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!

Big Deals!
Orrick, Herrington & Sutcliffe signed a long-term lease for 210k SF at 51 W. 52nd St., the Blackrock Building. This includes an option for additional floors in the future. The lease starts in fall ’09 and the firm will move in spring ’10. Newmark Knight Frank represented the tenant.***ImClone Systems inked a 15-year, 91k-SF deal at the East River Science Park. The firm plans to relocate its entire operations in the middle of ’10 to the $700M under-construction park, which is scheduled for completion the end of the year. CB Richard Ellis’John Isaacs and Timothy Dempsey represented the tenant.

***

Otsuka America Pharmaceutical signed a long-term 67.5k-SF lease as the first tenant of the University Square office building at US Highway 1 and Alexander Road in Princeton, NJ. Triad Realty’s Jane Monie and Lori Gaffney represented the tenant, while Newmark Knight Frank’s David Simson represented owner RXR Realty.

Sales Transactions Marcus & Millichap sold the 8.3k-SF mixed-use 229 Lenox Ave. in Harlem for $1.8M. The firm’s Scott Edelstein and Peter Von Der Ahe marketed the property on behalf of the seller, an undisclosed developer.***

Massey Knakal sold two buildings: a one-story 4.3k-SF retail building at 76-07/23 Jamaica Ave. in Woodhaven, Queens for $1.1M cash (brokers: Stephen Preuss and Brian Sarath); and a 3.4k-SF four-family townhouse at 579 Greene Ave. in Bed-Stuy, Brooklyn for $380k cash (broker: Michael Amirkhanian).

***

West 182nd Realty sold the 25-unit, five-story SRO building at 566 W. 182nd St. for $850k. Eastern Consolidated’s Neil Gronowetter represented the seller and procured the buyer. Attorneys were Moss & Kalish’s Larry Lazar for the seller and Tratner, Molloy & Goodstein’s Jason Goodstein for the buyer.

Lease Transactions

Nordstrom and Best Buy are taking the space formerly occupied by Virgin Megastore and Circuit City at The Related Cos.’ One Union Square. Nordstrom, who is taking the 32k-SF lower level of the previous Virgin Megastore for its Nordstrom Rack division, plans to open in Spring ’10. Best Buy is taking the former Circuit City space in 4Q09.

***

No Body Denied Health Club signed an anchor lease for 21.5k SF at the Echo Plaza shopping center at the intersection of Mountain Ave. and U.S. Route 22 in Springfield, NJ. Lance Bram Commercial Brokerage’s Joseph D'Agostino represented the tenant, while Levin Management Corp.’s Ethan Goldsmith represented owner Larken Associates.

***

Ismael Leyva Architects signed an 11-year, 16k-SF renewal at 48 W. 37th St. Adams & Co.’s David Levy and Joseph Friedman represented both the tenant and landlord. Although terms were not disclosed, the asking price was $36 PSF.

***

The National Academy Foundation signed a 13.8k-SF lease at 218 W. 40th St. Newmark Knight Frank’s Jordan Gosin represented the tenant, while Savitt Partners’ Michael Dubin and Carol Sacks represented the landlord.

***

LogistiCare Solutions leased 13k SF at 200 Metroplex in Edison, NJ. Bussel Realty Corp.’s. Ken Belfiglio and ICON Commercial Interests’ Eric Ramer represented the tenant, while Cushman & Wakefield’s Robert Dinner and Michael Gordon represented the owner.

***

Old Toledo Brands inked a five-year, 11.9k-SF lease at 240 W. 37th St. in an expansion and relocation. The Kaufman Org.’s Michael Heaner represented the tenant, while CB Richard Ellis’ Joseph Mangiacotti represented the landlord. Although terms were not disclosed, the asking price was $36 PSF.

***

Fairfield-Maxwell Services inked a penthouse lease for 9.6k SF at One Grand Central Place, formerly known as the Lincoln Building. It will move from its current Chrysler Building office by the end of the year. Colliers ABR’s Richard Michaels and James Frederick represented the tenant, while Newmark Knight Frank’s William Cohen, Ryan Kass, Jonathan Fanuzzi, and Alison Coffey represented owner W&H Properties.

***

386 Park Ave. South saw three renewals: Atelier Esthetique Institute of Esthetics signed a four-year extension for 4.3k SF;Waxman and Waxman extended its 2.5k-SF lease until ’14; and Mag Capital extended its 1.1k-SF lease until ’12. Monday Properties’Craig Panzirer and Issa Deas handled the leases internally.

***

499 Seventh Ave. saw two deals: Lite Tech’s seven-year, 3.2k-SF lease and Overseas Garment Production’s five-year, 3.2k-SF lease. Savitt Partners’ Carol Sacks and Michael Dubin represented the landlord in both deals, as well as Overseas Garment. The Kaufman Org.’s Arthur Spitalnick and Howard Rosenblum represented Lite Tech.

***

Elise Overland signed a seven-year, 3.5k-SF lease at 601 W. 26th St. The Kaufman Org.’s Michael Heaner and Grant Greenspan represented the tenant, while 601 West Associates’ Peter Thorsen represented the landlord. Although terms were not disclosed, the asking price was $39 PSF.

***

Bobby Van’s Steakhouse renewed its restaurant lease at 230 Park Ave. Dana Moyles Real Estate’ Dana Moyles represented the tenant, while Craig Panzirer represented owner Monday Properties in-house.

***

Deborah Buck’s Buck House signed a long-term retail lease at 1318 Madison Ave. Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino represented both the tenant and landlord. This will be the retailer’s third New York location.

Financing

Holiday Fenoglio Fowler’s Jon Mikula arranged $3.3M in financing for two industrial and flex properties totaling 52.5k SF at 155 Plant Ave. and 75 Oser Ave. in Hauppauge, Long Island. The owner-borrower is The Hampshire Cos. The five-year, fixed-rate loan was secured through Oritani Bank, and loan proceeds were used for a sale-leaseback of the two properties to Siemens Energy & Automations.

***

The Community Preservation Corp. closed on a $2.1M Freddie Mac loan to refinance two five-story mixed-use rental buildings at 79 Sherman Ave. and 152 Dyckman St. in Inwood, Manhattan. The owner-borrower is Silpar Realty.

ALSO AROUND NEW YORK…

Business

Fisher Brothers made a 15.5% investment in Modern Bank, which will give the private client bank access to Fisher’s team of real estate executives and enhance its ability to make and manage targeted investments in U.S. real estate.

***

Racebrook Marketing Concepts will acquire the assets of real estate auction firm Sheldon Good & Co., which declared Chapter 11 in April, upon a new corporate structure to take effect on August 1. The firm’s headquarters will relocate from Chicago to NYC, and former Sheldon Good exec John Cuticelli Jr. will become CEO. Operation oversight will be assumed by Racebrook’s management team.

Exec Moves

Andrew Scott joined the Praedium Group on the analytical side of the acquisitions team, which currently has the purchase power to buy $2B in real estate assets through its Praedium Fund VII. Previously, he was with hedge fund Perry Capital and Capital Trust. He is a graduate of The Wharton School.

***

Allison Robin joined Levien & Co. as associate project manager, and will provide back-up for the some of the firm’s larger and more complex projects, as well as managing her own. She was previously with Richter & Ratner Contracting Corp., and is a graduate of Cornell. She is currently pursuing her Master’s in construction management at NYU.

***

Joseph Bellina was tapped as GM of the Empire State Building. Most recently, he was president at Property Advisors Inc., and previously worked for Newmark Knight Frank, Macklowe Properties, and Vornado. He is a graduate of Baruch College.