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THE DEAL SHEET

New York

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THE DEAL SHEET
Savanna partnered with Pantzer Properties to snap up the 795-unit Atlantic Point, a Class-A garden apartment and townhome complex in Bellport, Long Island, and refi the existing debt with a new seven-year, nearly $170M loan.
Atlantic Point, a Class-A garden apartment and townhome complex in Bellport, Long Island
The Atlantic Point community was completed in 2004 and is situated on 117 acres. The property includes four swimming pools, three tennis courts, and a fitness center/rec facility (so you’ll never get bored there). The loan is comprised of a $137M Freddie Mac CME first mortgage issued by Berkeley Point Capital (see BUSINESS, below) and a $31M mezz loan originated by Berkshire Property Advisors. Savanna and Pantzer have also contributed new equity to the JV; Pantzer aquired the asset in phases in 2003 and 2004 from a JV between Trammell Crow and JPMorgan, and Panco Management, an affiliate of Pantzer, will continue to run the property management of the asset.
BIG DEALS!
Vornado completed a $325M refi of the 1.1M SF 100 W 33rd St, which contains the 243k SF Manhattan Mall and 847k SF of office space. The company realized net proceeds of $87M after repaying the property's existing loan and closing costs.***DiamondRock Hospitality Co closed on its previously announced $170M loan secured by a mortgage on the Lexington Hotel New York. The financing was led by Citibank, which was joined by Prudential Mortgage Capital Co and BBVA Compass.

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Skyline Developers closed on a $112M construction loan from Wells Fargo Bank for 200 E 79th St, a 19-story contemporary classic condo slated to launch sales this fall. The Wilf family development, which is designed by Cetra Ruddy, will house 45 luxury condos and 6,200 SF of ground-floor retail.

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Investment Technology Group inked a 132k SF lease at One Liberty Plaza. Newmark Knight Frank’s Neil Goldmacher, John Hennessey, Brian Goldman, Josh Friedman, and Merrill Roth repped the tenant, while Duncan McCuaig repped owner Brookfield Office Properties in-house.
SALES
Madison Realty Capital
acquired a 15-note portfolio, which has an aggregate principal balance of $28.7M, from a regional savings bank. The notes are secured by 11 properties in Manhattan and 14 in Brooklyn, comprising 245 residential units and 12 commercial spaces.

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83 Clifton Pl, Clinton Hill, Brooklyn
Massey Knakal brokered the sale of three properties: the 58k SF, six-story 83 Clifton Pl, Clinton Hill, Brooklyn (pictured) for $11.3M cash (seller rep: Stephen Palmese); the 44k SF 134 Haven Ave residential building in Washington Heights for $9M cash (broker: Rob Shapiro; sellers: Dalan Management’s Daniel and Andrew Wrublin); and the Archdiocese of New York’s disposition of a development site with 27k buildable SF at 337 E 62nd St for $7M cash (seller rep: MK’s Bob Knakal and Clint Olsen; buyer rep: Landmark’s George Tule).***NorthEnd Equities purchased the controlling interest (a 30-year leasehold) in the 12-story, 65k SF 16 W 36th St from Beach Plaza Associates for $8.2M. Rosewood Realty Group’s David Berger repped the buyer, while Colliers International’s Eric Meyer repped the seller.

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BLDG Acquisition Corp bought the 3,500 SF retail condo at 127 Seventh Ave (at the bottom of the 14-story Yves residential building) from Yves Retail for $6.6M. The space is fully rented to CORE Group Marketing. RKF’s Jeff Fishman, Brian Segall, and Jonathan Butwin brokered the deal.

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Marcus & Millichap brokered the sale of the 4,400 SF, mixed-use 304 Bleecker St for $5.8M. The firm’s John Stewart repped the seller, a private investor, while the firm’s Shlomo Manne repped the buyer, a partnership.

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CPEX brokered the sale of three buildings in Boerum Hill, Brooklyn for $2.8M: 284, 286, and 288 Atlantic Ave, which total 13 residential units, two commercial units, and a vacant lot. The firm’s Brian Leary,Scott Burk, Andre Sigourney, Sean Kelly, Cengiz Sendogdular, and Matthew Dzbanek arranged the deal.

LEASES

75 Broad St saw four deals: The New York City Opera’s long-term, 17k SF lease (tenant reps: Denham Wolf’s Stephen Powers and Paul Wolf); Craig Michaels’ 10k SF lease (tenant rep: Cogent Realty’s Mitch Waldman); On-Line Residential’s 7,100 SF lease (tenant rep: Kenneth Beilin Realty’s Ken Beilin); and CTC Americas’ 3,800 SF lease (tenant rep: Cushman & Wakefield’s Jonathan Fein). A C&W team led by Frank Centro repped owner JEMB Realty.

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Regus inked a 15-year, 27k SF lease at 57 W 57th St. Rosenhaus Real Estate’s Ritchie Rosenhaus repped the tenant, while Colliers International’s Michael Cohen, Christel Engel, and Michael Thomas repped the owner.

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Perseus Books Group consolidated its operations to 26k SF at 250 W 57th St. CBRE’s David Hollander and Colin Meagher repped the tenant, while Cushman & Wakefield’s Harry Blair, Sean Kearns, and Mitchell Arkin repped owner W&H Properties.

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Vernon Place Shops in Scarsdale saw two deals: Fresh Market’s 16k SF lease (tenant reps: SullivanHayes’ Tim McNamara and Quinn Commercial’s Colleen Quinn) and Chico’s 2,900 SF lease (tenant rep: In-Line Realty’s Michael Friedman). Urstadt Biddle Properties’James Aries repped owner Carpenter & Co on both transactions.

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The Museum of Mathematics signed an 11-year, 18k F lease at 11 E 26th St. Denham Wolf’s Paul Wolf repped the tenant, while Adams & Co’s James Buslik repped owner East Twenty Six Associates. Quiz time: asking price for the space was $750k annually. How much is that over the lease term?

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Winoker Realty brokered four deals: Stephen Deflorio and Corey Abdo repped Drummond Framing in its 10-year, 7,000 SF renewal at 38 W 21st St (landlord rep: Rice and Associates’ Doug Rice); while Elliot Klein repped the landlords in Amazon Contest Services’ five-year, 4,500 SF lease at 276 Fifth Ave (tenant rep: JLL’s Scott Vinett), Swatch Group’s 2,500 SF lease at 381 Fifth Ave (tenant rep: CBRE’s Ivan Hillman), and WinLar Management’s 2,500 SF renewal at 383 Fifth Ave (tenant rep: Winoker’s Jonata Dayan).

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Normandy Real Estate Partners saw two deals at its Darien Green portfolio in Darien, Conn.: Arch Insurance Group’s 12k SF lease at 330 Boston Post Rd (tenant reps: CBRE’s Paul Jacobs and Colin Reilly) and Gaetano Ferro’s 4,500 SF lease at 320 Boston Post Rd(tenant rep: Silver Pine Real Estate’s Shalini Madaras).

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Sweden’s Kunskapsskolan signed a 10-year, 15k SF lease at 38 Delancey St for its first leased school in the US. Lee & Associates NYC’s Peter Braus repped the tenant, while Bond New York’s Michael Chen repped the landlord.

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The Smithsonian Institution signed a 15-year, 9,000 SF lease at 300 Park Ave South. Newmark Knight Frank’s Daniel Katcher repped the tenant, while Cushman & Wakefield’s Andy Peretz,Mikael Nahmias, and John Peters repped owner Rockrose Development Corp.

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Paramount Transportation Systems signed an early renewal for 5,300 SF at MerrittView in Norwalk, Conn., relocating within the building. Angel Commercial’s Syd Gordon repped the tenant, while Jeffrey Newman, Kimberly Zaccagnino, and Tara Long repped owner Malkin Properties in-house.

FINANCING

Beech Street Capital provided $25.9M Fannie Mae DUS loans for the refi of a seven-property multifamily portfolio totaling 530 units in Brooklyn, Queens, and the Bronx. Meridian Capital Group’s Josh Rhine originated the transaction. The fixed-rate loans have a seven-year term, 6.5 years of yield maintenance, and full-term IO.

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GCP Capital negotiated: $23M for three walk-up apartment buildings totaling 90 units and 33k SF of retail on St. Nicholas Avenue(arranged by Adam Brostovski); $1.8M for a 4,500 SF, two-story commercial building on East 25th Street (arranged by Paul Greenbaum); and $1M for a 69k SF Pathmark supermarket on Farrington Street, Queens (arranged by David Sessa).

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76 North 4th St, Williamsburg
Meridian Capital Group’s Aaron Appel and Michael Diaz arranged a $28.4M acquisition and construction loan on behalf of a partnership between Cayuga Capital Management and Jacob Toll for the acquisition and completion of the 110k SF Steelworks Lofts mixed-use development project at 76 North 4th St, Williamsburg.***The Community Preservation Corp extended its credit facility from its member institutions, which will help finance the create or preservation of nearly 5,000 units of low- and moderate-income housing across the state, including projects like 754 E 161st St in the Bronx. The Morrisania Preservation Corp-owned building will see four buildings renovated.

CONSTRUCTION & DEVELOPMENT

The City Council will provide $100k in funding for a 10-month, area-wide study that will help the City determine how to best adapt available commercial space in the proposed Brooklyn Tech Triangle(Downtown Brooklyn, DUMBO, and Brooklyn Navy Yard) to meet the needs of tech startups, develop a strategy to attract new companies, and provide the MTA and other transportation providers with info required to improve transportation within and among the three neighborhoods. The study, which launches this summer, is also funded by the Brooklyn Navy Yard Development Corp, Downtown Brooklyn Partnership, and the DUMBO Improvement District. Findings are scheduled to be released next year.

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Yonkers Mayor Mike Spano, L+M Development Partners, and the Yonkers Industrial Development Agency started construction on the $10M Warburton Lofts
Yonkers Mayor Mike Spano, L+M Development Partners, and the Yonkers Industrial Development Agency started construction on the $10M Warburton Lofts, a historic restoration of loft-style rental apartments and retail space at 44-50 and 54 Warburton Ave. The properties will featured 100-year-old storefronts with over 9,000 SF of retail space and 10 loft-style apartments above two- to four-story buildings. Architect Stephen Tilly and Old Structures Engineering are the design team.BUSINESS

JLL made a commitment to the Startup America Partnership, offering real estate services and tailored solutions for high-growth startup companies to address their short- and long-term real estate goals. SAP helps young companies grow in order to create jobs in the US, bringing serial entrepreneurs, major corporations, funders, service providers, mentors, and advisors to help startups succeed.

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Ranieri Real Estate Partners and private equity funds affiliated with WL Ross & Co acquired Deutsche Banke Berkshire Mortgage, a subsidiary of Deutsche Bank. The company has been remained Berkeley Point Capital, and DBBM CEO Jeffrey Day will continue to serve in his position.

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USAA Real Estate Co made a strategic investment in Square Mile Capital Management for an undisclosed amount. Square Mile founders Jeffrey Citrin and Craig Solomon will retain majority interest and continue to oversee day-to-day operations.

EXECUTIVE MOVES

Guillermo “Will” Suarez joined Massey Knakal as director of retail leasing, focusing on TriBeCa and the Financial District. He previously spent over 25 years in advertising and is a Notre Dame grad.

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Michael Meller joined Rockwood Real Estate Advisers as VP within the firm’s hospitality group. He was previously with several hospitality companies, including Choice Hotels International, La Quinta Inns, Bristol Hotel Management, and more.

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Michael Neal joined Regional Appraisal Associates as director, responsible for client and staff development, litigation services, and quality control. He has 15 years’ experience and is a Colgate grad.

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Studley promoted Greg Taubin to executive managing director. He’s helped close over 5M SF of leasing transactions since he joined the firm in ’94, including a 350k SF acquisition and 200k SF disposition on behalf of Tiffany & Co. He’s a Tulane grad.

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Newmark Knight Frank Retail promoted six. Ross Kaplan is now senior managing director, recently repping The Klein Group in its purchase and lease up of a 26k SF retail condo at 200 West End Ave. He’s a University of Maryland grad. Benjamin Birnbaum is now managing director. He’s been with the firm since ’07 and is a Union College grad. Trever Gallina is now director, playing an integral role in retail expansion on a national level for luxury brands. And Kate Cohen, Hymie Dweck, and Kenji Ota are now associate directors. Kate is a Indiana University grad, Hymie is a University of Delaware grad, and Kenji is a Lehigh grad.

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Rose Associates promoted Robert Werner to managing director. He’s been with the firm since ’99 and has been acting as a portfolio director within the company’s residential management division. Prior, he held positions with Milford Management and Douglas Elliman-Gibbons & Ives. He’s an NYIT grad.

Related Topics: Normandy Real Estate Partners , Newmark Grubb Knight Frank, Boerum Hill, Meridian Capital Group, Peter Braus, Rose Associates, Rockrose Development Corp, USAA Real Estate Co, Rosewood Realty Group, GCP Capital, David Sessa, Clinton Hill, Stephen Palmese, Brian Leary, Prudential Financial, Brooklyn Navy Yard, Sean Kelly, Pantzer Properties, Choice Hotels, John Stewart, The Community Preservation Corp, Michael Cohen, Cayuga Capital Management, Downtown Brooklyn Partnership, Freddie Mac, Douglas Elliman, Berkeley Point Capital, Neil Goldmacher, Winoker Realty, Kimberly Zaccagnino, Deutsche Bank, James Buslik, Big Deals, Fresh Market, Fannie Mae DUS, Wells Fargo Bank, Washington Heights, Urstadt Biddle Properties, Josh Rhine, Tara Long, Harry Blair, Sean Kearns, Clint Olsen, Indiana University, James Aries, Associates NYC, Greg Taubin, Development Partners, Corey Abdo, Elliot Klein, Rob Shapiro, Mitchell Arkin, BBVA Compass, Brian Segall, David Hollander, Paul Wolf, Duncan McCuaig, Skyline Developers, John Hennessey, Michael Diaz, Square Mile, Aaron Appel, Michael Thomas, Jonathan Fein, Jeff Fishman, Brooklyn Navy Yard Development Corp, The Museum, Square Mile Capital Management, Ross Kaplan, Paul Jacobs, David Berger, Eric Meyer, Craig Solomon, Stephen Powers, Jonathan Butwin, Andy Peretz, FINANCINGBeech Street Capital, Colin Reilly, Berkshire Property Advisors, Regional Appraisal Associates, Denham Wolf Real Estate Services, Union College, DUMBO Improvement District, Doug Rice, Ivan Hillman, Benjamin Birnbaum, One Liberty Plaza, Frank Centro, Merrill Roth, Brooklyn Tech Triangle, Rosenhaus Real Estate, Brian Goldman, Andre Sigourney, Scott Vinett, Michael Friedman, Bond New York, John Peters, JEMB Realty, Clifton Pl, Dalan Management, Christel Engel, DiamondRock Hospitality Co, Investment Technology Group, Scott Burk, Stephen Deflorio, Arch Insurance Group, Ranieri Real Estate Partners, WL Ross, Matthew Dzbanek, Jeffrey Citrin, Panco Management, CORE Group Marketing, Colin Meagher, The Smithsonian Institution, Daniel Katcher, Jacob Toll, The Klein Group, 200 West End Ave, Lexington Hotel New York, Yonkers Mayor Mike Spano, Hymie Dweck, Angel Commercial, NorthEnd Equities, Silver Pine Real Estate, Startup America Partnership, Farrington Street