THE DEAL SHEET
Sales Transactions
Let's hear it for Massey Knakal, which closed its 100th transaction this year: a warehouse property at 195 Bay 19th St. in Bensonhurst, Brooklyn for $2.7M cash. The property consists of a 10.5k SF lot and two connected warehouse buildings totaling 29k SF. The firm's Jeffrey Shalom exclusively handled the transaction. It also closed on a 23.5k SF office building at 5 Broadway in Freeport, Long Island for $1.2M cash. The firm's Lev Kimyagarov and Thomas Donovan represented the seller.
Lease Transactions
Demand for colocation data centers (for you non-techies: where computer systems like servers stay safe from catastrophic disasters—or inexperienced IT guys—and ensure business continuity) has prompted Computer Network Solutions to take 35k SF for its corporate HQ and managed network operation at 131 Hoffman Ln. in Islandia, Long Island. The new location will increase CNS's colocation center footprint up to 20k SF, with another 40k SF available for further expansion. Newmark Knight Frank's Scott Berfas and Chuck Tabone repped the tenant, while Scott joined the firm's Jack O'Connor and Brian Lee in representing owner Matteau! Matteau! Matteau! Realty. (Rangers fans, much?)
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We're seeing double this week—that is, tenants expanding by twice their size. First is law firm Susman Godfrey, which inked a 10-year,16.3k SF lease at 560 Lexington Ave. (tenant reps: Studley's Jarod Stern and Brad Wolk; landlord reps: Rob Steinman and Tom Keating in-house for Rudin Management Co). And DNA Model Management relocated its Manhattan HQ to 555 W. 25th St. in a 10-year, 7.2k SF lease (tenant reps: Studley's Zev Holzman and Casey Lewis; landlord rep: Cassidy Turley's Mark Furst). Finally, Credit Market Analysis expanded to 8.1k SF at 370 Lexington (tenant rep: Cushman & Wakefield's David Amsterdam and Rob Lowe, and Holly Duran Real Estate Partners' Holly Duran and Lois Durkin; landlord brokers: Adam Weissleder and Jill Burrowes in-house for Sherwood Realty).
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Goal! Prism Capital Partners successfully repositioned 475 Prospect Ave. in West Orange, NJ as a multi-tenant healthcare center with the signing of Omni Eyecare to 19k SF and Reproductive Medical Associates of New Jersey to 4.5k SF. They join Essex Specialized Surgical Institute at the site, a former single-tenant HQ building that Prism acquired with the intent of repositioning. CBRE's William Hassan and Charles Laginestra repped the ownership in both deals.
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Looks like law firm Putney Twombley Hall & Hirson is staying home, sweet home. After more than two decades at 521 Fifth Ave., it decided to renew its lease once again for 21k SF on the entire 10th floor. The building recently underwent a $15M redevelopment with a new lobby, storefronts, elevator cabs, windows, and infrastructure upgrades. Cushman & Wakefield's Melissa Bazar repped the tenant, while David Turno represented owner SL Green in-house.
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Shoppers rejoice! The Upper East Side is home to three new stores.Urban Outfitters inked a long-term 12k SF lease at the base of The Brompton, a new luxury residential tower at 200 E. 86th St. (owner:Philips International, with partner Wings Group). Olive & Bette's also signed a 10-year, 2.9k SF deal at 1249 Third Ave. (tenant reps: Sinvin Realty's Christopher Owles and Sarah Shannon; landlord rep: Newmark Knight Frank's Amira Yunis for 72nd Street Associates). And Austrian fashion jeweler Frey Wille joined the ranks of Madison Avenue's luxury stores, opening a new 833 SF boutique at 727 Madison Ave. (tenant reps: PBS Real Estate's Ilyssa Rothfeld and Dan Harroch).
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633 Third Ave. saw two three-year leases: The World Zionist Organization's 5.3k SF lease and the Bank of Israel's 1.6k SF lease. Republic Realty's Ronald Shakerdge repped the World Zionist Org., while Winoker Realty's Adam Ben-Dayan repped the Bank of Israel. Time Equities' Michael Rudder and Michael Heller represented the owner in both transactions. Although the terms were not disclosed, the asking rent for both spaces was $53/SF.
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A little bit of the UK in Connecticut—health and beauty retailer Boots Retail USA signed (presumably with No. 7 Stay Perfect Eye Liner) a six-year, 2.8k SF office lease at MerrittView in Norwalk, relocating its Stamford office. Cushman & Wakefield's Paul Kauffman and Adam Klimek repped the tenant, while Jeffrey Newman and Kimberly Zaccagnino represented owner Malkin Properties in-house. Malkin Construction is building out the new space.
Construction & Development
The W New York-Downtown Hotel & Residences is nearing the finish line—developer The Moinian Group has announced that TCOs have been issued for the mixed-use project, whose hotel and restaurant portion are scheduled to open July 20. The 400k SF, 58-story Gwathmey Siegel & Associates Architects-designed building consists of a 217-room and suite W hotel, 159 unfurnished residential condos, and 64 furnished condos. The project, located at 123 Washington St., also includes a BLT Bar & Grill restaurant, the Living Room Bar & Terrace, and fitness center.
Business
Former Rutenberg Realty broker Douglas Heddings formed The Heddings Propety Group, an independently operated residential real estate firm. The boutique firm plans to open additional office locations in Lower Manhattan and the Hamptons by year's end.
Executive Moves
Cushman & Wakefield promoted Noah Balanoff to associate director of its East Ruthorford, NJ office. He joined the firm in '05 and is part of its industrial-focused global supply chains solutions practice, where he assists users of warehouse, distribution, and manufacturing space. He's a graduate of the University of Albany.
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Cassidy Turley promoted Milton Charbonneau to SVP. He's been with the firm since '90, and has concentrated his efforts on suburban markets across Central NJ and the greater Princeton area, specializing in corporate relocations, landlord rep, and real estate advisory. He's a graduate of Miami University in Ohio.
