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The Deal Sheet

New York

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BIG DEALS!
HSBC Bank sold its U.S. HQ at 452 Fifth Ave. to subsidiaries of The IDB Group and its NY-based partner, Midtown Equities, in a sale-leaseback for $330M. Under the terms of the agreement, HSBC agrees to lease back floors one to 11 of the 865k-SF building for a 10-year term, as well as other parts of the building over a one-year term.***
Day Pitney inked a long-term, 100k-SF lease at 1 Jefferson Rd. in Parsippany, NJ, believed to be the largest new lease signed in northern NJ in ’09. Welsh Chester Galiney Matone’s Thomas Welsh represented the tenant, while Mack-Cali’s James Nugent represented the ownership, a JV among institutional investors advised by JPMorgan Asset Management, The Hampshire Generational Fund, and Mack-Cali.***

Broadpoint Gleacher Securities Group signed a 15-year, 74k-SF lease at 1290 Avenue of the Americas for its new HQ. Cushman & Wakefield’s Matthew Astrachan, Mitti Liebersohn and Steven Bauer represented the tenant, while C&W’s Paul Glickman, Alex Chudnoff, Franklin Speyer, Amy Fox, and Vornado’s Glenn Weiss represented the owner, Vornado.

Sale Transactions

The Government of the Republic of Singapore purchased the 40k-SF 318 E. 48th St., a five-story garage building, from Chapman Consulting Group for $30M. It plans to convert the property into a modern office building for its Mission to the UN and Consulate offices. NAI Global NYC’s Gil Robinov represented the buyer, while Newmark Knight Frank’s David Noonan represented the seller.

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1248 Westgate Associates, an entity of Capital Properties, sold the 174-unit garden-style apartment complex on Farmington Ave. in West Hartford, Conn. to Solomon Org. for $19.1M. CB Richard Ellis’Jeffrey Dunne, Christopher Leonard, Matthew Innes, and Michael Stone represented the seller and procured the buyer.

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Starwood Heller sold the three-building Edison Towne Corporate Centre, which includes the 245k-SF 2147 Route 27, the 99.3k-SF 2121 Route 27, and the 140k-SF 55 Talmadge Rd., to The Morris Cos., which plans to redevelop the land parcel. Cushman & Wakefield’s Jose Cruz, Andrew Merin, David Bernhaut and Gary Gabriel orchestrated the deal.

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Massey Knakal sold five properties:

  • A townhouse at 108 W. 80th St. for $3.2M cash (broker: Paul Smadbeck);
  • A development site at 384 Neptune Ave. in Sheepshead Bay, Brooklyn, for $1M cash (broker: Brian Hanson);
  • A warehouse at 224 42nd St. in Sunset Park, Brooklyn for $640k cash (seller’s broker: Adam Hess; buyer’s broker: Alfa Realty Group);
  • A 3.3k-SF mixed-use building at 87-14 Jamaica Ave. in Woodhaven, Queens for $625k cash (brokers: Brian Sarath and Stephen Preuss);
  • A residential development site at 164-09/11 45th Ave. in Flushing, Queens for $425k cash (brokers: Preuss and Matthew Giordano).

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Marcus & Millichap sold two Bronx buildings: a 26-unit apartment building on Bainbridge Ave. between E. 194th and 193rd Sts. for $1.5M (broker: Sharone Sohayegh); and a 16-unit apartment building on Adams Place between E. 182nd and 183rd Sts. for $1.2M (broker: Marco Lala).

Lease Transactions

GAIN Capital Holdings inked a long-term, 45k-SF lease at Bedminster One at 135 Routes 202/206 in Bedminster, NJ. CB Richard Ellis’ Carl Eriksen represented the tenant, while FirstService Williams New Jersey Jamie Drummond represented the owner, S/K Bed One Associates.

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NAI Friedland’s retail division of Robin Herko, Steve Lorenzo and David Scotto signed deals totaling 23k SF in Westchester and the Bronx:

  • IHOP’s 20-year, 5k-SF lease at 2550 Central Park Ave. in Yonkers;
  • Key Foods’ 20-year, 11k-SF lease at 3035 White Plains Rd. in the Bronx;
  • Bella Beauty Supply’s five year, 3k-SF lease at 207 North Ave. in New Rochelle;
  • Verizon FiOS’ five-year, 2.9k-SF lease at 2721 Bronxwood Ave. in the Bronx;
  • Rockfort Jamerican Restaurant & Bakery’s 10-year, 800-SF lease at 2250 E. Tremont Ave. in the Bronx.

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The Dessy Group inked a seven year, 18.4k-SF renewal at 111 W. 19th St. Newmark Knight Frank’s Matthew Feigen represented the tenant, while The Kaufman Org.’s Steven Kaufman represented the owner. Although the terms were not disclosed, the asking rent was in the mid $30s PSF.

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Finklestein Newman Ferrara signed a 16-year, 15.3k-SF deal at 1250 Broadway. Parker Madison Properties’ Sam Irlander represented the tenant, while Bradford Siderow, Eric Levy, and AJ Camhi represented owner Murray Hill Properties in-house. Although the deal’s terms were not disclosed, the asking price was $50 PSF.

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Community Healthcare Network inked a 15-year, 15k-SF deal at 60 Madison Ave. Cushman & Wakefield’s Michael Gambino and Michael Burgio represented the tenant, while Newmark Knight Frank’s Michael Dreizen, Sandramara Dussin, and Andy Udis represented the owner, The Moinian Group.

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Duane Reade opened an 8.5k-SF store at 200 Water St. Winick Realty’s Jeff Winick represented the tenant, while Patricia Dunphy represented owner Rockrose Development in-house.

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Saiber inked a long-term, 4.4k-SF branch office deal at One Gateway Center in Newark. Cushman & Wakefield’s Richard Baumstein and Edward Duenas represented the tenant, while Brian Banaszynski represented owner Advance Realty in-house.

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Boxwood Strategic Advisors signed a 3.6k-SF lease at 370 Lexington Ave. Rice & Associates’ Curtis Woodside represented the tenant, while Jill Burrowes and Adam Weissleder represented owner Sherwood Equities in-house.

Financing

NCB arranged $25M in new loans in September, including a $12M first mortgage for Rex Ridge Apartment Corp.’s 372-unit co-op at 23 Fieldstone Dr. in Hartsdale, NY, arranged by Edward Howe III; a $2M third mortgage for a 375-unit co-op at 460 Old Town Rd. in Port Jefferson, Long Island, arranged by Mindy Goldstein; and a $5M first mortgage and $1M line of credit for Columbus Park Owners’ 162-unit co-op at 100 W. 94th St., arranged by Sheldon Gartenstein.

Construction & Development

Plaza Construction, Beyer Blinder Belle, and Workshop/apd will break ground on the $16.5M restoration of the 9.5k-SF Building 92 at the Brooklyn Navy Yard, which includes the construction of a 23.5k-SF addition. When completed, the project will house the official exhibition/visitor center. Expected completion is February ’11, and will aim for LEED Platinum certification.

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15 E. 26th St. finished its office-to-mixed use conversion with 65 high-end apartments, 80k S F of office space, and a 15k-SF SD26 Italian restaurant. The team included construction manager and builder Builders Group and managing agent Walter & Samuels.

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Sweetwater Construction Corp. finished the corporate fit-out of Siemens Corp.’s 77k-SF space at 755 College Rd. in Plainsboro, NJ. The renovations included the addition of two conference rooms, two multi-purpose rooms, two glass-enclosed “huddle rooms,” and new finishes throughout.

Executive Moves

Trinity Wall Street named Stacey Brandom CFO and EVP, overseeing Trinity offices like real estate finance and treasury and investments, guiding the development and management of asset alignment strategies to balance real estate and endowment investments. Previously, she was CFO of Citi Smith Barney, and also held positions at JPMorgan Chase and Brandom Advisors. She is a graduate of Northwestern and University of North Texas.

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Geoffrey Rockhill and John Wheeler joined Jones Lang LaSalle as managing directors in its corporate solutions group. Previously, Geoffrey was with Newmark Knight Frank, and held positions at Goldman Sachs, Insignia/ESG, NYC Public Development Corp., and Skyline Management/Donald Zucker Co. He is a graduate of Brown and NYU. John was previously with Gramercy Realty, and held positions at Antares Investment Partners, JLL, Cushman & Wakefield, and The Galbreath Co. He is a graduate of Union College.

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Lisa Reindl joined Studley as assistant director based in the firm’s Midtown Manhattan office. Previously, she was with UBS Investment Bank as part of its prime brokerage sales team, and also held a position at DKR Capital. She is a graduate of Yale.

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Patrick Walmsley joined Madison Marquette as managing director, based out of the firm’s New York and Los Angeles offices. Previously, he was with Eastdil Secured, where he was responsible for marketing and executing retail transactions, including the $2.75B First Washington portfolio sale.

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Rick Coffey joined Aragon Construction as SVP. He was previously with Credit Suisse, where he managed a portfolio of over $100M in capital improvement projects annually as director of construction for the Americas. Past clients included MTV, Pearson, and Lehman Brothers.

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George Molloy joined Grubb & Ellis’ Edison, NJ office as SVP of the industrial group. Previously, he was with Studley, and held positions at Petrucci Development, Cushman & Wakefield, and Helmsley-Spear. He is a graduate of Rutgers.