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The Deal Sheet

New York Deal Sheet
The Deal Sheet

SALES

Ivanhoe Cambridge paid $850M to Beacon Capital Partners for a 51% managing interest in the 2M SF SF 1211 Ave of the Americas between 47th and 48th. Speculative reports over the summer had pegged Ivanhoe Cambridge's interest at a minority 49%.

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Extell agreed to buy Frank Ring's interests in the Ring portfolio (14 properties including 212 Fifth Ave, 251 Park Ave S, and 17 W 60th St) totaling more than 1M SF from F.M. Ring Associates. Extell bought Michael Ring's interest in June.

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Acadia Realty Trust agreed to sell Pelham Manor Shopping Plaza and Fordham Place for $192.4M. The deal is expected to close by the year's end.

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Investcorp and Lincoln Equities (repped by HFF's Andrew Scandalios, Jose Cruz, Kevin O'Hearn, Jeffrey Julien, and Jackie Ferrer) acquired a 373k SF Nassau County office portfolio for $50M. HFF's Mike Tepedino and Michael Gigliotti arranged acquisition financing for the 93% occupied buildings: the 120k SF 666 Old Country Rd in Garden City, the 114k SF 114 Old Country Rd in Mineola, and the 138k SF 100 Merrick Rd in Rockville Centre. Andrew, Jose, Kevin, and Jeff also repped Lehman Brothers in its $35M sale of a 10k SF development site at 448-452 11th Ave and 556 W 37th St to David Marx.

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Onyx Equities and Rubenstein Partners bought the 282k SF office building at 211 Mount Airy Rd in Basking Ridge, NJ, from Avaya, which consolidated into 135k SF there.

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DelShah Capital bought the 22k SF 100-102 Christopher St (37 apartments) for $26.8M from Stone Street Properties' Jeffrey Kaye and Robert Morgenstern and sold the 44-unit 902-908 Bedford Ave five blocks form the Pratt Institute in Brooklyn to Springhouse Partners for $18.2M.

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Global One Real Estate Fund and NYAH Preservation Fund II (Citi Community Capital and L + M Development Partners) purchased the 318-unit Promenade Apartments affordable housing tower on the Harlem River for $18.5M. Global One will invest in building systems, lower operating expenses, and improve tenant amenities.

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A Korean-American investor, repped by PD Properties' Tony Park and Elad Dror, bought the 16k SF office and retail building at 4 E 46th St from DJM Post Production for $16.4M. Vitae Restaurant recently renewed for 10 years, and the property, which the buyer will use for personal purposes, has 30k SF of unused air rights. Eastern Consolidated's David Schechtman, Steven Zimmerman, and Paul Nigido repped the seller.

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A local investor paid West 45th Street Venture LLC $22M for 351-357 W 45th St (88 apartments, 40k SF). Rosewood Realty's Aaron Jungreis arranged the deal. He also repped the sellers of 330 E 73rd and 309 E 93rd (30 apartments) in a $10.5M deal to a local investor, repped by his colleagues Michael Kerwin and David Scheer.

DEVELOPMENT

China may take a stake in Brooklyn. Greenland Group, based in Shanghai, has signed a non-binding MOU to acquire 70% of Forest City Ratner's Atlantic Yards, excluding Barclays Center and B2 (the residential tower that's bringing mass-scale modular construction to NYC), and share in 70% of future costs. It would include infrastructure, a platform, and residential units. In July, Greenland Group acquired a 275k SF development site in LA, where it plans hotel and residential.

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The New York City Council approved Sterling Equities and Related's $3B cleanup and redevelopment plan for Queens' 23-acre Willets Point. The JV will develop 5M SF there, including 2,500 residential units (875 affordable), retail, hotel, office, a school, recreational facilities, and six acres of green space.

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The NYC Department of Housing Preservation and Development selected Jonathan Rose Cos' EyeBAM plan for BAM North Site II, the last parcel in the Downtown Brooklyn Cultural District, at Layfayette and Ashland Place across from the BAM Opera House. It'll build 27k SF of cultural space for Eyebeam (offices, artist studios, public exhibition spaces) 109 apartments (including affordable), and a 2,700 SF Craft restaurant from the 'wichcraft founders.

LEASING

UBS leased 120k SF SF at 787 Seventh Ave, starting in the low $60s/SF for the lower floors and running in the high-$60s for the 14th and 15th floors.

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Whole Foods leased 29k SF in Newark's Hahne & Co building at 609 Broad St, being restored by L+M Development Partners, Hanini Group, Regan Development Corp, and Crawford Street Partners. The store will open in 2016. Shopping Center Group arranged the deal.

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Charming Charlie leased 16k SF in Thor Equities' 445 Fifth Ave at 39th Street for its first Manhattan location. RKF's Jeremy Ezra and Greg Covey and Strategic Retail Advisors' Jonathan Lapat repped the tenant.

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Starwood Property Trust and CityMD each leased 13k SF in 1140 Ave of the Americas, owned by Blackstone Group's Equity Office Properties. JLL's Douglas Neye and David Wassel worked with Equity Office's Jessica Kanfer. JLL's Robert Martin, Gil Ohls, and Matt Felice repped Starwood Property, and CBRE's Sinclair Li and Sam Seiler repped CityMD.

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EVO Real Estate Group, which acquired Winoker Realty in February, took 13k SF at 1430 Broadway and will relocate from 462 Seventh Ave in April.

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EcoHealth Alliance, repped by Colliers' James Emden and Melinda Fishman, signed an 11k SF early renewal at 460 W 34th St for 10 years. Kaufman Org's Edward Hart repped the landlord internally.

FINANCING

Meridian Capital Group's Josh Rhine negotiated $25M in acquisition financing from a regional commercial lender for Werber Management to buy a 54-unit apartment building at 202 Eighth St in Brooklyn. Avi Weinstock and Chaim Tessler arranged a $12.9M mortgage for a 73-unit apartment building on Brooklyn's Ocean Avenue. Josh and Avi also placed $51M of new mortgages on 19 buildings totaling 562 apartments in Corona and Jackson Heights. And their colleagues Isaac Filler and Sam Shifer negotiated $10M for 43-unit building on East 3rd Street.

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Jason Halpern and Gerard Longo, repped by Estreich & Co, took out a $10M construction loan from MidFirst Bank for The Townhouses of Cobble Hill. They'll deliver nine luxury townhouses on Congress Street in fall 2014. They sold two five-bedroom units last week.

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GCP Capital Group's Adam Brostovski arranged $10M for seven multifamily buildings totaling 162 apartments in the Bronx.

Related Topics: Blackstone, Forest City Ratner, Beacon Capital Partners, Deal Sheet, Meridian Capital Group, Jonathan Rose Cos, Rosewood Realty Group, Citibank, Aaron Jungreis, Ivanhoé Cambridge, Acadia Realty Trust, charming charlie, Thor Equities, Greenland Group, DJM Capital Partners, Rubenstein Partners, Cobble Hill, Jose Cruz, Pratt Institute, Barclays, Equity Office Properties, Winoker Realty, FINANCINGMeridian Capital Group, Avi Weinstock, Andrew Scandalios, David Schechtman, Onyx Equities, Jeffrey Julien, Josh Rhine, Housing Preservation, Willets Point, Shopping Center Group, Ocean Avenue, Mike Tepedino, Greg Covey, Development Partners, Kaufman Org, Isaac Filler, Sterling Equities, Paul Nigido, DelShah Capital, Jackson Heights, Michael Gigliotti, Robert Martin, Douglas Neye, Jeremy Ezra, Sam Seiler, Sinclair Li, Strategic Retail Advisors, Gil Ohls, James Emden, Basking Ridge, Ashland Place, Lincoln Equities, Michael Kerwin, David Scheer, Rockville Centre, MidFirst Bank, Werber Management, Matt Felice, Global One Real Estate Fund, Springhouse Partners, Sam Shifer, Michael Ring, EVO Real Estate Group, Stone Street Properties, Harlem River, Jonathan Lapat, PD Properties, Tony Park, Jeffrey Kaye, Downtown Brooklyn Cultural District, The NYC Department, SALES Ivanhoe Cambridge, Frank Ring, Ring Associates, Pelham Manor Shopping Plaza, Fordham Place, Jackie Ferrer, SF Nassau County, David Marx, Robert Morgenstern, NYAH Preservation Fund II, Promenade Apartments, Global One, Vitae Restaurant, Steven Zimmerman, Street Venture LLC, The New York City Council, BAM North Site II, BAM Opera House, SF Craft, Hanini Group, Regan Development Corp, Crawford Street Partners, David Wassel, Jessica Kanfer, Jason Halpern, Gerard Longo, The Townhouses, 1211 Ave, 212 Fifth Ave, 251 Park Ave, 666 Old Country Rd, 114 Old Country Rd, 100 Merrick Rd, 211 Mount Airy Rd, 700 SF Craft, 787 Seventh Ave, 609 Broad St, 445 Fifth Ave, 1140 Ave, 202 Eighth St