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The Deal Sheet

New York Deal Sheet

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The Deal Sheet

DEVELOPMENT

Howard Hughes Corp unveiled preliminary plans (rendered by Shop Architects) for further redevelopment of the South Street Seaport district, including a new marina, a seven-day-a-week food market, restoration and raising out of the flood plain of the historic Tin Building, replacement of decayed wooden platform piers next to Pier 17, and the biggie: a mixed-use tower to finance infrastructure and restoration expenses. Zoning allows a 350-foot tall, 100-foot wide tower, but HHC is proposed a taller, slimmer, 670k SF building. The final proposal likely will include a plan to make sure the Seaport Museum and tall ships stick around. HHC plans to begin the Landmarks and ULURP process in early 2014.

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Silverstein Properties broke ground today on an 82-story with a Four Seasons (157 residences, 185 hotel rooms, and a restaurant) and a public plaza at the $1B 30 Park Place and Church Street. It'll deliver in 2016.

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InterContinental Hotels acquired a development site four blocks from Barclays Center at Nevins and Schermerhorn and will build one of its fifth fitness-focused Even Hotel, an 83k SF, 204-room property that will open in mid-2015 at the same time as two on Manhattan's West 35th and East 44th Streets.

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Megalith Capital Management got approval from Landmarks for adaptive-reuse plans to turn Dumbo's 200 Water St four-story warehouse into boutique condos and add two floors.

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CPC Resources, L+M Development Partners, Lemle & Wolff, and The New York Housing Partnership broke ground on the 120-unit, $46.9M Soundview Family Housing affordable housing project in the South Bronx. That and a proposed 86-unit seniors housing building breaking ground in January and 16 two-family townhouses will replace two parking lots next to Soundview Park. Bronx River Avenue also will be completed.

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TDI Real Estate Holdings and Bartone Properties broke ground on a $40M project with 154 apartments and 20k SF of retail and secure parking across the street from the LIRR Farmingdale station. Berkadia Commercial Mortgage's Yuri Kletsman arranged construction financing.

LEASING

Kasowitz Benson Torres (repped by Prudential Douglas Elliman's Howard Lorber and NGKF's Moshe Sukenik and Mark Weiss) renewed 225k SF in The Paramount Group's 1633 Broadway for 20 years. It has occupied the 20th through 24th floors since 2000 and will retool its space and tech and eventually occupy the 19th through 23rd.

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PVH Corp, repped by JLL's Mitch Konsker and Matt Astrachan and C&W's Steven Bauer, signed a long-term renewal and expansion for 224k SF at Empire State Realty Trust's 501 Seventh Ave. C&W's Harry Blair, Sean Kearns, and Kelli Mekles repped the landlord.

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J. Mendel, repped by Studley's Jeffrey Peck, extended its 27k SF in the Garment District's 462 Seventh Ave for 10 years, through 2025. Adams & Co repped the landlord, The Arsenal Co.

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The Flatiron School, repped by ABS Partners' Adam Maxson and Douglas Regal, leased 11k SF at 11 Broadway, relocating from 33 W 26th St. Braun Management's Mendy Braun repped the landlord.

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TKO Suites, repped by The Kaufman Org's Arthur Spitalnick and Elliot Warren, leased 11k SF in 42 Broadway for 10 years. Lawrence Group's Tom Hettler repped the landlord.

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Pure Hockey, repped by The Rochlin Org's Jim Sansivero, leased 11k SF in The Shoppes@Carle Place at 229 Glen Cove Rd on Long Island. It'll open in the spring. Sabre Real Estate Group's Stu Fagen repped the landlord, Rothman Goodman Management Corp.

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Proctor & Gamble Hair Care, repped by JLL's Patrick Heeg, leased 10k SF for more than 10 years in SL Green's 120 W 45th St, known as Tower 45. JLL's Paul Glickman, Frank Doyle, Mitti Liebersohn, Diana Biasotti, and David Kleiner repped the owner.

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Reliable Health Solutions, repped by NAI Geis, leased 10k SF at The Berger Org's 570 Broad across from Newark's Washington Square Park. Brendan Berger repped the landlord internally.

EXECUTIVE MOVES

American Realty Capital Properties appointed David Kay as president. Previously, he was chief investment officer and CFO of Capital Automotive Real Estate Services. He's also worked for Arthur Andersen.

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Related hired Stephen Winter as commercial leasing VP to head up leasing of Hudson Yards four commercial towers. He joins from CBRE.

The Deal Sheet

SALES

625 Ground Lessor LLC (repped by C&W's Brian Corcoran, Helen Hwang, Steve Kohn, Frank Liantonio, Marc Nakleh, Nat Rockett, Karen Wiedenmann, and Sujohn Sarkar) sold its position in 625 Madison (above) between 58th and 59th to Ashkenazy Acquisition Corp for $400M. The ground lease expires in June 2054. SL Green holds the leasehold on the office and retail building.

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Brookfield acquired One North End Ave, the New York Mercantile Exchange HQ, for $200M, making it an official rather than unofficial part of Brookfield Place. NYMEX has leased 449k SF for two years and then will consolidate into 222k SF for 13 years, freeing up the upper half for lease.

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American Realty Capital New York Recovery REIT bought its first hotel, acquiring the leasehold interest in the 240-key Viceroy New York, which opened in October on 57th between Sixth and Seventh, for $148.5M.

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JP Morgan Asset Management acquired a majority interest in L&L Holding and Beacon Capital Partners' 29-story, Landmarked 195 Broadway. The former AT&T NY HQ is 100% leased and will gain 15k SF of ground-floor retail and 20k SF below-grade, plus some retail space on the roof.

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AEW Core Property Trust acquired the 375-unit New Gotham at 520 W 43rd St from Gotham Org and AIG Affordable Housing. CBRE's Darcy Stacom, Paul Leibowitz, and Bill Shanahan repped the seller.

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George Comfort & Sons and ASB Real Estate Investments acquired the 50k SF 164-168 Canal St for $61.9M, and The Oved Group bought 40-42 Elizabeth St (two stores and 16 offices) and 159-165 Canal St (5,000 SF of retail) for $33.6M. Massey Knakal's Paul Massey, Robert Burton, and Nick Petkoff arranged the deals, all at the same intersection, for the seller, a family.

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Harbor Group International bought Secaucus' 265k SF 100 Plaza Dr (leased to NBA Entertainment and Scholastic Corp) from Hartz Mountain for $47M.

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Mack-Cali bought Rahway, NJ's two-building, 159-apartment Park Square (94% leased) with a parking garage and 6,000 SF of retail for $46.5M from Landmark Cos.

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The 243k SF, 205-unit Boulevard Heights pre-war portfolio at 3489 Broadway, 519 W 143rd, 610 W 163rd, and 548 W 164th sold for $45M. Massey Knakal's Bob Knakal, Robert Shapiro, and Josh Lipton arranged the deal.

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Kimco bought a 189k SF, four-property retail portfolio in Clark, NJ, for $35.6M. C&W's Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, and Nicholas Karali arranged the deal, which includes an 85k SF ground lease to ShopRite at 70 Central Ave and a 53k SF ground lease to A&P at 1060 Raritan Rd.

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Silverstone Property Group sold 143-145 W 4th St for $19.2M. The company purchased it in August 2012 for $11.3M and has renovated and reconfigured the units. Marcus & Millichap's Peter Von Der Ahe and Joe Koicim arranged the deal.

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A pair of adjoining multifamily properties at 556-562 W 126th St (36 four-bedrooms, two one-bedrooms, and a commercial unit) sold for $15M. Ariel Property Advisors' Shimon Shkury, Victor Sozio, Michael Tortorici, and Jesse Deutch arranged the deal.

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SL Green and Jeff Sutton bought out Juicy Couture's lease at 650 Fifth Ave so they can combine the retailer's basement, street-level, and second floor with vacant space on the third floor. That makes a 30k SF block available.

FINANCING

Nine months after extending Macy's for 646k SF of office at 11 Penn Plaza, Vornado has completed a seven-year, $450M refi of the 1.1M SF property.

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Meridian Capital Group's Aaron Appel, Jeffrey Weinberg, and Michael Diaz negotiated a $250M, 10-year CMBS refi of the Aire, a 310-unit multifamily property at 200 W 67th St, on behalf of 150 Amsterdam Avenue Holdings LLC.

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Madison Realty Capital provided $37M to retire existing debt and complete the redevelopment of a former Roman Catholic Diocese of Brooklyn church at 163 N 6th St and school at 180 N 7th St in Williamsburg into 92 residential units (79k SF). Robert Gordon's Rushmore Capital Partners advised.

Related Topics: Silverstein Properties, Beacon Capital Partners, Deal Sheet, Harbor Group International, Meridian Capital Group, The Berger Org, Brendan Berger, Hartz Mountain, Empire State Realty Trust, InterContinental Hotels Group, Gotham Org, Brookfield Place, South Street Seaport, Madison Realty Capital, Garment District, JP Morgan Asset Management, Howard Lorber, SHoP Architects, Barclays, ABS Partners, 30 Park Place, Ariel Property Advisors, Helen Hwang, Seaport Museum, NAI Global, David Bernhaut, Berkadia Commercial Mortgage, Bill Shanahan, George Comfort, Andrew Merin, Gary Gabriel, Penn Plaza, Peter Von Der Ahe, Mitch Konsker, Victor Sozio, Michael Tortorici, American Realty Capital, Frank Doyle, Paul Glickman, Arthur Andersen, Harry Blair, Sean Kearns, Sabre Real Estate Group, David Kleiner, Mark Weiss, Stu Fagen, South Bronx, The Shoppes, Jeff Sutton, Robert Shapiro, Diana Biasotti, Robert Burton, Development Partners, Elliot Warren, Jesse Deutch, The Rochlin Org, Jeffrey Peck, Joe Koicim, The Arsenal Co, Steve Kohn, Nick Petkoff, Steven Bauer, Jeffrey Weinberg, Carle Place, Michael Diaz, Aaron Appel, Brian Whitmer, Nat Rockett, Ashkenazy Acquisition Corp, Plaza Dr, Silverstone Property Group, Washington Square Park, Karen Wiedenmann, Patrick Heeg, Brian Corcoran, TDI Real Estate Holdings, Adam Maxson, Paul Leibowitz, 11 Penn Plaza, Tom Hettler, Matt Astrachan, Stephen Winter, CPC Resources, Frank Liantonio, Arthur Spitalnick, The Paramount Group, Lawrence Group, Douglas Regal, Juicy Couture, Robert Gordon, David Kay, AEW Core Property Trust, Rushmore Capital Partners, Tin Building, Pure Hockey, Braun Management, Mendy Braun, New Gotham, Megalith Capital Management, The New York Housing Partnership, Soundview Family Housing, Soundview Park, Bronx River Avenue, Bartone Properties, PVH Corp, The Flatiron School, TKO Suites, Jim Sansivero, Rothman Goodman Management Corp, Gamble Hair Care, Reliable Health Solutions, Capital Automotive Real Estate Services, 229 Glen Cove Rd, The Oved Group, 42 Elizabeth St, 165 Canal St, ASB Capital Management