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SUMMIT PEEK; THE DEAL SHEET

New York
SUMMIT PEEK; THE DEAL SHEET
Numbers have been increasingly improving since 2008, which we’ll hear from our owner-operator panelists at Bisnow’s Multifamily Summit on Friday, says WeiserMazars partner Ron Lagnado. He'll be moderating a discussion with The Brodsky Org’s Dan Brodsky, Related Cos’ Bruce Beal, Jonathan Rose Cos’ Jonathan Rose, Prudential Douglas Elliman’s Dottie Herman, AvalonBay’s Fred Harris, and Dermot’s Stephen Benjamin.
SUMMIT PEEK; THE DEAL SHEET
Ron, whom we snapped with colleague Howard Landsberg in the lobby of their W 50th St office, tells us he'll ask how each panelisthandled the downturn and their approach to keeping rents high and vacancies low. Learn about new projects that are coming online anddeals on the horizon, while they discuss niche topics like affordable housing, sustainability, and financing. To hear more, you’ll have tobe there. Also join Dewey & LeBoeuf partner Stuart Saft, who will moderate a capital markets panel featuring Ackman-Ziff’s Pat Hanlon, Meridian Capital Group’s Ralph Herzka, Freddie Mac’s Mike Edelman, PREI’s Chip Walters, Abacus Capital Group’s Benjamin Friedman and Massey Knakal’s James Nelson. Great networking with over 515 attendees, too! Register here.
Sales TransactionsThe State Teachers Retirement System of Ohio purchased the 14,494 SF retail portion of 15 Union Square West from Brack Capital Real Estate USA for $58M. The space consists of four retail stores, three leased to HSBC Bank, Lululemon Athletica, andSketchers. CBRE’s Bill Shanahan and Darcy Stacom repped the seller.***Property Resources Corp and Phoenix Realty Group jointly purchased the 14-building, 256-unit Beacon Hill Garden apartment complex in Dobbs Ferry, NY for $28M. It will be managed by PRC Management. The buyers acquired the assets using funds from PRC and Phoenix subsidiary Metropolitan Workforce Housing Fund.

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The Parkoff Org purchased the adjacent 431 and 441 Third Ave, consisting of 59 apartment units and seven stores, from Ackville Realty in a $22M off-market sale. Rosewood Realty’s Devin Cohenand Aaron Jungreis brokered the deal.

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Massey Knakal sold nearly $19M in properties, including: a NNN-leased Walgreens at 2307 Flatbush Ave in Flatlands, Brooklyn for$7M (brokers: Edward Gevinski and Brian Hanson); a 9,201 SF vacant elevator commercial building at 350 E 81 St for $3.8M cash (broker: Thomas Gammino); a 12k SF office building at 142-04 Bayside Ave in Flushing, Queens (broker: Stephen Preuss); and a vacant warehouse at 335-347 38th St in Sunset Park, Brooklyn for$1.7M cash (broker: Adam Hess).

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APF Properties purchased the 157k SF Class-A office building at1655 Valley Rd in Wayne, NJ from New Boston Prism Wayne for$14.2M. Newmark Knight Frank’s David Simson, Matthew Schnurrand Jacklene Chesler negotiated the deal.

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The French-American School of New York purchased theRidgeway Country Club at 400 Ridgeway in White Plains for $11M. CBRE’s William Cuddy Jr. and Budd Wiesenberg repped the seller.

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347-349 Bowery New York, NY rendering
Paris, France-based Louzon Group acquired 347-349 Bowery, its first US acquisition, from the Salvation Army for $7.6M. The group plans to build a 72-room boutique hotel with a Parisian brand restaurant. Eastern Consolidated’s Alan Miller and Robert Ortizrepped the buyer, while Colliers International’s Jonathan Plotkinrepped the seller. ***Page 4 LLC purchased the six-story, 47-unit elevator multifamily building on 28‐05 33rd St in Astoria from 2805 AI LLC for $6.7M. Falco & Isak Realty Services’ Rubin Isak was the exclusive broker.

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SMA Equities purchased the 7,200 SF, four-story 1501 Third Avefrom 1501 Third Avenue Realty Corp for $5.5M, which it plans to renovate for future leasing opportunities. Newmark Knight Frank Retail’s Jonathan Krivine repped the seller, while the buyer repped itself.

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A JV between STAG Capital Partners and GI Partners purchased the 315k SF Captive Realty portfolio, which includes 251 Circle Dr Nin Piscataway and 190 Strykers Rd in Lopatcong, NJ, for an undisclosed price. CBRE’s Jeffrey Dunne, Kevin Welsh, Brian Schulz, and Samuel Buckley, along with Graham Curtin’s Robert Regimbal, repped the seller.

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Minuit Partners purchased senior secured interest in 1711 and 1713 First Ave and 354 E 89th St, which it plans to reposition, for an undisclosed price. Eastern Consolidated’s Peter Hauspurg, David Schechtman, Marion Jones, Scott Ellard, and Inbal Himelblaurepped lender Brooklyn Federal Savings and procured the buyer, which was led by Jason Enters and David Cheng.Lease Transactions

55 Wildcat Way in Linden, NJ
55 Wildcat Way in Linden, NJ, signed two major leases, bringing the 385k SF industrial property to 100% occupancy. JFC Internationalinked a long-term, 203k SF lease in a relocation from Brooklyn (tenant reps: CBRE’s Bill Waxman, Mindy Lissner, and Masahiro Tanaka), while Horizon Logistics took 182k SF in a long-term lease and relocation from Elizabeth, NJ (tenant rep: JLL’s Chris Hile). Cushman & Wakefield’s Stephan Elman and former C&W brokerNoah Balanoff repped the owner, The Morris Cos, in both leases. ***Raymour & Flanigan inked a 56k SF lease for the second floor at The Source in White Plains. NAI Friedland’s Rick Stassa brokered the deal.

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Tory Burch expanded by another 26k SF at 11 W 19th St, for a total footprint of 52k SF. Cushman & Wakefield’s Don Preate and Jamie Katcher repped the tenant, while Savitt Partners’ Bob Savitt andCarol Sacks repped owner 11 West 19th Associates in the 11-year expansion and extension.

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Ideal Properties Group brokered 18k SF in Brooklyn leases, including: Cardio-Med Services’ five-year, 5,000 SF lease at 4802 Fifth Ave in Sunset Park (broker: Michael Alamo); Machina Cycles’ five-year, 3,000 SF lease at 200 Ninth St and Crop to Cup’s three-year, 2,000 SF lease at 541 Third Ave, both in Gowanus (broker:David Bunting); and 1-800-GOT-JUNK/Just Get It Done’s three-year, 1,600 SF lease at 109 S 5th St in Williamsburg (broker: Ryan Lanning).

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Murray Hill Properties completed two leases: NY/NJ Minority Suppliers Development Council’s five-year, 7,000 SF lease at 485 Seventh Ave (tenant rep: The Eretz Group’s Eric Lassoff and Lou Prisco; owner reps: MHP’s Michael Politi, Esther Zar, Jesse Rubens, and James Tamborlane; landlord: The Eretz Group); andSpink USA’s five-year, 3,208 SF lease at 145 W 57th St (tenant rep: MHP’s Randy Sherman; owner rep: Newmark Knight Frank’sElizabeth Houley).

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276 Fifth Ave saw six office deals totaling nearly 14k SF, including:Big Fuel Communications’ 3,292 SF lease; Sage Services’ 2,617 SF lease; Caisse International’s five-year, 2,158 SF renewal, andMary Loving & Associates’ five-year, 2,159 SF renewal. Winoker Realty Co’s Elliot Klein repped both the tenant and owner, 276 Managers LLC.

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Adams & Co bagged two fashion accessories leases: Margola Import Co’s five-year, 7,019 SF renewal at 38 W 37th St (brokers:David Levy and Joseph Friedman; landlord: Four Eight Thirty Seven Associates) and PLV Studio’s six-year, 4,223 SF lease at 10 W 33rd St (broker: Levy; landlord: Ten West Thirty Third Associates).

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The Bank of Taiwan renewed its 9,000 SF lease at 100 Wall St. Cassidy Turley’s Harry Krausman and Stephen Bellwood repped the tenant, while Cushman & Wakefield’s Frank Centro andJonathan Fein repped owner L&L Holding Co.

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A deal not to sneeze at: ENT and Allergy Associates signed a 9,000 SF medical suite lease at 990 Stewart Ave in Garden City, Long Island. Admiral Real Estate Services Corp’s Laurence Londonrepped the tenant, while Kraig Silver repped owner The Treeline Cos in-house.

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Michael Kors inked a 10-year, 7,000 SF lease at 610 Fifth Ave, where it will open in the Tishman Speyer property by summer.

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Strike Holdings Group inked a five-year, 6,877 SF lease for the entire 15th floor at 545 Madison. Norman Bobrow & Co’s Norman Bobrow and Daniel Fiskus repped the tenant, while CBRE’s Sloane Rhulen, Gregg Rothkin, Robert Flippin, Paul Milunec, and Kerry Powers repped owner LCOR.

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A home run for Lou DiChiaro's Baseball and Softball Academy at18-01 Pollitt Dr in Fairlawn NJ, where it signed a long-term, 5,500 SFsublease from Grand Pointe Fitness. NAI James E. Hanson’sJeffrey DeMagistris, Tom Vetter, and Louis Tapia brokered the deal.

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Hallmark Gold Crown is reopening in a 4,500 SF store in the newly renovated Southbury Plaza shopping center in Southbury, Conn. RHYS’ Dominick Musilli repped the tenant in the five-year lease.

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St. Joseph’s College took an additional 4,000 SF at Sunrise Business Center in Great River, Long Island, adding the freestanding building at the entrance to the 27,500 SF it’s moving into this month. CBRE’s Christopher Stack repped the tenant, while Cushman & Wakefield’s David Leviton, Robert Kuppersmith,Marisa Karmitz, and Zachary Price repped owner Metropolitan Realty Associates along with MRA’s Matthew Wallerstein.

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Bakehouse whipped up a 10-year 3,500 SF lease at 113 Horatio St, where it will be wholesaling cakes and pastries and operate a café, bakery, and restaurant. Cushman & Wakefield’s Alan Napak repped the tenant. And down the street, Brother Jimmy’s BBQ grilled up a3,500 SF lease at 521 West St at 95 Horatio St for the company’s corporate offices, commissary, and catering facility. Winick Realty’sHal Shapiro repped the tenant. Winick Realty’s Steven Baker andZach Fox repped owner TF Cornerstone in both deals.

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1412 Broadway saw two leases: Republic Clothing Corp’s 2,000 SF lease (tenant rep: Newmark Knight Frank’s Ken Kronstadt) and DigiFab System’s 1,220 SF lease. Murray Hill Properties’ Jesse Rubens, Bret Varricchio, and Esther Zar repped owner Harbor Group International in both leases, and repped the tenant in the second lease.

Financing

Meridian Capital Group arranged over $46M in financing, including: $19.4M for a 140-unit, six-story multifamily building on Shore Rd in Brooklyn (arranged by Joe Taub); $12M for a 238-unit, 18-story co-op on E 71st St (arranged by Steve Geller and Scott Assouline);$7.5M for a 73-unit, six-story multifamily building on 42nd St in Long Island City (arranged by Jeffrey Weinberg and Jack Adler); and$3.5M for a 35-unit, five-story multifamily building on W 105th St(arranged by Carol Shelby and Dani Sabesan).

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GCP Capital Group arranged over $22M in mortgage financing, including: $11.1M for eighth multifamily apartments totaling 213 units and four stores in Jersey City (arranged by Paul Greenbaum); $5Mfor two adjacent six-story elevator apartment buildings totaling 106 units on 37th Ave in Queens (arranged by Greenbaum); $2.9M for three four-story walk-up apartment buildings totaling 59 units on E 228th St in the Bronx (arranged by Adam Brostovski); and $2M for a three-story apartment building totaling 32 units in Elizabeth, NJ (arranged by Stephen Katz).

Construction & Development

Lipstick Building at 885 Third Ave, New York, NY
ISRA, Marciano Investment Group, and other small investors that purchased the Lipstick Building at 885 Third Ave Dec. 30, are planning a capital improvements program—$15M, according to theWall Street Journal—that will include pre-built offices, lobby upgrades, plaza renovations, and more. The new owners are working with Herald Square Properties and managing agent CBRE. ***Inserra Supermarkets plans to redevelop a 7.6-acre site that’s beenvacant for more than 10 years in Wyckoff, NJ. The chain plans to raze an uninhabitable 53k SF building to develop a 62k SF ShopRiteat the intersection Greenwood and Wyckoff Aves.

Business

JLL entered a definitive agreement to acquire certain assets ofPrimary Capital Advisors, which will allow the firm to operate as aFreddie Mac Program Plus Seller/Services and will include a $2B loan-servicing platform that JLL plans to expand nationally. It's expected to close this quarter; Primary Capital Advisors will continue to operate its single-family residential mortgage business as Primary Capital Mortgage. Primary Capital’s co-founder Faron Thomspon will lead the multifamily lending biz and assume an executive leadership role in JLL’s real estate investment banking team.

Executive Moves

Noble Carpenter and Bart Steinfeld joined Cassidy Turley to lead its capital markets expansion into key US markets, working with Bill Collins and Peter Hennessy. They’ll provide investors and users with a full spectrum of capital market services, and will be based in NYC. Both were previously with JLL, where Noble was employed for 23 years. He’s a Northwestern and Colby College grad. Prior to JLL, Bart was co-founder of Apogee Associates, and is a Yale Law School and Yale grad.

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Mark De Riemer joined Colliers International as executive managing director, where he will focus on investment sales andinvestment banking assignments for institutional and private clients, with a primary focus on office and retail properties. He was previously with Savills, and held positions at JLL, CBRE, NAI Global, and Salomon Brothers. He’s a Columbia and Colgategrad.

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Landon McGaw joined Silverstone Property Group as head of acquisitions and business development, overseeing the acquisitions team and generating new leads for its property and construction management companies. He was previously with Massey Knakal, and is a Monmouth University grad.

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Patricia Athanasopoulos joined Kaled Management to heads its newly formed residential sales brokerage division. She was formerly a national sales manager for a leading outerwear brand after many years as a sales agent for The Affiliated Referral Network of New York. She’s a Berkeley and FIT grad with a license from theNew York Real Estate Institute.

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Annie Yao joined Buchbinder & Warren’s brokerage team, specializing in commercial and residential leasing and management. She was previously with Colliers International and is a Cornellgrad.

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Winick Realty promoted Steven Baker to president. He has been with the firm for 11 years.

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SL Green promoted Robert DeWitt Jr to SVP of construction andElizabeth Majkowski to SVP of operations. Robert joined the firm in’07, and spearheads the firm’s construction department, which has completed in excess of $1B in projects since he joined. He previously worked with JLL, and is an Old Dominion grad. Elizabeth oversees the operations of 29 office properties in NY totaling 23M SF. She’s aSt. John’s grad.

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Prudential Douglas Elliman promoted Frances Katzen to managing director. As one of the firm’s top 10 brokers, she’s also the founder ofThe Katzen Group, a group of brokers who specialize in domestic and international real estate.

Related Topics: Elizabeth Majkowski , Harbor Group International , Newmark Grubb Knight Frank , Meridian Capital Group , Ralph Herzka , Jonathan Rose Cos , Dottie Herman , TF Cornerstone , GI Partners , Rosewood Realty Group , The Source , Ideal Properties Group , Related Cos , Mike Edelman , David Simson , APF Properties , Metropolitan Realty Associates , Adam Hess , HSBC , Phoenix Realty Group , SMA Equities , Freddie Mac , Peter Hauspurg , Bill Collins , Wall Street Journal , James Nelson , FINANCINGMeridian Capital Group , NAI Global , Bill Shanahan , Bob Savitt , David Schechtman , Jeffrey Dunne , Scott Assouline , Holding Co , Alan Miller , Rick Stassa , Joseph Friedman , The Bank , Stephen Preuss , Norman Bobrow , Jonathan Rose , Ron Lagnado , Stephen Bellwood , Kevin Welsh , Zach Fox , 1412 Broadway , Carol Sacks , Elliot Klein , William Cuddy Jr , Ten West Thirty Third Associates , Gregg Rothkin , Pat Hanlon , Steve Geller , Jeffrey Weinberg , Brian Hanson , Stephen Katz , Esther Zar , Great River , Jesse Rubens , Jonathan Fein , Chip Walters , David Leviton , Brian Schulz , Hal Shapiro , The Brodsky Org , Colby College , Don Preate , Rubin Isak , Isak Realty Services , Sunrise Business Center , Jamie Katcher , Ken Kronstadt , Steven Baker , Stuart Saft , Annie Yao , Randy Sherman , Lipstick Building , Jeffrey DeMagistris , Bill Waxman , Dan Brodsky , Fred Harris , Jonathan Krivine , Bret Varricchio , Landon McGaw , Thomas Gammino , Harry Krausman , Herald Square Properties , Kerry Powers , Abacus Capital Group , The Morris Cos , Jack Adler , Mindy Lissner , Paul Milunec , Joe Taub , Silverstone Property Group , Peter Hennessy , The Parkoff Org , The Treeline Cos , Noah Balanoff , Union Square West , Dominick Musilli , Primary Capital , Zachary Price , Kraig Silver , Bruce Beal , Primary Capital Advisors , Scott Ellard , Frank Centro , Stephen Benjamin , The French , Marisa Karmitz , Salomon Brothers , Benjamin Friedman , Monmouth University , Robert Kuppersmith , Robert Flippin , James Tamborlane , 11 West , Winoker Realty Co , Eric Lassoff , Kaled Management , 276 Managers LLC , Matthew Wallerstein , Bart Steinfeld , Managers LLC , Michael Politi , Dobbs Ferry , Yale Law School , Chris Hile , Marion Jones , PLV Studio , Edward Gevinski , Michael Alamo , Property Resources Corp , Louzon Group , STAG Capital Partners , Samuel Buckley , The Eretz Group , Allergy Associates , Tom Vetter , Louis Tapia , Brother Jimmy , Old Dominion , Frances Katzen , Elizabeth Houley , Marciano Investment Group , Lou Prisco , Admiral Capital