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THE DEAL SHEET

WASHINGTON DC 06.27.2017

THE WASHINGTON DC STATE OF THE MARKET

Matt Bronfman -- Jamestown Properties
Anthony Lanier -- EastBanc
Herb Miller -- Western Development
BIG DEALS!
Mayor Bloomberg, Department of HUD’s Shaun Donovan, and NYC Housing Authority’s John Rhea announced the approval of NYC’s application to qualify 21 NYCHA developments, which account for over 20k units, for federal subsidies. As a result, NYCHA will receive more than $400M in private and public funding, the majority of which will go to capital improvements that will begin immediately and continue for two years. The upgrades include brick work, façade and roof repairs, elevator replacement, and heating upgrades. The sale will also enable HUD to include the buildings in a federal subsidy program that will deliver $65-$75M per year for ongoing maintenance. All 21 developments, which are in Brooklyn, the Bronx, Manhattan, and Staten Island, will remain public housing.***
US Energy - in-text or ri
The Barclays Center at Atlantic Yards, a 18k-seat sports and entertainment venue, broke ground with Mayor Bloomberg,Governor Paterson, Brooklyn Borough President Marty Markowitz, Forest City Ratner’s Bruce Ratner, Barclay’s Robert Diamond, and Jay-Z in attendance. The venue, which is the initial piece of the Atlantic Yards project, will be open by ’12. Forest City Ratner is developing the project, and will operate the arena in partnership with ONEXIM Group. Ellerbe Becket and SHoP Architects designed the project.

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A technology company renewed and expanded its 108k-SF commitment at 1290 Wall St. West in Lyndhurst, NJ. Cushman & Wakefield’s Curtis Foster represented the owner, a Boston-based real estate investment advisor. Kwartler Associates is the asset and property manager.


Sales Transactions Massey Knakal sold four properties: a six-story, 11.4k-SF mixed-use building at 42 Clinton St. for $3.1M cash (broker: Michael DeCheser); a vacant retail condominium space at 211 E. 51st St. for $1.9M cash (brokers: James Nelson and Clint Olsen); a 15k-SF loft warehouse at 156 Flushing Ave. in Fort Greene, Brooklyn for $1.6M cash (broker: Stephen Palmese); and a four-story multifamily building at 809 8th Ave. in Park Slope, Brooklyn for $1.4M cash (broker: Ken Freeman).***

White Plains Linen purchased a 30k-SF flex property at 6 John Walsh Blvd. in Peekskill, NY for $2.8M cash. New York Commercial Realty Group’s Michael Rao and Frank Rao represented the buyer.

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Lease Transactions
Happy Taco
purchased the 40k-SF 450 Florida Grove Rd. in Perth Amboy, NJ for $2.7M. William F. Connors Agency’s William Connors III represented the buyer, while Cushman & Wakefield represented the seller.

Team Resources SBWE brokered five NJ leases: an 81k-SF lease at 510 Commercial Ave. in Carlstadt (brokers: David Cantor, Greg Sholom, and Ron Sholom); Diamond Wholesale’s 59k-SF lease at 30 Congress Drive in Moonachie (landlord broker: Joe Manganaro; tenant broker: CB Richard Ellis); Royal International Promotions’ 33k-SF lease at 200 Murray Hill Pkwy. in East Rutherford (brokers: Cantor and G. Sholom); A 27.5k-SF lease at 440 Huyler St. in South Hackensack (brokers: Cantor and G. Sholom); and All State Produces 20k-SF lease at 333 Veterans Blvd. in Carlstadt. (tenant broker: Shawn Roth; landlord broker: Resource Realty).

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Ace Capital Venture’s Howard Greenberg brokered a 65k-SF two-level parking garage deal underneath a TF Cornerstone apartment building at 505 W. 37th St.

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The Commonwealth of Australia inked a 15-year, 46.5k-SF renewal and extension of its Permanent Mission to the UN and Consulate-General in New York at 150 E. 42nd St. UGL Equis’ Gregg Espach,Daniel Nack, Dirk Hrobsky, and Chris Helgesen represented the tenant, while CBRE’s Edward Goldman, Scott Gottlieb, and Rocco Laginestra represented owner Hiro Real Estate

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William F. Connors Agency’s William Connors III brokered two deals on behalf of both tenants and landlords: Owl Plastics’ 34k-SF lease at 97 E. 2nd St. in Bayonne, NJ and Good Hair Fashion’s 12k-SF lease at 65 Railroad Ave. in Ridgefield, NJ.

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The New York School of Interior Design signed a 20-year, 40k-SF lease at 401 Park Ave. South. Cassidy Turley’s Neil Lipinski, Tim Kucha, and David Lebenstein, along with Jonathan Rose Cos., represented the tenant, while Mark Stein and Jason Vacker represented owner Stephen Meringoff.

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National Reprographics signed a 10-year, 33.3k-SF lease at 44 W. 18th St. Adams & Co.’s James Buslik and Alan Bonett represented both the tenant and the landlord. Although terms were not disclosed, the asking price was $30 PSF.

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Merritt 7 Corporate Park in Norwalk, Conn. saw three leases:Eurpac Service Inc.’s six-year, 9k-SF renewal and expansion at Building 101 (tenant broker: Jones Lang LaSalle’s George Walker);Amerprise Holding’s five-year, 8.8k-SF renewal at Building 501 (tenant broker: CB Richard Ellis’ Tim Donohue); and ABB’s lease extension for 10.7k-SF at Building 501 (tenant brokers: Cushman & Wakefield’s Paul Kauffman and Frank Brown). JoAnn Brennan McGrath represented Albert D. Phelps, the managing and leasing agent for owners NYSTRS and Fairfield Investors.

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Spencer Stuart inked a 10-year, 24k-SF lease at Two Stamford Plaza in Stamford, Conn. CB Richard Ellis’ Colin Riley and Paul Jacobs represented the tenant, while Margaret Carlson and Joseph Artusa represented owner RFR Realty in-house.

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Writers Guild of America inked a 15-year, 16k-SF lease at 250 Hudson St., relocating from its 555 W. 57th St. HQ in the spring. Cassidy Turley’s David Hoffman, David Lebenstein, and Wendy Miller represented the tenant, while Dennis Brady and Jonathan Dean represented owner Jack Resnick & Sons in-house.

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Asia TV USA leased 8.8k-SF at One Penn Plaza. UGL Equis’ Abe Bose and Joel Weinberg represented the tenant, while Craig Panzirer represented owner Vornado in-house.

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Amerigroup inked a nearly three-year, 8.3k-SF expansion and 2.1k-SF cancellation at 21 Penn Plaza. Fischer Corporate Real Estate Services’ Rich Hopen represented the tenant, while Howard Tenenbaum and Gary Rosen represented owner SL Green in-house.

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François Payard signed a 15-year, 8k-SF deal at 116 West Houston St. Sierra Realty Corp.’s Ruth Shnay and independent broker Nevin Danziger represented the tenant, while Sierra’s Peter Braus represented owner Y&H Realty.

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U.S. Bank National Association signed a seven-month, 7.1k-SF renewal at 461 Fifth Ave. Cushman & Wakefield’s Michael Burlant represented the tenant. The owner is SL Green.

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Patina Restaurant Group signed a five-year, 6.1k-SF renewal at 120 W. 45th St. Owner SL Green was represented in-house by Amy Schustek.

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SL Green’s 19 West 44th St. saw three leases: Adrea Rubin Marketing’s seven-year, 5k-SF lease (tenant broker: Newmark Knight Frank’s Dan Segal; landlord broker: Denise Rodriguez, in-house); Buttonwood Mementos’ one-year, 905-SF lease (landlord broker: Amy Schustek, in-house); and The Alan T. Brown Foundation to Cure Paralysis’ six-year, 667-SF renewal (landlord broker: Schustek).

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MJT Park Investors inked a five-year, 5.5k-SF renewal. CB Richard Ellis’ Jeffrey Kilimnick represented the tenant. The owner is SL Green.

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Petrus Partners inked a five-year, 4.8k-SF renewal at 1350 Avenue of the Americas. Newmark Knight Frank’s Robert Silver and Scott Brown represented the tenant, while Howard Tenenbaum and Gary Rosen represented owner SL Green in-house.

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47-05 Center Blvd. in Long Island City saw two leases: Skinny’s Cantina’s 2k-SF lease for a restaurant and Emily’s Salon and Spa’s 2.4k-SF lease, bringing 100% retail occupancy to the 31-story luxury rental building. CB Richard Ellis, whose own office is in the building, represented Emily’s. Rockrose Development Corp. is the owner.

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215 Park Avenue South saw two leases: International College’s six-year, 2.6k-SF extension and modification (tenant broker: SL Green Leasing); and Soversa’s three-year, 1.4k-SF lease (tenant broker: JMD Realty Advisors’ Josh Dionne). Howard Tenenbaum and Gary Rosen represented owner SL Green in-house.

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Lids leased two new locations in Times Square: a 1.3k-SF store at 1501 Broadway and a 1k-SF store at 2 Times Square. Crown Retail Services’ Haim Chera and Stephanie Snyder represented the tenants in both transactions; Newmark Knight Frank’s Jeffrey Roseman represented owner Paramount Group in the 1501 lease, while Sherwood Equities is the owner of 2 Times Square.

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Kumon Learning Centers inked a five-year, 1.8k-SF lease at 8506-8508 4th Ave. in Bay Ridge, Brooklyn. A+M Real Estate Advisory Partners’ Marie Espinal represented the tenant, while CPEX Real Estate’s Timothy King, Eric Altschul, and Ryan Condren represented owner Pappas & Pappas.

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Filling Station signed a 1k-SF lease at 19 South Ave. in New Canaan, Conn. for its newest restaurant, which just opened. CB Richard Ellis’ Jessica Curtis negotiated the deal.

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Kusmi Tea signed a lease for its first NY flagship at 1037 Third Ave. Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino represented both the tenant and owner.

Financing

NCB FSB arranged over $22M in new loan originations in February, including a $4.2M new financing with a $900k first mortgage and $500k line of credit for a 41-unit co-op at 49 W. 96th St. (arranger:Mindy Goldstein); a $3.9M first mortgage for a 178-unit co-op at 141-25 Northern Blvd. in Flushing, Queens (arranger: Sheldon Gartenstein); and a $3.1M first mortgage and $300k line of credit for Harrison Gardens Owners Corp., an 88-unit co-op at 15 Harrison Ave. in Amityville, Long Island (arranger: Edward Howe III).

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CB Richard Ellis Capital Markets’ Max Herzog and Michael Diaz secured $5.3M in financing for a 78-unit multifamily rental building in the Bronx. The five-year permanent mortgage, which features a one-year interest-only term followed by a 30-year loan amortization schedule, was provided by a local bank.

Construction & Development

The Lower East Side Tenement Museum is undertaking a $5M renovation, which will redevelop 10.5k SF of space in the three lower floors of 103 Orchard St. for use as the new Sadie Samuelson Levy Immigrant Heritage Center. Project partners include Levien & Co.,Perkins Eastman, Excel Engineer, Anthony M. Giudice, Clinard Design Studio, Kel-Mar Designs, and William Dailey.

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Builders Group completed the construction of two new standalone branches of Valley National Bank at 63-09 Flushing Ave. in Maspeth and 69-10 80th St. in Middle Village, Queens, both on the sites of former service stations.

Business

RHYS Commercial opened a Westchester satellite branch office at 333 Westchester Ave. in White Plains. The office will be under the direction of Christian Bangert and Alex Anderson, and has already garnered local assignments for Elmsford Executive Park, Gabellie World Headquarters Building, and Armonk’s 99 Business Park Drive.

Executive Moves

Charles Maggio joined Jones Lang LaSalle’s Project and Development Services Group to lead its healthcare specialty practice in the Tri-State area. His 27 years of experience include more than 20 in healthcare, specializing in design, construction, and management. He was also a practicing architect and hospital facilities executive. He was previously with Granary Associates and Brookdale University Hospital. He’s a graduate of City College.

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Laurence Casey joined Cassidy Turley’s Somerset, NJ office as SVP. He was previously with Weintraub, Casey, Zurkow & Max, where he specialized in the leasing and sales of truck terminals. He is a graduate of Rutgers.

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David Gross joined CB Richard Ellis as brokerage associate in its Long Island City office, broadening its multifamily platform. Previously, he was with Andover Properties and Eastern Consolidated. He is a graduate of Northeastern and a candidate for an MS in Real Estate from NYU’s Schack Institute.

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Gary Newman joined Holliday Fenoglio Fowler’s NY office as director of its debt placement group. He was previously with Hypo Real Estate, and also held positions at Barclays Capital and Lehman Bros. He is a graduate of Indiana University and Brooklyn Law School.

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Massey Knakal promoted three: Joshua Rubin to senior associate;Cory Rosenthal to VP of executive operations; and Daniel Hagan to VP of special assets. Joshua has been at the firm since ’08, was previously with Sky Management and Medstar Consulting, and is a graduate of Baruch College. Cory previously served as VP of sales, involved in aggregate sales of $700M, and is a graduate of Colgate. Daniel has been at the firm since ’04, directly involved in the sale of $1.5B in property, and is a graduate of UPENN.

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Robert Holmes joined Advance Land Holdings, an investment arm of Advance Realty, as director of the company’s land assets division. He was previously with Baker Residential, and also worked for the Gale, Wentworth, and Dillion Group. He is a graduate of Radford University.

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Alexander Anderson, Kristen Martin, and Michael Weiner joined RHYS Commercial as associates in its retail and office departments. Alexander will represent office landlords and tenants in Westchester/Fairfield, and is a graduate of the University of Vermont. Kristen and Michael will work in retail, and are respective graduates of the University of Connecticut and Fairfield.

Related Topics: Interior Design, Bruce Ratner, CBRE, Forest City Ratner, JLL, Peter Braus, Jonathan Rose Cos, Rockrose Development Corp, TF Cornerstone, Stephen Palmese, Patina Restaurant Group, Stephen Meringoff, Advance Realty, Brooklyn Law School, Staten Island, SHoP Architects, Barclays, Paramount Group, City College, Perkins Eastman, James Nelson, Holliday Fenoglio Fowler, James Buslik, Joseph Aquino, RFR Realty, Big Deals, Mindy Goldstein, Penn Plaza, Sheldon Gartenstein, Edward Howe III, Sierra Realty Corp, Jeffrey Roseman, Fort Greene, Gary Rosen, Alan Bonett, Sherwood Equities, Howard Tenenbaum, CPEX Real Estate, Jack Resnick, Curtis Foster, Bay Ridge, East Rutherford, Clint Olsen, David Lebenstein, Indiana University, Ryan Condren, David Hoffman, Scott Gottlieb, Howard Greenberg, Connors Agency, New York Commercial Realty Group, Wendy Miller, Eric Altschul, Team Resources SBWE, One Penn Plaza, Ken Freeman, Timothy King, Lehman Bros, Mark Stein, Margaret Carlson, Michael Rao, RHYS Commercial, Frank Rao, William Connors III, Greg Sholom, Michael DeCheser, Dirk Hrobsky, New Canaan, Michael Diaz, Paul Kauffman, Crown Retail Services, David Cantor, Joseph Artusa, Corporate Park, Paul Jacobs, Schack Institute, Dennis Brady, Shaun Donovan, Robert Silver, Jason Vacker, Dan Segal, Michael Burlant, Kwartler Associates, Baruch College, Max Herzog, Amy Schustek, George Walker, Spencer Stuart, Scott Brown, South Hackensack, Craig Panzirer, 7 Corporate Park, The Commonwealth, Gregg Espach, Chris Helgesen, Flushing Ave, Ron Sholom, 21 Penn Plaza, Rocco Laginestra, Valley National Bank, Governor Paterson, Alexander Anderson, Jonathan Dean, Haim Chera, Two Stamford Plaza, Tim Kucha, Cory Rosenthal, Joe Manganaro, Resource Realty, Jeffrey Kilimnick, Christian Bangert, Neil Lipinski, West Houston St, Real Estate Advisory Partners, NYC Housing Authority, Brooklyn Borough President Marty Markowitz, Kusmi Tea, Jessica Curtis, Stephanie Snyder, Edward Goldman, Abe Bose, Joel Weinberg, Gary Newman, Fairfield Investors, Ruth Shnay, Marie Espinal, Bank National Association, Filling Station, Builders Group, Andover Properties, Michael Weiner, Joshua Rubin, Permanent Mission, Colin Riley, Fischer Corporate Real Estate Services, Kristen Martin, Denise Rodriguez, Middle Village