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THE DEAL SHEET

BIG DEAL
Horizon Media signed a 115k-SF expansion and relocation at One Hudson Square. Newmark Knight Frank’s Moshe Sukenik, Chris Mongeluzo, and Brian Cohen represented the tenant, while Cushman & Wakefield’s Andrew Peretz, Robert Constable, and Marc Packman represented owner Trinity Real Estate along with in-house leasing director Jason Pizer.
Sales Transactions Massey Knakal sold a 23’ x 43’ development site, which includes a 4.6k-SF vacant building, at 90 Water St. for $1.4M cash. The site includes 14.7k buildable SF. The firm’s Nick Petkoff exclusively handled the transaction.***

Highcap Group sold a 15.4k-SF apartment building at 240 New Jersey Ave. in Brooklyn for $1.1M. The building consists of 16 studio and one-bedroom units, and sold for a cap rate of 10%. The firm’s Josh Goldflam and Christen Portelli repped both seller and buyer.

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Verizon sold its 175 Park Ave. office building in Madison, NJ to The Hampshire Cos. Newmark Knight Frank’s Matt Schnurr, John Hoffman, and Jacklene Chesler, and Grubb & Ellis’ Peter Rasmussen (now with Lee & Associates), Jeff Kolodkin, and John Kuhn transacted the deal.

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Capital Hardware purchased 97k SF at 10-19 Railroad Ave. in Closter, NJ, where it plans to relocate. Team Resources SBWE’s Joe Manganaro represented the buyer, while Cushman & Wakefield represented the seller.

Lease Transactions

Safety Van inked a 43k-SF lease at 100 Enterprise Ave South in Secaucus, NJ. Team Resources SBWE’s Greg Sholom represented the owner and procured the tenant.

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Port Warehousing and Distributing Corp. signed a 10-year, 42k-SF lease in Elizabeth, NJ. Glazerman Realty’s Marv Glazerman represented the tenant.

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LoyalTex Fashion signed a 10-year, 17k-SF lease at 132 W. 36th St. Adams & Co.’s Alan Bonett represented the tenant, while The Kaufman Org.’s Steven Kaufman and Barbara Raskob represented the landlord. Although the terms were not disclosed, the asking price was $30 PSF.

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Hands Fashion signed a 12.6k-SF lease at 465 South Dean St. in Hackensack, NJ. Team Resources SBWE’s David Cantor and Eric Lewin represented the tenant.

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Veritas Therapeutic Community inked a 10-year, 12.3k-SF lease at 55 W. 125th St. FirstService Williams’ Eric Ferriello, Robert Tunis, and Richard Warshauer represented the tenant, while Ross Jacobs represented owner Cogswell Realty in-house.

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DVB Transport renewed its 10.5k-SF lease at 609 Fifth Ave. for another 10 years. Cushman & Wakefield’s Michael Burgio repped the tenant, while Promenade Real Estate Group’s Steve Pressler and SL Green’s David Kaufman represented owner SL Green.

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Malo Consulting NJ expanded by 10.4k SF at the 301 Building of 201 Route 17 North in Rutherford, NJ. It plans to open an imaging center and café to support the health practice it opened at the location last year. Studley’s Chip Conklin and Joseph Messina represented the tenant, while Newmark Knight Frank’s Tim Greiner represented owner Onyx Equities.

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Durr Mechanical Construction inked a 10-year renewal and expansion for a total of 8.8k SF at 80 Eighth Ave. ID Real Estate Partners’ Ira Fishman and Dana Moskowitz represented the tenant, while Newmark Knight Frank’s Eric Gural and Matthew Mandell represented the owner.

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Dress Barn signed a 10-year, 8k-SF retail deal at 1180 Avenue of the Americas. David Greene and Louis Pappas represented landlord Murray Hill Properties in-house.

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Walgreens inked a 20-year, 7.5k-SF lease at 1800 Williamsbridge Rd. in the Bronx, occupying part of the ground floor. NAI Friedland’s Robin Herko, Steve Lorenzo, Kathy Zamechansky, and David Scotto represented the tenant, while Colliers ABR’s Craig Evans represented the owner.

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Sanford inked (perhaps with a Sharpie, which it manufactures) a 6.7k-SF lease at MerrittView at Route 7 and Merritt Parkway in Norwalk, Conn. CB Richard Ellis’ Sean Cahill and Sue Dengenis represented the tenant, while Jeffrey Newman and Kimberly Zaccagnino represented owner Malkin Properties in-house. Malkin Construction will build out the space.

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United Corporate Services renewed its 6.4k-SF lease at Ten Bank Street in White Plains early, extending its lease by 10 years. Rakow Commercial Realty Group’s Craig Ruoff represented the tenant, while Jeffrey Newman and Kimberly Zaccagnino represented owner Malkin Properties in-house.

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Cosette signed a five-year, 5k-SF deal for the entire fourth floor at 155 Fifth Ave. Murray Hill Properties’ David Greene and Louis Pappas represented the owner.

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231 W. 39th St. saw four transactions totaling 4.7k SF. Adams & Co.’s James Buslik and Jeffrey Buslik represented the landlord in each deal, and also represented the tenant in three of the leases. They were: Golden Touch Imports’ two year, 1.4k-SF lease (tenant broker: Hidrock Realty); Dylan George Apparel’s five-year, 1.4k-SF lease; Phillip NYC’s five-year, 1k-SF lease; and Synergy Showroom’s five-year, 850-SF lease.

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New restaurant Graffit signed a 20-year, 2k-SF lease at 141 W. 69th St. The former Levana Kosher Restaurant space will be completely renovated, and the deal includes an option for restaurateur Jesus Nunez to lease an additional 1k SF. Gruber Real Estate’s David Gruber represented the tenant, while Ripco Real Estate’s Jason Pennington represented the landlord, Argo Real Estate.

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Chartkar Corp. inked a seven-year, 1.4k-SF lease at 570 Seventh Ave. Winoker Realty’s Bill Berkis represented the tenant, while Stuart Christie represented owner Silverstein Properties in-house.

Financing & Incentives

Metropolitan Realty Associates and equity partner Angelo Gordon & Co. secured $23.5M in new financing for its fully leased 189k-SF mixed-use complex at 1000 Stewart Ave. and 500 Endo Blvd. in Garden City, Long Island. It purchased the complex in ‘05, and it is home to tenants like Lifetime Brands, Home Medical Equipment, and Nassau Community College.

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The NYC Industrial Development Agency approved two tax incentive packages to assist in the development of two new Bronx supermarkets, the first under the Fresh Retail Expansion to Support Health (FRESH) program. Foodtown received approval for $3M in real estate and tax benefits for its $3.7M, 11k-SF supermarket in Norwood to replace the store that burned down in December.Western Beef received approval for $5.6M for its $11.5M project, which includes a 35k-SF supermarket and 20k-SF warehouse in Tremont to replace a smaller Western Beef nearby. Together, the projects will retain 90 existing jobs and create 65 new ones.

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NYCIDA also approved a $2.3M incentive package to help Hindustan Granites acquire and renovate a 31k-SF industrial facility at 280 Johnson Ave. in Greenpoint, Brooklyn. These include IBZ Relocation Tax Credits and Empire Zone Wage Tax Credits. The $6.7M project is expected to create 22 permanent jobs.

Construction & Development

SL Green completed a $4.5M lobby and storefront redevelopment at 333 W. 34th St., a 10-story, 350k-SF building located between Eighth and Ninth Aves. It included an enlarged and redesigned storefront and lobby and a new 21k-SF retail space created by recapturing cafeteria and underutilized space. Woertendyke Adjah Associates and McGovern & Co. oversaw the design and construction.

Business

Retail, technology, and marketing expert Christina Norsig and investment sales guru Eric Anton launched PopUpInsider.com, a national online exchange dedicated to helping landlords and retailers adapt to the new retail marketplace by utilizing pop-up shops. The site offers resources for finding and leasing temporary space, as well as consulting services for opening a pop-up store.

Executive Moves

Jones Lang LaSalle appointed David McGarry as director of Markets East, responsible for partnering with the firm’s local market directors to integrate client services and work on the firm’s local and national growth initiatives. David will be responsible for Canada through the eastern Midwest, down the East Coast to his HQ in Washington, D.C. He joined JLL through the Spaulding & Slye merger of ’06, where he previously served as president of the Boston-based firm.

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Dennis Prude joined CNY Builders as director of field operations, responsible for overall coordination and management of field activities for all CNY projects. Previously, he served in the same position at Bovis Lend Lease, and also held positions at York Hunter and Morse Diesel.

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Elyse Candella joined MKDA as director of business development, responsible for securing corporate and retail interior design projects in the NY metro. She’s a real estate attorney who has brokered commercial and retail projects throughout the US and Europe, and was previously a consultant for Deloitte and KPMG.

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Scott Burk joined CPEX Real Estate as associate director for its mixed-use investment sales division, working alongside Stephen Safina to cover the NY market. He was previously with Thompson Hine, and also worked for Paul, Hastings, Janofsky and Walker. He is a graduate of the University of Michigan and the Fordham School of Law.

WASHINGTON DC 10.19.2017

THE FAIRFAX COUNTY STATE OF THE MARKET

Development Pipeline and Current Projects

Katherine Bonnafé
Combined Properties
Greg Trimmer
JBG SMITH
Alex Nyhan
First Washington Realty
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