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REMEMBERING JIMMY PETERS

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REMEMBERING JIMMY PETERS
Cushman & Wakefield's Jimmy Peters
Our deepest condolences to the family, friends, and colleagues of former Cushman & Wakefield chairman, president, and CEO Vincent “Jimmy” Peters, who died March 20 at the age of 88. Until the time of his death, he was a vice chairman at the firm and based out of its Midtown office. He joined the firm at age 17 in 1940—the day after his high school graduation—and became a broker in 1949. He later attended City College and left the firm during WWII to serve in theMarine Corps. He led Cushman & Wakefield from 1976-1982, a position formerly held by his brothers Leone and Anthony. Under his leadership, the company grew by 30 offices and increased revenue more than six-fold. He also spearheaded the initial lease-up of morethan 20M SF of office space. He is survived by his wife Toni, childrenJudy and Eric, and grandchildren Aron and Laura. A memorial service will be held Thursday at St. Patrick’s Cathedral at 10:30 am.
BIG DEALS!
Forest City Enterprises and Madison International Realtyannounced JVs for ownership of a portfolio of Forest City’s urban retail centers in the NYC metro. Under the terms, an affiliated entity of Madison International Realty will enter into existing partnership in 15 mature retail and entertainment properties valued at $852M, including $500M of debt. Madison will receive a49% equity interest in the partnership in exchange for an investment of $172M. The properties are in Manhattan, Brooklyn, Queens, the Bronx, Staten Island, and NJ.***FelCor Lodging Trust entered into a binding purchase and sale agreement to acquire the fee-simple interests at The Royalton on W 44th St and Morgans on Madison Ave from Morgans Hotel Group for $140M. MHGC will continue to manage the properties, which total 282 guest rooms, under a long-term management agreement. The deal is expected to close this quarter.
Sales TransactionsALMA Realty purchased 30-30 Northern Blvd in Long Island City (which it plans to renovate into office and retail) for $22M. Greiner-Maltz’s Kostas Alafoyiannis and John Maltz brokered the deal.***

Benchmark Real Estate Group purchased a five-story, mixed-use corner elevator building at 10 Fifth Ave from a locally based Italian family for $9.5M.Eastern Consolidated’s Nancy Tran and Aliza Avital repped the seller, while Eastern’s Inbal Himelblau procured the buyer.

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Kimco Realty Corp purchased the Turnpike Plaza shopping center in Huntington Station, Long Island from Centro Properties Groupfor $7.9M. Cushman & Wakefield’s Gary Gabriel, Andrew Merin,David Bernhaut, and Grace Braverman brokered the deal

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Associated Supermarkets purchased a 16k SF freestanding building at 110th St, near Lexington Ave, for $6.5M. Prudential Douglas Elliman’s Gary Dana and Rick Dana repped the seller, a trustee of the court, while the buyer was repped by Joseph Tar Schmidt.

Lease Transactions

Joy Systems inked a long-term, 100k SF full-building lease at 101 Cottontail Ln in Franklin Township, NJ. The lease includes 95k SF of warehouse/distribution space and 5,000 SF of offices. Cushman & Wakefield’s Stan Danzig, Jules Nissim, Steve Elman, and Rachel Pittard repped the tenant, while Paul Jerkovich repped owner Mack Co in-house.

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14 Penn Plaza saw two deals: Mueser Rutledge Consulting Engineers’ 37k SF lease (tenant rep: Studley’s Erik Schmall) andCameo Wind Creative Management’s 3,500 SF lease. Dakota Realty Group’s Jay Futersak, Ephraim Elazary and Robert Finkelstein repped the landlord in-house.

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VGA International inked a long-term, 40k SF lease at 430 County Ave in Secaucus, NJ. The William F. Connors Agency’s William Connors III repped the tenant, while Keller Realty repped the landlord.

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Manhattan Valley Capital inked a six-year, 14k SF lease at 488 Madison Ave, while The Abramson Law Group signed a eight-year,6,000 SF lease at 570 Lexington Ave. The Dakota Group’s Jay Futersak repped the tenant in both deals (along with Robert Finkelstein for Abramson), while The Feil Org’s Brian Feil repped the landlord in-house for both deals.

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Lincoln National Bank inked a 13k SF lease at Mack-Cali Centre IVat 61 S Paramus Rd in Paramus, NJ. JLL’s JC Giordano repped the tenant, while Mack-Cali is the owner. JC, along with colleague Martin Horner, also repped ACE American Insurance in its 26k SF lease atAllen Center, 150 Allen Rd in Basking Ridge.

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Renowned artist Hunt Slonem painted a 10-year, 23k SF lease at509 W 34th St. Cushman & Wakefield’s Carri Lyon repped the tenant, and the owner is Sherwood Equities.

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Chilworth Technologies signed a long-term, 15k SF lease atUniversity Square, 104 Campus Dr in Princeton, NJ for its offices and R&D facilities. Colliers International’s John Cunningham repped the tenant, while Newmark Knight Frank’s David Simson repped landlord RXR Realty.

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CVS inked a $10M, 13k SF lease for a free-standing building with a drive-thru at the southeast corner of Wheeler Rd and Suffolk Ave inCentral Islip, NY. Island Associates’ Roger Delisle repped both the tenant and owner.

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Ideal Properties Group brokered seven Brooklyn leases totaling 13k SF including: a Manhattan restauranteur’s 15-year, 3,300 SF lease at 545 Fifth Ave in Park Slope (broker: Michael Alamo); a Brooklyn restaurateur’s 10-year, 2,800 SF lease at 288 Third Ave in Gowanus (broker: James Williams); Whiskey Tango Foxtrot bar’s 10-year, 1,800 SF lease at 433 Third Ave in Gowanus (broker:Justin Dower); and Smith Restoration’s three-year, 1,600 SF lease at 20 Jay St in Vinegar Hill (broker: Alamo).

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276 Fifth Ave saw five deals totaling 12k SF, including: Carro Carro Mitchell's 10-year, 3,300 SF lease (tenant rep: Newmark Knight Frank’s Corey Borg); Women’s Media Solutions’ four-year, 3,000 SF lease (tenant rep: Adams & Co’s Joe Friedman); Iridium Group’s five-year, 2,300 SF lease (tenant rep: Capstone Realty Advisors’Joseph McLaughlin); and The Marketing Department of America’s five-year, 2,200 SF renewal. Winoker Realty’s Elliot Kleinrepped owner 276 Managers LLC in each deal.

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Tir Na Nog signed a 12k SF lease at 315 W 39th St for its second Manhattan location. Handler Real Estate Org’s Scott Galin and Ripco’s Jason Pennington repped the landlord.

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The Hills Village Center at 400-470 US Hwy 202/206 in Bedminster, NJ saw three deals: Hand and Stone Massage and Facial Spa’s 2,300 SF lease; Panchero’s 2,500 SF lease, and Subway’s 1,200 SF lease. Kings supermarket also is renovating its store and adding 4,500 SF. Levin Management Corp’s Dale Mulartrick is the director of leasing for the center.

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La Mar signed a 9,000 SF lease at 11 Madison Ave for a new restaurant, taking over the former Tabla Space. Robert K Futterman & Associates’ Spencer Levy arranged the deal on behalf of La Marand Tabla.

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224 Fifth Ave saw three 10-year, 2,600 SF deals: Adam & Partners Investment Advisors (tenant rep: Corcoran’s Karen Kemp), Junko Yoshioka Bridal Salon (tenant rep: Jonathan Barry Associates’ Amy Delassala), and Seed Design NY (tenant rep: NY Space’s Matthew Kurzban). Dakota Realty Group’s Jay Futersak repped ownerBrandolini Cos on all three deals.

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CORE Real Estate Group signed a 10-year, 6,000 SF lease at 100-104 Fifth Ave. The tenant was repped in-house, while The Kaufman Org’s Grant Greenspan repped the landlord in-house.

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185 Franklin St in TriBeCa saw three deals: Black Bear Picture’s 1,400 SF full-floor lease, Luminary Labs’ entire fifth floor lease (tenant rep: Tungsten Properties’ Omar Amiri); and Mielle Boutique’s entire third floor lease (tenant rep: Prime Manhattan’sJeff Hersch). ABS Partners Real Estate’s Amy Murawski repped owner 185 Franklin St Development Associates in each transaction.

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BroadRiver Asset Management inked a 4,000 SF lease at anEmpire State Building pre-built. Plymouth Commercial Real Estate Services repped the tenant, while Newmark Knight Frank’sBilly Cohen, Ryan Kass, and Lauren Davidson repped owner W&H Properties.

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Piero Guidi inked a long-term, 3,600 SF lease at 430 West Broadway. Prudential Douglas Elliman’s Faith Hope Consolo andJoseph Aquino repped both the tenant and landlord.

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The Schaltzes/Photographers leased 1,500 SF at 45 Main St, whileMaxine Schaffer Studio inked a 1,600 SF lease at 20 Jay St, both in DUMBO. Elizabeth Cottrill repped both tenants. The owner of both properties is Two Trees Management.

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HairParty 24 inked a long-term, 2,800 SF lease at 450 Park Ave South, its second Manhattan location. Winick Realty’s Young Byunnrepped the landlord, while Winick’s Darrell Rubens and Annie Shinnrepped landlord The Moinian Group.

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FasTracKids inked a 1,500 SF lease at 150 Fourth Ave in Park Slope, Brooklyn. JG Realty Associates’ Josh Gunsberger repped the tenant, while CPEX’s Ryan Condren and Eric Altschul repped the landlord. The space is located at the base of the Arias rental building (see Construction & Development, below).

Financing

Meridian Capital Group arranged nearly $40M in new mortgage financing, including: $13.9M on a 71-unit, six-story multifamily building on E 12th St (arranged by Scott Assouline); $10M for a six-story multifamily building with 72 units and 12 stores on Dyckman St(arranged by Avi Weinstock and Josh Rhine); $8.6M for a 71-unit, six-story multifamily building on Tiebout Ave, a 30-unit multifamily building on Evelyn Pl, and a 21-unit multifamily building on Creston Ave, all in the Bronx (arranged by Alan Friedman); and $2.8M for a 62-unit, five-story multifamily building on Bailey Ave in the Bronx (arranged by Morris Diamant and Joe Klein).

Construction & Development

The boutique 12-story Arias rental building opened at 150 Fourth Ave in Park Slope, Brooklyn. The Iconic Group-developed building contains 95 studio, one-, and two-bedroom units, a landscaped roof club, resident’s lounge, a courtyard, and terrace. The team also included architect Ismael Leyva Architects, interior designer Cathy Hobbs of Aphera, and leasing agent The Marketing Directors.

Executive Moves

Bruce Beegel joined Colliers International as managing director in its tenent rep division. He was previously with CBRE and Cushman & Wakefield. He’s a Jacksonville University grad.

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Jeremy Ezra joined Robert K Futterman & Associates as VP, focusing on national and NYC retail and restaurant representation, as well as NYC-area landlord rep. He previously worked at RKF for five years, and returns after spending a year at Mall Properties. He also held a position with Ann Taylor. He’s a Skidmore grad.

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Jill Lovatt joined Massey Knakal as director of retail leasing, specializing in the Upper East Side. She was previously with Premier Manhattan Properties/Iconik Enterprises, and was also president of Complete Appraisal Services. Additionally, Preston Flammangjoined the firm’s capital services division as director. He was previously with Haves, Pine & Seligman, and was a residential retail broker. He’s a University of Colorado grad.

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Richard Nordin joined Carlton Advisory Services as director, responsible for developing and implementing new business for the firm in Russia and Eastern Europe. Previously, he was with Lone Star Ventures, and served as managing director of MTV Russia. He’s a Harvard grad.

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Reuben Twersky joined CareOne as director of development, where he will oversee the development and design of the renovations of existing healthcare facilities, as well as the development of new facilities. He was previously with RXR Realty, Edgewood Properties, and Kushner Cos. He’s a Boston University grad.

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Frank Truesdell joined JLL as EVP with its NJ brokerage services team, based in Parsippany. He was previously with CBRE and the former Trammell Crow Co. He’s a Penn State grad.

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Top-level changes at Thornton Tomasetti, effective May 12: Dan Cuoco, the current president and CEO, is retiring at the end of May. Current COO Robert DeScenza will take over the role of president, and Thomas Scarangello, the current chairman, will take on the additional role of CEO. Aine Brazil and Dennis Poon will be vice chairmen. Dan has been with the firm for 40 years, and will continue to consult on future projects, particularly in the building performance and property loss consulting practices. He’ll also serve as editor-in-chief of Structural Engineer magazine.

Related Topics: RXR Realty, Meridian Capital Group, Empire State Building, Allen Center, Ideal Properties Group, Kushner Cos, Forest City Enterprises, Thornton Tomasetti, Boston University, David Simson, Joe Friedman, Kimco Realty, Staten Island, Spencer Levy, City College, John Cunningham, Winoker Realty, The Moinian Group, FINANCINGMeridian Capital Group, Avi Weinstock, Joseph Aquino, Ryan Kass, Big Deals, David Bernhaut, Grant Greenspan, Andrew Merin, Gary Gabriel, Penn Plaza, The Feil Org, Morris Diamant, FelCor Lodging Trust, Scott Assouline, Josh Rhine, Sherwood Equities, Darrell Rubens, Ann Taylor, Handler Real Estate Org, Levin Management Corp, Eastern Europe, ABS Partners Real Estate, Scott Galin, Ryan Condren, Connors Agency, Brian Feil, Island Associates, Eric Altschul, The Marketing Directors, Two Trees Management, Carri Lyon, William Connors III, Morgans Hotel Group, Stan Danzig, Franklin Township, Justin Dower, Central Islip, Lauren Davidson, Jason Pennington, Jeremy Ezra, Martin Horner, Mall Properties, Roger Delisle, Madison International Realty, The Royalton, Basking Ridge, Huntington Station, Erik Schmall, Jill Lovatt, Alan Friedman, Joe Klein, The William, Grace Braverman, Dakota Realty Group, Jay Futersak, Ismael Leyva Architects, Carlton Advisory Services, Tungsten Properties, Corey Borg, Stone Massage, Facial Spa, Vinegar Hill, Nancy Tran, Thomas Scarangello, 276 Managers LLC, Turnpike Plaza, Robert Finkelstein, JC Giordano, University Square, Managers LLC, Amy Murawski, Frank Truesdell, Elliot Kleinrepped, The Iconic Group, Media Solutions, Cottontail Ln, John Maltz, Benchmark Real Estate Group, Mueser Rutledge Consulting Engineers, Michael Alamo, Prime Manhattan, Iconik Enterprises, Dan Cuoco, Dennis Poon, 14 Penn Plaza, Capstone Realty Advisors, Gary Dana, Rick Dana, Rachel Pittard, Steve Elman, James Williams