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!

THE DEAL SHEET
BIG DEALS!
Hersha Hospitality Trust entered into definitive agreements to sell 18 properties to an affiliate of Starwood Capital Group for $155M, including assumption of outstanding mortgage debt. Upon the sale (slated to close in Q4), the company expects to generate net proceeds of $54M, reduce consolidated mortgage debt by $61.5M and reduce unconsolidated mortgage debt by $18.3M. Nearby properties include a 78-room Residence Inn in Danbury, Conn. (among six assets in the state) and 132-room Hilton Garden Inn in Edison, NJ.***In other hospitality news, Chatham Lodging Trust and Cerberus Capital Management terminated their commitment and obligation to acquire interest in 64 hotels owned by Innkeepers USA Trust for $1.1B. Chatham’s separate purchase of five Innkeepers hotels was not affected by the decision.
SALES TRANSACTIONS

5225 LLC
purchased the 30k SF 16-16 Whitestone Expy in Whitestone from Skanska USA Civil Northeast for $12.5M. The seller will be relocating to 63k SF at the Bulova Building in East Elmhurst. CBRE’s John Reinersten and Roy Chipkin repped the buyer.LEASE TRANSACTIONS
LOVE sculpture at 1350 Avenue of the Americas
Rothstein Kass inked a 88k SF lease at 1350 Avenue of the Americas, expanding by 33k SF. Cushman & Wakefield’s Jared Horowitz repped the tenant, while Howard Tenenbaum and Gary Rosen repped owner SL Green in-house. (Maybe that’s why there’s a LOVE sculpture in front of the building.)***Apple inked a 40k SF lease at 100-104 Fifth Ave for its first Manhattan exec offices. JLL’s Martin Horner repped the tenant, while Grant Greenspan repped owner The Kaufman Org and JV partner Invesco in-house.

***

Doral Financial Corp extended its 13k SF lease and will expand another 14k SF at 623 Fifth Ave. Cushman & Wakefield’s John Picco and Richard Nocom repped the tenant, while Cohen Bros Realty Corp’s Steve Lambert and David Nevins repped the owner.

***

CBRE’s Roshan Shah and Keith Caggiano brokered two deals:Endeavor Global’s 10-year, 12k SF renewal and expansion at 900 Broadway and Stelliam Investment Management’s 10-year, 8,200 SF relocation and expansion at 12 E 49th St.

***

Lambda Legal Defense and Education Fund inked a 15-year, 20k SF lease at 120 Wall St. Cassidy Turley’s Nicola Heryet and Stephen Bellwood repped the tenant, while Roger Silverstein repped owner Silverstein Properties in-house.

***

Kaplow Communications signed a 16k SF lease at 19 W 44th St. Colliers International’s Robert Goodman and Richard Plehn, along with Newmark Knight Frank’s Dan Segal, repped the tenant. SL Green’s David Kaufman repped owner Deka Immobilien Investments.

***

Tata Consultancy Services signed a 10-year, 13k SF early expansion and renewal for its US HQ at 101 Park Ave. CBRE’s Roshan Shah repped the tenant. HJ Kalikow is the landlord.

***

490 Fulton St, Brooklyn, NY
Express inked a 10-year, 10k SF lease for ground-floor retail space at 490 Fulton St, Brooklyn, where it will open next spring. The 250k SF mixed-use property is owned by Crown Acquisitions and funds within Perella Weinberg Partners’ Asset-Based Value strategy. ***Avalanche Studios signed a 10-year, 9,700 SF lease at 536 Broadway. Grubb & Ellis’ Ira Rovitz repped the tenant. Thor Equities is the owner.

***

Restaurateurs Tim Pappas and Costa Youssis leased the former 8,300 SF home of Oceana restaurant at 55 E 54th St, which they plan to turn into a new four-level Mediterranean restaurant. CBRE’s Greg Tannor repped the tenant, while Sierra Realty Corp’s Peter Braus and Brad Schwarz repped the owner. The venue will undergo a multi-million dollar renovation designed by Yianni Skordas.

***

Sharp Entertainment signed a nine-year, 7,800 SF expansion at 1071 Avenue of the Americas, adding on to its 14k SF space it’s occupied since last year. Adams & Co’s David Levy and Jeffrey Schwartz repped both the landlord and owner Ten Seventy One Associates.

***

MBK Entertainment signed a seven-year, 7,600 SF lease at 519 Eighth Ave. Adams & Co’s Alan Bonett repped the tenant, while Steven Kaufman and Barbara Raskob repped owner The Kaufman Org in-house.

***

Jackobin Consulting Services inked a 6,500 SF lease at 1150 Avenue of the Americas. Newmark Knight Frank’s Harvey Richer repped the tenant, while Winoker Realty’s Corey Abdo and Howard Epstein repped owner Pan American Magazine Building.

***

Former NBA Store, 666 Fifth Ave, New York, NY
The NBA Store is reopening this fall in a temp 6,000 SF space run by Adidas at 590 Fifth Ave. The league plans to find larger space for a permanent store, which Adidas will operate under the same agreement (pictured is its former space at 666 Fifth). Newmark Knight Frank’s Paul Berkman, Davie Berke, and Moshe Sukenik repped the tenant. ***Spencer Gifts leased its first-ever Manhattan location, taking 3,700 SF at 691 Broadway. Winick Realty’s Michael Gleicher repped both the tenant and owner Mercer Square.

***

Impala, the corporate parent of Iman’s cosmetics and skincare line, renewed its 3,400 SF lease at 363 Seventh Ave for another five years. Winoker Relaty’s Corey Abdo, Stephen DeFlorio, and Kristy Park repped the tenant, while Empire Management’s Neil Polon repped owner Gateway Realty.

***

Potbelly Sandwich Shop inked a 15-year, 2,500 SF lease at the base of the Metropolis, 150 E 44th St. Newmark Knight Frank’s Jeff Roseman, Marc Frankel, and Ben Birnbaum repped the tenant, while Rose Associates’ Bruce Speigel and Bill Bergman repped the owner.

FINANCING

Chatham Lodging Trust closed on a $15.8M fixed-rate mortgage loan secured by the 124-room Residence Inn by Marriott in New Rochelle. Sonnenblick-Eichner Co arranged the first mortgage non-recourse financing in a 10-year, 5.75% loan provided by Regions Bank.

***

Meridian Capital Group arranged nearly $45M in financing for six deals, including: $18M for a 180-unit, six-story multifamily building on St. Marks Avenue, Brooklyn and $6M on a 43-unit, six-story multifamily building on Havemeyer Street, Brooklyn (both arranged by Morris Diamant and Jacob Rochlitz); $9M for a 128-unit, 13-story multifamily building on Edgecombe Avenue (arranged by Judah Hammer); and $6.3M for a 40-unit, six-story multifamily building on Broadway (arranged by David Hayum and Moe Rosenblum).

***

GCP Capital Group arranged nearly $14M in financing, including: a $6M acquisition loan for five multifamily properties totaling 84 units and 10 stores throughout the Bronx and Manhattan (arranged by Adam Brostovski); $3M for a six-story, 64-unit elevator apartment building on Quentin Road, Brooklyn, $1.5M for eight street level commercial condos on West 82nd Street, and $1.3M for a six-story, 29-unit elevator apartment building on East 17th Street, Brooklyn (all arranged by Paul Greenbaum); and $2M for a five-story, 21-unit walk-up apartment building on West 135th Street (arranged by David Sessa).

BUSINESS

VOA Architecture is opening a new office in New York, focusing on interior architectural design, strategy, and consulting. Len Cerame, formerly of INARCH Architecture, will lead as managing principal. He and VOA has already collaborated on projects like the New York Proton Center.

***

The residential brokerage, sales, and marketing firm launched as a JV between The Real Estate Group of NY and The Developers Group rebranded to MNS and opened a third office at 189 Eighth Ave (its others are at 115 E 23rd St and 165 Bedford Ave, Brooklyn). It now has more than 125 agents repping over $1B in listings.