THE DEAL SHEET
|We've decided to go easy on you as you recover from the three-day weekend. Here are some of the exciting deals happening around the New York metro area.
|Sales Transactions Sotheby’s purchased its 1334 York Avenue flagship HQ and auction premises for $370M. The purchase was funded by the assumption of prior owner RFR Realty’s $235M mortgage, a $50M cash payment in January ’08, and an $85M cash payment at closing last Friday.***
The Laboz Family of United American Land purchased 1627 Broadway from the Rockefeller Group. Cushman & Wakefield’s Richard Baxter, Jon Caplan, Yoron Cohen, and Scott Latham arranged the transaction; terms of the deal were not released.
109 Montague Street, Brooklyn—a mixed-use building comprised of a store and eight one-bedroom apartments—was sold for $3.7M cash at $455 PSF and a 5.45% cap rate. Massey Knakal’s Stephen Palmese and Paul Smadbeck were the sole brokers in the transaction; the buyer and seller were not disclosed.
The 24-unit 1153 Boynton Avenue and the 20-unit 1049 Boynton Avenue apartment buildings in the Bronx sold for an aggregate $2.2M. The private seller and buyer were represented by Marcus & Millichap’s Peter Von Der Ahe and Matthew Barbaccia. Both buildings have an additional 3.7k SF of developable air rights under the city’s current zoning regulations.
Lutheran Social Ministries of New Jersey inked a 14k-SF lease at 277 Skinner Memorial Dr., a 75k-SF medical office building under construction in Jersey City. Cushman & Wakefield’s Michael Gordon and John Marks represented the tenant, while developer Landmark Healthcare Facilities was represented in-house by Elisha Pacheco and Anthony Lampasona. The building broke ground in December and sits on the campus of the Jersey City Medical Center.
Transportation consulting company TransSystems Corp. signed a lease for 8.9k SF at the Empire State Building. CB Richard Ellis’Joseph Mangiacotti represented the tenant, while CBRE’s Stephen Eynon represented owner W&H Properties. The landlord will build out the space for occupancy in May.
Construction & Development
WB Engineers|Consultants was named the commissioning authority for the construction of Kaplan Hall, one of the two buildings comprising the Newburgh Extension Center of SUNY Orange. The 85k-SF building and renovations of the existing Tower Building began at the end of ’08. Upon completion in ‘11, the Extension Center will total 172k SF of academic and student support space. The project team also includes JMZ Architects and Planners and Holt Construction.
ALSO AROUND NEW YORK…
Former-Onyx Equities VP of asset management Adam Rochlin established Long Island-based real estate firm The Rochlin Org., which specializes in landlord representation. Its first agency assignment is the 640k-SF Jericho Plaza, owned by Onyx and S.L. Green.
Thomas Dowd joined Silverstein Properties as CFO, replacing Mike Levy, who was promoted to president of Metro Fund, a JV between Silverstein and CalSTRS. Thomas comes to Silverstein after three decades at Cushman & Wakefield, where he served as EVP and CFO.
Benita Welch and Joseph Barbagallo were named principals of Gerner Kronick + Valcarcel Architects. Benita has been with GKV since ’97 and is a graduate of the University of Illinois and Southern California Institute of Architecture. Joseph has been with GKV since ’96 and studied at the Pratt Institute.