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THE DEAL SHEET

New York

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BIG DEALS!
Cushman & Wakefield Sonnenblick Goldman arranged $120M in financing for the New York Times corporate headquarters, consisting of leasehold condo units aggregating 752k rentable SF at 620 Eighth Ave. The loan was provided by an offshore bank for the borrower. W.P. Carey and affiliates completed a sale-leaseback transaction with the NYT in March ’09, also arranged by Cushman & Wakefield.***Instinet inked an 11-year, 107k-SF lease at 1095 Sixth Ave. Newmark Knight Frank’s Merrill Roth represented the tenant, while CB Richard Ellis’ Zachary Freeman, Bob Alexander, and Robert Stillman represented owner The Blackstone Group.
Sales Transactions Massey Knakal sold three buildings: the 14.3k-SF 901 Broadway on behalf of Thor Equities for $24.6M cash (brokers: Robert Knakal,John Ciraulo, and Craig Waggner); a 3.8k-SF mixed-use building at 92 W. Houston St. for $3.4M cash (brokers: James Nelson,Brendan Gotch, and Billy Simons); and a full-leased 2k-SF building at 135-90 Cross Bay Blvd. in Ozone Park, Queens for $400k cash (broker: Stephen Preuss).***

The Weiss family sold a 38-unit, 19.5k-SF apartment building with four retail stores at 234-236 Mulberry St. to Aghajun Holdings for $6.7M. Eastern Consolidated’s Daniel Glaser and Sam Schneider represented the seller and procured the buyer.

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DG Partners acquired a vacant development site of two adjoining lots at 41-43 Bond St. for an undisclosed sum. With approved building plans and construction financing in place, it will start construction of a $35M, ten-story luxury condo project by early October.

Lease Transactions

ConEdison Solutions signed a long-term, 52.4k-SF lease in a relocation to 100 Summit Lake Drive in Valhalla. It will move into its new HQ at the end of ’09. CB Richard Ellis’ Frank Tomasulo, Al Gutierrez, and Ian Seppos represented owner Reckson, a division of SL Green, while the tenant represented itself.

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Fujitsu General America inked a 24.6k-SF renewal at Fairfield Business Center, 353C Route 46 West in Fairfield, NJ. Cushman & Wakefield’s Andy Schiffer represented the tenant, while Denholtz Associates’ Steven Geltzeiler represented the owner in-house.

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Yale Associates signed a 10-year, 23.3k-SF lease at 25 Orville Dr. in Bohemia, Long Island. It will relocate its offices in November. Oxford & Simpson’s Jeffrey Wax represented the tenant, while Harry Stavro and Robert Stein represented owner Rechler Equity Partners in-house.

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Massage Envy opened six new stores in Long Island, totaling 16k SF: 3.2k SF at 47 Main St. in Port Washington; 3.3k SF at Airport Plaza in Farmingdale; 2.6k SF at Merrick Commons in Merrick; 3.6k SF at Kohl’s Shopping Center in Rocky Point; 3k SF at South Gate Shopping Center in Massapequa; and 2.2k SF at Treeco’s in Plainview. CB Richard Ellis’ Jayson Siano represented the tenant in all transactions, and is assisting them in targeting other locations and opening another 15 clinics.

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US Bank National Association expanded for a second time at 461 Fifth Ave., signing an eight-year, 14k-SF lease, co-terminus with its existing 22.5k SF of space. Cushman & Wakefield’s Michael Burlant represented the tenant, while Christopher Gulden acted in-house for owner SL Green.

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Coast Development inked a 10-year, 13.7k-SF lease at 745 Fifth Ave. The company will relocate its offices in early ’10. Colliers ABR’s Mark Boisi and Peter Buckey represented the tenant, while Newmark Knight Frank’s Scott Klau and Eric Harris represented owner Paramount Group alongside the in-house Arthur Bocchi.

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Hawthorne Foundation signed a 10-year, 10.8k-SF lease at 156 William St., bringing the building to 91% leased. The Lawrence Group’s Jeffrey Simmons represented the tenant, while CB Richard Ellis’ Howard Fiddle, Bard Gerla, Jonathan Cope, Evan Haskell, and Michael Higgins represented the owner, Capstone Equities.

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CHA inked a 10.8k-SF relocation to 6 Campus Drive in Parsippany, NJ. CB Richard Ellis’ Tom Mallaney represented the tenant, while Mack-Cali is the owner.

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Mid-Manhattan Real Estate Group signed a long-tem lease for 8k SF at 800 Second Ave. NAI Global New York City’s Gil Robinov represented the tenant.

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Tony Roma’s opened a 6.5k-SF restaurant at the Bay Terrace Shopping Center in Bayside, Queens. CB Richard Ellis’ Gregg Carlin and Jayson Siano arranged the 10-year lease on behalf of Cord Meyer.

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Dermalogica inked a 10-year, 6k-SF lease at 140 W. 22nd St. Adams & Co.’s Alan Bonett and Divaris Real Estate’s Michael Divaris represented the tenant, while Robert K. Futterman’s Jonathan Krieger and Gregg Covey represented the owner. Although the lease’s terms were not disclosed, the asking rent was $90 PSF.

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LaBranche & Co. signed a five-year, 3.3k-SF lease at Metro Center in Stamford. Plaza Realty & Management Corp.’s Michael Hibbert represented the tenant, while Jeffrey Newman and Kimberly Zaccagnino represented owner W&M Properties in-house.

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voestalpine USA Corp. inked its second renewal at 500 Mamaroneck Ave. in Harrison, remaining in its 2.2k-SF space until ’13. Newmark Knight Frank’s Michael McCarthy and Michael McCall repped the tenant, while Jeffrey Newman and Kimberly Zaccagnino represented owner W&M Properties in-house.

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Capital Enhancement signed a long-term 1.8k-SF lease at 465 South St. in Morristown, NJ. NAI James E. Hanson’s Gregory Reid and Robert Borny represented both the tenant and the owner,Phoenix Marketing International, in the transaction.

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Rita’s signed its first NYC lease with 700 SF at 2486 Broadway for its Italian ice and custard chain. Newmark Knight Frank’s Marc Frankel represented the franchisees, brothers Josh and Noah Titlebaum.

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Thierry Rabotin signed a retail lease at 1138 Third Ave., joining Bare Escentuals and near Club Monaco, Sephora, and others. Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino arranged the transaction.

Financing

NCB arranged $34.3M in new loans for nine local properties, including $29.3M in mortgages and a $5M in lines of credit. The firm’s Mindy Goldstein arranged the largest two deals of the month, a $10.8M first mortgage and a $500k line of credit for a 200-unit co-op at 300 E. 85th St., and a $6.8M first mortgage and a $1M line of credit for Riverview Equities Corp., a 138-unit co-op at 33 Riverside Dr.

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Walker & Dunlop provided a $15.6M refinance loan for a portfolio of 30 multifamily properties in New Haven, Conn. The loan was structured with a 10-year term and 30-year amortization with a 71% LTV. The buildings are owned by eight LLCs, and in conjunction with the loan, the borrower bought out its partners and formed a single-asset LLC to own all 30 buildings.

Construction & Development

The $70M Element by Westin Hotel at 311 W. 38th St. topped off. The project began in ’08 and is Starwood’s first Element flag in NYC. The 177k-SF, 411-room hotel is expected to open late summer ’10. The project team includes Tritel Construction, ABI Design & Construction, CNY Builders, Gene Kaufman Architect, Axis Design Group, and George Wong Design.

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The 32k-SF new wing of the New Heights Academy Charter School at 1818 Amsterdam Ave. opened. The wing, which includes 16 classrooms and six science labs, was developed by Civic Builders and broke ground in January ’09. Funding was partly provided by the Raza Development Fund.

ALSO AROUND NEW YORK . . .

Legal

The NYS Supreme Court ruled that the Metropolitan Transportation Authority must pay the Riese Org. $35.2M for 194 Broadway, which was taken through eminent domain to develop the agency’s Fulton Street Transit Center. The MTA valued the propertied at millions less than Justice Walter Tolub’s award. The agency was also ordered to pay a total of $106M for 204-210, 198 and 192 Broadway, owned by the Reformed Protestant Dutch Church, and for 200 Broadway, owned by Brookfield Properties.Rosenberg & Estis represented the Riese Org.

Exec Moves

Eric Mockler joined Colliers ABR as senior managing director, responsible for overall leadership and direction of the real estate/property management services division for the NY metro. He was previously with Johnson Controls, and is a graduate of UConn.

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Annu Chopra was promoted to managing director of The Clarett Group. She joined the firm in ’07, and recently spearheaded the firm’s acquisition of 180 Madison, where she is responsible for overseeing the property’s asset management. Prior, she worked for the Lennar Corp. and Credit Suisse First Boston. She holds degrees from McMaster University and the University of Chicago.

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Warren Fink joined West End Partners as senior advisor, leading the company’s expanded real estate restructuring practice. He was formerly CIO and CFO at The Clarett Group, and held positions at GMAC Commercial Mortgage, Madison Marquette, Leonard L. Farber Co. and TIAA.

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David Jacobstein joined Equinox Partners as managing director, leading the real estate executive search firm’s Board of Director search practice. He joins from Deloitte’s real estate practice, and was previously president and COO of Developers Diversified Realty Corp. He holds degrees from Colgate and GWU.

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Taylor Lee joined NAI James E. Hanson as sales associate in its Hackensack office, focusing on healthcare clients and establishing NAI within the Asian-American business community. He was previously with Coldwell Banker Commercial, and owned start-ups Maven Physical Therapy and Fit 4 Basic. He holds degrees from MCP Hahnemann and Rutgers.

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Rob Taub and Charles Ward joined Fox Residential Group as vice presidents, coming from the same capacity at Prudential Douglas Elliman. Rob’s resume also includes television writer and producer for programs like “Eye on People,” and is a regular book review contributor to People. Charles specializes in Fifth and Park co-ops and SoHo and West Village condos. He is a Hofstra graduate.

Related Topics: Shopping Center, Colliers, The Clarett Group, New York Times, Madison Marquette, Thor Equities, Coldwell Banker, Brookfield Properties, Fox Residential Group, Paramount Group, The Blackstone Group, James Nelson, Kimberly Zaccagnino, NAI Global, Joseph Aquino, Big Deals, John Ciraulo, Mindy Goldstein, Howard Fiddle, Jayson Siano, Alan Bonett, Johnson Controls, New Haven, Michael McCarthy, 500 Mamaroneck Ave, Stephen Preuss, Capstone Equities, Denholtz Associates, Rechler Equity Partners, Mark Boisi, Craig Waggner, CNY Builders, Bob Alexander, Michael Higgins, Port Washington, Zachary Freeman, Scott Klau, Marc Frankel, Campus Drive, Harry Stavro, The Lawrence Group, Club Monaco, Westin Hotel, Michael Burlant, Evan Haskell, The MTA, Lennar Corp, Robert Stillman, Robert Stein, Brendan Gotch, Credit Suisse First Boston, Gil Robinov, Christopher Gulden, Jonathan Cope, Fulton Street Transit Center, Jonathan Krieger, Ozone Park, Merrill Roth, Daniel Glaser, Rocky Point, Management Corp, Gregory Reid, Gene Kaufman Architect, Michael McCall, Gregg Carlin, Sam Schneider, Steven Geltzeiler, Al Gutierrez, Arthur Bocchi, Peter Buckey, Tom Mallaney, Robert Borny, Metropolitan Transportation Authority, GMAC Commercial Mortgage, Plaza Realty, US Bank National Association, Fairfield Business Center, Axis Design Group, Jeffrey Wax, Robert Knakal, Billy Simons, Frank Tomasulo, Divaris Real Estate, USA Corp, Equinox Partners, Riese Org, Warren Fink, Rob Taub, Charles Ward, George Wong Design, Eric Harris, Airport Plaza