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TRANSACTION FLURRY; THE DEAL SHEET

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TRANSACTION FLURRY; THE DEAL SHEET
Guess real estate folks don’t want to be closing deals over turkey and stuffing this year—yesterday, a slew of big transactions were announced, starting with an SL Green triple play.
One Court Square, Queens, New York
A private investor group signed an agreement to snap up the 1.4M SFOne Court Square (otherwise known as the Citicorp Building) in Long Island City from SL Green and its JV partner for $476M. The transaction includes the assumption of the $315M in existing debt. The REIT acquired its stake in the office building in conjunction with its 2007 acquisition of Reckson Associates; it stands to realize $42.8M in net proceeds from the transaction. Eastdil Securedrepped the sellers.
180 Maiden Lane, New York, NY
SL Green and The Moinian Group formed a JV to recapitalize the 1.1M SF 180 Maiden Lane, valuing the property at $429M. SL Green’s consideration for its 49.9% stake included $41M in cash and $31.7M in partnership operating units. Simultaneous with the closing of the recap, the venture refinanced the existing $344M debt with a five-year, $280M mortgage with the Bank of China and CIBC. Separately, SL Green also announced that it has closed on a new$1.5B unsecured revolving credit facility, which refinances the REIT’s previous $1.5B facility set to expire in June. This was arranged byWells Fargo Securities, JP Morgan Securities, and Deutsche Bank Securities.
1290 Avenue of the Americas, New York, NY
ColumbiaDoctors inked a 25-year, 120k SF lease at 1290 Avenue of the Americas, where it’ll take occupancy in 1Q ’13. The new location will replace the existing practice at 16 E 60th St; the space includes room for all of the services currently offered there, plus room for further expansion.
OTHER BIG DEALS!
Durst Fetner Residential and Ian Schrager announced their partnership to develop a PUBLIC New York hotel, which will include over 250 keys and 315 rental units, at 855 Sixth Avenue. The hotel will occupy 155k SF on the first 16 floors and includes a10k SF restaurant, an outdoor sky garden, bar, nightclub, banquet and meeting spaces, a 10k SF gym, swimming pool, and more. The 486k SF building will also include luxury rentals on floors 20 through 56, as well as 60k SF of retail on the first and second floors. Ian and his in-house design team will be responsible for conceptualizing and designing the hotel, while the building will be designed by Cook + Fox Architects. It’s expected to break ground in the spring with a 30-month build-out.***HFF arranged a $115M refinancing for the 130k SF 980 Madison Ave. The firm’s Michael Tepedino and Michael Gigliotti placed the adjustable-rate loan with RBC Capital Markets on behalf of client RFR Holding Corp.

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We previously announced that Baker & McKenzie inked a 106k SF lease at 452 Fifth Ave. Studley’s Mitch Steir, John Mambrino, David Golstein, and Matthew Barlow, along with US Equities’ Nancy Packer, repped the tenant, while CBRE’s Craig Reicher, Howard Fiddle, James Ackerson, Zachary Freeman,Sinclair Li, and Greg Maurer-Hollaender, along with Alicia Popper, repped owner IDB Group.
SALESInvestcorp purchased mezz debt backed by the Paramount Hotel, buying two existing mezz loans with a principal balance of $40M fromFillmore Capital Partners, who was an existing lender for the Paramount at the time of RFR Realty’s October purchase of the hotel. The transaction allows Investcorp to participate in the hotel investment through the purchase.

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American Realty Capital New York Recovery REIT acquired a fee-simple interest in a four-retail condo portfolio at 416-424 Washington St for $9.9M. The four condos, which are 100% leased, total 24k SF, including a 15k SF parking garage and 1,800 SF of basement storage space.

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Massey Knakal sold two buildings: a six-story, 14k SF commercial building at 3 E 44th St for $4.6M cash (broker: Clint Olsen) and a 6,800 SF mixed-use building at 1800 Westchester Ave, the Bronx (aka 1254-1256 Beach Ave) for $1M cash (broker: Nick Burns).

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Ugo Rodinone purchased the 16k SF Mount Moriah Baptist Church in Harlem from Merker Realty Corp for $2.8M. He has plans to convert the property into a cultural center and community facility. Eastern Consolidated’s Louis Ricci and Alan Miller repped the owner and procured the buyer.

LEASES

Weidlinger Associates inked a long-term, 61k SF lease at 40 Wall St. Studley’s Joe Messina and Jack Feeney repped the tenant, while Cushman & Wakefield’s Andrew Peretz and Jared Horowitzrepped owner The Trump Org.

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Sugar Publishing signed a 10-year, 26k SF lease at 386 Park Ave South. Cushman & Wakefield’s Clark Finney repped the tenant.Savanna and Monday Properties are the joint owners.

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The International Federation of Accountants signed a long-term,25k SF lease at 529 Fifth Ave. Studley’s Daniel Horowitz, Jeffrey Peck, and Gary Kerper repped the tenant.

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AMVETS National Service Foundation inked a 19k SF lease at1179 Sunrise Hwy, Copiague, Long Island. Sabre Real Estate’sBeth Lamport and Breslin’s Russ Lico repped the tenant, whileSchuckman Realty repped owner Royal Sunrise Realty.

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Retro Fitness signed a 20-year, 15k SF lease at 32-32 49th St, Long Island City. Katz & Associates’ Scott Sher repped the tenant, while Right Time Realty’s Joe Ibrahim and Sholom & Zuckerbrot’sHillel Galosher and Natalie Hurwit repped owner Broadway Stages.

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Accessory Innovations inked a 13-year, 11k SF lease at 34 W 33rd St. Benchmark Properties’ Michael Beyda repped the tenant, while Adams & Co’s David Levy and Brett Maslin repped owner Arcade Building Associates.

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Ted Baker is opening a 12k SF flagship store at 595 Fifth Ave. PBS Real Estate’s Laura Pomerantz and Betty Ende repped the tenant, while Cushman & Wakefield’s Jonathan Scibilia and Andrew Kahnrepped owner 595 Fifth Avenue Inc.

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Midnight Lick signed a 10k SF lease at 87 Richardson St, Brooklyn. Kalmon Dolgin Affiliates’ Grant Dolgin repped both the tenant and landlord.

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The Kaufman Org’s Ian Norris (tenant rep) and Grant Greenspan(landlord rep) brokered two deals: Paramount Merchant Funding’s 6,500 SF lease at 242 W 36th St and Coed Media Group’s 1,500 SF lease at 237 W 35th St.

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On Assignment inked a seven-year, 6,000 SF lease at MerrittViewin Norwalk, Conn. CresaPartners’ Jeff Gage and Rick Pearsonrepped the tenant, while Jeffrey Newman, Kimberly Zaccagnino, and Tara Long repped owner Malkin Properties in-house.

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An affiliation of law firms leased 3,500 SF at 189 Montague St, Brooklyn. The Treeline Cos’ Kraig Silver repped then tenant, as well as the owner in-house. Kraig also repped both parties in Local 713 International Brotherhood of Trade Unions’ 2,400 SF lease at 400 Garden City Plaza, Garden City, Long Island.

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Burford Group signed a 3,600 SF lease at 292 Madison Ave. The tenant was repped by Signature Partners, while CBRE repped the landlord. Herald Square Properties is the asset manager.

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Taylor Consulting and Contracting inked a 3,400 SF lease in a pre-built at 112 W 34th St. Grubb & Ellis’ Ira Rovitz repped the tenant, while Cushman & Wakefield’s Mitchell Arkin, Kelli Mekles, andHaley Klein repped owner W&H Properties.

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Synergy Education signed a 3,400 SF lease at 256 W 36th St. CBC Hunter Realty’s Wayne Siegel and Ryan Rozins repped the tenant, while Tarter Stats O’Toole Realty’s Catherine O’Toole repped the landlord.

BISNOW EXCLUSIVE!
International luxury bath and body brand Sabon inked a 10-year,665 SF retail lease at 1450 Broadway for its flagship Times Square location. The first year’s rent is more than $475/SF. Winick Realty’s Michael Gleicher repped owner The Zar Group, which purchased the building for $240M in June. It’s currently90% occupied.
FINANCINGMeridian Capital Group arranged $60M in financing, including:$31.6M for a 19-story office building on East 55th Street (arranged by Matt Texler); two mortgages totaling $9M on two office buildings on West 36th Street and Fifth Avenue (arranged by David Zlotnickand Chaim Tessler); $7.4M for a 83-unit, six-story multifamily building on Metropolitan Avenue, Kew Gardens (arranged by Joe Taub); and $6.5M for a 74-unit, six-story multifamily building onKings College Place, the Bronx (arranged by Charles Grussgott).

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NCB FSB arranged $41M in financing for co-ops, including: a $8.5Mfirst mortgage and $2M line of credit for Continental Owners Corp, a 251-unit co-op at 70-20 108th St, Forest Hills (arranged by Sheldon Gartenstein); a $5.3M first mortgage and $500k line of credit for 79th Street Tenants Corp, a 192-unit co-op at 425 E 79th St (arranged byEdward Howe III); and a $1.1M first mortgage for Broadwood Acres Tenants Corp, a 30-unit co-op at 302 Longacre Rd and 874 West Broadway, Woodmere (arranged by Mindy Goldstein).

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Beech Street Capital provided a $24M Fannie Mae DUS loan to refinance a Class-A, 68-unit apartment building in the West Village. Meridian Capital Group’s Cary Pollack originated the fixed-rate loan, which has a 10-year term and 30-year amortization.

CONSTRUCTION & DEVELOPMENT

Macy’s is constructing a new 200k SF store to replace the existing 318k SF Macy’s store at Westfield South Shore in Bay Shore, Long Island. The current store will close in March for razing, and construction will start shortly thereafter for the new store, which will open in fall 2013.

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DelShah Capital completed the renovation of 163 W 80th St, a five-unit residential brownstone. It purchased the building in ’08 and restructured the loan into a permanent loan with Doral Bank this year.

EXECUTIVE MOVES

Chuck Pomerantz joined Denihan Hospitality Group as VP of operations, responsible for the day-to-day operations of Denihan’s nine-property NY portfolio. He was previously with Redmont Hospitality and held positions at Innisbrook Resort, Atlantis Paradise Island Resort, the Gaylord Texan Resort and Convention Center, and Wyndham International. He’s a Florida International University grad.

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Mohit Kohli joined HKS Capital Partners as a senior analyst for loan underwriting. He was previously with Bond New York and held positions at Concord Capital Funding and Ainsberg Associates. He’s a Baruch and NYU grad.

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Joshua Kohner joined Skanska USA Building, providing legal counsel for Skanska’s portfolio of projects. He was previously with a large engineering and construction firm and an Atlanta-based law firm. He’s an Emory University School of Law grad.

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Michael Gulas joined Conceptcsi as director of design and construction, leading the firm’s global design and construction initiatives. He was previously with Skanska.

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Mack-Cali promoted four: Christopher DeLorenzo to first VP of leasing; Ilene Jablonski to VP of marketing; Daniel Wagner to first VP; and Gary Wagner to VP. Christopher is responsible for overseeing the leasing efforts of the firm’s 10M SF portfolio in NY and NJ; he’s been with the firm since ’98. Ilene covers a broad range of Mack-Cali’s marketing and PR activities, and she’s been with the firm since ’99. Daniel is responsible for a broad range of Mack-Cali’s legal activities, including sales, acquisitions, and financings, and he’s been with the firm since ’98. And Gary is responsible for the firm’s legal activities related to leasing and has been with the firm since ’89.

Related Topics: Skanska, Meridian Capital Group, Laura Pomerantz, Monday Properties, Mitch Steir, US Equities, Wells Fargo Securities, The Moinian Group, Kalmon Dolgin Affiliates, Beech Street Capital, FINANCINGMeridian Capital Group, Kimberly Zaccagnino, Deutsche Bank, RFR Realty, Grant Greenspan, Mindy Goldstein, Fannie Mae DUS, Sheldon Gartenstein, Howard Fiddle, Edward Howe III, Brett Maslin, Forest Hills, American Realty Capital, Tara Long, Alan Miller, Cary Pollack, FOX Architects, Sabre Real Estate Group, PBS Real Estate, CBC Hunter Realty, Clint Olsen, HKS Capital Partners, Ian Schrager, Mitchell Arkin, Jeffrey Peck, Michael Gleicher, DelShah Capital, Zachary Freeman, Kew Gardens, Michael Beyda, Daniel Horowitz, The Trump Org, Alicia Popper, Grant Dolgin, Nick Burns, Benchmark Properties, Clark Finney, Michael Gigliotti, Denihan Hospitality Group, Wayne Siegel, Haley Klein, Andrew Peretz, Right Time Realty, Joe Ibrahim, John Mambrino, Matthew Barlow, Tarter Stats, Bay Shore, Joe Messina, Ted Baker, Sinclair Li, Herald Square Properties, Beth Lamport, Retro Fitness, Charles Grussgott, Greg Maurer, Joe Taub, The Treeline Cos, Ira Rovitz, Florida International University, James Ackerson, Scott Sher, Kraig Silver, Reckson Associates, JP Morgan Securities, Arcade Building Associates, Craig Reicher, Durst Fetner Residential, IDB Group, Sunrise Hwy, Schuckman Realty, Signature Partners, Bond New York, Doral Bank, Michael Tepedino, Christopher DeLorenzo, Broadway Stages, International Brotherhood, The Zar Group, Gaylord Texan Resort, Emory University School, Ian Norris, Jack Feeney, Garden City Plaza, SF Macy, Jonathan Scibilia, Matt Texler, Betty Ende, Louis Ricci, The International Federation, Gary Kerper, Synergy Education, Ryan Rozins, Daniel Wagner, Gary Wagner, RBC Financial Group