Contact Us
News

The Deal Sheet

BIG DEAL!
The Bank of America Tower at One Bryant Park announced $1.3B in financing, the first major real estate financing completed since the markets crashed. The 2.1M SF-tower, a JV between BofA and The Durst Org., is 98% leased and is expected for an early ’10 completion. The Cook+Fox Architects-designed building is the first LEED Platinum skyscraper ever built. Financing was provided by a consortium; BofA is the administrative agent and the letter of credit issuer; Bank of New York Mellon is the construction agent; and Wells Fargo Bank is the collateral agent. Financing is also provided by Westdeutsche Immobilien Bank and Helaba Bank.
Sales Transactions Rutgers University purchased the 408-space parking garage at 180-190 Washington St. in Newark for over $25k per space, or over $10M. Cushman & Wakefield’s Robert Donnelly Jr., Andrew Merin,David Bernhaut, Gary Gabriel and Jose Cruz represented the seller, Central Parking Corp. and Lubert-Adler Partners.Marcus & Millichap arranged the sale of multiple properties: the 15-unit, multi-family 557 South Broadway in Yonkers for $1.7M(brokers: Marco Lala, Dave Raciti, and Jack Lala); five apartment buildings at 2140 Fifth Ave. in Central Harlem for $3.5M (brokers: Lala, Raciti, and Lala); the 52-apartment 2411-2415 Prospect Ave. in the Bronx for $3.7M (broker: Sharone Sohayegh); and the 16-unit multi-family 1102 Eastern Pkwy. in Brooklyn for $950k (seller rep:Daniel O'Brien; buyer reps: Zachary Felson and Shaun Riney).

The Hampshire Cos. closed on a 578k-SF Raia Self Storage portfolio, consisting of five existing self-storage facilities and two development sites throughout NJ and NY, for an undisclosed price. CB Richard Ellis’ Jeffrey Dunne and Steve Hryszko represented Raia and procured the buyer in the transaction. The buyer purchased the assets for its Hampshire Fund V, and the properties will operate under Hampshire Self Storage brand.

A JV of United Stor-All and the Fidelity Real Estate Group sold two self-storage facilities totaling 140k SF in Fairfield and Parsippany, NJ to an undisclosed third party. Holiday Fenoglio Fowler’s Aaron Swerdlin and Doug McCarron represented the seller.

New Jersey Cardiology Associates purchased a 22.5k-SF medical office condo interest at 375 Mt. Pleasant Ave. in West Orange, NJ.FirstService Williams’ New Jersey office repped both the buyer and the seller, a JV of Paragon Realty Group and the Hampshire Cos.

Lease Transactions


ASA Institute inked a 15-year, 57.2k-SF lease at Two Herald Square for classrooms to accommodate its growing student body. Lansco Corp.’s Brett Zelner, Mike Antkies, and Dawn Chartoff represented the tenant, while Sitt Asset Management’s David Sitt and Ralph Sitt represented the owner.

Robert K. Futterman & Associates brokered three deals: 7-Eleven’s 2.5k-SF lease at 103 W. 14th St. (tenant rep: Greg Covey; owner rep: Ariel Schuster and Jonathan Krieger on behalf of Stonehenge Partners); Generra’s 1.2k-SF lease at 823 Washington St. (tenant rep: Karen Bellantoni and Stefany Di Manno; owner rep: Romanoff Equities’ Daryl Romanoff, in-house); and Antique Orange’s 15.8k-SF renewal at 366 Broadway (brokers: Schuster and Brandon Singer).

Bonina & Bonina renewed its 7.9k-SF lease at 16 Court St. in Downtown Brooklyn. Corincello Tendler’s Susan Baumet-Cornicello represented the tenant, while Chris Gulden represented owner SL Green in-house.

Lawyers Alliance for New York inked a 10-year, 7.2k-SF lease at 171 Madison Ave. Denham Wolf Real Estate Services’ Paul Wolf and Amy Lawrence represented the tenant, while Newmark Knight Frank’s Brian Steinwurtzel and Andrew Udis represented the owner, a partnership of Newmark Holdings. Although the terms were not disclosed, the asking rent was $36 PSF.

JPD Restaurant Group signed a 16-year, 5k-SF lease at 470 Seventh Ave, where it will open its fourth Pig n’ Whistle Irish Bar. The Kaufman Org.’s Grant Greenspan, Michael Kaufman, and John Schiliro represented both parties in the transaction. Although the terms were not disclosed, the asking rent was $150 PSF.

Winoker Realty’s Bill Berkis brokered two transactions: Howard M. Rosengarten PC’s seven-year, 3.4k-SF lease at 363 Seventh Ave(owner rep: Neil Polon on behalf of Gateway Realty); and Woodmere Trading’s five-year, 1.5k-SF lease at 55 Broad St. (owner rep: Eugene Baumstein on behalf of Rudin Management.)

Ideal Properties completed three deals totaling 4.5k SF in Brooklyn:Lululemon USA’s one-year, 900-SF lease at 472 Bergen St. in Park Slope (broker: Matthew Chapman); Exeunt Followed By Bear’s 10-year, 1.2k-SF lease at 529 5th Ave. in Park Slope South (broker:Maria Patricia Slee); and R. Andrew Heidel’s five-year, 2.4k-SF lease at 685 Washington Ave. in Prospect Heights.

Nobu Group inked a five-year, 4.4k-SF corporate HQ deal at 450 Seventh Ave. The Kaufman Org.’s Michael Kaufman represented the tenant, while Kaufman’s Barbara Raskob represented the owner. Although the terms were not disclosed, the asking rent was $41 PSF.

CX Design signed a five-year, 2.5k-SF lease at 304 Hudson St. Spaceworks’ Randy Kornblatt represented the tenant, while Jason Pizer represented owner Trinity Real Estate in-house.

Eka Software Solutions signed a five-year, 2.2k-SF lease for part of the penthouse level of MerrittView at Route 7 and Merritt Parkway in Norwalk, Conn. CBRE’s Barbara Segalini-Stilley represented the tenant, while Jeffrey Newman and Kathleen Caracappa represented owner W&M Properties in-house. W&M Construction will build out the space for the tenant.


Eagle Food Groups inked a 15-year, 1.6k-SF lease at 680 Eighth Ave. Collier ABR’s Mark Furst and Michael Hofmann represented owner Common Ground Community, while the tenant represented itself.

Construction & Development

Skanska USA was awarded a new $261M contract for renovation of the UN headquarters, where it’s set to start another phase of the HQ’s comprehensive remodeling. In July ’07, it was selected by the UN as construction manager, and the $1B project will be performed on a phased basis through ’13.

The $16M Mount Hope Community Center at 55 Townsend Ave. in the Bronx opened its first phase. The Croxton Collaborative Architects-designed center includes six classrooms, two computer labs, two green roofs, and outdoor open space. Phase II will be a multi-use gymnasium. About $10M for the project was provided from city capital funds.

The Rockefeller Brothers Fund tapped John Gallin & Son as construction manager and Levien & Co. as project manager for the build-out of its 28k-SF offices at 475 Riverside Dr. The FXFOWLE Architects-designed space is a candidate for LEED Corporate Interiors. The design and construction team also includes Cosentini Associates, Gilsanz Murray Steficek, Illumination Arts, Cerami & Associates, and Loring Engineers.

Tekton Development Corp. was retained again as general contractor for the second phase of the Hampton Public School’s $2.3 capital improvement program at 32-41 South St. in Hampton, NJ. The second-phase renovation/upgrade includes replacement of the heating and ventilations systems and structural upgrades. Work will begin this summer for a September completion. The architect is Thomas Group.

ALSO AROUND NEW YORK...

Executive Moves

Dylan Taylor joined FirstService Commercial Real Estate as president of its rapidly growing US operations, including Colliers International, FirstService Williams, PGP Valuation, MHPM Project Management and PKF Hospitality Consulting. His initial focus will be to grow the company’s corporate service offering across the U.S. and increase the capabilities and impact of the company’s property management services platform. He was previously with Grubb & Ellis and holds degrees from the University of Chicago and University of Arizona.

Robert K. Futterman & Associates hired Paul Monaco, Garry Steinberg, and Glenn Beyer for its expanding suburban and boroughs team. Paul joins the Manhattan office from Acadia Realty Trust, and held positions at DLC Management Corp. and Coldwell Banker Commercial. Garry joins the Manhattan office from FirstService Williams, and was formerly principal owner and president of 525 America, a contemporary knitwear company. Glenn joins the Rutherford, NJ office from Metro Commercial Real Estate.

Christian Rogers and Gary Kahn joined CORE. Christian, who was previously with Mercedes/BERK, will focus on European clientele and is a graduate of the University of Virginia. Gary, who was previously with The Corcoran Group, will focus on residential re-sales and new developments, and holds degrees from the University of Miami and the University of Texas.

WASHINGTON DC 10.19.2017

THE FAIRFAX COUNTY STATE OF THE MARKET

Development Pipeline and Current Projects

Katherine Bonnafé
Combined Properties
Greg Trimmer
JBG SMITH
Alex Nyhan
First Washington Realty