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THE DEAL SHEET

New York

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THE DEAL SHEET
Sales Transactions Gaia Real Estate Co. has partnered with Harel Insurance Investments & Financial Services to invest in residential real estate, and announced three new acquisitions: a 20-story, 265-unit high-rise in East Orange, NJ for $30M; a 48-unit building on the Upper West Side for $16.8M; and a 92-unit multifamily project in Colchester, Conn. for $5.4M. The three properties will be rebranded under the Gaia name and managed by Vision Property Management, a full subsidiary of the firm. Harel will invest equity of up to 50% in Gaia deals and provide Gaia with two credit lines.***
280 Park Avenue, New York, NY
The NY office of Holliday Fenoglio Fowler closed on the sale of a $35M mezzanine loan on behalf of Mutual Life Insurance Co. of New York, a wholly owned subsidiary of AXA Equitable. The loan is secured by an ownership interest in 280 Park Ave., which is 96% leased to General Electric Capital Corp., Credit Suisse, and others.

***CB Richard Ellis Realty Trust purchased a 209k SF Class A office building at 100 Tice Blvd. in Woodcliff Lake, NJ for an undisclosed price. The building is fully leased through 2021 for an HQ tenant. The team worked with Gary Jaye and the acquisitions team from CBRE Investors to purchase the property.

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A private investor purchased the 12-unit 25-16 18th St. multifamily building in Astoria, Queens for $2.4M Cash. Falco & Isak Realty’s Rubin Isak was the sole broker in the transaction.

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Marcel Tarrytown Realty purchased the 12k SF 201 Tarrytown Rd. in White Plains from 10 East 127th Street Corp. for an undisclosed price. RHYS Commercial’s Alexander Anderson was the sole broker.

Lease Transactions

O’Connor, Davies, Munns, & Dobbins is nearly tripling its office space, relocating within 500 Mamaroneck Ave. in Harrison, NY. The firm will move from its downtown White Plains office and an 11k SF space on the first floor into a 32k SF space on the third floor. It also extended its lease for another 12 years. McCarthy Associates’ John McCarthy repped the tenant, while Jeffrey Newman and Kimberly Zaccagnino repped owner Malkin Properties in-house.

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WJB Capital is movin’ on up to 31.4k SF at 909 Third Ave., relocating from its 60 Broad St. location Downtown. Studley’s Evan Margolin repped the tenant, while Tom Costanza and Andy Ackerman repped owner Vornado in-house.

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A hole-in-one deal: Golf Galaxy signed a 23k SF lease at 301 Route 10 East in East Hanover, NJ. SRS Real Estate Partners’ Patrick Smith repped the tenant, while Robert K. Futterman & Associates’Glenn Beyer repped the landlord, Ample LLC. After your game, head to Five Guys Burgers and Fries, which inked a 2.5k SF lease at The Shoppes at Union Hill, 3056 Route 10 in Denville, NJ. Glenn repped the tenant; the owner is Stanberry Development.

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Boo! Spirit Halloween completed its pop-up store leasing program for 2010, leasing more Manhattan stores than ever before, including 11k SF at 655 Avenue of the Americas and 312 First Ave. Many of the stores will remain through January as ToyZam! stores, which will sell toys for the holidays. Winick Realty Group’s Alexander Hill is its exclusive broker for NYC.

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136 Greene St, New York, NY
Tui Lifestyle is bringing its brand to a multi-level, 7.5k SF retail space at 136 Greene St. The lease was brokered by Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino. ***Flooring Liquidators opened its third location in 6k SF at 156 North Bedford Rd. in Mount Kisco, NY. Princeton Group’s Steve Corrigan repped both the tenant and the landlord in the 10-year deal.

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CCG Investor Relations subleased 5.7k SF of office space at 521 Fifth Ave. UGL Equis’ Tom Grenier and David Starr repped the tenant, while CBRE’s Laurence Briody and George Comfort & Sons’Giorgio Versea repped owner Hiscox.

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Eckert Seamans Cherin & Mellot is relocating within Ten Bank Street in White Plains to a larger space, where it will expand by 1.1k SF and extend its lease for two years and three months. This is the law firm’s third extension/expansion since it moved to the building in ’07. The tenant repped itself, while Jeffrey Newman and Kimberly Zaccagnino repped owner Malkin Properties in-house.

Financing

The Streets of Chester, Chester, NJ
The NJ office of Holliday Fenoglio Fowler arranged $15.3M in financing for The Streets of Chester, a 105k SF retail center in Chester, NJ. The firm’s Jon Mikula placed the fixed-rate loan with Starwood Capital on behalf of Core Plus Partners. Loan proceeds were used to acquire the property. ***GCP Capital Group arranged nearly $8M in mortgage financing, including $5.5M for a seven-story elevator apartment building containing 66 units on Giles Place in the Bronx (arranged by Paul Greenbaum); and $2.5M for a six-story apartment buildings with 35 units and one retail unit on W. 15th St. (arranged by Matthew Albano).

Construction & Development

Erasmus High School, Brooklyn, NY
Erasmus Hall High School in Brooklyn—the oldest HS in NYC—has completed its $11.4M renovation. This included replacement of 50 different roofs, 2k SF of linear coping stones, re-pointing 40% of the brick facades, window and door replacement, and more. BJLJ Engineers & Architects was the architect, while Stalco Construction served as general contractor for the 500k SF building, which is located at 899-925 Flatbush Ave. Executive Moves John Frager returned to CBRE to lead its office services group in the US, Canada, and Latin America. He was previously with Cassidy Turley BRE Commercial, where he was president/CEO since ’02, and spent his first 16 years of his commercial real estate career with CBRE. He’s a University of Southern California graduate, and was a helicopter pilot in the US Navy for six years.

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Nina Kampler joined CBRE as senior managing director of the firm’s NY Tri-State retail services group, as well as head of the firm’s urban retail group in the Americas. She will work closely with the company’s Manhattan, outer borough, and suburban real estate professionals to strengthen CBRE’s retail real estate. She was previously with Hilco Real Estate, and held positions at Polo Ralph Lauren Corp.,Coudert Brothers , and Richards & O'Neil. She’s an NYU and UPenn grad.

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Keith Ellis joined Studley’s Midtown office. He was previously with CBRE, and has repped corporations worldwide on 6M SF of transactions, including Foote Cone & Belding’s 300k SF lease. He’s a Brooklyn College grad and attended NYU.

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Frank Gerage joined Coldwell Banker Commercial Hunter Phoenix as managing director to lead its investment sales decision, as well as represent the NY metro market for CBC’s multifamily group. He was previously with Bond New York and held positions at Citi Habitiats and the New York Futures Exchange.

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Alison Tan joined Ackman-Ziff as director of the firm’s hospitality group, focusing on debt and equity transactions, as well as investment sales of hospitality assets. She was previously with Cushman & Wakefield Sonnenblick Goldman, HVS, and Four Seasons Hotels & Resorts.

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Albert Lawrence III joined Heritage Realty Services as managing director of property operations and leasing, responsible for overall property management and leasing of the firm’s $400M portfolio of properties in NYC and Westchester. He’s worked for Heitman Properties, Antares Real Estate Services, and Hines, among other companies. He’s a Hobart College graduate.

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Murray Hill Properties promoted Roxana Girand to senior managing director of leasing. She joined the firm in ’01, and has completed over 900k SF of office leasing transactions worth over $60M. She was previously with Teligent, where she was responsible for the acquisition of over 30 properties in NY and Boston.

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Meltzer/Mandl Architects promoted David Carpenter to partner and EVP of the firm. He’s been with the firm for seven years, and is now the firm’s only other partner besides Marvin Meltzer. His responsibilities include business development, collections and finance, contract negotiation, and pre-development analysis. He’s a graduate of UCLA and the University of the District of Columbia.