Contact Us
News

THE DEAL SHEET

New York
Sales Transactions
Highgate Holdings
and Rockpoint Group completed the acquisition of “The Lullabuy of Broadway,” the 1,300-room Milford Plaza Hotel. The property was purchased from Milford Plaza Associates, an affiliate of Ogden CAP Properties. The broad-based redevelopment initiative will include an upgrade to the historic building's infrastructure and public space, and a complete renovation of the guest rooms. The partners also plan to develop restaurant and retail components as part of the ground floor. Hodges Ward Elliott was the exclusive broker. We just hope that they keep our favorite part: the iconic television commercial.***

Stellar Management, in cooperation with the NYC Housing Development Corp. and NYC Department of Housing Preservation and Development, purchased Tivoli Towers on Crown St. in Crown Heights, Brooklyn. The purchase and refinancing will enable the complex to remain affordable and stay in the Mitchell-Lama housing program for a minimum of 30 years. Stellar will immediately begin a two-year, $15M restoration effort to the 33-story, 320-unit property.

***

The Bluestone Group and Lantower Realty completed the acquisition of the 218-unit, three-building apartment complex at 3138,3150, and 3330 Bailey Ave. in the Bronx for $17.4M. Bluestone also purchased four loans totaling $7M, including three from Dime Savings Bank secured by three apartment buildings in the Bronx, totaling 100 units; and one note from Sovereign Bank secured by a 30-unit building in the Soundview section of the Bronx. Helios Capital was the adviser to Bluestone in the $1.4M Soundview deal.

***

Massey Knakal sold three properties: a mixed-use development site at 35 -29 Cooper Square for $8.5M cash (brokers: Joe Sitt and MK's special asset strategy group); a four-story renovated apartment building, which used to be conjoined with the Hotel Allerton, at 306 W. 22nd St. for $3.5M cash (brokers: James Nelson and Brock Emmetsberger); and a 4,515 SF walk-up mixed-use building at 272 Third Ave. for $2.7M cash (brokers: Clint Olsen and John Ciraulo).

***

Hyatt Avenue Associates purchased the 40k SF, 60-unit elevator building at 42-25 65th Place in Woodside, Queens for $7.6M. Rosewood Realty's Michael Guttman procured the buyer, while Rosewood's Aaron Jungreis repped the seller, Woodside 65 LLC.

***

KGK Group purchased a 11,294 SF office combo at 70 W. 36th St. for $5.1M. Time Equities' Scott MacWhinnie repped the seller, while Norman Bobrow & Co.'s Harold Siegel and Diane Siegel repped the buyer.

***

Highcap Group sold the 27k SF 65 Roosevelt Ave. in Valley Stream, Long Island for $3.2M. The deal was brokered by Laurence Ross and Josh Goldflam.

***

Arista Development purchased 566 North Broadway in White Plains from Howley Trust for $1.6M. Goldschmidt & Associates' Eric Goldschmidt brokered the deal, while Smith Ranscht Connors & Mutino's James Connors Jr. repped the seller.

***

The Olive Oil Factory is adding some flavor to Waterbury, Conn., purchasing the 21,100 SF former Roberts Radiator Corp. building at 197 Huntingdon Ave. and marking its third expansion in five years. CBRE's Robert Eber repped both the buyer and seller Handy & Harman.

Lease Transactions

BIG DEAL!
To bring its office operations under one roof, Meredith Corp. leased nine full floors comprising 213k SF at 805 Third Ave., consolidating from its current 125 Park Ave. and 375 Lexington Ave. offices in late '11. Cushman & Wakefield's Edward Weiss,Joseph Cabrera, and Robert Thuss repped the tenant, while C&W's Bruce Mosler, Arthur Mirante, and David Glassman repped owner Cohen Brothers Realty Corp.
Hutchison Metro Center in Pelham Bay, Bronx saw 58k SF of deals. The US General Services Administration signed a long-term, 20k SF lease for the NY field office of the Bureau of Alcohol Tobacco and Firearms, which is relocating from Queens. The other deals are medical tenants at Tower One, including: Comprehensive Care Management (20k SF); Calvary Hospital (7,500 SF); Montefiore Medical Center (7,500 SF); and Tarek Elrafei MD (3k SF).***DeWitt Stern Group signed a new 16-year lease to renew and expand its office space to 36,783 SF at 420 Lexington Ave. JLL's Eric Reimer and Chris Kraus repped the tenant, while Larry Swiger repped owner SL Green in-house. The building also saw five additional deals: Bruckmann & Victory's 7,300 SF renewal;Litchfield Cavo's 4,407 SF expansion (tenant rep: Cushman & Wakefield's Michael Burlant); Silver Leaf Partners' 4,116 SF lease (tenant rep: The Kaufman Org.'s Loren Biller); Tribeca Business Management's 1,997 SF lease; and FP Grand Central's 1,455 SF lease. Amy Schustek repped SL Green in-house on all the smaller deals.

***

SG Footwear tied up a 29k SF lease at 4-25 Sellers St. in Kearny, NJ. NAI James E. Hanson's Ken Lundberg and Gary Sauerborn repped the tenant, while CBRE's Scott Belfer and Lou Belfer repped owner Everest Realty.

***

SL Green signed three leases to its buildings: Critical Mention's 10-year, 11,491 SF lease at 521 Fifth Ave. (tenant rep: Newmark Knight Frank's Rob Silver; landlord rep: David Kaufman, in-house);StoneCastle Partners' 4,983 SF renewal at 120 W. 45th St. (tenant rep: NKF's Dan Segal; landlord rep: Ashley Gee, in-house); and OC&C Strategy Consultants' 4,139 SF renewal at 711 Third Ave.(tenant rep: Williamson Pickett Gross' Paul Rhodes; landlord rep: Gee).

***

Greenwich House signed a long-term, 20k SF renewal at 122 W. 27th St. Ellman Realty Advisors' Marc Ellman repped the tenant, while Colliers International's Perry Mesmer repped the owner, The Joseph Rosen Foundation.

***

Grohe America inked a 15,219 SF lease at 160 Fifth Ave. Baker & McKenzie's Gerard Hannon repped the tenant, while Loeb & Loeb's Raymond Sanseverino and Nichole Cortese repped owner RFR Realty.

***

Thor Equities purchased the storefront space at 411-417 W. 13th St., part of a five-floor condo building, and simultaneously leased the 12k SF space to All Saints, a clothing retailer. This is the third deal between Thor and All Saints, which also has locations on Lincoln Road in South Beach and Broadway in SoHo.

***

Adams & Co. brokered five deals in the Fashion District:

  • Schulman, Blitz & Williamson's five-year, 2,800 SF lease at 980 Avenue of the Americas (broker: Adam's Jeffrey Buslik)
  • Spotless Enterprises' five-year, 2,520 SF lease at 505 Eighth Ave. (tenant rep: Buslik; landlord rep: Newmark Knight Frank's Allen Gurevich)
  • My Credit Specialist's three-year, 2,312 SF lease at 16 W. 36th St. (tenant rep: Manhattan Commercial Realty's Peter Incorvaia; landlord rep: Adam's Nick Zagar)
  • TekConn Services' five-year, 1,495 SF lease at 237 W. 35th St. (tenant rep: Zagar; landlord reps: The Kaufman Org.'s Grant Greenspan and Janet Perrotto)
  • Suntex Global Sourcing's six-year, 1,311 SF lease at 110 W. 40th St. (brokers: Adam's David Levy and Brett Maslin).

***

28 W. 44th St. saw three deals: Veracity Worldwide's six-year, 4,902 relocation; Brand Net's 3,306 SF relocation (tenant rep: Jonathan Realty Co.'s Jonathan Goidel); and Larkin Employment Agency's 1,235 SF lease. Ashley Gee repped owner SL Green in-house for the Veracity and Larkin deals, while Amy Schustek repped SL in-house for the Brand Net lease.

***

BHR Capital inked a five-year, 8,800 SF lease at 545 Madison Ave. JLL's Cynthia Wasserberger and Randy Abend repped the tenant, while CBRE's Sloane Rhulen, Gregg Rothkin, Robert Flippin, Paul Milunec, and Kerry Powers repped owner LCOR.

***

RMG Networks took 7,371 SF for 10 years at 630 Third Ave. Studley's Joseph Genovesi and Casey Lewis repped the tenant, while Newmark Knight Frank's Arthur Draznin and Ryan Baum repped owner ATCO Properties & Management.

***

317 Madison Ave. saw two leases: Sidoti & Co.'s 5,707 SF renewal (tenant rep: Studley's John Johnson) and Ivy League Tutors' 1,347 SF renewal. SL Green is the owner.

***

FitFlop is keeping White Plains in shape, opening its first US office at Ten Bank Street, where it took 6,593 SF for 10 years. Neal J. Lerner & Co.'s Neal Lerner repped the tenant, while Jeffrey Newman and Kimberly Zaccagnino repped owner Malkin Properties in-house.Malkin Construction will build out the space.

***

NAI Friedland's retail group signed three Bronx retail leases:Broadway Curtain's 3k SF lease at 961 E. 174th St. (broker: Rick Stassa; landlord: Cross Bronx Plaza); PLS Check Cashers of NY's 1,430 SF lease at 359 E. 204th St. (broker: Stassa; landlord:Rosewood Realty); and Little Caesar's 1,100 SF lease at 119 W. Kingsbridge Rd. (brokers: Robin Herko, Steve Lorenzo, and David Scotto; landlord: Prana Investments).

***

Mortgage Industry Advisory Corp. signed a four-year, 5,300 SF lease at 30 Broad St. CBRE's Rob Wizenberg and Snezena Anderson repped the tenant, while Murray Hill Properties' Richard Doolittle, Wesley Rudes, and John Howard repped the owner.

***

TH Outdoor & Events signed a 10-year, 5k SF lease at 599 Broadway. Metropolitan Property Group's Isaac Kash repped the tenant, while Murray Hill Properties' Randy Sherman, Beth Sapery, and Jonathan Cohen repped the owner.

***

215 Park Avenue South saw two deals: OpenTable's five-year,2,207 SF renewal, and FWA of New York's five-year, 1,625 SF renewal. Howard Tenenbaum and Gary Rosen represented owner SL Green in-house for both deals.

***

10 W. 33rd St. saw two deals: Ray Enterprises of Chesapeake Walk's three-year, 2,322 SF lease and Smooth Talk and BH Brands' four-year, 1,407 SF lease. Adams & Co.'s David Levy repped the tenant and owner, Ten West Thirty Third Associates, in both deals.

***

The Consulate General of Honduras signed a 3,500 SF lease at 255 W. 36th St. Citywide Properties' Sasha Majerovsky repped the tenant. The asking rent for the 2k SF ground floor was $60/SF.

***

231 W. 39th St. saw two deals: DANI II's five-year, 1,802 SF lease (tenant reps: Adams & Co.'s Jeffrey Buslik and Joseph Friedman) and World Cross Culture's two-year, 1,598 SF lease (tenant rep: Kaufman Leasing Co.'s Arthur Spitalnick). Jeffrey and James Buslik repped owner 231/249 West 39 Street Associates in both deals.

***

Unitek Education expanded its Newark Boots on the Roof renewable energy training facility to 3,200 SF at Robert Treat Center, 50 Park Place in Newark. The Berger Org. is the owner.

***

Now you can get your burger on in Brooklyn, because Shake Shack's coming to the borough. Danny Meyer's Union Square Hospitality Group plans to open the 2,600 SF restaurant at the entrance to the Fulton Street Mall. 409-415 Fulton St. is owned by Allied Property Group, and the deal was brokered by Robert K. Futterman & Associates' Barry Fishbach.

***

AARP signed a new four-year lease for an expanded 1,650 SF office within 1825 Park Avenue. Giscombe Realty's Jeffrey Schettino repped the tenant.

Financing

NCB FSB arranged nearly $47M in new financing for 14 area properties: a $10M first mortgage and $750k line of credit for Sunnyside Owners Corp., a 322-unit co-op at 41-15/35 45th St. in Sunnyside, Queens (arranged by Edward Howe III); a $4M first mortgage and $500k line of credit for a 95-unit co-op at 145 E. 84th St. (arranged by Mindy Goldstein); and a $4M first mortgage and $500k line of credit for an 82-unit co-op at 245 W. 104th St.(arranged by Sheldon Gartenstein).

***

GCP Capital Group arranged $18.8M in financing: $9.2M for a six-story and two five-story apartment buildings comprising 79 units in Brooklyn (arranged by Matthew Classi); $4.4M for the development of a six-story residential building on 28th St. in Astoria, Queens (arranged by Matthew Albano); $4M for a 70-unit garden apartment in Hyde Park (arranged by Albano); and $1.2M for a five-story elevator apartment building with 16 units on Davidson Ave. in the Bronx (arranged by Paul Greenbaum).

Business

Sierra Relaty Corp. and Fulcrum Properties joined forces to acquire affordable and mixed-income multifamily buildings in the five boroughs. They're focusing on restoring and preserving affordable housing units, and targeted properties will range in size from 75 to 500 units, with significant portions of the tenants at or below 80% of the area median income. Renovations will have green retrofits under the guidance of Terrapin Bright Green, a subsidiary of Cook + Fox Architects.

Executive Moves

James Mead joined SL Green as CFO, effective Dec. 1. He succeeds Gregory Hughes, who is leaving at the end of his contract to pursue other professional interests. He was previously with Strategic Hotels & Resorts, and held positions at JP Morgan and Irvine Co. He's a graduate of Tulane and UVA.

***

Peter DeCheser has joined UGL Services as SVP for global capital markets within the firm's NYC brokerage operation. He'll help lead the expansion of the firm's investment sales practice into the Manhattan office. He was previously with JLL and launched his career at Massey Knakal. He's a graduate of Colgate and Harvard.

***

Frank Greco joined Studley's Northern NJ office as managing director, focusing on new business development with an emphasis on corporate and financial services firms. He was previously with CBRE, which he joined following the merger with Trammell Crow Co. He's a graduate of NYU and Fairleigh Dickinson.

***

Lance Leighton, Fred Piumelli, and Nick Zarnin joined Studley as assistant directors. Lance was previously with Keller Williams Realty, where he founded GetRealEstateSold.com, and is a Hofstra Grad. Fred was previously with Taurus Invesment Holdings, and is co-founder of MicroBike.org. He's a Bentley grad and attended MIT. Nick joins from Lansco Corp., and is a graduate from the University of Rhode Island.

***

Al D'Elia joined MKDA as EVP, responsible for project management and business development at the firm. In addition to previous long-term tenures at Gensler and Mancini Duffy, he's also held positions at Butler Rogers Baskett, Hillier Architecture, and IA Interior Architects. Projects overseen include a 800k SF relocation for a major pharma company, and sizable projects for Cravath Swaine & Moore and ITT Corp. He's a graduate of City College.

***

Joan Simon joined Admiral Real Estate Services Corp., concentrating on retail leasing and sales in Westchester County. She's been active in the industry for over 20 years, and has completed over $50M in deals. She's an NYU graduate.

Related Topics: Rockpoint Group, Danny Meyer, Cynthia Wasserberger, Irvine Co, Rosewood Realty Group, Michael Guttman, IA Interior Architects, Aaron Jungreis, The Berger Org, NYC Housing Development Corp, Thor Equities, Mancini Duffy, Shake Shack, Crown Heights, Joe Sitt, City College, Time Equities, UGL Services, James Nelson, Matthew Classi, Kimberly Zaccagnino, James Buslik, Northern NJ, RFR Realty, Rhode Island, John Ciraulo, Grant Greenspan, Mindy Goldstein, Stellar Management, Sheldon Gartenstein, Edward Howe III, Matthew Albano, Brett Maslin, Jeffrey Buslik, Arthur Mirante, Gary Rosen, Robin Herko, David Scotto, Steve Lorenzo, Housing Preservation, Rick Stassa, David Kaufman, Joseph Friedman, Strategic Hotels, FOX Architects, Howard Tenenbaum, Brock Emmetsberger, Westchester County, Clint Olsen, Norman Bobrow, Sovereign Bank, Highcap Group, Street Associates, Ten Bank Street, Lincoln Road, Perry Mesmer, Josh Goldflam, Larry Swiger, Malkin Construction, Ten West Thirty Third Associates, Gregg Rothkin, Cohen Brothers Realty, Joan Simon, Allen Gurevich, Randy Abend, Arthur Draznin, Scott Belfer, Lou Belfer, Chris Kraus, Loren Biller, Randy Sherman, Cooper Square, Keller Williams Realty, Dan Segal, Michael Burlant, Lansco Corp, Fairleigh Dickinson, Amy Schustek, Fulton Street Mall, Laurence Ross, Kerry Powers, Jonathan Cohen, Montefiore Medical Center, Nick Zarnin, Helios Capital, All Saints, Paul Milunec, Ashley Gee, 39 Street Associates, Nick Zagar, David Glassman, Joseph Genovesi, North Broadway, Eric Goldschmidt, John Johnson, Marc Ellman, Valley Stream, Hodges Ward Elliott, Casey Lewis, Arthur Spitalnick, 116 SF, Hutchison Metro Center, Ogden CAP Properties, Rob Wizenberg, Robert Flippin, Tower One, Joseph Cabrera, Edward Weiss, Ellman Realty Advisors, Union Square Hospitality Group, 50 Park Place, Lance Leighton, Citywide Properties, Robert Treat Center, Barry Fishbach, Richard Doolittle, The Consulate General, Wesley Rudes, Gary Sauerborn, Scott MacWhinnie, Pelham Bay, Raymond Sanseverino, Meredith Corp, Manhattan Commercial Realty, Ken Lundberg, Metropolitan Property Group, The US General Services Administration, Comprehensive Care Management, Rob Silver, Ryan Baum, Little Caesar, GROHE America, Milford Plaza Hotel, Robert Eber, Eric Reimer, Brand Net, Gregory Hughes, Peter DeCheser, Frank Greco, Lease TransactionsBIG DEAL, BHR Capital, Fulcrum Properties, Paul Rhodes, John Howard, 997 SF, Admiral Capital, ATCO