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BIG DEAL
The Port Authority of New York & New Jersey’s Board of Commissioners awarded the largest contract to date for the World Trade Center Transportation Hub$542M to Skanska USA. It calls for the construction of the PATH Hall in the WTC’s West Bathtub and includes construction of four rail platforms, the installation of HVAC systems, plumbing work, fire protection, architectural finishes, and ADA compliance measures.
Sale Transactions An affiliate of the Hospital for Special Surgery purchased the 30k-SF medical office building at 429 E. 75th St. from Taconic Investment Partners and ABR Partners in an all-cash sale for $24.4M. Corcoran Wexler’s Paul Wexler represented the sellers.***Massey Knakal sold eight properties:
  • The remaining unsold co-op units in the five-building, six-story Donner Gardens apartment complex on 81st and 82nd Sts. between Northern Blvd. and 34th Ave. in Jackson Heights, Queens for $12M cash (brokers: Swain Weiner, Bob Knakal, and Jonathan Hageman).
  • A six-story elevator apartment building at 110-48 72nd Ave. in Forest Hills, Queens for $7.3M cash (broker: Thomas Donovan).
  • Two three-story multifamily buildings at 239 North 5th St. in Williamsburg, Brooklyn for $1M cash (broker: Mark Lively).
  • A six-family walk-up at 197 St. Marks Ave. in Prospect Heights, Brooklyn for $900k cash (brokers: Ken Freeman and Jonathan Berman).
  • A four-story, seven-family building at 149 DeKalb Ave. in Fort Greene, Brooklyn for $850k cash (broker: Stephen Palmese).
  • A three-story, six-family building at 6815 Owls Head Ct. in Bay Ridge, Brooklyn for $735k cash (broker: Matthew Giordano).
  • A three-story mixed-use building at 950 Nostrand Ave. in Crown Heights, Brooklyn for $425k cash (broker: Berman).

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CB Richard Ellis’ Long Island office sold two buildings: the 6.2k-SF retail property at 1279 Fulton St. in Brooklyn for $2.8M, where the new owner is exploring redevelopment options; and the 7k-SF retail property at 371 E. 149th St. in the Bronx for $2.4M. The firm’s Noel Caban represented the sellers in both dispositions.

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CB Richard Ellis’ New Jersey office sold a 19-unit multifamily building at 315 Park Ave. in Paterson, NJ for an undisclosed price. The firm’s Charles Berger, Dean Marchi, and Gehane Triarsi represented the seller. The buyer plans to hold the property for investment purposes.

Lease Transactions

Aggreko inked a five-year, 40k-SF lease with a five-year renewal option at 115 Amfesco Dr. in Plainview, Long Island, calling for 10k SF of build-to-suit warehouse space and 30k SF of yard space. FirstService Williams’ Richard Warshauer arranged the deal; Steel Equities is the owner.

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New York Commercial Realty Group arranged 40k SF in leases:Zyloware Eyewear’s 10-year, 31k-SF relocation to 8 Slater St. in Port Chester, NY (tenant broker: John Zappia); Homeocare Laboratories’ five-year, 6k-SF lease at 7 Odell Plaza in Yonkers(tenant broker: Michael Rao and Frank Rao; landlord: Mack-Cali); and American Lung’s five-year, 3k-SF relocation to 237 Mamaroneck Ave. in White Plains (tenant brokers: Rao and Rao).

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Maxell Corporation of America signed a long-term, 22k-SF lease at Three Garret Mountain Plaza in Woodland Park, NJ. The company will relocate from its Fair Lawn HQ early this year. Cushman & Wakefield’s David Sherman, Marc Trevisan, and Dan Johnsen represented the tenant. An affiliate of Mountain Development Corp. owns the 126k-SF building, part of the three-building Garret Mountain campus.

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Securitas Security Services USA inked an 11-year, 17.5k-SF HQ lease at 1412 Broadway, relocating and consolidating from three Manhattan locations by April 1. Cassidy Turley’s Nicky Heryet and Mark Furst represented the tenant, while Murray Hill Properties’Jesse Rubens represented owner 1412 Broadway LLC.

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Education Dynamics extended its lease and expanded to 15.8k SF at 5 Marine View Plaza in Hoboken, NJ. FirstService Williams’Leslie Meril and Doug Rowe represented the tenant, while Glenn DiGiacomo represented owner Ivy Realty Services in-house.

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Complete Body Gym signed a 10-year, 14k-SF lease at 22 W. 19th St. for its second NYC location. The gym will occupy 1k SF on the ground floor with a café and juice bar, while the lower level will be dedicated to the spa, physical therapy, and workout rooms. The Kaufman Org.’s Daniel Kahn represented the tenant, while The Kaufman Org.’s Steven Kaufman and Barbara Raskob represented to owner. Although the terms were not disclosed, the asking rent for the ground floor was $50 PSF and the basement, $15 PSF.

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Hill-Rom Co. signed five-year, 10k-SF lease for an industrial condo at 10 Clifton Blvd. in Clifton, NJ. NAI James E. Hanson’s Scott Perkins represented the tenant, while Garden State Realty’s Rick Siflovsky represented owner Tulfra Realty Co.

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Eckert Seamans Cherin & Mellott extended its lease and expanded into 8.1k-SF at Ten Bank Street in downtown White Plains. The tenant represented itself, while Jeffrey Newman and Kimberly Zaccagnino represented owner Malkin Properties in-house. Malkin Construction will build out the expansion space.

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ARMGO Pharma inked a long-term 7.9k-SF lease at The Landmark at Eastview, 777 Old Saw Mill River Rd. in Tarrytown, NY. FirstService Williams’ Andrew Tarvin and John Cunningham represented the tenant. Kevin Reap represented owner BioMed Realty Trust in-house.

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Mark Krueger & Associates renewed and expanded into 6.6k SF at 521 Fifth Ave. Cassidy Turley’s Brian Weld represented the tenant, while David Kaufman represented owner SL Green in-house.

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530 Seventh Ave. saw three deals: DL 1961 Premium Denim’s 2.1k-SF renewal and 1.4k-SF expansion; Prep Showroom’s 1.7k-SF renewal and extension; and Silvereed’s 1.7k-SF lease. Savitt Partners’ Marc Schoen and Michael Schoen represented owner G&S Realty 1 in all three deals, and also represented DL 1961 Premium Denim and Prep Showroom on the tenant side.

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Stop Pest Control inked a five-year expansion lease and in-house move to 5k-SF at 212 W. 35th St. The Kaufman Org.’s Steven Kaufman and Babara Raskob repped both the tenant and owner.

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Quality of Life Hearing Solutions inked a five-year, 1.9k-SF lease at 301A Main St. in Hackensack, NJ. NAI James E. Hanson’s Joan Cenicola represented the owner, LED Realty.

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Sivaana inked a 966-SF office lease at 39 Hudson St. in Hackensack, NJ. NAI James E. Hanson’s Judy Troiano represented the owner, HAMM Associates.

Financing

The NYC Economic Development Corp. announced five businesses and institutions will receive $200k in first-round grants to assist in the installation of $1.6M worth of proposed solar thermal projects, including NYC’s largest solar thermal installation at the City of New York Hospital Queens in Flushing. The other installations will take place at the Julliard School at Lincoln Center, Harlem’s Community of the Holy Spirit, Hunts Point’s Tri-State Biodiesel, and a 30-unit mixed-use building in the Bronx’s Foxhurst section.

Exec Moves

Studley promoted John Mambrino, Howard Simson, Erik Schmall, and David Povidenti to executive managing directors. John, a 20-year vet, is a principal with clients like Giorgio Armani and Lukoil, and is a Villanova graduate. Howard, who joined in ’06, was previously with Cushman & Wakefield and is a graduate of the University of Miami. Erik, a 15-year-vet, was behind the 205k-SF Willis Group lease downtown, and is a graduate of SUNY Albany and Baruch. David joined in ’03 and is part of the corporate services group, with clients like Comcast and Pacific Life. Also an attorney, he is a graduate of Hofstra and Lehigh.

WASHINGTON DC 06.27.2017

THE WASHINGTON DC STATE OF THE MARKET

Matt Bronfman
Jamestown Properties
Anthony Lanier
EastBanc
Herb Miller
Western Development