THE DEAL SHEET
|Everybody must’ve been out buying shovels and salt this week, because it was pretty quiet. But there were still some exciting deals going on, and we figured you needed some snow day reading.|
|Sales Transactions A Conn.-based private investor purchased the 71k-SF Goff Brook Shops at 1267-1309 Silas Deane Hwy. in Wethersfield, Conn. for $6.8M. New England Retail Properties represented the buyer, while Sperry Van Ness’ Joseph French and Neil Golub represented seller Centro Properties. The property is 84% occupied to 12 tenants including Office Depot, Home Town Buffet, and Catherine’s.***|
Project 17 Realty’s Waleed Cope sold a 2.8k-SF development site at 1266 Pacific St. in Crown Heights, Brooklyn to an investor for $245k cash. The buyer plans to build rental units on the site.
Interactive Data Corp. inked a 15-year, 65-k SF lease at 100 Church St. as the anchor tenant. It plans to relocate 212 employees from its Midtown office in November ’09. Richard Berzine & Co.’s Richard Berzine, Robert DeAngelis and Richard Fenn represented the tenant, while CB Richard Ellis’ Stephen Siegel, Howard Fiddle, Brad Gerla, Zachary Freeman, and Gerry Miovski represented landlord The Sapir Organization.
Planet Fitness and Pure Nature signed 15-year leases for 30-33 Steinway St. in Long Island City, Queens. Planet Fitness will take 17k SF of the basement, ground, and second floors, while Pure Nature will take 5k SF of the ground floor. Franchise Realty’s Ray Villafana represented the tenant, while Sholom & Zuckerbrot Realty’s Marc Durst and Douglas Weinstein represented landlord Jenel Management.
Power Merchants Group inked a 10-year, 16k-SF lease at 88 Pine St., also known as Wall Street Plaza. NAI Global New York City’s Andrew Simon and Robert Kluge represented the tenant, while Cushman & Wakefield’s Frank Cento represented owner Orient Overseas Associates. The agreement includes a complete rebuild of the existing floors, providing the tenant with turnkey office space upon move-in to the 15th floor.
PR agency Gibbs & Soell leased the entire 12.7k-SF 44th floor of 60 E. 42nd St. It will relocate from its 600 Third Ave. headquarters by June. Studley’s Erick Schmall represented the tenant, while Newmark Knight Frank’s William Cohen, Jonathan Fanuzzi, and Ryan Kass represented owner W&H Properties.
Construction & Development
Del-Sano Contracting Corp. completed the construction of the $16.8M Garden Street Lofts in Hoboken, NJ. It is pending certification as NJ’s first luxury residential project to earn a Silver LEED rating, and will also be Hoboken’s only LEED-certified residential building upon certification. The building was redeveloped from an existing 43k-SF warehouse, and the developer built a new 35k-SF addition. The mixed-use complex includes 30 condos and 7.5k SF of retail space facing 14th and Garden Streets. Bijou Properties is the project owner, and team members included Sharples Holden Pasquarelli Architects, Buro Happold, and Dome-Tech Group. TD Bank provided financing, while Hudson Place Realty is marketing the 50%-sold project.
John Gallin & Son completed the demolition of the top three floors of 60 E. 42nd St. The penthouse suite from floors 53 to 55 was once the offices for Harry Helmsley and Helmsley-Spear’s headquarters, and is now available for the first time in over half a century. Owner W&H Properties is marketing the space, and will consider leasing the three floors separately. The construction firm also demolished the fourth and 49th floors, and will be doing a pre-built unit on the 25th floor. The architect for all the demolished floors and the pre-built is The Mufson Partnership.
In response to increasing demand for small to mid-sized pre-built units, W&H Properties is expanding its pre-built program in all nine of its pre-war trophy buildings. As a result, it is rolling out new pre-builts that contain new ceilings, lighting, flooring and efficient layouts, as well as incorporating more sustainable features.
Cronheim Mortgage arranged $1.2M in financing for a 4.5k-SF single-tenant retail property at 336 W. Main St. in Avon, Conn. The loan has 10-year term based on a 25-year amortization schedule.Stonewall Kitchen occupies the property, which is next door to a free-standing CVS recently financed by Cronheim for $21M.
ALSO AROUND NEW YORK...
CB Richard Ellis announced David Gialanella as head of its New Jersey management team. As part of the leadership change, Jeff Hipschman will expand his senior managing director role to focus on statewide management of all business lines for the firm, and managing director Patrick Luzzi will be more involved in the overall brokerage management. David joined the firm in ‘05, and has held several positions at CB and Cushman & Wakefield. He holds degrees from Seton Hall University , Catholic University, and Manhattan College.