Contact Us
News

THE DEAL SHEET

New York

Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!

BIG DEAL!
RXR Realty went under contract to purchase an interest in 340 Madison Ave. from the D.E. Shaw Group, paying a reported $279M based on the $570M property valuation. Broadway Partners will retain a 51% interest in the building. CBRE's Darcy Stacom and Bill Shanahan represented Broadway and D.E. Shaw in the transaction.
Sales Transactions Highcap Group's Christen Portelli and Josh Goldflam represented both the seller and purchaser in the $775k sale of the 12.5k SF 232-250 South Fulton Ave. in Mount Vernon, NY. The property consists of nine retail stores, and was purchased after a foreclosure in early '09. Its original purchase price in '07 was $1M. The owner plans a total renovation of the property before leasing the stores.Lease Transactions

BroadAcres Office Park in Bloomfield, NJ saw 100k SF of new deals, including Randa Luggage's 26k SF lease at 200 Broadacres Dr. (tenant brokers: United Realty Advisors' Mark Tannen and John Friedland); ARMDS' 8.8k SF lease at 400 Broadacres Dr. (tenant rep: CBRE's Lee Barnes); Atlantic Tomorrows Office's 5.8k SF lease, also at 400 Broadacres Dr. (tenant rep: Cushman & Wakefield's Harlan Hollander); and Bucceri & Pincus' 3.4k SF lease at 300 Broadacres Dr. Owner Prism Capital Partners was represented in-house by Edwin Cohen and Eugene Diaz.

***

American Metro Center at 240 Princeton Ave. in Hamilton, NJ, saw two deals: Affiliated Computer Systems' 43.9k SF renewal (tenant rep: JLL) and Red Nucleus' 10.8k SF renewal (tenant reps: Perna Frederick and Barry H. Gertsman & Co.). Lincoln Equities Group's Daniel Ackerman repped the landlord, an affiliate of Meritage Properties and Lincoln Equities Group.

***

WebMD inked a 50k SF expansion lease at Worldwide Plaza, 825 Eighth Ave. Newmark Knight Frank's David Falk and Kyle Ciminelli represented the tenant. The owner is George Comfort & Sons.

***

Noven Pharmaceuticals inked a 25.3k SF lease for the entire 37th floor of the Empire State Building, relocating from the Chrysler Building. JLL's James Quinn, Gary Youm, and Nina Marroccoli repped the tenant, while Newmark Knight Frank's Billy Cohen, Ryan Kass, and Julie Christiano represented owner W&H Properties.

***

The William F. Connors Agency's William Connors III brokered two NJ deals : Cee Enterprises' 17.7 SF lease at 4201 Tonnelle Ave. in North Bergen, and Flourish Shoes Corp.'s 6k SF lease at 567 52nd St. in West New York.

***

Lum, Drasco & Positan inked a 19.4k SF renewal at 103 Eisenhower Pkwy. in Roseland, NJ. Colliers International's Bryn Cinque and Jim Bailey represented the tenant. Richard Travaglini repped owner Mack-Cali in-house.

***

Sonomed renewed its 10.9k SF lease at 1979 Marcus Ave. in Lake Success, Long Island. Newmark Knight Frank's Scott Berfas represented the tenant, while Daniel Ackerman repped owner Lincoln Equities Group in-house.

***

Hargraves McConnell & Costigan signed a 10-year, 10k SF lease at 230 Park Ave., relocating from nearby 420 Lexington Ave. CBRE's' Matthew McBride repped the tenant, while Monday Properties' Jordan Berger and CBRE's Paul Amrich represented owner Monday Properties.

***

110 William Street saw two deals: Campbell Solberg Associates' five-year, 4.2k SF lease (tenant rep: Colgate Real Estate Advisors'Larry Haber) and FedEx Office's five-year, 4k SF renewal. Todd Korren represented owner Swig Equities in-house for both transactions.

***

Susquehanna Financial Group renewed its 6.8k SF lease for an additional five years at Metro Center in Stamford, Conn. The tenant repped itself, while Jeffrey Newman represented owner Malkin Properties in-house.

***

Adams & Co. brokered five deals in the Garment District, totaling 6.2k SF: Gerald Hespos' five-year, 2.6k SF lease at 110 W. 40th St. (brokers: David Levy and Michael Greenberg); MiddleBlue's five-year, 1k SF lease at 263 W. 38th St. (tenant rep: Adams' Brett Maslin; landlord rep: Handler Real Estate Services' Scott Galin);True Divinity's five-year, 896 SF lease at 231 W. 39th St. (tenant rep: CBC Hunter Realty's Richard Pugatch; landlord reps: Adams'James Buslik and Jeffrey Buslik); French Craft Leather Goods Co.'s four-year, 891 SF lease at 4-10 W. 33rd St. (broker: Levy); and Segerman USA's three-year, 825 SF lease at 110 W. 40th St. (brokers: Levy and Maslin).

***

Vineyard Vines is opening a 3.4k SF store at 35 Main St. in Southampton, Long Island. Arch Brokerage's Laurence Roberts and Monica Smith represented the tenant, while The Morley Agency's Morley Quatroche represented the owner. Corcoran's Robert Lohman acted as deal facilitator.

Fianancing

GCP Capital Group arranged mortgage financing for an aggregate $11M: $3.7M for two, five-story, walk-up apartment buildings containing 59 units on Crescent Street in Queens (arranged by Matthew Albano); a $3M redevelopment land loan for six acres in Syosset, Long Island (arranged by Matthew Classi); $2.4M for a five-story walk-up containing 33 apartments and two commercial units on Grand Concourse in the Bronx (arranged by Paul Greenbaum); and $2M for a five-story walk-up containing 31 apartments and two stores on E. 196th Street in the Bronx (arranged by Adam Brostovski).

Development, Construction & Design

Construction commenced for the 43k SF second phase of Crossroads at Somerset in Franklin Township, NJ. The 118k SF project is anchored by a 70k SF Shop Rite, and a 4k SF Wachovia branch just opened. Two tenants, Frank's Pizza and a nail salon, have signed pre-construction leases.

***

MKDA designed 16k SF of corporate space for Lukoil Pan-Americas' first NY location, at 1095 Avenue of the Americas. The space includes sustainable materials and design elements, such as energy-efficient lighting with motion sensors, carpeting that meets The California Gold Sustainable Carpet Standard, and Greenguard-certified furnishings. The layout includes private offices, three conference rooms, a reception area, trading area, boardroom, and lunchroom.

Business

Grubb & Ellis launched its national appraisal and valuation business,Grubb & Ellis Landauer Appraisal & Valuation, which will be run by prez Douglas Haney and executive managing director Eduardo Alegre. The business is focused on having a presence in every key market by year's end.

***

The Par Group launched Par Green Solutions for owners and managers seeking to increase the energy efficiency and sustainability of their commercial, residential, and institutional properties by reducing their carbon footprint, comply with new legislation, and obtain available grants, rebates, and tax incentives.Neil Skidell was appointed managing director of the group.

Executive Moves

Thomas Bomba joined Cushman & Wakefield as co-head of its Business Consulting unit, where he will focus on recruiting, business development, and consulting execution. He was previously with JLL and The McMahan Group. He is a graduate of the University of Chicago and Southern Illinois University.

***

The NYU Schack Institute of Real Estate named Rosemary Scanlon director of academic affairs, responsible for guiding the evolution of the current and future curriculum, overseeing all academic components of the graduate program, and spearheading recruitment, interviewing, evaluation, and promotion of all new faculty members. She began her career as an economics instructor at the College of William and Mary, worked as an economist for the Port Authority of NY and NJ, and was NYS Deputy Comptroller from '93 to '97. She is a graduate of St. Francis Xavier University, the University of New Brunswick, and Harvard.