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THE DEAL SHEET

New York

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THE DEAL SHEET
BIG DEALS!
SL Green and Jeff Sutton restructured and recapped their JV at 717 Fifth Ave. SL Green sold 50% of its interest to Sutton, retaining a 10.9% stake in the venture’s 123k SF retail condo. In addition, the venture received $590M of new financing in the form of a 10-year, $300M fixed-rate mortgage loan (originated by New York Life and TIAA) and a 12-year, $290M mezz loan (originated by RREEF). The space includes the US flagship stores for Giorgio Armani, Dolce & Gabbana, and Escada.***Thor Equities refinanced 590 Fifth Ave for $100M. Cushman & Wakefield’s Steve Kohn, Dave Karson, Alex Hernandez, and Kate Pelet arranged the floating-rate financing, which includes both senior and mezz components.

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THE DEAL SHEET

Across the Hudson, Public Service Enterprise Group inked a 15-year, 825k SF lease extension at 80 Park Plaza, Newark. Colliers International’s Eric Witmondt and Bryn Cinque repped the tenant, while JLL’s Jon Meisel repped owner Wells Real Estate Investment Trust II with the in-house rep of Kevin Pell.

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Havas Worldwide Health signed a long-term, 170k SF renewal and expansion at 200 Madison Ave. Newmark Grubb Knight Frank’s David Falk and Jason Greenstein repped the tenant, while George Comfort & Sons’ Peter Duncan and Matt Coudert repped ownership (which includes Loeb Partners Realty) in-house.
SALES
Grouper
purchased the 55k SF, six-story elevator multifamily building at 30-60 29th St, Astoria from a fund for $16M. Rosewood Realty’s Aaron Jungreis brokered the deal.

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Eastern Consolidated’s Adelaide Polsinelli brokered the sale of a pair of contiguous five-story walk-up apartment buildings—totaling 36 apartments and four ground-floor retail stores—at 521-523 E 12th St sold for $10.9M.

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An investor purchased a CVS retail store at 55 Cold Spring Rd, Syosset, Long Island from King Kullen Grocery Co for $9M NNN. Newmark Grubb Knight Frank’s Kenneth Zakin and Randall Liberman repped the seller, while NGKF’s Scott Berfas, Daniel Oliver, and Jordan Oliver, along with King Kullen’s James Johnston, repped the seller.

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A national multifamily investor purchased the pre-war, 21-unit apartment building at 6 W 107th St for $8.8M. Berko & Associates’Joe Berko repped the buyer, while Ariel Property Advisors’ Shimon Shkury, Michael Tortorici, and Victor Sozio repped seller Stonehenge Partners.

LEASES
90 Broad Street
saw over 36k SF of deals, including: Linium’s five-year, 5,000 SF lease (tenant rep: JRT Realty Group’s Kate Pezzolla);Fogel Neale Partners’ three-year, 4,900 SF lease (tenant reps: Newmark Grubb Knight Frank’s Travis Wilson and Robert Satler);Engle Martin & Associates’ five-year, 4,800 SF lease (tenant rep: Colliers International’s Seth Hecht); and RealMatch’s five-year, 4,800 SF lease (tenant rep: Lee & Associates’ Ken Salzman). JLL’s John Ryan III, Edward DiTolla, and Scott Cahaly repped owner 90 Broad Street Owner LLC in all deals. ***
Sam Ash Music Stores is relocating and consolidating its Manhattan flagship store to 30k SF at 333 W 34th St for 15 years. Newmark Grubb Knight Frank Retail’s Jeffrey Roseman and Gregg Gropper, along with SL Green’s David Kaufman and David Amsterdam, repped owner SL Green in-house.***Carr Workplaces is opening a second business center for executive suits and flexible workspace in 27k SF at 745 Fifth Ave.

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Perkins Coie expended by 24k SF at 30 Rockefeller Plaza, taking an additional floor.

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Financo tripled the size of its HQ, taking 22k SF in a relo to 600 Madison Ave.

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C+T International signed a long-term, 19k SF lease at 52-35 74th St, Elmhurst. Kalmon Dolgin Affiliates’ Linda Wong repped the tenant, while KDA’s Vincent Lopez and Jacques Wadler repped the owner.

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Winoker’s Elliot Klein brokered four deals on behalf of landlords:Millenx Accessories’ five-year, 6,400 SF renewal at 29 W 30th St;Herbert Kunstadt Associates’ five-year, 2,500 SF renewal at 383 Fifth Ave; Di Seta Corp’s four-year, 1,800 SF lease at 16 W 36th St(along with colleague Howard Epstein); and Harold Matson Co’s three-year, 1,400 SF renewal at 276 Fifth Ave.

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Peter B. Cannell & Co inked a 10-year, 8,800 SF deal at 545 Madison Ave. Cushman & Wakefield’s Don Preate and Jon Mayeske repped the tenant, while CBRE’s Gregg Rothkin, Paul Milunec, Keith Cody, Robert Kluge, and Bob Flippin repped owner LCOR. The building is now 88% leased.

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463 Seventh Ave saw over 7,700 SF in deals, including: Max Matson’s 2,100 SF renewal; Trimfit’s 1,600 SF lease; Rose and Olive’s 1,500 SF lease (tenant rep: Adams & Co’s Brett Maslin); and Supreme Trading’s 1,300 SF lease (tenant rep: Maslin). Adams & Co’s David Levy repped owner The Arsenal Co in each deal.

FINANCING
Meridian Capital Group
arranged over $77M, including: $41.2M for two multifamily buildings totaling 640 units on 41st Avenue, Flushing(arranged by Carol Shelby and Dani Sabesan); $8.6M for a 43k SF retail building on Fulton Street, Brooklyn (arranged by Rael Gervis); $7.7M on a 27k SF office building on Broadway (arranged by Michael Kesselman); and $5.3M for three co-op buildings totaling 128 units on Brighton 3rd Street and East 18th Street, Brooklyn(arranged by Morris Diamant).

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GCP Capital Group arranged over $25M, including: $13.6M for two attached six-story apartment buildings, totaling 217 units, on Junius Street, Brooklyn (arranged by Paul Greenbaum); $5.6M for a 74-unit, five-story walk-up apartment building with 4,600 SF of commercial space on the Grand Concourse, Bronx (arranged by Adam Brostovski); $2.7M for an eight-unit, five-story walk-up apartment building with 1,100 SF of commercial space on East 6th Street (arranged by Stephen Katz); and $2M for an a 11k SF, freestanding retail shopping center in Centereach, Long Island(arranged by Alan Perlmutter and George Spanos).

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Meridian Capital Group’s Aaron Appel and Jonathan Schwartz also arranged $25M in acquisition financing on behalf of Steiner Studios for the previously announced purchase of the Jardin, a Class-A multifamily building at 142 N 6th St, Williamsburg. The 10-year, floating-rate balance sheet loan was swapped to a fixed-rate and closed in 18 days.

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Hidrock Realty secured a $16.1M refi for 35 W 36th St from Assurant, the original lender, at a 3.89% interest rate. The firm acquired the 79k SF, Class-B property in 2007, renovated it, and now it’s 96% leased.

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Beech Street Capital closed $14.2M Fannie Mae DUS loans to refi a four-property multifamily portfolio totaling 226 units in Brooklyn. Meridian Capital Group’s Chaim Tessler originated the transaction.