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THE DEAL SHEET

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THE DEAL SHEET
BIG DEALS!
701 Seventh AveMaefield Development, Infinity Urban Century, The Witkoff Group, and New Valley completed the $430M acquisition of the Times Square Gateway Center development site, clearing the way for construction of an $800M, 340k SF, 36-story mixed-use development that will anchor the northern end of Times Square with retail, hotel, and the nation’s largest single LED screen. In relation, Vornado purchased a 25% participation in both the first mortgage and mezz loan from Starwood Property Trust and Starwood Capital Group for $475M.***

The Macerich Co is acquiring two malls: the 1.2M SF Kings Plaza in Brooklyn from a subsidiary of Alexander’s for $751M (to close by end of year) and the 1.8M SF Green Acres Mall in Valley Stream, Long Island, from a subsidiary of Vornado for $500M (to close Q1 ’13).

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The William Macklowe Co closed on the previously announced acquisition of the 260k SF 386 Park Ave South from Savanna and Monday Properties for an undisclosed amount. Separately, Savanna acquired the 26-story, 464k SF 2 Rector St office building in partnership with Stellar Management. Savanna initially acquired part of the first mortgage at a discount in ’07, then worked with Stellar in ’10 to recap the property and provide a mezz loan on the asset. It then worked with Stellar to buy out its partners, acquiring the controlling interest; Stellar will continue to own a minority interest and will stay on as property manager. JLL’s Mitch Konsker, Scott Cahaly, and Brian Reiver will lease the property.

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Taconic Investment Partners is purchasing a 326k SF commercial property—originally built by Warner Brothers Pictures in 1930 as a film editing and process facility—at 619 W 54th St for an undisclosed price. JLL’s Mitch Konsker, Matthew Astrachan, and Alexis Tener will lease the building. It plans to upgrade the property and has assembled a team that includes Cook + Fox Architects.

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Target is opening a new 150k SF store at Staten Island’s Richmond Shopping Center in July 2013.

SALES
KABR Real Estate Investment Partners
and Capstone Realty Group acquired 330 and 350 Motor Pkwy in Long Island’s Hauppauge Industrial Park for an undisclosed price. The new owners will soon begin an upgrade program for the twin office buildings, which are known as Towers East and West and total 114k SF. The Rochlin Org’s Adam Rochlin will handle leasing.***

Ivy Realty purchased the two-building, 420k SF Station Plaza office complex in Hicksville, Long Island from Duffy HH for an undisclosed amount. HFF’s Andrew Scandalios, Jose Cruz, Kevin O’Hearn, and Jeffrey Julien repped the seller, while an HFF team led by Jay Marshall arranged financing for the transaction through Aetna Life Insurance Co.

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A private developer purchased a vacant, undeveloped parcel at 245 W 14th St for $14.7M. The site was sold with plans in place for a mixed-use development, consisting of 33k SF of buildable space. MNS’s David Behin repped the seller.

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Harbor Group International acquired two retail properties: the three-story, 7,200 SF 1420 Broadway and the single-story, 5,000 SF 246-248 W 125th St, both for an undisclosed price.

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Tuck It Away purchased two industrial buildings totaling 138k SF at 252 Newport St and 507 Osborn St, Brownsville from Imperial Paper Box Corp for $6.3M. Kalmon Dolgin Affiliates’s Neil Dolgin,Grant Dolgin, and Neil Fertile brokered the deal.

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Ariel Property Advisors brokered three deals: a 30-unit, six-story walkup apartment building at 504 W 161st St for $2.9M (brokers:Michael Tortorici, Victor Sozio, Jesse Deutch, and Daniel Tropp); a vacant lot with 11k buildable SF at 15-19 W 119th St for $1.1M(brokers: Shimon Shkury, Sozio, and Tortorici); and a 16-unit, four-story walkup apartment building at 1600 Bedford Ave, Crown Heights for $1.4M (brokers: Jonathan Berman, Tortorici, and Shkury).

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East River Group purchased the 19-unit, four-story walkup apartment building at 33-02 34th St, Astoria from IGB for $3.2M. Rosewood Realty Group’s Michael Guttman brokered the deal; he also repped buyer 108 West 116th Residences in its $2M purchase of the seven-unit, five-story walkup apartment building at 108 W 116th St. Rosewood’s Michael Kerwin and Samuel Kooris repped seller 108 Realty.

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Massey Knakal brokered two sales: a 12-unit apartment building at 40 Cumberland St, Fort Greene for $2.2M (brokers: Stephen Palmese and Mike Amirkhanian); and a 4,600 SF mixed-use building at 411 Myrtle Ave, Clinton Hill for $1.5M (brokers: Palmese and Guthrie Garvin).

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Friedman-Roth Realty Services brokered the sale of an eight-unit, five-story walkup apartment building at 350 E 19th St for $3M. The firm’s Eric Lupo and Jim Mann repped the seller, while the firm’s Lily Ren, along with Vickers Realty’s Michael Vickers, procured the buyer.

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Madison Realty Group took ownership of the 55k SF, two-story retail center at 364 Bay St, St. George, Staten Island through foreclosure proceedings. In July, it purchased the defaulted first and second mortgage notes with an unpaid principal balance of $2.9M for a local bank. Madison will complete construction of the property.

LEASES
Whole Foods
signed two Manhattan leases: 39k SF at Wharton Properties’ 100 W 125th and 38k SF at Milstein Properties’ 1551 Third Ave. SCG Retail’s Chase Welles and Jacqueline Klinger repped the tenant; RKF’s Gary Alterman repped Milstein.***

Bloomsbury Publishing signed a long-term, 24k SF lease at 1385 Broadway. Colliers’ Leon Manoff repped the tenant, while Cushman & Wakefield’s Jonathan Serko, Gary Greenspan, Diana Gaines, and David Malawer repped owner B. Bros Broadway Realty, an affiliate of Bloomingdale Properties.

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The Maison Dellos Group signed a four-story, 20k SF lease for a new restaurant named Manon at 407 W 14th St. Norman Bobrow & Co’s David Tordjman and Norman Bobrow repped the tenant, while CBRE’s Sloane Rhulen and Greg Tannor repped the owner, the Estate of William Gottlieb.

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Hartfield, Titus & Donnelly inked a long-term, 15k SF renewal and expansion at 111 Town Sq, Jersey City. Coldwell Banker Commercial Alliance’s Peter Sabesan repped the tenant, while Brian Decillis and Marylou Berk repped owner LeFrak Org in-house.

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110 W 40th St saw over 14k SF in deals, including: Woods, Witt, Dealy & Sons’ 4,900 SF renewal and expansion; Krisjesshel’s 1,500 SF lease (tenant rep: Adams & Co’s Michael Hymowitz); New Leaf Literary & Media’s 1,500 SF lease; and Athlon Sports Communications’ 1,300 SF renewal. Adams & Co’s David Levy and Brett Maslin repped owner One Ten West Fortieth Associates in the transaction.

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The Advantage Group inked a 10-year, 14k SF lease at 201 Old Country Rd, Melville, Long Island. Oxford and Simpson’s Paul Amoruso brokered he lease with 201 Metro LLC, an affiliate of real estate investor John Cacoulidis’ Grand Metro Builders of New York Corp.

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Tira Na Nog opened an Irish pub and restaurant in 12k SF at 315 W 39th St. Handler Real Estate Org’s Scott Galin repped the landlord.

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Quality Italian signed a 20-year, 11k SF lease at 57 W 57th St for an Italian steakhouse. Colliers International’s Michael Cohen and Ed Brock repped the landlord.

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Timberland signed a 10-year, 9,500 SF lease at 100-104 Fifth Ave. Cushman & Wakefield’s Don Preate and Jamie Katcher repped the tenant, while The Kaufman Org’s Grant Greenspan and Michael Kaufman repped the owner.

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Fastbreak Kids signed a long-term, 7,000 SF lease at 1639 First Ave. RKF’s Gary Alterman and Andrew Stern repped both the tenant and owner The Kibel Cos.

FINANCING
GCP Capital Group
arranged over $47M in financing, including:$15.6M for a package of six apartment buildings totaling 303 units and 4,800 SF of commercial space in the Bronx (arranged by Adam Brostovski); $13M for a series of contiguous warehouse buildings totaling 225k SF on Hall Street, Brooklyn (arranged by Paul Greenbaum); $9.5M for a 47-unit, six-story elevator apartment building and seven retail stores on Broadway (arranged by Brostovski); and $6.9M for a package of three apartment buildings totaling 90 units and six retail stores on Grand Concourse, the Bronx (arranged by Louis Perlmutter).***

Johnson Capital’s Daniel Lisser and Better Commercial Mortgage jointly arranged $9.5M in financing for the 128-room Wyndham Garden Hotel in Long Island City. The IO, floating-rate debt, which is being used to refi two existing land and bridge loans on the property, was provided by Hall Structured Finance and has a term of three years.

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Beech Street Capital provided a $8.2M Fannie Mae conventional loan to refi a 74-unit apartment building on Fort Washington Avenue. Meridian Capital Group’s Carol Shelby originated the transaction, which is fixed rate with a seven-year term. Meridian Capital Group’s Peter Steier and Aaron Appel also negotiated a JV equity investment by The Davis Cos and Cayuga Capital Management for the acquisition of the development site located at 101 West St, Greenpoint. The JV acquired the site in September for $5.2M and plans a 50-unit apartment building there.

CONSTRUCTION & DEVELOPMENT
The ARK at JFK
—a $35M, 172k SF multi-purpose cargo facility—will break ground this spring at JFK International Airport for safe and humane handling and transport of animals for import and export (including 7,000 to 10,000 horses, cows, and pigs; 5,000 to 10,000 cats, dogs, and other household pets; and tens of thousands of birds, fish, exotic, and zoo animals). The facility will sit on 14.4 acres upon its fall 2013 completion. ARK Development—led by Racebrook Capital’s John Cuticelli Jr—will develop, finance, construct, operate, and manage the project.***

The Dow Hotel Co completed a $16M renovation of the 304-room Hilton Long Island/Huntington in Melville, Long Island. The hotel is jointly owned by DHC and Prudential Real Estate Investors and operated by DHC. The makeover included upgraded hotel rooms, corridors, and public spaces, plus a new lobby and restaurant.

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Yonkers Mayor Mike Spano and other officials joined Forest City Ratner to break ground on the $12M, 32k LEGOLAND Discovery Center Westchester at Ridge Hill in Yonkers. (But instead of shoveling dirt, they were showered with thousands of LEGO bricks courtesy of 12 elementary school children.)

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ClearRock Properties and Artemis Real Estate Partners launched a $2.5M capital improvement program to reposition 75 Holly Hill Ln, Greenwich, Conn., a 105k SF office property they jointly purchased in May for $19.3M. It was 20% occupied then. MKDA will oversee the improvements, which includes exterior and interior upgrades and a redone roof and parking lot.

Related Topics: Forest City Ratner, Harbor Group International, Meridian Capital Group, Monday Properties, Rosewood Realty Group, Michael Guttman, Grand Concourse, Clinton Hill, Stephen Palmese, Johnson Capital, The Davis Cos, Michael Cohen, Cayuga Capital Management, David Behin, Jose Cruz, Staten Island, Crown Heights, Coldwell Banker, Taconic Investment Partners, Ariel Property Advisors, Artemis Real Estate Partners, Kalmon Dolgin Affiliates, Beech Street Capital, Big Deals, Andrew Scandalios, Grant Greenspan, Stellar Management, Mitch Konsker, Victor Sozio, Brett Maslin, Fort Greene, Michael Tortorici, Jeffrey Julien, FOX Architects, Hall Structured Finance, Handler Real Estate Org, Starwood Capital Group, Norman Bobrow, Scott Cahaly, Quality Italian, Scott Galin, Matthew Astrachan, Guthrie Garvin, Michael Kaufman, Brian Reiver, Jesse Deutch, The Rochlin Org, The Witkoff Group, Peter Sabesan, David Malawer, Jonathan Serko, Grant Dolgin, Jonathan Berman, Ridge Hill, Aaron Appel, LeFrak Org, Leon Manoff, Alexis Tener, Gary Alterman, Don Preate, Jamie Katcher, Neil Dolgin, Gary Greenspan, 1385 Broadway, SCG Retail, Samuel Kooris, Adam Rochlin, Louis Perlmutter, Daniel Tropp, Roth Realty Services, Chase Welles, Diana Gaines, Aetna Life Insurance Co, Michael Kerwin, Eric Lupo, Bloomingdale Properties, JFK International Airport, ClearRock Properties, Valley Stream, One Ten West Fortieth Associates, Jay Marshall, Brian Decillis, Michael Hymowitz, Hilton Long Island, The Macerich Co, Wharton Properties, Ivy Realty, Fort Washington Avenue, Bros Broadway Realty, Greg Tannor, Peter Steier, Infinity Urban Century, New Valley, Vickers Realty, Ed Brock, Daniel Lisser, John Cuticelli Jr, Yonkers Mayor Mike Spano, Times Square Gateway Center, Mike Amirkhanian, Tuck It Away, Starwood Capital Group