THE DEAL SHEET
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| Sales Transactions Northern RKO's Patrick Thompson purchased the RKO Keith's Theatre in Flushing, Queens for $20M. Belkin Burden's Craig Price,Howard Wenig, Seth Liebenstein, and Allan Gosdin represented the buyer. Doral Bank FSB provided financing.*** Rosewood Realty Group sold a 42.8k SF, four-story walk-up apartment building at 780 E. Second St. in Kensington, Brooklyn, for $4.4M. The firm's Aaron Jungreis and Jake Blatter repped the buyer and seller. *** Massey Knakal sold four properties: a 3.1k SF townhouse at 222 E. 50th St. for $2.1M (seller reps: Clint Olsen and James Nelson; buyer rep: Halstead Property's Toni Simon); a 12k SF development site at 2765-2773 W. 16th St. in Coney Island, Brooklyn for $1.4M cash (broker: Brian Hanson); a 20-unit apartment building at 10 Jefferson Pl. in Mount Vernon for $1.4M (brokers: John Barrett and Hall Oster); and an 18.6k SF commercial development site at 3170 Webster Ave. in the Bronx for $1M cash (brokers: Karl Brumback and Mark Lively). *** Pluckemin Park sold its 50-unit garden apartment complex at Routes 202/206 in Bedminster Township, NJ to an investor for $4.4M. Gebroe-Hammer's Stephen Tragash represented the seller, while the firm's Scott Callahan repped the buyer. *** Idea Group purchased a 3.7k SF office condo at 70 W. 36th St. for $1.8M. Hopp Properties' Maggie Hopp represented the buyer, while Time Equities' Michael Rudder and Mike Heller repped the seller. *** Prism Capital Partners re-acquired the 180k SF property at 399 Jefferson Rd. in Parsippany, which it sold in a JV with Greenfield Partners to HSBC in '06. The former owner had gutted the single-story building for a data center, but the company never took occupancy, so Prism is planning a full capital improvement program, with build-to-suits for a single or multiple tenants. JLL's Joe Garibaldi and Peter Nicoletti represented HSBC in the sale. Lease Transactions Williams Scotsman signed a 123k SF land lease at the company's trailer parking area on Distribution Avenue in Edison, NJ. NAI James E. Hanson's Ken Lundberg represented the tenant, while Allan Ramsay repped owner Heller Industrial Parks in-house. *** Stellae International inked a 111k SF sublease from The New York Times Co. at 1111 Marcus Ave. in Lake Success, Long Island.Schacker Realty Corp. represented the subtenant, while Ashlind Properties' Richard Cohen and Byrnam Wood represented the sublessor. The landlord is a JV between Apollo and National RE/Sources. *** Integrated Microwave Technologies leased a 65k SF space at 200 International Dr. in Mount Olive, NJ, consolidating from three locations. Cushman & Wakefield's Robert Donnelly Jr. and Fred Brunswick represented the tenant, while CBRE's Tom Mallaney,Steve Sander, and Bill Waxman repped an institutional owner advised by JPMorgan. *** Mildred Elley School is opening its first campus in Manhattan at 25 Broadway with a 15-year, 42k-SF lease. Cassidy Turley's Harry Krausman represented Empire Education Corp., the school's parent company, while CBRE's Bruce Surrey and The Wolfson Group's Eli Levitin repped the owner. *** E.S. Freight signed a 34.7k SF lease at 15 Jensen Dr. in Somerset, NJ. JLL's Steven Beyda represented the tenant, while David Paster repped owner Heller Industrial Parks in-house. *** 499 Seventh Ave. saw five deals totaling 32.7k SF: Salty Inc.'s 8k SF in-house relocation and expansion (tenant rep: Adams & Co.'s David Levy); Overseas Garment Production's 8k SF expansion (tenant rep: Savitt Partners' Michael Dubin and Carol Sacks); Allan Raide r's 3.9k SF renewal (tenant rep: Prime Manhattan Realty's Jonathan Anapol); Selerant Corp.'s 3.2k SF lease (tenant rep: Cushman & Wakefield's Diego Rodino di Miglione); and Bonjour Management Services' 3.2k SF lease (tenant rep: Millennium Realty Group's Ari Waldman). Savitt Partners' Carol Sacks, Michael Dubin, and Alicia Popper repped the owner in all transactions. *** Fiber Media signed a 32.6k SF lease at 200 Meadowlands Pkwy. in Secaucus. JLL represented the tenant, while Lincoln Equities Group's Daniel Ackerman repped the owner. *** The Farber Center for Radiation Oncology inked a 20-year, 22k SF lease at 100 Church St. Cushman & Wakefield's Matthew Siegel and Joanne Podell procured the tenant, while Robert K. Futterman & Associates' Ariel Schuster, Michael Worthman, and Ross Berkowitz repped owner SL Green. *** 540 Madison Ave. saw three deals totaling over 17k SF: Molo Lamken's 7k SF lease (tenant rep: Studley's Jarod Stern), SK Telecom's 7k SF lease (tenant rep: Newmark Knight Frank's Matt Leon), and Edelman Financial Services' 3.2k SF lease (tenant rep: CBRE's' John Termini). Owner Boston Properties was repped by JLL's Cynthia Wasserberger, Randy Abend, and Amanda Saltzman in all three deals. *** TSG Enterprises inked a seven-year, 15.4k SF lease to open a Pure Hockey/ComLax retail center at 343 Route 46 in Fairfield, NJ. JLL's Thomas Reilly represented the tenant, while Steven Geltzeiler repped owner Denholtz Associates in-house. *** Metro Creative Graphics signed a 10-year, 15k SF lease at 519 Eighth Ave. Newmark Knight Frank's Michael Frantz represented the tenant, and The Kaufman Org.'s Steven Kaufman and Barbara Raskob repped the owner. Asking rent was in the low $30s/SF. *** Sequin inked a five-year, 12.6k SF expansion lease at 257 W. 39th St., where it will take space in addition to its 8k SF showroom at 234 W. 39th St. The Kaufman Org.'s Michael Heaner and Daniel Kahn represented the tenant, while Prudential Douglas Elliman's Christine Traina repped the owner. Asking rent was $17/SF. *** Wells Fargo Trade Capital Services expanded its 100 Park Ave. lease by 12k SF, bringing its total footprint to 69.2k SF. Travers Realty's James Travers and James Fish represented the tenant, while Cushman & Wakefield's Paul Glickman, Alex Chudnoff, Tara Stacom, Mitti Liebersohn, Diana Biasotti, and Jonathan Tootell repped owner SL Green. *** The Children's Museum of the Arts signed a 20-year, 10.7k SF lease at 345 Hudson St. Cushman & Wakefield's Alexandra Akira represented the tenant, while Jason Pizer repped owner Trinity Real Estate in-house. *** Marin Goodman is relocating its HQ from Manhattan to 500 Mamaroneck Ave. in Harrison, NY after taking a 10-year, 8.9k SF lease. CBRE's Richard Levine and David Block represented the tenant, while Jeffrey Newman repped owner Malkin Properties in-house. *** Wilson Associates inked a five-year, 8k SF lease at 119 Fifth Ave. JLL's Robert Corbi represented the tenant, while Adam & Co.'s Jeffrey Schwartz repped the owner. *** Liberty Maritime Corp. expanded by 6.8k SF at 1979 Marcus Ave. in Lake Success, Long Island, bringing its total footprint to 17k SF.Sutton & Edwards represented the tenant, while Lincoln Equities Group's Daniel Ackerman repped the owner. *** Perfect Fit Industries signed a seven-year, 5.3k SF lease at 230 Fifth Ave. The Kaufman Org.'s Howard Rosenblum and Heather Rae Hatton represented the tenant, while Newmark Knight Frank's Harvey Richer repped the owner. Asking rent was $35/SF. *** Yvette Fry inked a 10-year, 4.7k SF lease at 39 W. 37th St. The Kaufman Org.'s Sommer Scafidi and Howard Rosenblum represented the tenant, while Walter & Samuels' Alan Helman repped the owner. Asking rent was $35/SF. *** NAI Friedland's Rick Stassa brokered three retail deals: a 1k SF lease for Celine NY at 8 E. Fordham Rd. in the Bronx; another shoe and clothing store on Fordham Rd.; and a 1.5k SF lease for a 99-cent discount store at 1272 St. Nicholas Ave. *** Wayne M. Lopkin signed a five-year, 2.3k lease extension at 52 Vanderbilt Ave. Colliers International's Richard Warshauer represented the tenant, while Melissa Brause Rackoff repped owner Brause Realty in-house. *** Cach� signed a 2.2k SF lease at 1144 Third Ave., joining Canyon Beachwear, Bare Escentuals, and Thierry Rabotin. PBS Real Estate represented the tenant, while Prudential Douglas Elliman's Faith Hope Consolo and Joseph Aquino repped the owner. *** Ogan/Dallal Associates inked a 1.7k SF lease at 530 Seventh Ave. Savitt Partners' Marc Schoen and Michael Schoen represented the tenant, while Bob Savitt repped owner Savitt Partners in-house. *** Victory Apparel Corp. signed a five-year, 1k SF renewal at 450 Seventh Ave. The Kaufman Org.'s Barbara Raskob represented both the tenant and owner. Asking rent was in the mid-$30s/SF. *** Alexandre Benharroche and Betsy Hilfiger inked a 10-year, 860 SF lease for a salon at 1349 Lexington Ave. Sierra Realty's Marianne Thors�n represented both the tenant and owner 1349 Coop LLC. *** Wachovia Bank signed two long-term land-lease agreements for one-acre parcels in Franklin Township, NJ at Elizabeth Avenue and New Brunswick Road, and Bennetts Lane and Route 27. NAI James E. Hanson's Joan Cenicola represented the lessee in both transactions. Financing GCP Capital Group arranged over $93M in mortgage financing:$87.6M for a package of 13 multifamily properties containing a total of 203 units throughout Brooklyn and Queens (arranged by Alan Perlmutter); $2.2M for eight medical office condo units in Hauppauge, Long Island (arranged by Perlmutter); $1.4M for a 3.1k SF service station in West Babylon, Long Island (arranged by David Sessa); and $1.4M for a five-story walk-up apartment building with 20 units on Creston Ave. in the Bronx (arranged by Adam Brostovski). Construction & Development Mayor Bloomberg, State Senator Martin Golden, and SUNY Downstate president Dr. John LaRose announced the start of development of BioBAT, a 486k SF center for commercial bioscience at the Brooklyn Army Terminal. Construction on the first 56k SF of space will begin this year, with completion expected in '11. It will create more than 1k permanent jobs. The City invested $12M in the project, and Sen. Golden secured an additional $48M in State funding to facilitate the project. *** Monday Properties partnered with an affiliate of Savanna Investment Management to recapitalize the 260k SF 386 Park Ave. South, where it plans to pursue a repositioning program for the building, including base building improvements, replacing windows, renovating elevator cabs, and upgrading building systems. It will also launch a new leasing effort at re-tenanting the currently vacant space, which has floorplates of 11.6k to 13.1k SF. Business The NYC Economic Development Corp. and the Council of Fashion Designers of America opened the CFDA Fashion Incubator at 209 W. 38th St., part of the City's efforts to foster the development of entrepreneurs across all industry sectors, and to encourage small businesses to locate and grow in NYC. The CFDA Fashion Incubator accommodates up to 12 designer brands in spaces ranging from 250 to 700 SF. Newmark Holdings is providing each brand with a two-year lease ranging from $1k to $2k/month, and NYCEDC is providing the CFDA with a $200k grant to establish and further develop the incubator. The city has five incubators currently open or in development, with at least two more expected to open by year end. *** Only two months after opening its Midtown East office, Platinum Properties opened a new office at 1120 Avenue of the Americas, aka The Hippodrome Building. The company's other three branches include 30 Wall St., 295 Madison Ave., and Paris, France. The Midtown East office is headed by Jared Wiener and Jeffrey Carlson. Executive Moves Nancy Tran joined Eastern Consolidated as associate director, specializing in investment sales of office, multifamily, hotel, and retail properties throughout Manhattan. She was previously with Marcus & Millichap and was CEO of GoGlobia. Nancy also held positions at McDermott Will & Emery and Latham & Watkins. She is a graduate of Boston University, George Mason, and Temple. *** Cushman & Wakefield promoted Kevin Daly to senior director. He represented a wide range of clients, including Fortune 500 companies, REITs, law and financial services firms, and non-profits. Last year, he represented Structure Tone in a 97k SF renewal and expansion at 770 Broadway. *** Michael Gambino was also promoted to senior director of Cushman & Wakefield, specializing in tenant representation. Recent transactions include a 36k SF assignment for Cooper and Dunham and a 25k SF lease on behalf of Itau Securities. He is a graduate of Hobart College and Union College. *** Lastly, Cushman & Wakefield promoted Marc Packman to senior managing director of the firm's Strategic Agency Services Group. He is currently involved in the leasing agency programs for more than 10M SF of Manhattan properties for clients like Trinity Church, Goldman Sachs, and Capital Properties. He is a graduate of Washington University. |
