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The Deal Sheet

New York

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Big Deals
Broadridge Financial Solutions inked two leases: an eight-year, 300k-SF lease at 2 Journal Square in Jersey City (tenant brokers: FirstService Williams' Michael Cohen and Oxford & Simpson Realty's David Pennetta; landlord: 2 Journal Square Associates); and a three-year, 50k-SF extension at One Park Avenue in Manhattan (tenant brokers: FirstService Williams'Robert Tunis and Pennetta; landlord brokers: Murray Hill Properties' Audrey Novoa and Roxana Girand). Both terms include a five-year renewal option and right of first refusal. In both deals, Broadridge's legal representation was Stroock's Kenneth Theil; 2 Journal Square Associates' was in-house; and Murray Hill Properties' was Orrick's Christine Roch.***C.V. Starr & Co. inked a long-term, 141k-SF lease for its HQ at 399 Park Ave. Cushman & Wakefield's John Picco, David Stockel, August DiRenzo, and Andrew Behymer represented the tenant, while owner Boston Properties was represented in-house by Andrew Levin and CB Richard Ellis' Peter Turchin,John Powers, and Greg Rothkin.
Sales Transactions SEMEX Corp. sold the 43.7k-SF 1 Labriola Court in Armonk, NY to 30 Clairmont for $4.7M. NAI Friedland Realty’s Ellen Benedek and Carl Silbergleit negotiated the deal on behalf of the seller.***

Marcus & Millichap sold the 20-unit apartment Hyatt Manor at 6 Hyatt Ave. in Norwalk, Conn. for $2.7M. The firm’s Gary Witten repped the seller, while he and Bradley Balletto repped the buyer.

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Norwalk also saw the sale of the 6k-SF 261 Connecticut Ave. to Hattco Post Road for $2.3M. CB Richard Ellis Private Client Group’s Al Mirin and Silvia Pogosyan represented the purchaser.

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Ti Takk’s Glenn Nilsen purchased the 2.3k-SF commercial building and retail space at 315 W. 53rd St. from the Colin Family for $2M. Eastern Consolidated’s David Johnson represented the buyer, while Massey Knakal’s Andrew Liebhafsky and Christoffer Brodhead represented the seller. Attorneys Howard Ives repped the seller and Schiff Hardin’s Christine McGuinness the buyer.

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Blue Man Group sold a 10k-SF office condo at 599 Broadway to Infusion Development for an undisclosed amount. Jones Lang LaSalle’s Lloyd Desatnick represented the buyer, while Sinvin Realty’s Michael Glanzberg represented the seller.

Lease Transactions

Mercury Solar Systems leased 21.8k SF at 36 Midland Ave. in Port Chester, NY for its new HQ. CB Richard Ellis’ Al Gutierrez and Ian Ceppos represented the tenant, while CBRE’s William Cuddy and Kevin Langtry represented the owner, Lighthouse Real Estate.

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CherryRoad Technologies signed a multi-year, 18k-SF deal at Powder Mill Plaza III, 301 Gibraltar Dr. in Parsippany, NJ. Cushman & Wakefield’s Jon Williams represented the tenant, while C&W’s Josh Cohen represented owner Powder Mill Management.

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The Krauter Group signed a 13-year, 17.8k-SF lease at 1350 Avenue of the Americas. Newmark Knight Frank’s Brian Waterman and Lance Korman represented the tenant, while Howard Tenenbaum and Gary Rosen represented owner SL Green in-house. Cozen O’Connor’s Richard Berney and Paul Hastings’ Noah Shapiro provided legal representation for the tenant and landlord respectively.

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Abercrombie & Fitch is opening a multi-level, 15.5k-SF Hollister store at 668 Fifth Ave. Cushman & Wakefield is the leasing agent, while the 666-668 are owned by a partnership between Crown Acquisitions, the Kushner Cos., and Carlyle Group.

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Global Emerging Markets and Kingsbrook Partners signed subleases in Akin Gump’s former space at 590 Madison Ave. Studley’s Zev Holzman represented both sublessees in the their respective 7.6k and 7.0k-SF renewals. Karen Akbarzadeh represented landlord The Durst Org. in-house. Attorneys were Seward & Kissel’s Robert Gorzelany for the sublessees, and Patterson Belknap’s Lawrence P. Lenzner for the landlord.

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Korn Ferry inked a 10-year, 12.3k-SF lease at One Canterbury Green in downtown Stamford, Conn. Cushman & Wakefield’s Gregory Frisoli and Michael DeSantis represented the tenant, while C&W’s Paul Kauffman and Brian Scruton represented owner RFR Realty.

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ReachLocal signed a 12k-SF lease at 112 W. 34th St. Studley’s Erik Schmall represented the tenant, while Cushman & Wakefield’s Barry Zeller and Audrey Coe represented the owner, W&H Properties.

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Children’s Corner Learning Center inked a 10.7k-SF deal for an aggregate $6.3M at 580 White Plains Rd. in Tarrytown, NY. NAI Friedland’s Ellen Benedek and Carl Silbergleit secured the lease; the owner is RXR Realty.

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National Response Corp. renewed its 7.6k-SF lease at Sunrise Business Center, 3500 Sunrise Hwy. in Great River, Long Island. CB Richard Ellis’ Ray Ruiz, Maryanne Dugan, Ryan Blaney, and Brian Cruz arranged the renewal. The owner is Metropolitan Realty Associates.

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Men’s Wearhouse signed a long-term, 6.3k-SF lease at 5288 Sunrise Highway in Massapequa, Long Island. Sholom & Zuckerbrot’s Douglas Weinstein represented the tenant, while Cliff Sondock represented owner Spiegel Associates in-house.

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Ideal Properties Group brokered seven Brooklyn leases, on behalf of both the tenant and owner, totaling 5.9k SF:

  • A concoction of commercial, art, and design tenants, including Elodie Blanchard and Eric Doeringer, signed five leases ranging from 200 to 300 SF at 75 10th St. in Gowanus (broker: Maria Sartori-Spencer)
  • Olimatt inked a five-year, 2k-SF lease at 256 Prospect Park West in Windsor Terrace
  • Bubba Gus signed a 10-year, 2.7k-SF lease at 688 Franklin Ave. in Crown Heights for a yet-to-be-named bar.

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Samuel Geltman & Co. inked a 4.6k-SF lease to relocate from 205 Robin Rd. in Paramus, NJ, to 45 Eisenhower Dr. in Paramus. CB Richard Ellis’ Randy Eigen represented the tenant, while CBRE’s John Osborne represented owner Bergman Real Estate Group.

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Chock Full O’Nuts signed a lease for 2.8k SF at 25 W. 23rd St.BCD represented the tenant, while MLBKaye International Realty’s Lewis Kaye and John Serabian represented the landlord.

Financing

The Board of the NYC Industrial Development Agency gave preliminary approval for sales and real estate tax incentive packages to help two industrial companies expand in Queens. Dinas Distribution Corp. plans to invest $3.8M to acquire and renovate a 32k-SF facility in Jamaica, Queens, and will receive up to $1.5M; while PA Austin will acquire a 7.4k-SF facility it currently leases in Rego Park, Queens, and will receive up to $1.2M.

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Holiday Fenoglio Fowler arranged a $3M permanent loan for a 3.5k-SF JPMorgan Chase Bank under construction at 169 Noroton Ave. in Darien, Conn. HFF’s Al Epstein worked on behalf of the borrower, Golden Heights, to secure the 10-year, fixed-rate loan through Peoples Bank of Massachusetts. The borrower is an affiliate of Thomas Golden Realty Co.

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Marcus & Millichap Capital Corp. arranged a $400k fixed-rate loan for the refinancing of a 7.5k-SF, four-unit apartment building with two retail spaces in Crown Heights, Brooklyn. The firm’s Sean Mooney arranged the package, which was provided by a commercial bank at 6.4%. Terms are for five plus five years with a 30-year amortization schedule and 75% LTV.

Construction & Development

New York’s first Hotel Indigo opened at 127 W. 28th St. in Chelsea. The 122-room boutique hotel also includes restaurant Blu and rooftop lounge Glass Bar. The hotel’s developer and operator is Fortuna Realty Group, and is managed by the firm under a license agreement with InterContinental Hotels Group.

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Village Care of New York will construct a 65k-SF, 105-bed facility at 214-218 West Houston St. The non-profit tapped construction manger Levien & Co., architect Perkins Eastman, structural engineer Goldstein Associates, MEP engineer AFK, and general contractor Marco Martelli Associates for the project team. The building is scheduled for an August ’10 completion.

Business

Luxury real estate sales and marketing firm CORE acquired Garr & Co., a boutique residential firm, absorbing the latter’s team, including founder Michael Garr and Tom Coughlin.

Executive Moves

Cushman & Wakefield appointed current president & CEO Bruce Mosler to Co-Chairman of the Board at the firm, alongside John Cushman III. He'll focus on the firm’s global brokerage business and continue to serve on the Board of Directors, which has established a search committee to identify a new CEO. He will continue to serve in his current position until a successor joins the firm.

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Louis Buffalino joined Jones Lang LaSalle as SVP in its lower Manhattan office, and will be responsible for business development, and tenant and agency representation. He was previously with CB Richard Ellis, and also held a position at Credit Suisse First Boston Realty. He is a graduate of Providence College.

Related Topics: JLL, RXR Realty, Akin Gump, Carlyle Group, Marcus & Millichap, Ideal Properties Group, Kushner Cos, Schiff Hardin, Brian Waterman, Lance Korman, Michael Cohen, InterContinental Hotels Group, Metropolitan Realty Associates, Crown Heights, Crown Acquisitions, Perkins Eastman, The Durst Org, NAI Global, RFR Realty, Paul Hastings, Peter Turchin, Gary Rosen, Howard Tenenbaum, Carl Silbergleit, Ray Ruiz, Ellen Benedek, Barry Zeller, Kevin Langtry, William Cuddy, Zev Holzman, Josh Cohen, Paul Kauffman, Hotel Indigo, Great River, Brian Cruz, Journal Square, Port Chester, Sunrise Business Center, Al Mirin, John Powers, Fortuna Realty Group, Rego Park, Sean Mooney, Blue Man Group, Bergman Real Estate Group, John Picco, Korn Ferry, Gregory Frisoli, Erik Schmall, David Stockel, Noah Shapiro, Jon Williams, Sinvin Realty, Holiday Fenoglio Fowler, Maria Sartori, Al Epstein, Robert Tunis, CEO Bruce Mosler, Lloyd Desatnick, Douglas Weinstein, David Johnson, Michael DeSantis, Andrew Levin, Lewis Kaye, Ryan Blaney, John Cushman III, Prospect Park West, Silvia Pogosyan, Sunrise Highway, One Park Avenue, Sunrise Hwy, John Osborne, 2 Journal Square, Ian Ceppos, Al Gutierrez, Goldstein Associates, Audrey Novoa, Lighthouse Real Estate, NYC Industrial Development Agency, West Houston St, Audrey Coe, MLBKaye International Realty, Patterson Belknap, Providence College, Christine McGuinness, Maryanne Dugan, Glass Bar, David Pennetta, Journal Square Associates, August DiRenzo, Richard Berney, One Canterbury Green, Brian Scruton, Peoples Bank, 2 Journal Square Associates, Gary Witten, Christine Roch, FinancingThe Board, Greg Rothkin, Randy Eigen