034 Third Ave(landlord reps: Cushman & Wakefield’s Joanne Podell, Matt Siegel, and Ian Lerner for The Trump Org) and 1,000 SF at 275 Seventh Ave (landlord reps: CBRE’s Eric Gelber and Preston Cannon). RKF’s Ariel Schuster and Greg Covey repped the tenant in both deals.
Red Alder inked a six-year, 2,200 SF lease at 80 Broad St. Colliers International’s Richard Plehn and Jason Gold repped the tenant, while Newmark Grubb Knight Frank’s Hal Stein, Adam Leshowitz, and Todd Stracci repped owner Savanna.
GCP Capital Group arranged: $4.7M for a 75-unit, seven-story mixed-used building with 3,000 SF of commercial space on Lebanon Street, the Bronx (arranged by Adam Brostovski); $4.5M for a 108-unit, seven-story elevator apartment building on Ocean Avenue, Brooklyn (arranged by Paul Greenbaum); $2.3M for a 52-unit, five-story apartment building on Bainbridge Avenue, the Bronx(arranged by Matthew Classi); and $1.6M for two commercial facilities totaling 55k SF in Queens Village (arranged by George Spanos and David Sessa).
SBLM Architects opened a new office in Huntington, Long Island.