This Week's NY Deal Sheet
The Naftali Group has snagged a $104M construction loan for a 25-unit luxury condo project at 219-223 West 77th St on the UWS.
Maverick Capital Partners brokered the debt. Plans for the 18-story building have been on file since last October. Naftali closed on the site, which houses a five-story parking garage, last summer, shortly before submitting plans for the development. (Snapped: Miki Naftali at Bisnow's Residence of the Future event at 4WTC last year).
Michael Madihof has joined Meridian Capital Group as an SVP. Michael will report to senior managing director Mike Edelman and will help Meridian expand its agency origination and underwriting capabilities as well as sourcing and placing loans generated by Meridian’s newly formed investment sales platform. Michael comes to Meridian from Freddie Mac, where his most recent role was production and sales manager for the Northeast region.
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Walker & Dunlop has hired Jeffrey Taschler as COO and SVP of its commercial property funding unit. Jeffrey will be responsible for originating commercial financing opportunities nationwide out of the NYC office and will report to the company’s commercial property funding CEO, Tim Koltermann. Before joining Walker & Dunlap, Jeffery served as a managing director at Ladder Capital.
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Michelle Arrington has joined HAP Investments as a project manager. She’ll be overseeing the design and construction project of HAP’s residential projects in NYC, including several in East Harlem. Michelle comes to HAP from Arrington Realty & Consulting, where she served as a managing director.
SALES
Thor Equities has closed on the sale of a development site at 520 Fifth Ave to Ceruzzi Properties and the Chinese firm SMI USA, for $325M. The deal includes 60k SF of air rights. A 71-story mixed-use tower anchored by a hotel is planned for the site, using a design first commissioned by Thor. The project is allowed 400k BSF. Thor closed on the acquisition of the site for $132M in March 2012. An HFF team reportedly repped Thor in the sale, and Thor reportedly didn’t use a broker. (Snapped: Thor CEO Joe Sitt at Bisnow’s State of the Market event last year).
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Blesso Properties picked up a 192k SF mixed-use development site at 525-45 Broadway in Williamsburg for $33M. ATCO Properties & Management chipped in $12.7M of preferred equity to fund the acquisition. Citicore’s Benjamin Shafran repped the buyer, Blesso Properties, and the seller, Broad and Boerum.
RFR has picked up 33 rent-regulated condo units at 28 East 10th St for $32.5M. RFR has not released any info on brokers involved in the sale.
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The Related Cos picked up another site at its Hudson Yards project on Manhattan’s far West Side. The site, at 507-511 West 33rd St, sold for $30M.
2 Soundview Dr, a 38k SF Class-A office building in Greenwich, CT, sold for $30.5M. CBRE’s Jeffrey Dunne and Steven Bardsley brokered the deal.
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Mount Sinai Health System sold a 45k SF office condo at 633 Third Ave to the law firm Marcus & Pollack for $27M. Cushman & Wakefield’s Jonathan Serko, Josh Kuriloff, Barry Zeller, Richard Serko and Andrew Braver repped Mount Sinai. Rudder Property Group’s Michael Rudder and Michael Heller repped the buyer.
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Perfetto Contracting bought 152-158 41st St, a 31k SF, three-building industrial portfolio in Sunset Park, Brooklyn, for $26M. MHP Real Estate Services’ Jesse Rubens repped the seller, and Robert DeFalco’s Susan Batiancela repped the buyer.
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Miami-based investor Alan Marcus bought 3750 Broadway, a 47k SF residential building in Washington Heights, for $16M. GFI’s Roni Abudi repped the buyer, and GFI’s Ohad Babo repped the seller, Monarch Realty Holdings.
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A 35k BSF development site at 695-705 6th Ave in South Slope sold for $9.9M. GFI’s Erik Yankelovich repped the buyer and the seller.
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Brookland Capital bought St. Luke’s Evangelical Lutheran Church of Clinton Hill, a 29k SF church at 259 Washington Ave in Brooklyn, for $8.8M. TOWN Residential’s Mark David Fromm and Brandon Gibson repped the buyer. TOWN’s Matthew Steer and Keller Williams’ Mark Chin, who was with TOWN when the deal was being done, repped the church.
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A 26k SF retail assemblage at 233-02-20 Northern Blvd in Douglaston, Queens, sold for $3.8M. The sale price pencils out to about $625/SF. Cushman & Wakefield’s Stephen Preuss brokered the sale.
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A three-story, 5k SF mixed-use building at 149-06 41st Ave in Flushing, Queens, sold for $3M. Cushman & Wakefield’s Stephen Preuss brokered the sale. The buyer was represented by Prime Estates Realty.
920 Madison St, a 13-unit, 10,400 SF residential building in Brooklyn, sold for $2.9M. Besen & Associates' Joseph Friedman brokered the deal.
LEASES
Weiss Realty signed a 65k SF lease at 2 Alpine Court in Spring Valley, NY. JLL’s Howard Weinberg and Dean Brody repped the tenant, and the landlord, Murray Construction. Brian Fitzsimons also repped the landlord in-house.
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Prometheus Global Media signed a three and a half year sublease for 40k SF at 340 Madison Ave. Newmark Grubb Knight Frank’s Chris Mongeluzo and E.N. Cutler repped Prometheus. Cresa’s Christina Clark and Eric Thomas repped the sublessor, Twitter.
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Holwell Shuster & Goldberg signed a three-year, 30k SF sublease at 750 Seventh Ave. Savills Studley’s Craig Lemle and Nick Zarnin repped the tenant. Cushman & Wakefield’s Samuel Clark and Joshua Goldman repped the sublessor, Mishcon de Reya.
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Publicis Groupe signed a 24k SF expansion lease at 1675 Broadway. Byrnam Wood’s Joseph Thanhauser and Gordon Ogden repped the tenant, and Rudin Management’s Robert Steinman repped the landlord in-house.
Target signed a 15-year, 20,800 SF lease at 7000 Austin St in Forest Hills, Queens. Ripco’s Jeffery Howard and Doug Weinstein repped Target. Muss Development’s Bill Bergman repped the landlord in-house.
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Nomura Research Institute Americas signed a 17k SF lease at 810 Seventh Ave. Cushman & Wakefield’s Tara Stacom, Barry Zeller, Justin Royce, Connor Daugstrup and Matthias Li repped the tenant.
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Intouch Solutions signed a 17k SF lease a 469 Seventh Ave. Savitt Partners’ Brian Neugeboren and Mark Schoen repped the tenant. Colliers’ Eric Meyer and Marty Meyer repped the landlord.
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Material Wrld signed a 14,500 SF lease at Industry City. Newmark Grubb Knight Frank’s Scott Brown repped Material Wrld. Industry City’s in-house team repped the landlord.
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NASCAR signed a 10-year, 14k SF lease at 590 Madison Ave. JLL's Patrick Heeg repped NASCAR. Minskoff Equities' Jeff Sussman repped the ownership, the State Teachers Retirement System of Ohio.
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The Line, a fashion industry startup, signed an 11,500 SF lease at Industry City. The deal was done without brokers.
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Pipedrive signed a 8k SF lease at 450-460 Park Ave South. Avison Young’s Greg Kraut and Justin Grabell repped the tenant. The Moinian Group’s Gregg Weiser and Ariel Moinian repped the landlord in-house.
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Caffe Bené signed a 4,200 SF lease at 150 Campus Rd, near Brooklyn College. Kassin Sabbagh Realty’s Jack Lee repped the tenant and Kassin Sabbagh’s Richard Bailey repped the landlord.
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DogPound has signed a 4k SF lease for a gym at 511 Canal St. Corcoran’s Dominic Coluccio repped DogPound, and RetracX Realty’s Anthony Ponte repped the landlord, Ponte Equities.
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Savoir Beds signed a 3,300 SF lease at 223 East 59th St. Colliers’ Peter Simel, Timothy Pond and James Emden repped the tenant, and Winick Realty Group’s Charles Rapuano, Jeremy Wintner and Steven Baker repped the landlord, MWest Holdings.
FINANCING
Meridian Capital Group’s Avi Weinstock and Chaim Tessler closed on a $30M loan for 15-17 Park Ave, a 16-story, 97-unit multifamily building. The loan carries a seven-year term with a fixed rate of 3.5% and interest-only payments for the full term.
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Cushman & Wakefield’s George Gnad closed a $22M loan for 154-157 Avenue E, a warehouse-to-residential conversion development with 80 units in Bayonne, NJ. The loan comes with a seven-year term at a fixed rate of 3.375%, with a five-year extension option.
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Cushman & Wakefield’s Preston Flammang brokered a $4.35M cash-out refinance on a 16-unit multifamily apartment building on the Upper West Side. The loan carries a five-year term at a 65% LTV, with a fixed rate at 2.875%.
