Contact Us
News

MANHATTAN'S HOTTEST OFFICE TENANTS + BREAKING NEWS: SL GREEN'S NEW BUY

New York

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

MANHATTAN'S HOTTEST OFFICE TENANTS + BREAKING NEWS: SL GREEN'S NEW BUY
3 Columbus Circle
Marketing and communications firm Young & Rubicam Group (part of WPP) is taking down 340k SF in SL Green and Moinian's 769k SF 3 Columbus Circle (above). It has acquired a 214k SF condo (floors 3 through 8) and is leasing another 125k (floors 9, 10, 18, and 19) for 20 years. The 769k SF building's ongoing renovation may have helped it win the communications firm, part of the Manhattan office sector's hottest growing tenant pool. CBRE's Mary Ann Tighe,Gregory Tosko, Christopher Mansfield, and Lauren Crowley repped the tenant, and Newmark Knight Frank's Jimmy Kuhn, Scott Klau, Brian Waterman, Erik Harris, and Lance Korman.THIS JUST IN: SL Green also just purchased 51 East 42nd St, which means it now owns the entire block between Madison, Vanderbilt, 42nd and 43rd. The 142k SF building is 94% occupied
BIG DEAL!
Alexander's completed a $275M refinancing of the 610k SF Rego Park II shopping center in Queens. The seven-year loan bears interest at LIBOR plus 1.85% and has a 30-year amortization schedule. The proceeds were used to repay the existing loan on the property.
SALES
Robert Nelson's Global One Real Estate Fund, in conjunction with the New York Affordable Housing Preservation Fund (a JV between L+M Development Partners and Citibank), purchased the interests of Lafayette Boynton from AREA Property Partners for $51.5M. The four-building, 972-unit rent-stabilized apartment complex is located in the Soundview section of the Bronx.

***

Storage Deluxe purchased the 14k SF property (with a 9,500 SF building) at 362 Fourth Ave, Brooklyn for $4.1M cash. CPEX's Ryan Condren, Eric Altschul, Duke McCabe, and Marissa Harrison brokered the deal.

***

A private investor purchased a 70k SF development site and 79 Fourth Ave, Brooklyn (which includes a mixed-use corner building with seven rent-stabilized apartments and a retail unit) from a private investor for $6.4M. Marcus & Millichap's Matthew Fotis, Steven Siegel, and Matthew Rosenzweig repped the seller, while Fotis and Rosenzweig repped the buyer.

***

Time Equities purchased the 48-unit Old Carriage House Apartments in Clinton for $1.4M. CBRE's Marty Dowd and Dave Thomas brokered the deal.

***

AFP Property Corp purchased the 5,500 SF 380 W Main St, Babylon, Long Island from Jenchir Properties for $1.3M. Winkler Real Estate's Jamie Winkler was the listing broker and Netter Real Estate's Steve Rainone the selling broker.

***

Invesco Real Estate, on behalf of an institutional client, purchased the 95-unit Arias Park Slope rental building from The Iconic Group for an undisclosed price. HFF's Andrew Scandalios, Jose Cruz,Kevin O'Hearn, and Jeffrey Julien repped the seller.

LEASES

137 Varick St saw three deals, bringing the building to 100% occupancy: NYU-Poly's three-year, 28k SF lease for its business incubator; Paik Architecture and its affiliates' five-year, 3,000 SF lease; and Unity Construction Development's four-year, 1,100 SF expansion. Marc Packman and Tom Lynch repped owner Trinity Real Estate in-house for Unity Construction and Paik Architecture, while Peter Fontanetta repped the owner in-house for NYU-Poly.

***

The International Corporate Center at Rye (555 Theodore Fremd Ave, Rye) saw two deals: The Dorf Law Firm's expansion and relocation into 16k SF (tenant reps: Cushman & Wakefield's Christopher O'Callaghan, Princeton Realty Group's Todd Albright, and Diamond Properties' Mark Blandford); and TMG Energy's 3,800 SF lease (tenant rep: Vidal/Wettenstein's Robert Lewis). Cushman & Wakefield's Gregory Frisoli and Larry Ruggieri repped owners Faros Properties and Gould & Co.

***

Eastern Consolidated renewed its 15k SF lease at 355 Lexington Ave. ATCO Properties & Management's John Lord and John Cinosky, along with Centric Real Estate Advisors' Gregg Lorberbaum, repped the tenant, while Louis Somoza repped owner Rudin Properties in-house.

***

Morton Williams inked a 15k SF lease at 140 W 57th St. SE Retail Group's Scott Edlitz repped the tenant, while Randy Briskin and Brian Feil repped owner The Feil Org in-house.

***

Doyle & Roth Manufacturing Co signed a 2,800 SF lease at 39 Broadway. CBC Hunter Realty's Neil Murray repped the tenant, while Tom Hettler repped owner Lawrence Group.

***

Restaurateur Danny Hodak signed a 1,000 SF lease at 30 E 13th St for a new, as-yet-unnamed quick-service Mediterranean restaurant. Winick Realty's Kelly Gedinsky repped the tenant, while Winick's Joseph Isa and Josh Siegelman repped owner Double MK Realty.

FINANCING

Canyon Capital Realty Advisors provided a $25.6M senior loan to Bluerock Real Estate to refi existing debt and resume pre-development activity for The Charles, a to-be-built 32-story residential condo being designed by Ismael Leyva Architects.

***

GCP Capital Group arranged nearly $13M in financing: $10M for two seven-story apartment buildings totaling 237 units in Hempstead, Long Island (arranged by Alan Perlmutter); $1.6M for a six-story walk-up apartment building containing 20 units and five stores on East 180th Street, Bronx (arranged by Adam Brostovski); and $1.3M for a 30-unit, four-story walk-up apartment building on Lincoln Avenue, Brooklyn (arranged by Brostovski).

***

Beech Street Capital provided a $9.4M Freddie Mac CME loan for the acquisition of Trantor Place Apartments, a 178-unit, rent-stabilized property in Staten Island. The transaction was originated by Meridian Capital Group's Barry Lefkowitz.

CONSTRUCTION & DEVELOPMENT

The Brooklyn Navy Yard received final approval for the redevelopment of the six-acre Admirals Row site. The federal government will transfer the property to the City of New York, and it will become part of BNY. Brooklyn Navy Yard Redevelopment Corp, which manages the 300-acre industrial park, will oversee redevelopment of the site, creating a 74k SF supermarket, 79k SF of additional neighborhood retail space, and 127k SF of industrial space. The project will break ground next year.

***

The initial $50M phase of critical infrastructure work broke ground at Willets Point, Queens, including the construction of a sanitary sewer main and the reconstruction of a storm sewer and outfall. This will allow the development of a new mixed-use neighborhood to commence; both sewers will be completed in 2013. Phase I of the overall development includes 680k SF of retail, up to 400 units of housing (35%) affordable, a hotel, green space, and parking. Developer proposals are currently being reviewed.

***

Nassau County executive Edward Mangano joined AVR Realty to break ground on the 150-unit Homewood Suites Hotel in Carle Place, Long Island. The project, which is being built by Tritec Construction, was aided by a package of tax incentives from the Nassau County Industrial Development Agency. Expected build-out is 15 months.

***

The Yonkers Industrial Development Agency approved a resolution to move forward with a public hearing and to negotiated an economic development package for a project that will transform the long-abandoned PS 6 school building and surrounding brownfield at 33 Ashburton Ave, Yonkers into a 120-unit affordable and seniors housing complex. The initiative is being spearheaded by The Community Builders and the Municipal Housing Authority of the City of Yonkers.

BUSINESS

Mountain Real Estate Group opened a New York office at 50 Main St, White Plains. Rodney Montag will head the office, which is its eighth regional expansion. Rodney recently joined the firm's equity investment arm, previously holding positions at Cantor Fitzgerald and WCI Communities.

EXECUTIVE MOVES

Mark Jacomm is now Colliers International Tri-State co-chair, along with Robert Freedman. Tri-State prez Michael Cohen will take over Mark's CEO duties.

***

Amira Yunis joined CBRE as EVP in its retail services group. She was previously with Newmark Knight Frank and was tenant rep to names like Tommy Bahama, Fossil, Aldo, Le Pain Quotidien, and more. She was also landlord rep to companies like Steinberg & Pokoik, APF Properties, NYU, Starrett Development, and Extell Development.

***

Robert Brennan joined UGL Services as EVP. He was previously with Newmark Knight Frank and held positions at Morgan Stanley,GVA Williams, and The Peregrine White Co.

***

Michael Baumann joined UGL Services as SVP of brokerage. He was previously with GVA Worldwide Corporate Services and is an NYU and MIT grad.

***

Guy Canzoneri joined Sperry Van Ness' Long Island office as senior investment advisor and director of the firm's newly created investment sales team. He was previously with Robert Florea Investment Realty and held a position with Breslin Realty Development Corp. He's a Colorado State grad.

***

David Gleeson joined Cogswell Realty as property manager of 55 W 125th St and 215 West 125th St. He previously worked in property management for The Rockefeller Group and ING Realty Services. He's a Fordham grad.

***

Twinkle Jagtiani joined Stalco Construction as assistant project manager, assisting project executives and field management in pre-construction, delivery, and close-out phases of Stalco's construction projects in NYC and the Tri-State. She was previously with Judlau Contracting and held positions at Wood Designè, INARCH, and Studio E Design Group. She's a Stevens and NYIT grad.

Related Topics: Colliers, Extell Development, Meridian Capital Group, Mary Ann Tighe, Sperry Van Ness, AREA Property Partners, Brian Waterman, Lance Korman, Jimmy Kuhn, APF Properties, Michael Cohen, Jose Cruz, Staten Island, AVR Realty, Freddie Mac, The Community Builders, The Rockefeller Group, Tom Lynch, Time Equities, UGL Services, Beech Street Capital, Trinity Real Estate, Andrew Scandalios, Cantor Fitzgerald, The Feil Org, Jeffrey Julien, CBC Hunter Realty, Willets Point, Stalco Construction, Alan Perlmutter, 3 Columbus Circle, Matthew Fotis, Nassau County, Ryan Condren, GVA Williams, Marc Packman, Development Partners, Kelly Gedinsky, Brian Feil, Eric Altschul, Centric Real Estate Advisors, Cogswell Realty, Scott Klau, Carle Place, David Gleeson, Tommy Bahama, Le Pain Quotidien, Gregory Tosko, Christopher Mansfield, Faros Properties, Erik Harris, Larry Ruggieri, Robert Brennan, Gregory Frisoli, Breslin Realty, Storage Deluxe, Tom Hettler, Joseph Isa, Design Group, WCI Communities, Duke McCabe, Robert Freedman, Lauren Crowley, Global One Real Estate Fund, Lawrence Group, Ismael Leyva Architects, Colorado State, Peter Fontanetta, New York Affordable Housing Preservation Fund, Gregg Lorberbaum, Barry Lefkowitz, Admirals Row, Matthew Rosenzweig, John Lord, John Cinosky, Neil Murray, The Charles, Edward Mangano, Guy Canzoneri, Steven Siegel, The Iconic Group, Paik Architecture, The International Corporate Center, Louis Somoza, Scott Edlitz, Randy Briskin, Brooklyn Navy Yard Redevelopment Corp, Starrett Development, Dave Thomas, Unity Construction, Nassau County Industrial Development Agency, ATCO, Invesco Ltd