URBAN CENTRIC; THE DEAL SHEET
| Investors are placing significant interest in urban infill multifamily projects, both existing and new development, says HFF senior managing director Jose Cruz, a panelist at Bisnow’s first-ever “The Future of NJ Urban Centers” event tomorrow afternoon inHoboken. | ||
 | ||
| The demand to be near transportation nodes such as trains, ferries, and light rail systems is paramount today, Jose tells us. The vacancy rates along the coastal urban areas is near an all-time low of 5% or better, depending on the town. Further inland, urban areas likeNewark are seeing a revitalization in housing stock and the demand from renters. On the office side, there's significant demand from institutions to acquire well-leased office buildings with credit and term. If you want to know more, you’ll have to join us tomorrow at the Waterfront Corporate Center to hear from SJP Properties founder Steve Pozycki, Mack-Cali president and CEO Mitchell Hersh, AvalonBay VP of development Ron Ladell, JLL managing director Tom Stanton, Genova Burns Giantomasi’s Francis Giantomasi, FTI Consulting managing director Glenn Brill, and Cole Schotz real estate co-head Michael Leighton. If that’s not enough to convince you, there’s also a special cocktail hour courtesy of Chivas. Over 300 people have signed up, have you? | ||
| ||
| Sales Transactions American Realty Capital New York Recovery REIT acquired aFoot Locker store in Bensonhurst,Brooklyn for $6.2M. The tenant currently leases 100% of the property under a 15-year lease through January ’26.*** Marcus & Millichap sold the eight-unit apartment building at 474 60th St, Brooklyn for $1.1M. The firm’s Bruce Thomsen brokered the deal. Lease Transactions Total Office Planning Services of Manhattan relocated its warehouse facility, taking a 113k SF sublease at 333 Starke Rd inCarlstadt, NJ. Cushman & Wakefield’s Stephen Elman, Robert Adams, and Frank Caccavo repped both the sublessor and sublessee. *** Fiserv inked a lease extension for 75k SF at 250 Johnson Rd inMorris Plains, NJ. Newmark Knight Frank’s Seena Stein repped the tenant, while Brian Golden and Diane Chayes repped owner Mack-Cali in-house. *** | ||
 | ||
| A global professional services firm inked a 65k SF deal to be the anchor tenant of the soon-to-be Summit Executive Center inSummit, NJ. The building is a JV between Mark Yeager andNormandy Real Estate Partners.***80 Broad Street saw over 60k SF of deals, including: Aegis Communications Group’s 25k SF renewal (tenant reps: Studley’sJoseph Genovesi and Mark Shapses); HQ Global Solutions’ 25k SF renewal (tenant reps: CBRE’s Scott Sloves, Mark Ravesloot, and Peter Danna); RF Lafferty’s 9,500 SF renewal (tenant rep: The Lawrence Group’s David Ofman); and Relocation.com’s 3,500 SF renewal (doesn’t that go against its name?). Todd Korren repped owner Swig Equities in-house. *** NAI Friedland’s retail team closed over 60k SF of transactions, including: Key Food’s 22k SF lease at 636 S Broadway in Yonkers (brokers: Robin Herko, Steve Lorenzo, and David Scotto; landlord:South Broadway Realty Corp); Planet Fitness’ 20k SF lease at 250 Main St in White Plains (brokers: Herko, Lorenzo, and Scotto; landlord: Metropolitan Plaza); HELP-PSI’s 9,500 SF lease at 1765 Townsend Ave in the Bronx (broker: Kathy Zamechansky; landlord:Townsend Ave Realty Corp); and Dollar K’s 5,000 SF lease at 371 S Broadway in Yonkers (broker: Rick Stassa; landlord: NSKA Realty Associates). *** NAI Friedland’s industrial team closed 22k SF of transactions, including: Big Apple Direct Corp’s 17k SF lease at 1125 Close Avein the Bronx (broker: Steve Kornspun; landlord: Watclo Realty); andBrownes Supply Co’s 5,000 SF lease at 500 Nepperhan Ave in Yonkers (broker: Andy Grossman; landlord: RJ Rose Realty). *** | ||
 | ||
| Student Loan Corp signed a long-term, 19k SF lease at 750 Washington Blvd in Stamford, Conn. CBRE’s Budd Wiesenbergbrokered the deal.***Ameriprise Financial inked a 12k SF lease at the Park Avenue at Morris County office complex in Florham Park, NJ. CBRE’s Leo Paytas repped the tenant, while CBRE’s Patrick Murphy, Greg Barkan, and Sam Buckley repped owner KBS Realty Advisors. *** Duane Reade renewed and extended its 10k SF lease at 401 Park Ave South for another 20 years, four years in advance of its lease expiration. Winick Realty’s Ann La Centra repped the tenant, whileMark Stein repped owner Meringoff Properties in-house. *** Foran Glennon Plandech Ponzi & Rudloff signed a 9,300 SF lease at 120 Broadway, the Chicago-based law firm’s first foray into NYC. CBC Hunter Realty’s Peter Sabesan and Wayne Siegel repped the tenant, while Roger Silverstein and Stuart Christie repped ownerSilverstein Properties in-house. *** Bright Horizons Children’s Centers renewed its 7,600 SF space at300 First Stamford Place in Stamford, Conn. The tenant repped itself, while Jeffrey Newman and Kimberly Zaccagnino repped owner Malkin Properties in-house. *** Brooklyn Moto Too inked a 6,500 SF lease at 213 North 10th St in Greenpoint, Brooklyn. Kalmon Dolgin Affiliates’ Jacques Wadler andVincent Lopez brokered the deal. *** A sweet-smelling expansion: Bond No. 9 leased 5,700 SF at 42 Bond St. for a showroom and corporate events space, just blocks from its flagship store at 9 Bond St. Prudential Douglas Elliman’sFaith Hope Consolo and Joseph Aquino repped the tenant. *** Fashion Terminal inked a 5,500 SF lease at 147 W 36th St, its first retail location. Charles Rutenberg Realty’ Manoj Tewari repped the tenant, while Winick Realty’s Richard Smith and Tatiana Jungrepped landlord Foremost Realty. Financing GCP Capital Group arranged over $18M in mortgage financing, including: $5M for five apartment buildings totaling 104 units inJersey City (arranged by Paul Greenbaum); $4.6M for a six-story elevator apartment building totaling 34 units on Broadway (arranged by Adam Brostovski); $3.6M for three apartment buildings totaling 81 units in Bayside, Queens (arranged by Matthew Classi); and$3M for a five-story walk-up apartment building totaling 41 units onVermilyea Ave (arranged by Brostovski). Construction & Development | ||
 | ||
| The Mercedes House, the 29-story residential building at 555 W 53rd St, is opening. The Enrique Norten-designed and Two Trees Management-developed tower’s first phase includes 222 rental homes, available in May. All of the project’s 900-plus residential units, which range in size from 500 to 1,200 SF, are expected to be completed by late ’12. Additionally, the building will be home to the American HQ of Mercedes-Benz USA, which includes a 330k SFshowroom at the building’s base, and house the new NYC Police Department Horse Stable, a 5,500 SF non-profit theater space, and on-site parking.***SunLight General Capital began construction of a $1M, 200 kWsolar-electric power generating project at Ansonia High School inNew Haven, Conn. The project is expected to generate nearly 230 kWh of energy each year, and will be built at no expense to the City of Ansonia. Under the power purchase agreement, SunLight General financed and owns the installation, and will provide clean, renewable energy to the school at a fixed price lower than local utility rates. Executive Moves David Csontos joined Newmark Knight Frank to lead the company’s Tri-State capital group. Previously, he was with Colliers International, and had founded Insignia/ESG’s capital advisors group in NJ. He also had 20 years of banking experience at Chase Manhattan Bank. *** Robert Silverman joined JLL as SVP of its supply chains and logistics solutions team in NJ. He was previously with Tommy Hilfiger USA, and was president of logistics consulting firm Gross & Associates. *** Seth Pollack joined CBRE as first VP within the firm’s private client group in Saddle Brook, NJ. He was previously with Marcus & Millichap and Gebroe Hammer Associates. He’s a University of Colorado grad. *** Greg Schecher joined NAI Global’s capital markets group as SVP of finance. He was previously with Lexington Capital Advisors, and held positions at Johnson Capital, David Cronheim Mortgage, Pinnacle Capital Funding, and Cushman & Wakefield. *** Ana Nekhamkin joined Ian Schrager Co as VP of acquisitions and development, responsible for new business development at the firm. She was previously at Morgans Hotel Group and Morgan Stanley’s real estate group. She’s a Wharton School grad. *** Scott Langan joined Vitus Group to direct the firm’s NYC office and overall operations in the metro region. He was previously with Identical Equities and Apollon Group. He’s a Fordham grad. *** Timothy Fierst joined Rosenberg & Estis as partner, while Jamie Krapf joined as counsel. The duo will rep banks, mortgage lenders, loan servicers and other creditors and financial services firms in connection with claims litigation. Both were previously with Crowell & Moring, and held positions at Buchanan Ingersoll & Rooney and Bernard H. Cohen. He’s a St. John’s grad, while she’s a SUNY Stony Brook and St. John’s grad. *** CBRE’s Westchester/Fairfield office promoted David Block andSteven Greenbush to SVPs. David joined the firm in ’93, and has been responsible for more than 3M SF of leasing transactions. He’s a graduate of UMASS. Steven’s been in the industry for 16 years and has arranged transactions totaling more than 2.5M SF. He’s a SUNY Albany grad. |
