THE DEAL SHEET
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Massey Knakal brokered three deals: a 5,300 SF walk-up building at 111 E 77th St for $6.1M cash (broker: Thomas Gammino Jr); a 12k SF, walk-up mixed-use building at 1431A York Ave for $5.6M cash (brokers: Guthrie Garvin and John Ciraulo); and a development site with 8,100 buildable SF at 111-113 Kane St, Brooklyn for $1.6M(brokers: Ken Freeman and Michael Amirkhanian).***
Madison Realty Capital took ownership of 224 Richmond Terrace, a 60k SF, 40-unit residential property with retail in St. George, Staten Island after purchasing a $12.6M non-performing note. Madison previously purchased the non-performing first mortgage for $8.4M from the Bank of New York Mellon and has now taken the title by completing foreclosure proceedings. Casandra Properties has been appointed leasing agent for the building, which will be marketed as rentals versus the original condos.
|Akash Hotels purchased the 76-room Roslyn Claremont Hotel at 1221 Old Northern Blvd, Roslyn, Long Island for $10.5M. The hotel also includes 4,800 SF of meeting space and a ballroom. Coldwell Banker Commercial’s Andy Dorman repped the seller, while the buyer, who was repped by Brown Harris Stevens’ Michael Vitale, plans a $2M upgrade to rooms and common areas.***Marcus & Millichap brokered four sales: a 9,500 SF Walgreens at 1366 Broadway, Brooklyn for $7.6M (seller rep: M&M’s Steven Stoehrer, Preet Sabharwal, and Russell Malayery; buyer rep: M&M’s Alvin Mansour); an 11-unit mixed-use property at 334 E 6th St for $3.2M (brokers: Peter Von Der Ahe, Joe Koicim, and David Lloyd); a 12k SF, 18-unit apartment building at 227 Kingsland Ave, Brooklyn for $1.9M (broker: Said Boukhalfa); and a 5,000 SF apartment building at 25-33 36th St, Astoria (brokers: Matthew Fotis and Lazarus Apostolidis).|
NCM Holdings purchased a five-story, 14k SF mixed-use walk-up at 6 81-1687 Amsterdam Ave, West Harlem from FSF-LLC for $3.2M. Eastern Consolidated’s Jamie Rogovin repped the seller, while Ronda Rogovin repped the buyer.
Highcap Group brokered the sale of the five-story, 11-unit walk-up apartment building at 3057 Bailey Ave, the Bronx for $1.2M. The firm’s Josh Goldflam repped the seller, while colleague Ahmadu Ahmed repped the buyer.
***Raymour & Flanigan purchased the 900k SF Tri-State Logistics Center (30 Dunnigan Dr) in Suffern from Dress Barn for an undisclosed price. JLL’s Rob Kossar, David Knee, Robert Martin,Blake Chroman, and Chris Hile repped the seller, while Team Resources SBWE’s Joel Friedman repped the buyer.
| LEASES Knoll signed a 50k SF lease at 1330 Avenue of the Americas. JLL’s Martin Horner and Scott Cahaly repped the tenant; the landlord is RXR Realty.|
| Yext signed a seven-year, 37k SF lease at One Madison Ave. Newmark Grubb Knight Frank’s John Moran, and Neal Goldmacher repped the tenant, while Ashley Gee repped owner SL Green in-house.***|
Kiddie Academy inked a 15-year, 11k SF lease at 500 Bi-County Blvd, Farmingdale, Long Island. Prudential Douglas Elliman’s Michael Murphy arranged the lease, while JLL’s Ray Ruiz,Marianne Dugan, Doug Seale, and Brian Cruz repped the owner, an affiliate of Sterling Equities. The building is managed by Wachtler Knopf Equities.
LinkedIn expanded by 10k SF at the Empire State Building, adding to its existing 32k SF. CBRE’s Sacha Zarba repped the tenant, while Newmark Grubb Knight Frank’s Billy Cohen, Ryan Kass, and Shanae Ursini repped owner W&H Properties.
1407 Broadway saw over 10k SF in deals, including: Newco Apparel Group’s 2,800 SF lease; Athel Textile’s 2,100 SF lease (tenant rep: Furumoto Realty’s Jason Shim); Indong FN NY’s 2,000 SF lease (tenant rep: Best One Realty’s Tammy Kim); and 12K Apparel’s 1,500 SF lease. The Kaufman Org’s Yvonne Chang and Jessica Kosaric repped the landlord in each deal, as well as Newco and 12K Apparel.
Greenwich Prime Trading Group renewed its 5,100 SF lease at 100 First Stamford Pl, Stamford, Conn. Cushman & Wakefield’s Steve Baker and Torey Walsh repped the tenant, while Jeffrey Newman,Kimberly Zaccagnino, and Tara Long repped owner Malkin Properties in-house.
Virtual Service renewed its 4,100 SF lease at 104 W 40th St for another four years. Williamson, Picket & Gross’ Paul Rhodes repped the tenant, while Todd Korren repped owner Savanna in-house.
Second Time Around signed a 1,000 SF lease at 166 E 35th St. Handler Real Estate Org’s Scott Galin and Peter Simel repped the tenant; Rugby Managed Asset Fund is the landlord.
| Cushman & Wakefield’s equity, debt, and structured finance group repped SL Green in the previously announced $230M refi of 100 Church St. The team was led by Steven Kohn, Alex Hernandez,Christopher Moyer, and Sridhar Vankayala.***|
Meridian Capital Group arranged over $74M in loans, including:$39.8M on a five-building multifamily complex totaling 182 units on Broadway in upper Manhattan (arranged by Elliott Birnbaum);$11.4M for a 119-unit, six-story multifamily building on Ovington Avenue, Brooklyn (arranged by Isaac Filler); $7.5M for three multifamily buildings totaling 132 units on Villa Court, Hempstead, Long Island (arranged by Carol Shelby and Dani Sabesan); and $5.8M for three multifamily buildings totaling 55 units on Drake Avenue, New Rochelle.
GCP Capital Group arranged over $21M in loans, including: $7M for a Stop & Shop-anchored, 77k SF shopping center in Merrick, Long Island (arranged by Matthew Classi and Alan Perlmutter); $5.2M for a 71-unit, six-story elevator apartment building with seven stores on West 172nd Street (arranged by Paul Greenbaum); $4M for three rental buildings totaling 17 apartments and three offices throughout Brooklyn (arranged by Matthew Albano); and $2.9M for a 36-unit, six-story apartment building on Audubon Avenue (arranged by Adam Brostovski).
HFF’s Andrew Scandalios, Jose Cruz, Jeffrey Julien, and Kevin O’Hearn arranged financing and JV equity for the development of New Village, a mixed-use TOD in downtown Patchogue, Long Island. It worked on behalf of owner TRITEC Real Estate Co to secure the financing through UBS Global Asset Management. The project will have 291 multifamily units, 36k SF of retail, and 511 parking spaces.
Massey Knakal Capital Services’ Morris Betesh closed on a $3.2M non-recourse loan fixed at five years for 3.5%. The 70% LTV loan was used for a mixed-use property near Grand Central Terminal.
|CONSTRUCTION & DEVELOPMENT|
|The Parkhill Affordable Housing Complex in Staten Island, owned by Unithree, wrapped up a $12M improvement program, cutting the ribbon at the new Barack Obama Computer Center at 260 Park Hill Ave. Both Freddie Mac and Berkadia Commercial Mortgage provided financing.|