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 DEAL!
Chrysler Group inked a 110k SF lease at 629 W 54th St for an auto showroom. CBRE’s Michael Kadosh, Jedd Nero, Jeff DeSano, and Scott Young repped the tenant in a direct lease with landlord the Friedland Estate.
SALES

JLL’s Rob Martin was the sole broker in SL Green’s purchase of 635 and 641 Sixth Ave from Atlas Capital Group for $173M, announced yesterday.***

Xinyuan Real Estate Co, through its US development arm XIN Development Group International, acquired a 92k SF land parcel at Kent Avenue and South 8th Street, Williamsburg for $54M. The parcel already has permitting, zoning, and foundation construction completed; it can accommodate 506k SF of condo development. XIN expects to start construction in the first half of 2013.

***

7 E 69th St, New York, NY
Massey Knakal brokered the sale of four properties: a 7,600 SF townhouse at 7 E 69th St for $16M, pictured (broker: Guthrie Garvin); a 34-unit mixed-use building with 24k SF of commercial office space at 14-34 110th St, College Point for $10.1M cash (brokers: Stephen Preuss and Evan Daniel); a 19-unit, walk-up apartment building at 69 W 107th St (broker: Hall Oster); and a 2,800 SF restaurant building at 1201 Avenue Z, Sheepshead Bay for $1.3M (broker: Brian Hanson).***Marymount School of New York purchased a 15k SF lot at 115 E 97th St for $21M. It’s slated for a new school, but in the near term, it will be playing fields for its 677 students. CBRE’s Timothy Sheehan,Edward Midgley, and Daniel Kaplan repped the buyer, while Denham Wolf’s Paul Wolf and Stephen Powers repped seller 1625 West LLC.

***


Blue Sky Entity bought an eight-unit, four-story walk-up apartment building at 34-21 37th St, Long Island City for $1.8M cash. Falco Isak Realty’s Rubin Isak and John Falco repped both the buyer and seller 34-21 37th Street LLC.***A developer purchased 3220 Boardwalk West, Brooklyn, a 6,300 SF land parcel, for $1.5M. Marcus & Millichap’s Lazarus Apostolidis, Matthew Fotis, and Maria Barbatsis repped the buyer, while Matthew and Maria, along with colleagues Erik Rodriguez and Derek Bestreich, repped the seller.

LEASES

Metro Logistics signed an 82k SF lease at 4 Engelhard Ave, Woodbridge Township, NJ. Cushman & Wakefield’s Daniel Badenhausen and Andrew Stypa brokered the deal.

***

Hatch Mott MacDonald signed a long-term, 81k SF lease to relo its corporate HQ to Metrotop Plaza II (111 Wood Ave South) in Iselin, NJ. Studley’s James Schroeder and Joe Messina repped the tenant, while Cushman & Wakefield repped owner Atlantic Realty Development Corp.

***

820 Concourse Plaza, the Bronx
Blink Fitness signed a 18k SF lease at 820 Concourse Plaza, the Bronx. Charter Realty’s Peter Levine and Blink Fitness’ Bill Miller repped the tenant, while Randall Briskin repped owner The Feil Org in-house.***One Step Up signed a 10-year, 53k SF lease renewal at 1412 Broadway. Murray Hill Properties’ Jesse Rubens repped the tenant, while Cushman & Wakefield’s Mitchell Arkin, Michelle Walker, and Jonathan Fales repped owner Harbor Group International.

***

Aptalis Pharma expanded and extended its lease by 21k SF at Somerset Corporate Center I in Bridgewater, NJ. It now resides in 52k SF there. Cushman & Wakefield’s Benjamin Brenner and Curtis Foster repped the tenant, while Peter Bronsnick repped owner SJP Properties in-house.***The Nelson Tower (450 Seventh Ave) saw two deals: Jassin Consulting Group’s 3,200 SF lease (tenant rep: The Kaufman Org’s Grant Greenspan and Howard Rosenblum; landlord rep: The Kaufman Org’s Barbara Raskob); and Bloom Hochberg & Co’s seven-year, 4,400 SF renewal (broker: The Kaufman Org’s Steven Kaufman).

***

LDPR renewed its long-term 5,000 SF at 72 Madison Ave. Ellman Realty’s Marc Ellman repped the tenant, while Jovani Rampersad repped owner The Moinian Group in-house.

***

ITRS Group inked a five-year, 4,700 SF lease at 711 Third Ave. The Kaufman Org’s Loren Biller and Michael Kaufman repped the tenant, while Gary Rosen repped owner SL Green in-house.

***

Anew Legwear inked a five-year, 2,500 SF lease at 381/383 Fifth Ave. Colliers’ Michael Joseph repped the tenant, while Winoker Realty’s Elliot Klein repped the landlord.

***

LUMAS signed a 10-year, 1,000 SF lease at 1100 Madison Ave. Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino repped the tenant, while Massey Knakal Realty Services repped the owner.

FINANCING

GCP Capital Group arranged over $63M in financing, including:$40M for a 126-unit, 12-story luxury apartment building with 9,700 SF of commercial space on Madison Avenue (arranged by Matthew Classi); $11.1M for a 73-unit, five-story elevator apartment building with 5,300 SF of commercial space on St. Nicholas Avenue(arranged by Paul Greenbaum); a $6.2M construction loan for the development of a 33-unit, six-story elevator apartment building on Myrtle Avenue, Brooklyn (arranged by Matthew Albano); and $4.9M for a 38-unit, six-story elevator apartment building on West 160th Street (arranged by Louis Perlmutter).

***

Ares Commercial Real Estate Corp closed on a $36M first mortgage loan commitment collateralized by a 101-unit, nine-story apartment building in Murray Hill, Manhattan. The borrower is a partnership between Benchmark Real Estate and Western Heritable Investment Co.

CONSTRUCTION & DEVELOPMENT
New York Wheel
Mayor Bloomberg, New York Wheel LLC, and other officials announced plans for the New York Wheel, an observation wheel that will be built on the northeastern side of Staten Island. At 60 stories, it will be the world’s tallest observation wheel. It will feature a large terminal building that will feature exhibitions about NYC history, alternative energy, and environmental sustainability; the plans will strive for LEED Platinum. The team includes engineer Starneth, architect Perkins Eastman, and construction consultant Broadwall Consulting Services. Construction is expected to begin in 2014 with a grand opening in early 2016.***

Construction broke ground on the $170M JetBlue Terminal 5 International at JFK International Airport, which includes a 155k SF, two-level addition and the construction of three new international swing gates for arrivals and departures of both international and domestic flights. Gleeds is the program manager for the project, scheduled to deliver in 2015.

BUSINESS

W.P. Carey completed its conversion to a REIT and its merger with its publicly held, non-traded REIT affiliate, Corporate Property Associates 15 Inc. It began trading on the NYSE yesterday.