Contact Us
News

Those Were Just The Leases

New York

Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!

Those Were Just The Leases

DEVELOPMENT

Pontiac Land Group of Singapore bought into Hines and Goldman Sachs Real Estate Principal Investment Area's planned 53W53rd condos next to MoMA and brought with it $860M in construction financing from Asian banks. The 750k SF building will house 145 condos and 36k SF of MoMa exhibition space.

***

New York City Council approved plans for Staten Island's 630-foot New York Wheel (36 cars, 40 people each) and Empire Outlets. BFC Partners will start the $260M outlets (340k SF of retail and a 200-room hotel) on an underutilized municipal parking lot in winter 2014.

***

XSS Hotels and Colwen Management will develop a 226-room Renaissance by Marriott and 154-room Residence Inn by Marriott at Mack-Cali subsidiary Roseland's Port Imperial in Weehawken. They'll deliver in fall '15.

***

Korman Communities, Shorewood Real Estate Group, and Prodigy Network acquired 84 William St and will invest $40M over 15 months to convert it to AKA Wall Street, 140 luxury extended-stay suites. The entire project is $110M, including $25M in crowdfunding from investors from six countries.

***

NYCEDC put out an RFP to transform the vacant, 138k SF Bedford Union Armory in Crown Heights into a neighborhood anchor. It was in continuous use from its delivery in 1903 through 2011, and the State relinquished it to the City in August. One or multiple developers are expected to be chosen by spring '14. Proposals are due Jan. 23.

***

MRY Associates and Normandy Real Estate Partners acquired a quarter-acre site in Summit, NJ, and will build 466 Springfield Ave (28k SF of office, 4,500 SF of ground-floor retail, and 2,500 SF of below-ground storage). The existing property has sat vacant for five years. It'll go vertical in January and deliver Q1 '15.

FINANCING

SL Green (repped by C&W's Steve Kohn, Dave Karson, Alex Hernandez, Christopher Moyer, and John Spreitzer) arranged a $275M, seven-year senior mortgage for the 1.2M SF News Building, 220 E 42nd St, from Wells Fargo. Sridhar Vankayala joined Steve, Dave, and Alex to negotiate another seven-year loan from Wells Fargo: $85M for Silverstein Properties and Loeb Partners Realty for the 283k SF 529 Fifth Ave.

***

Mattone Group and Gartenstein Properties, repped by HFF's Robert Delitsky, obtained an $85M loan from New York Community Bank for the 428k SF Roosevelt Raceway Center power center in Westbury on Long Island. PGA Tour Superstore will open a 44k SF store there this winter.

***

LCOR obtained $49M in construction financing from Wells Fargo for its 304k SF mixed-use project at 638 Bloomfield Ave in Montclair, NJ, for which 259 residential units, 23k SF of office, 22k SF of retail, and 571 parking spaces broke ground Nov. 12. They'll deliver in 2015.

***

GCP Capital Group's Paul Greenbaum arranged $46.9M for 19 two-story buildings totaling 591 apartments in Spring Valley. Adam Brostovski put together $22.6M for 11 buildings totaling 208 apartments and 21 commercial units in Manhattan and the Bronx. And Alan Perlmutter arranged a $12.3M construction loan to build a 24-story, 57k SF residential tower on two SoHo properties.

***

Commercial Mortgage Capital closed a $26.5M loan for Whiton Hills at Branchburg, a 10-building, 276-unit multifamily complex in Neshanic Station, NJ.

***

Meridian Capital Group's Abe Hirsch and Daniel Jacob arranged $17.7M on 90 condo units on Yonkers' Ridge Hill Road, and colleagues David Hayum and Moe Rosenblum negotiated a $12.5M mortgage for a 132-unit apartment building on Brooklyn's East 92nd Street.

***

JS Management, repped by Feinstein Raiss Kelin and Booker's Richard Kelin, secured $11.3M from ConnectOne Bank, repped internally by Michael Strauss, to refi a nine-building Rahway, NJ, multi-family portfolio owned by Feld Properties, Nests Properties, and Dunk Properties. The properties are on Bond, Hamilton, West Grand, and West Main streets and East Grand and New Brunswick avenues.

Those Were Just The Leases

SALES

AvalonBay Communities (repped by HFF's Jose Cruz, Andrew Scandalios, Kevin O'Hearn, Jeffrey Julien, and Rob Hinckley) sold the 588-unit Avalon on the Sound East in New Rochelle to The DSF Group for $210M, Westchester County's largest recorded multifamily sale.

***

American Realty Capital New York Recovery REIT closed on its acquisition of a 48.9% equity interest in the 1.8M SF Worldwide Plaza from George Comfort & Sons, RCG Longview, and DRA Advisors LLC for $220.1M.

***

Vornado has agreed to sell the 260k SF 866 United Nations Plaza office building for $200M. The tax gain will be $166M, deferred in a like-kind exchange as part of its acquisition of 655 Fifth Ave. The sale is expected to close in Q4.

***

Staten Island Marine Development bought 676 industrial-zoned acres on Staten Island's western shore for $80M from International Speedway Corp, repped by C&W's Stan Danzig, Jules Nissim, and Stephen Elman.

***

TJM Properties agreed to purchase the 500-room Claridge Hotel Tower at Bally's Atlantic City in a deal expected to close by January. It was the tallest building in New Jersey until 1989.

***

SL Green and Jeff Sutton acquired a 49-year leasehold interest in the retail at 650 Fifth Ave in a deal with former US Magistrate Judge Kathleen Roberts, the court-appointed federal monitor and interim trustee of the landlord, 650 Fifth Avenue Co. C&W repped the owner.

***

Lehm Holdings, repped by JLL's Aaron Ellison and Corcoran's Carrie Chiang, sold the 20k SF commercial townhouse at 7 W 54th for $40M. The six-story Philip Lehman mansion became a landmark in '81. Corcoran's Shari Scharfer-Rollins repped the buyer.

***

The Oved Group bought Chinatown's 24k SF 40-42 Elizabeth St (16 offices and two stores) and 5,000 SF 159-165 Canal St (six-ground-floor stores plus office) for $33.6M. Massey Knakal's Paul Massey, Robert Burton, and Nick Petkoff arranged the deal. Their colleagues James Nelson and Matt Nickerson arranged the $10.2M sale of the 6,100 SF 146 Waverly Place. Plans have been filed to convert the six apartments to a single-family townhouse.

***

Friedman-Roth Realty Services' Jim Thorp repped the seller and his colleague George Niblock the buyer in the $32.4M trade of Washington Heights' Vauxhall at 780 Riverside Dr. It's the first time the 91-unit building has sold since 1948.

***

The MTA intends to sell a City-owned, 550k SF site at East Gun Hill Road and the New England Thruway in the Bronx for $30.5M to Gun Hill Square, a JV of Grid Properties and Gotham Org, which will build a 260k SF of pedestrian-oriented retail space. The developer was chosen from 10 proposals.

***

Heights Equities sold 95 Washington Heights apartments in two corner buildings, 4240 Broadway and 4300 Broadway, for $23.7M to Crest Realties. Cignature Realty Associates repped both sides.

***

RHS Hope LLC, repped by Kalmon Dolgin Affiliates' Berel Nagel, sold Williamsburg's 20k SF 118-138 Hope St between Keap and Rodney streets to Heatherwood Communities, repped by KDA's Robert Klein, for $13M. The buyer plans to develop luxury residential using the site's 54k buildable SF within three years, once World Trade Copiers', 4th State Metal's, and Converse Rubber Tracks' leases expire.

***

Stellar Management bought a partially vacant office building at 123-127 Lafayette St between Canal and Howard streets for $10.9M. Marcus & Millichap's Barbara Dansker repped the buyer and seller.