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THE DEAL SHEET

BIG DEAL!
The New York Liquidation Bureau inked a new 116.5k-SF lease at 110 William St. Jones Lang LaSalle's Peter Hennessey, Scott Cahaly, and Loeb & Loeb's Raymond Sanseverino repped the tenant, while Swig Equities' Todd Korren and Wolf Haldenstein's Jeffrey Schwartz repped owner Swig Equities.
Sales Transactions St. Giles Hotels purchased the 198-room W New York – The Court and the 122 W New York – The Tuscany for $78M. The hotels will operate under the St. Giles Hotel's new contemporary brand and will no longer be affiliated with the W Hotels brand or Starwood Hotels & Resorts. The sale was part of Starwood's strategic disposition of owned real estate.***

Michelangelo Real Estate purchased a commercial loft building at 60-66 White St. from Blumberg Excelsior for $23M. The seller will continue to lease back a portion of the building, holding a $14M note on the property for three years for the buyer. A JLL team lead by Peter DeCheser and Rick DeRuyter assisted in the transaction.

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Falco & Isak Realty Services' Rubin Isak sold 23-63 Steinway St. in Astoria for $820k cash. The sale represented a cap rate of 8.15%, 11 times the gross rent, and $250 PSF.

Lease Transactions

Kellwood Co., an affiliated portfolio company of Sun Capital Partners, moved the majority of its NY operations to 1441 Broadway. It initially plans to occupy 43.4k SF on the 6th and 7th floors, but will have expansion options on several floors. The initial transaction is a sublease from Liz Claiborne, and the tenant also signed a lease renewal with expansion options with owner Lechar Realty Group. Cassidy Turley's Nicola Heryet, Mark Boisi, and Stephen Bellwood represented the tenant.

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T.J. Maxx signed a lease for three floors comprising 27.6k SF at 250 W. 57th St. Ripco Real Estate's Peter Ripka represented the tenant, while Cushman & Wakefield's Joanne Podell, Matthew Seigel, and Barry Zeller represented owner W&H Properties.

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Loeb, Block & Partners inked a 26.3k-SF renewal and expansion at 505 Park Ave. for 12 years. Jones Lang LaSalle's Christopher Kraus and Robert Taylor represented the tenant, while Cushman & Wakefield's David Green represented the owner, Glorious Sun (New York) Inc.

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W.B. Law & Son, known as Law Coffee, inked a 10-year, 20k-SF lease at 280 Wilson Ave. in Newark. NAI James E. Hanson's Andrew Somple and Russell Verducci represented the tenant. The owner is Pantheon Properties.

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Tropical Supermarket leased 12.8k SF at Hamilton Street Center in Franklin Township, NJ, anchoring the recently renovated 27.7k-SF neighborhood shopping center. Levin Management Corp.'s Jake Frantzman is the leasing rep.

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230 Park Ave. saw four deals: Comerica Bank's 4.1k-SF renewal;Eagle Advisers' 4.5k-SF renewal (tenant rep: CB Richard Ellis' Gary Kamenetsky); Weiskopf Silver Equities' 1.8k-SF renewal (tenant rep: Schlesinger & Co.'s Richard Schlesinger); and George Birnbaum's 1.7k-SF lease (tenant rep: Mason Alexander Group's Lynn San Andres). Monday Properties and CBRE represented owner Monday Properties in all four deals.

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L.D. Flecken signed a 12k-SF lease at 28 Colt Ct. in Ronkonkoma, Long Island, for warehousing and assembly. Ashlind Properties'Richard Cohen repped the tenant. Feldman Properties is the owner.

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Purrington Moody Weil inked a long-term, 8k-SF lease at 414 W. 14th St. CB Richard Ellis' Matthew Bergey represented the tenant, while PBS Real Estate's John Brod and Laura Pomerantz represented the owner.

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McManus, Collurs & Richter signed a 6.9k-SF lease extension at 48 Wall Street for an additional 10 years. CB Richard Ellis' Richard Levin and Michael Rizzo represented the tenant, while Todd Korren represented owner Swig Equities in-house.

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CresaPartners' Bob Stella and Justin Halpern negotiated two leases: The Jacob and Valeria Langeloth Foundation's 10-year, six-month 3.5k-SF lease at 275 Madison Ave. (landlord rep: Oliver Katcher, in-house for owner RFR Realty); and Morris Anderson & Associates' five-year, 2.9k-SF lease at 1540 Broadway (landlord reps: CB Richard Ellis' Christie Harle and Jason Pollen on behalf of owner CBRE Investors).

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The World Health Organization signed a 10-year, 6.2k-SF lease at 1 Dag Hammarskjold Plaza. Cassidy Turley's Nicky Heryet and Stephen Bellwood represented the tenant, while Jonathon Yormak represented owner Ruben Cos. in-house.

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Ashley Capital signed a 5k-SF pre-built lease at One Grand Central Place for its HQ, relocating from 919 Third Ave. Cushman & Wakefield's Jason Lund represented the tenant, while Newmark Knight Frank's Billy Cohen, Ryan Kass, and Alison Coffey represented owner W&H Properties.

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Fragrance Warehouse signed a 3k-SF lease at 301 Madison Ave. (at One Grand Central Place) for its flagship store. Venture Capital Partners' Daniel Rahmani represented the tenant, while Newmark Knight Frank's Amira Yunis, Zach Winkler, and Jared Lack represented owner W&H Properties.

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Long Island Plastics Surgical Group leased a 2k-SF space in the Americana Manhasset shopping center in Manhasset, Long Island. The group's president, Dr. Kaveh Alizedah, negotiated the lease directly with owner Castagna Realty. Combined Resources' Sal Ferarra is designing the interior of the new facility, which is expected to open in July.

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Sattler & Co. inked a five-year, 1.4k-SF lease at 100 Crossways Park West in Woodbury, Long Island. Kalmon Dolgin Affiliates'Michael Jacobs repped the tenant, while Ron Coons represented owner CLK/HP 100 Crossways Park West LLC in-house.

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Northern Manhattan Perinatal Partnership signed a six-year, 685-SF ground for lease for medical office space at luxury residential building 119th & Third in Harlem, joining the previously signed Easy Shopping Department Store. The retail space is now fully leased out.

Financing

The Board of the NYC Capital Resource Corp. approved Staten Island Terminal to receive an allocation of up to $28M in Recovery Zone Facility Bonds to assist in the construction of a $51.7M cement import and distribution center in Elm Park, Staten Island. Construction will include an 18k-SF cement and aggregate distribution center, a 1k-SF employee center, a 3k-SF load-out center, and a 28k-SF pier attacked to the bulkhead. Once completed, it is estimated to create 200 construction jobs and 125 new permanent jobs.

Construction & Development

ICS Builders broke ground on the new $4.1M Community of the Holy Spirit Convent at 454 Convent Ave. in the Sugarhill section of Manhattan. BKSK Architects provided the architectural and interior design for the environmentally friendly facility, which includes an entrance lobby, chapel, community dining room, kitchen, conference room, library, bedrooms, and more. Other team members include Weidlinger Associates, Laszlo Bodak Engineer, Horton Lees Brogden Lighting Design, and Dennis Gray Horticulture.

Business

NAI Global formed a new business unit to address growing client demand for project management services. Operating within NAI's Corporate Services Group, NAI Global Project Management Services assists corporate clients and retailers from initial strategic planning to build-out and move-in. David Melina and Fred Tuck joined the firm from Costas Kondylis & Partners to lead the new operation, and are based out of the NYC office.

Executive Moves

Andrew Zlotnick joined Taconic Investment Partners as general counsel and EVP, responsible for all legal matters pertaining to the company's business, including sales and acquisitions, JVs, development, land use, financing, leasing, and restructurings. He was previously with GFI Capital Resources Group, and also held positions at Forest City Ratner Cos. and several law firms. He's a graduate of Lafayette College and Columbia Law.

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Roderick Barnes joined Jones Lang LaSalle as managing director of the firm's NY office, responsible for working with the brokerage team to market occupancy services to middle-market clients. He was previously with Cushman & Wakefield, and also held positions at Scudder, Stevens & Clark, and the NYS Assembly Ways & Means Committee. He's a graduate of SUNY Albany and Adelphi.

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James Whelan joined REBNY as SVP for public affairs, coordinating REBNY's relations with other business and trade associations around the city and state, representing the Board's positions to public and elected officials, and helping manage issue-oriented campaigns. He was previously with Muss Development, and also served as chief of staff and senior advisor for the NYC Deputy Mayor for Economic Development. He is a graduate of Fordham Law and NYU.

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Adam Pasternack joined Russo Development as director of leasing, responsible for leasing of the company's existing properties and new development projects in the NY Metro. He was previously with First Industrial Realty Trust, and held positions at CB Richard Ellis and Colliers Houston & Co. He is a graduate of the University of Maryland, and is currently a student at NYU.

WASHINGTON DC 04.27.2017

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