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THE DEAL SHEET

Sales Transactions

Sysco purchased a 526k-SF industrial property on 45 acres at 199 Lowell Ave. in Central Islip, Long Island for an undisclosed price. Cushman & Wakefield's Frank Frizalone represented the buyer. The deal is one of the largest industrial sales transactions for Long Island.

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Rosewood Realty Group brokered a 63k-SF multifamily portfolio at 71-15, 71-21 and 71-27 65th St. in Glendale, Queens for $7.7M.Aaron Jungreis and Joseph Smith represented both the seller and the buyer.

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Massey Knakal sold a 5k-SF mixed-use building at 89-20 Northern Blvd. in Jackson Height s, Queens for $1.2M. The firm's Swain Weiner represented the seller.

Lease Transactions

Muss Development signed BJ's Wholesale Club to a 20-year,121k-SF lease and Applebee's to a 6.5k-SF lease at Sky View Center, the 800k-SF retail portion of its Sky View Parc project in Flushing. BJ's will open in November '09, and Applebee's will follow in Spring '10. Ripco Real Estate handled both transactions on behalf of the developer.

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Regeneron Pharmaceuticals inked a new 15-year, 80k-SF lease at the Landmark at Eastview campus in Tarrytown, NY, previously leased to Emisphere Technologies. In conjunction with the expansion, owner BioMed Realty Trust terminated the lease with Emisphere, which was set to expire in '12, and released Regeneron from a previous lease obligation elsewhere on the campus, which resulted in a net gain of 41k SF. Studley's Alex Blue and Peter Capuciati represented the tenant.

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Perkins+Will expanded its NYC headquarters to 40.2k-SF at 215 Park Ave. South through a 16.5k-SF sublease from law firm Binder & Binder until '15, when it will become a direct lease. It also extended its 4th floor lease to become co-terminus with the expiration of the 6th floor. Howard Tenenbaum and Gary Rosen represented owner SL Green in-house, as well as the sublessee. Cushman & Wakefield's Steve n Strati represented Binder & Binder.

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People Care Incorporated inked an 11.5-year, 23.5k-SF lease at 116 W. 32nd St. Helmsley Spear's Jeff Rosenblatt represented the tenant; the landlord is Pan Am Equities.

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1350 Broadway saw two signings: Meyer Suozzi English & Klein's long-term, 11k-SF renewal (tenant brokers: CB Richard Ellis' James Emden and Ross Zimbalist and Paragon Group's Jeffery Nemshin); and e-Dialog's 7.3k-SF lease (tenant broker: GVA Smith Mack's Jeff Mack). W&H Properties' Fred Posniak represented the owner internally in both transactions.

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FirstService Williams' Drew Persson negotiated 135k SF of leases at Woodbridge Corporate Plaza in Iselin, NJ on behalf of owner KBS Realty Advisors. Among the 15 transactions were: EPCOS Inc.'s 10-year, 18.5k-SF lease (tenant broker: Cushman & Wakefield's Lauren Rufino); H&M Transportation's seven-year, 15k-SF lease (tenant brokers: Grubb & Ellis' Frank Lopriori and John Donnelly);Concentra Health's five-year, 15k-SF lease (tenant broker: CB Richard Ellis' Matt Saker); and Bank of Tokyo's 10-year, 10.5k-SF lease (tenant broker: C&W's Curtis Foster).

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Adzinia Media Group signed a five-year, 10k-SF lease at SL Green's 1350 Avenue of the Americas in an expansion and relocation from SL's 420 Lexington Ave. The former 2.4k-SF lease went until '13. CresaPartners' Jack Petrie and Justin Halpern represented the tenant.

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The Morgan Group inked a five-year, 4.4k-SF renewal at 276 Fifth Ave. Winoker Realty's Elliot Klein negotiated the deal on behalf of the landlord, 276 Managers LLC.

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Adams & Co.'s David Levy and Brett Maslin brokered three leases at 34 W. 33rd St.: a six-year, 1.7k-SF lease for Rose Garden; a five-year, 1k-SF joint lease for Jaden Sales Corp. and Buzz Dannenfelser Associates; and a nine-year, 185-SF retail lease for Kim's OK Jewelry (tenant rep: My Zip Realty's William Gil). The asking rents were respectively $40, $42, and $225 PSF.

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The National Committee on U.S.-China Relations signed a six-year, 4k-SF renewal at 71 W. 23rd St. CB Richard Ellis' Arkady Smolyansky and Keith Caggiano represented the tenant.

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Ristorante DeGrezia signed a lease for 1.7k SF of ground level space at 805 Third Ave, and additionally took 30 feet of frontage and 500 SF at the concourse level. Valensi Realty represented the tenant, while Prudential Douglas Elliman's Faith Hope Consolo and Joseph Aquino represented owner Cohen Brothers Realty Corp.

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In a multi-faceted transaction, the ownership of the retail portion of 666 Fifth Ave. struck a deal to recapture the corner portion of the former Brooks Brother store, while allowing current tenant Abercrombie & Fitch to expand from 4.4k SF to 5.4k SF in the space being vacated by Hickey Freeman. PBS Real Estate's Laura Pomerantz assisted Abercrombie in reworking the lease, while Cushman & Wakefield's Bradley Mendelson, Alan Schmerzler and David Green represented the owner, a partnership between Crown Acquisitions, the Kushner Cos., and the Carlyle Group.

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Swiss watchmaker F.P. Journe signed a 10-year, 800-SF lease at 721 Madison Ave. for its first New York store and U.S. flagship. The Lansco Corp.'s Diane Mandel represented the tenant, while James Winter and Robert Fink represented landlord The Winter Org. in-house.

Financing

Marcus & Millichap Capital Corp.'s Sean Mooney arranged a $5M fixed-rate, non-recourse loan to refinance a 44-unit apartment building with four retail spaces in the Union Square submarket. The financing was provided by a commercial bank at 5.75%; the terms are 10-years with a 30-year amortization schedule. LTV was 65%

Construction & Development

Shorenstein Properties tapped Aragon Construction to assemble nine pre-built suites totaling 47k SF. The majority of the work is taking place at 850 Third Ave, for a July completion. Each suite will have its own reception area, workstation area, conference room, and four private offices, and will accommodate between 15 and 20 employees.

ALSO AROUND NEW YORK...

Business

The NYC Economic Development Corp. and Upper Manhattan Empowerment Zone announced the Harlem Business Assistance Fund, a grant program intended to offset some expenses small business may incur in relocating to 125th St. and vicinity. The $1M program reimburses the business for broker commissions paid for new leases.

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NJ-based NAI James E. Hanson has agreed to acquire Schilp & Co. Realtors, which mainly focuses on Western and Northern New Jersey. Its three new brokers, John Schlip, Sig Schorr, and Joseph Vindigni, will now be working out of James E. Hanson's Parsippany office.

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REonomy.com, which integrates parcel data and property research tools for commercial and residential real estate professionals in NYC and the majority of New Jersey, launched. The site includes features such as property reports, 3D maps, cold-call list creation, and templates, aimed towards brokers, agents, developers, managers, lenders, analysts, and private equity firms.

Exec Moves

Marcus & Millichap promoted Zachary Felson to senior associate in the firm's Brooklyn office. He joined in '05 and was named the office's number one broker last year.

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Stephanie Butler joined Horizon Land Title Services as senior vice president. She was previously with Liberty Title and First American Title, and also opened and managed the New York City office of Lawyers Title. She is a graduate of the University of Chicago.

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Todd Zimmerman joined The Rochlin Org. as VP. Previously, he was with Windsor Commercial Real Estate, Majestic Realty Services, and Blue Realty Corp. He is a graduate of the University of Arizona.

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Irvine Calif.-based retail investment and advisory firm Faris Lee Investments expanded to New York with the appointment of Richard Berlinghof as principal. He will work out of the new 711 Third Ave. office, and focus on distressed assets, portfolios and loans, and value maximization. Previously, he was with Merrill Lynch and Chesterton International. He holds degrees from Yale and UCLA.

WASHINGTON DC 04.18.2017

FUTURE OF LOUDOUN COUNTY<BR>AND COCKTAIL SCHMOOZE!

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