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The Deal Sheet

New York
The Deal Sheet

CONSTRUCTION & DEVELOPMENT

The Carlyle Group and ClearRock Properties plan $10M in lobby, elevator, restroom, window, security, and HVAC and energy upgrades at the 106k SF 920 Broadway (recently purchased from Yeshiva University's Einstein College). JLL will lease the space. Also, ClearRock and Juster Properties, which acquired Yeshiva's 94k SF 9 E 38th and the adjacent 7,400 SF 14 E 39th St townhome (22k SF of air rights), will reposition them for $10M. Spector Group Architects is on board to revamp the lobby, facade, storefront, elevators, corridors, restrooms, and windows and add a roof deck and pre-builts.

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The $80M renovation of the Brooklyn Navy Yard Development Corp's 1M SF Building 77 (a 16-story former ammunitions depot) can get moving now that entrepreneur Jack Basch will lease 240k SF. His Shiel Medical Laboratories will occupy 60k SF, and he'll sublease the rest. BYNDC will kick in $60M via EB-5 financing, federal and state rehab tax credits, and federal New Markets Tax Credits. Jack will put in $20M. The LEED Silver-designed project begins this spring and delivers fall 2014.

SALES

Rockpoint Group and Highgate Hotels carved up their Milford Hotel at 700 Eighth Ave (between 44th and 45th), selling the land to Deutsche Asset & Wealth Management and David Werner. RockPoint and Highgate will continue to own and operate the hotel on a 99-year ground lease. LW Hospitality Advisors CEO Dan Lesser tells us they could sell the under-renovation retail and hotel segments separately, enjoying a higher aggregate payout than if the land and property had sold together.

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Inversiones y Representaciones Sociedad Anma bought out its minority partner, Rigby Asset Management, from the 250k SF office building at 183 Madison Ave and 34th Street. The pair bought the 50% leased building in 2011, renovated it, and brought occupancy up to 95%. Herald Square Properties' Gerard Nocera, Michael Reid, and John Monaco will be co-asset managers.

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NYC sold two Civic Center (the master plan that never was) buildings, and the agreements are in front of the Manhattan Borough Board for approval. The Chetrit Group acquired 49-51 Chambers St (formerly the Emigrant Industrial Savings Bank) for $89M and plans redevelopment into residential and retail, and The Peebles Corp paid $160M for the 419k SF 346 Broadway, which will become residential, hotel, retail and 16k SF of youth-oriented public digital arts and media space.

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A 1031 buyer acquired the 79-unit Avenue at South Orange apartments and 4,000 SF of retail from the developer for $32M. Gebroe-Hammer Associates' Ken Uranowitz, Joseph Brecher, and David Jarvis repped the seller.

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1925 Realty LLC, repped by Rosewood Realty Group's Aaron Jungreis, sold three apartment buildings (59 units, 58k SF) at 1192, 1198, and 1204 Ocean Ave in Midwood, Brooklyn, to a family of investors for $6M.

LEASES

Consolidating from offices in Chelsea Market and 75 Ninth Ave, GfK leased 75k SF at Brookfield Office Properties' 200 Liberty St in Brookfield Place for 16 years. JLL's John Wheeler, Paul Glickman, and Clayton Kline worked with Brookfield's David Cheiken to rep the landlord. Cresa's Mark Jaccom and Colliers' Richard Plehn repped the tenant.

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in Demand LLC--repped by CBRE's Eric Deutsch, Jason Pollen, and Jared Freede--leased the 48k SF 17th floor of Trinity Real Estate's 345 Hudson St for 13 years. Trinity's Tom Lynch also worked on the deal.

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JJ Operating and Houlian Parnes Realtors signed Bronx Lebanon Hospital Center to 38k SF (a full floor) in 1775 Grand Concourse and non-profit Abbott House to 25k SF.

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Metropolitan Pavilion--operator of event space at 125 W 18th St-- leased MKF's 25k SF event space at 639 W 46th St, the former H&H Bagel Factory. Architect David Feldman's redo will deliver in November. MKF's Adam Smith and Murray Hill Properties' Jesse Rubens worked on the landlord side, and Abraham and Martin's John Belitsky and Michael Duncan repped the tenant.

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Hill Country BBQ is trekking to Brooklyn. It leased 10k SF at Muss Development's 345 Adams St and will open Q4. And Bright Horizons Family Solutions leased 15k SF there. RKF's Ariel Schuster and Brian Segal repped Muss in the restaurant deal.

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Chef Michael White leased 10k SF at 206 Spring St, the former Fiamma restaurant space, and plans an Italian steakhouse. New York Commercial Real Estate Services' James Famularo and Ravi Idnani arranged the deal.

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ARGO Turboserve Corporation, repped by United Realty Advisors' John Friedland, expanded its lease at Lyndhurst, NJ's Cityview Corporate Center by 15k SF to 35k SF. Cushman & Wakefield's Curtis Foster repped the owner, a Boston-based pension fund advisor.

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Concept One Accessories, repped by Adams & Co's Brett Maslin, subleased 8,000 SF in 32 W 39th St. CBRE's Susan Kahaner repped the sublandord, Care Inc, and Colliers' Michael Berger repped the landlord. Adams & Co's David Levy repped 411 Fifth Ave, where Cognolink, repped by Studley's Evan Margolin, leased 6,000 SF. And Adams' James Busilik repped 148 W 37th St in a 10-year, 7,000 SF lease to Bernard Chaus (showroom and office space), which was repped by Savitt Partners.

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At Industry City in Brooklyn's Bush Terminal, mens clothing brand Zachary Prell leased 6,000 SF and Lights Up! leased 12k SF.

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KBS REIT II--repped by CBRE's Patrick Murphy, Greg Barkan, and Supriya Kota--signd Reinsurance Management to 7,000 SF at 100 Campus Drive in Florham Park. The Garibaldi Group's Jeff Garibaldi repped the tenant. And Newsome O'Donnell, repped by Cushman & Wakefield's Bill Brown and Josh Cohen, took 6,600 SF in 200 Campus Drive.

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Cervalis, repped by Howard Properties' Howard Greenberg, expanded its lease by 5,600 SF to 103k SF in Dutchess County, where it runs a colocation data center and a business continuity and disaster recovery center.

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The Partnership for Maternal and Child Health of Northern New Jersey, repped by Hopkins Sampson & Brown Real Estate's Christian Benedetto, leased 5,400 SF at The Berger Org's 50 Park Place, also known as the Robert Treat Center. Brendan Berger also worked on the deal.

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SSP America and JFKIAT announced 16 restaurants to open by fall in Delta's $1.4B expansion at JFK's Terminal 4 and its $28M food makeover. Among the new dining digs: Marcus Samuelsson's Uptown Brasserie and Street Food, NYC's first airport Shake Shack from Danny Meyer and Union Square Hospitality Group, Danny's Blue Smoke On The Road, La Brea Bakery, Dunkin Donuts, Central Diner, Cake Tin, Le Grand Comptoir, Asobu, Camden food co, and McDonalds. Also, The Palm Bar & Grille is expanding, and Buffalo Wild Wings is renovating.

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Lee & Associates' Henry Goldfarb and Stanley Lindenfeld repped 52/54 CSQ Realty LLC in an 8,600 SF lease at 52 Cooper Square to home accessories retailer Muji, repped by Okada & Co's Naomi Okada. Lee's Brad Schwarz repped T.G.I. Friday's and The Reese Org in a 15-year, 11k SF lease at SBP 46th Street LLC's 147-149 W 46th (relocating from 1552 Broadway). Their colleague Gabe Isaacs repped Van Alen Institute in a five-year, 6,100 SF lease to Chasin Music (repped by East Egg Realty's Leslie French) at 30 W 22nd St. Gabe also arranged a 10-year, 6,300 SF lease for Jodi's Gym at 1615 Corp's 244 E 84th.

Finance

Meridian Capital Group's Carol Shelby and Dani Sabesan placed a $68M mortgage on eight apartment buildings totaling 499 units in Greenwich Village, the Upper West Side, Morningside Heights, and Hamilton Heights. Colleagues Jeff Weinberg and Rael Gervis arranged $16M for the 152-unit (plus 5,000 SF) 1700 Grand Concourse. And Avi Weinstock and Josh Rhine arranged $15.2M for seven buildings (330 apartments) on Saint James in Elmhurst and on 31st Street in Astoria.

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GCP Capital Group's Alan Perlmutter arranged $36M for 207 apartments and 29k SF of commercial space in four Manhattan buildings.

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National Cooperative Bank's Mindy Goldstein arranged an $11.6M first mortgage for Fairfield Commons Owners Corp, a 216-unit co-op at 2-346 Edmunton Dr in North Babylon, and colleague Edward Howe III arranged an $8.8M first mortgage for 83rd Street Tenants, an 81-unit co-op at 8 E 83rd St.

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Hybrid Capital's Bobby Bakhchi arranged a $6.9M, 12-year refi for a six-story Section 8 elevator building (53 units) at the corner of Audubon Avenue and 180th St in Washington Heights.

We believe Robert Wise and Jerome Robbins' West Side Story set was inspired by the view outside from our office. Email amanda.metcalf@bisnow.com.

Related Topics: James Famularo, Meridian Capital Group, Danny Meyer, Bill Brown, Hill Country BBQ, Rosewood Realty Group, Grand Concourse, Aaron Jungreis, The Berger Org, Brendan Berger, Yeshiva University, Brookfield Place, John Wheeler, Shake Shack, Muss Development, Tom Lynch, Hamilton Heights, Joseph Brecher, The Chetrit Group, Chelsea Market, Trinity Real Estate, Deutsche Bank, Mindy Goldstein, Edward Howe III, Washington Heights, Brett Maslin, Ariel Schuster, Paul Glickman, Florham Park, Josh Rhine, Curtis Foster, Alan Perlmutter, LW Hospitality Advisors CEO Dan Lesser, Northern New Jersey, Howard Greenberg, Civic Center, Buffalo Wild Wings, Howard Properties, Hammer Associates, KBS REIT II, Street LLC, Greg Barkan, Patrick Murphy, Josh Cohen, David Werner, Jesse Rubens, Campus Drive, New York Commercial Real Estate Services, Brooklyn Navy Yard Development Corp, Henry Goldfarb, Cooper Square, Eric Deutsch, Adam Smith, Evan Margolin, Herald Square Properties, Richard Plehn, John Belitsky, Mark Jaccom, Jared Freede, Stanley Lindenfeld, Brad Schwarz, ClearRock Properties, The Garibaldi Group, Gabe Isaacs, David Jarvis, National Cooperative Bank, Jason Pollen, Michael Duncan, Michael Berger, Bush Terminal, Union Square Hospitality Group, North Babylon, 50 Park Place, Brian Segal, The Partnership, Realty LLC, Clayton Kline, Metropolitan Pavilion, United Realty Advisors, John Friedland, Cityview Corporate Center, Robert Treat Center, Morningside Heights, Saint James, West Side Story, Hybrid Capital, New Markets Tax Credit Program, James Busilik, South Orange, Einstein College, Juster Properties, John Monaco, Ken Uranowitz, David Cheiken, JJ Operating, Chef Michael White, Jeff Garibaldi, Dutchess County, FinanceMeridian Capital Group, 1775 Grand Concourse, Highgate Hotels