Contact Us
News

The Deal Sheet

WASHINGTON DC 06.15.2017

MID-ATLANTIC HEALTHCARE REAL ESTATE FORUM

Development, Leasing, Design and the Impact of Regulatory Reform

Paula Crowley -- Anchor Health Properties
Gill Wylie -- Johns Hopkins Medical Management Corporation
Charles Weinstein -- ​Children's National Medical Center

LEASING

WeWork has leased 86k SF for 20 years at 25 Broadway, according to CompStak, starting in the low $30s/SF after a year of free rent and generoud TIs. Compstak also reports that JVL Ventures, known as Isis Mobile Wallet, expanded into 22k SF in 230 Park Ave, subleasing the 27th floor for seven years starting in the mid-$40/SF.


WisdomTree--repped by Studley's Matthew Barlow, Greg Taubin, and Gabe Marans--signed 38k SF for 15 years at Brookfield's 245 Park Ave and will relocate from 20k SF at 380 Madison in Q1. NGKF's Peter Shimkin and Brookfield's Sarah Pontius repped the landlord.


Jed Root--repped by CBRE's Stuart Siegel, Matthew Bergey, and Daniel Bodner--leased 11k SF in Samco Properties' 333 Seventh Ave for 10 years and will relocate from 61 Walker St.


***


Denny's is coming to Brooklyn. Sabre Real Estate Group repped Denny's and landlord Renaissance Realty Group in the 3,000 SF lease for the old Galaxy Diner at 805 Pennsylvania Ave between Linden Boulevard and Stanley Avenue in East New York. It'll open by Jan. 1.


***


Pilkington North America leased 11k SF at 1913 Realty Associates' 125 Kingsland Ave in Clifton, NJ, in a deal arranged by C&W's Bonni Heller. NAI James E. Hanson's Andrew Somple repped the landlord.


***


Kraft & Kennedy signed a 15-year, 10k SF lease in ATCO's 630 Third Ave at 41st Street. It's relocating from 360 Lexington Ave to swing space in September and to 630 Third in December. NGKF's Arthur Draznin and Hunter Berman repped the landlord, and JLL's Patrick Heeg and Pyne Cos' Amy Sykes repped the tenant.


FINANCE


Meridian Capital Group's Allan Lieberman negotiated a $26M, 12-year loan and a $42.2M 10-year loan to refi Kew Managment's 97k SF Townsend (1123 Broadway) and 156k SF St. James (1133 Broadway) office buildings. A local savings bank provided the funds.


Investors Bank arranged $38.6M to refi the 132-unit 40 Market St apartments in Morristown, NJ; $16.1M for the acquisition of the 67-unit 3660 Broadway; $13M to refi a 109k SF office in Coney Island; $11.4M for the acquisition of a 122k SF commercial building on LIC's 21st St; $10.7M in acquisition financing for a 93k SF office building on Brooklyn's 7th Street; and $10M to refi a 91-unit apartment building at 644-670 and 672-700 Otlowski Court in Perth Amboy, NJ.


GCP Capital Group's Alan Perlmutter arranged a $12.5M loan for a two-story, 48k SF retail and entertainment complex anchored by a nine-screen movie theater in Forest Hills.


SALES


After 70 years, Tunnel Holdings--repped by Eastern Consolidated's Peter Carillo, Alexander Erdos, and Paul Nigido--sold 351-353 Canal St in SoHo's Cast Iron Historic District for $24.8M. It has three stores, four offices, and 10 apartments. 85% of the tenants were on month-to-month leases or had termination clauses.


Hap Investments bought a development site and air rights at 215-219 W 28th St between Seventh and Eighth and will break ground in spring '14 on luxury condos with below-ground parking and ground-floor retail. Hap raised equity from Israeli investors, and Trevian Capital arranged $30M of first mortgage bridge loans and reports the site has 94k SF of as-of-right residential rights.


National Grid sold a 133k SF development site at 809-873 Neptune Ave in Coney Island for $15M. The site allows 227k SF of retail or light industrial. Massey Knakal's Stephen Palmese arranged the deal.


Ariel Property Advisors' Shimon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch, and Marko Agbab arranged the sale of five attached walkups (100 apartments) at 265-273 W 146th St between Adam Clayton Powell Jr. and Frederick Douglass boulevards for $11.1M.