ONE WORD: PHEW; THE DEAL SHEET
| Although New York is still calculating the full extent of what became Tropical Storm Irene, the city’s towers seemed to have dodged a bullet. |
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| Flickr: eguchishintaro |
| Brookfield Office Properties’ Edward Fallon, president of BOMA/NY, tells us that he hasn’t heard of any injuries or major damage, but mainly water-related occurrences such as window leaks. Some buildings in Lower Manhattan were having trouble with steam, but overall, NYC “was very fortunate.” BOMA/NY sat on every NYC Office of Emergency Management conference call and sent appropriate information and weather updates to its members, while its weather subcommittee provided a checklist on how to secure buildings prior to the storm. Power outages topped 945,000 statewide, according to Gov. Cuomo's office; Con Ed estimates that the majority of its customers will have power restored by EOD Thursday, while Long Island and Orange and Rockland counties will have most power restored by EOD Friday. |
| SALES TRANSACTIONS |
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| Rechler Equity Partners inked a contract to acquire Standard Microsystem’s HQ facility at 80 Arkay Dr, Hauppauge, Long Island in a sale-leaseback for $18M. The acquisition and subsequent 15-year, 120k SF leaseback was negotiated by Rechler Equity’s Gregg Rechler and Ted Trias. CBRE’s Robert Godfrey repped SMSC. ***A private NYC-based investor acquired the 220k SF 1600 Stewart Ave, Westbury, Long Island, for an undisclosed price. Cushman & Wakefield’s David Bernhaut, Andrew Merin, Gary Gabriel, Grace Braverman, and Robert Kuppersmith brokered the deal. LEASE TRANSACTIONS Big Y World Class Market inked a 55k SF lease as supermarket anchor of Townline Square Shopping Center in Meridan, Conn. Big Y and owner Urstadt Biddle Properties jointly invested over $3M in the redevelopment of the site, which was formerly occupied by another grocery store. *** Arenson Office Furnishings signed a 10-year, 24k SF lease at 1115 Broadway. Cushman & Wakefield’s David Glassman repped the tenant, while Adams & Co’s James Buslik repped owner Eleven Fifteen Associates. *** Walgreens signed a 15-year, 19k SF renewal at the Empire State Building and swapped 10k SF on the concourse level for 10k SF on the second floor to allow Observatory visitors to enter as they finish their visit. CBRE’s Andrew Goldberg, Eric Gelber, and Matt Chmielecki repped owner W&H Properties. *** Arte New York signed a 10-year, 15k SF expansion at 265 W 37th St. Colliers International’s Marty Meyer repped both the tenant and owner 265 West 37th LLC. *** Standard Security Life Insurance Co inked a five-year, 14k SF renewal at 485 Madison Ave. Studley’s Daniel Horowitz and Jeffrey Peck repped the tenant, while Dennis Brady and Fran Delgorio repped owner Jack Resnick & Sons in-house. *** TargetSpo t signed 12k SF sublease at 149 Fifth Ave. The Kaufman Org’s Grant Greenspan and Michael Kaufman repped the subtenant, while Capstone Realty’s Joe McLaughlin repped sublandlord Vendome Group. *** Duane Reade signed a 15-year lease renewal and prescription for 10k SF at 873 Broadway. Winick Realty’s Jeff Winick and Steve Baker repped the tenant, while Colliers International’s Marty Meyer repped landlord 873 Broadway LLC. *** |
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| 530 Seventh Ave saw two deals: Big Strike’s 5,600 SF renewal and expansion and Capella Brands’ 1,700 SF lease. Savitt Partners’Marc Schoen and Michael Schoen repped Big Strike and the building’s owner, while Winoker Realty’s Marc Miller repped Capella Brands. ***Charter Fabrics inked a six-year, 6,000 SF renewal at 1430 Broadway. Savitt Partners’ Marc Schoen and Brian Neugeboren repped the tenant, while Steinberg and Pokoik Management’s Matthew Steinberg repped the owner. *** The Winthrop Group inked a seven-year, 3,400 SF lease at 226 W 37th St. Handler Real Estate Org’s Scott Galin and Peter Simel repped the tenant, while Adams & Co’s Brett Maslin repped owner Yoral LLC. *** Zing USA signed a 2,000 SF lease at 230 Fifth Ave. Buchbinder & Warren’s Annie Yao repped the tenant, while Newmark Knight Frank’s Harvey Richer repped the owner. *** Starbucks took the last remaining retail space at 1350 Broadway, inking a 1,200 SF lease. Northwest Atlantic’s David Firestein repped the tenant, while CBRE’s Andrew Goldberg, Eric Gelber, and Matthew Chmielecki repped owner W&H Properties. *** |
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| Christopher Fischer Cashmere signed a lease for space at 1225 Madison Ave after a two-year test period. Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino repped both the tenant and landlord. FINANCING Meridian Capital Group arranged over $37M in financing, including:$6.8M for a 79-unit multifamily building on Beacon Hill Road, Dobbs Ferry (arranged by Avi Weinstock); $6.8M for a 16-unit, five-story multifamily on West 71st St (arranged by Moshe Majeski and Rael Gervis); $5.5M for a 23-unit, five-story mixed-use building on Chrystie Street (arranged by David Hayum and Moe Rosenblum); and $3.4M for a 46-unit, four-story multifamily building on 42nd Street, Brooklyn (arranged by David Ostrov). *** GCP Capital Group arranged more than $25M in financing, including: $14M for a portfolio of seven walk-up multifamily buildings totaling 45 units and seven ground-floor commercial units on the Upper East Side (arranged by Matthew Classi); $5M for a 40-unit, four-store walk-up apartment building on West 180th St and $2.6M for a 60-unit, six-story elevator apartment building on East 21st St, Brooklyn (both arranged by Paul Greenbaum); $2.5M for two six-story walk-up apartment buildings totaling 38 units on West 126th St(arranged by Adam Brostovski); and $1.3M for a 42-unit, six-story apartment building on West 108th St (arranged by Adam Hakim). *** |
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| Hudson Realty Capital funded a $5.7M DPO loan for a 14k SF mixed-use loft building on Washington Street, TriBeCa. The sponsor plans to complete renovations at the historic wood-frame, brick-façade 1880 building. Spencer Garfield oversaw the origination. CONSTRUCTION & DEVELOPMENT Western Beef, the first supermarket to open under the City’s Good Retail Expansion to Support Health (FRESH) program, opened at 2050 Webster Ave in the South Bronx. The 35k SF grocery store includes an on-premises bakery, deli, walk-in meat cooler, and produce department. It cost nearly $12M to construct the store and will bring 120 permanent jobs. Construction was assisted by $5.6M in real estate and sales tax exemptions through NYC Industrial Development Agency. *** McSam Hotel Group topped off on the eight-story, 58k SF, 132-room Holiday Inn at 150 Delancey St and the façade work is getting underway. It’s slated for March ’12 completion. Gene Kaufman Architect designed the building. BUSINESS Mancini Duffy acquired certain assets of interior design firm TSC Design. The firm will operate in NY and NJ as Mancini Duffy/TSC and will unite at 275 Seventh Ave while maintaining offices in Little Falls, NJ and Washington, DC. *** First Financial Network launched its customized Loan Sale Network to assist financial institutions and individual investors market and acquire large portfolios or individual loans. EXECUTIVE MOVES John Ciofalo joined Grubb & Ellis as VP and director of operations in its management services biz, providing oversight to the firm’s 22M SF NY portfolio. He was previously with CBRE, and held positions at JLL, Columbia University, Cushman & Wakefield, and The Rockefeller Group. He’s a SUNY grad. *** Rich Aquino joined Skanska USA as VP of business development. He was previously with URS Corp, and held positions at Washington Group International, EMCOR, and Foster Wheeler. He’s an NJIT grad *** Stan Kozlowski joined Glenmont Capital Management as VP of hotel acquisitions, expanding the firm’s hotel platform with new hotel opportunities. He was previously with CBRE Hotel Finance, and held positions at Forestpark Capital Advisors, HVS International, Hotel Partners, Sonnenblick Goldman, and Insignia ESG. He’s a Cornell grad. *** Steve LaBold joined Federal Realty Investment Trust as senior director of Northeast acquisitions, sourcing and underwriting retail buys in New York, Boston, and Philly. He was previously with Prudential Real Estate Investors and held positions at Newmark Knight Frank and Monday Properties. He’s a University of Delaware and Rutgers grad. |
