THE DEAL SHEET
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| SALES David Bistricer and Joseph Chetrit purchased the landmarked Bossert Hotel at 98 Montague St, Brooklyn from the Jehovah’s Witnesses for $81M. Rosewood Realty Group’s Aaron Jungreis repped the buyer, while Rosewood’s Devin Cohen repped the seller. Aaron also brokered the $7.1M sale of 354 Cathedral Pkwy to Lighthouse Cathedral (seller: 354 Cathedral Partners) and the $2.7M sale of 61 Village Rd N, Gravesend to 61 VM Realty (seller:Zeborex Partners).*** American Realty Capital New York Recovery REIT entered into a purchase and sale agreement to acquire the fee-simple interest in 229 W 36th St for $65M. The 149k SF office building is 100% leased. *** The Orbach Group purchased a six-building, 105-unit multifamily portfolio in Manhattan for $30M. Five buildings are on Amsterdam Avenue between 105th and 108th streets, while the sixth building is at Cathedral Parkway off of Columbus Avenue. The acquisition also included six retail stores. *** Besen & Associates brokered two sales: the 25-unit, six-story walkup apartment building at 304 W 151st St for $2.8M (seller rep:Greg Corbin; buyer rep: Morris Arlos); and the 24-unit, four-story walkup apartment building at 85 Fairview Ave for $2M (broker: Amit Doshi). | ||
| LEASES Clifton Budd & DeMaria inked a 15k SF lease at the Empire State Building. Cushman & Wakefield’s William Fressle and Franklin Speyer repped the tenant, while Newmark Grubb Knight Frank’s Billy Cohen and Ryan Kass repped owner Malkin Properties. Additionally, four pre-builts were leased: OpTier’s 6,600 SF lease (tenant rep: Coldwell Banker Commercial Alliance’s Michael Okun,Peter Sabesan, and Michael Piccirillo); Recommind’s 5,400 SF lease (tenant rep: CBRE’s Lauren Smith); CB Alliance’s 4,600 SF lease (tenant rep: Rice & Associates’ Elie Rice); and Digital Capital Advisors’ 3,200 SF lease (tenant rep: Norman Bobrow & Co’s Elie Censor). *** Stark Business Solutions added an additional 13k SF to its existing 25k SF lease at One Grand Central Place. Goldschmidt & Associates’ Erik Goldschmidt repped the tenant, while Newmark Grubb Knight Frank’s Billy Cohen, Ryan Kass, and Julie Christiano repped owner W&H Properties. *** The Nelson Tower (450 Seventh Ave) saw over 12k SF in deals, including: Morstan General Agency’s five-year, 3,900 SF lease;Human Rights in China’s five-year, 2,600 SF lease (tenant rep: Olmstead Properties’ Steven Marvin); Etna Consulting Structural Engineering’s five-year, 2,500 SF lease; and Hilltop Equities’ seven-year, 1,700 SF lease (tenant rep: Dakota Realty Group’s Jay Futersak). The Kaufman Org’s Barbara Raskob repped the landlord in all four deals, along with Morstan and Etna. *** NuvoTV signed a 5,500 SF lease for a pre-built at 501 Seventh Ave. Cushman & Wakefield’s Jamie Katcher repped the tenant, while C&W’s Harry Blair, Sean Kearns, and Kelli Mekles repped owner W&H Properties. *** Key Apparel inked a five-year, 3,900 SF lease at 463 Seventh Ave. The tenant was repped by BNSK Real Estate Group and Sinovsky Real Estate, while Adams & Co’s David Levy repped owner The Arsenal Co. *** Bushwick Art & Shipping signed a 3,800 SF lease at 1053 Flushing Ave, Bushwick. Massey Knakal’s Andrew Clemens brokered the deal. *** Greenwich Investment Management signed a seven-year, 3,800 SF lease at 200 First Stamford Pl, Stamford, Conn. Cushman & Wakefield’s Jay Hruska, Gregory Kenny, and Bill Montague repped the tenant, while Jeffrey Newman, Kim Zaccagnino, and Tara Long repped owner Malkin Properties in-house. *** The Phoenix Group Advisors expanded to 3,500 SF at 370 Lexington Ave. Owner Sherwood Equities was repped in-house by Jill Burrowes and Adam Weissleder. *** Sushi Shop signed a 15-year, 3,000 SF lease at 31 W 52nd St. SCG Retail’s Betrand de Soultrait repped the tenant, while Cushman & Wakefield repped owner The Paramount Group. *** McDonald’s signed a 2,500 SF lease at 148 W 125th St. HSRE’s Harold Sherr repped the tenant, while Jonathan Nachmani repped owner The Jackson Group in-house. FINANCING The Singer and Bassuk Org advised TF Cornerstone on a $65M leasehold mortgage loan for 654 Madison Ave. *** Meridian Capital Group’s Judah Hammer arranged two financings: a $12.8M new mortgage for Parsippany Gardens, a five-building multifamily complex totaling 124 units at 380-388 Parsippany Rd, Parsippany, NJ; and a $3.9M acquisition loan for an 18-unit, five-story mixed-use building at 139 Essex St. BUSINESS Greystone and The Bassuk Org formed the Greystone Bassuk Group, a JV that will provide expanded real estate and financial services to multifamily clients across the US. *** Hartman & Craven is merging its practice with the Atlanta-based law firm of Smith, Gambrell & Russell, now practicing as The Hartman & Craven Law Group of Smith, Gambrell & Russell. |
This morning, Vornado announced the partnership that owns the 1.2M SF 1290 Avenue of the Americas (which we snapped only moments ago) has completed a $950M refi. Vornado has a 70% controlling interest. The 10-year, IO loan has a rate of 3.34%; proceeds from the refi were approximately $522M after repaying the existing loan and closing costs.***