Sales Transactions
All Transit LLC purchased the 32k-SF 72-11 Amstel Blvd. in Arverne, NY, along with 67k-SF of land, from Newell Funding for $4.1M. NAI Long Island’s Brian Pinnola and Joseph Maffia represented the buyer, while New York Commercial Realty Group’s Frank Rao and Michael Rao represented the seller.
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Gebroe-Hammer Associates closed two transactions totaling $3M; the properties, located at 376 and 424 Park Ave. and 75 and 81 N. Arlington Ave. in East Orange, NJ, include 68 multifamily units and three retail shops. Brokers in the deals were Ken Uranowitz, David Oropeza, Steven Tenenbaum, and David Jarvis.
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Massey Knakal sold a 1.8k-SF retail property at 2117 86th St. in Bensonhurst, Brooklyn for $1.9M cash. The property is occupied by Tango, which has operated the clothing store for over 20 years. The firm’s Jeffery Shalom exclusively handled the transaction.
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Marcus & Millichap sold 5502 and 5504 3rd Ave., a 10k-SF mixed-use property in Sunset Park, Brooklyn, for $1.9M. The firm’s Dolly Amigon and Jon Taubes represented both the private investor seller and buyer.
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The estate of Hans Wertheimer sold two retail/investment properties totaling 17.5k SF at 460 Route 46 West and 480 Route 46 West in South Hackensack, NJ for nearly $2M. NAI James E. Hanson’s Anthony Cassano repped both the seller and buyer Dr. Robert Yang.
Lease Transactions
Graybar Electric Co. signed three new 10-year deals totaling over 150k SF: a 136k-SF industrial lease at 8001 Industrial Ave. in Carteret, NJ; a 8.7k-SF office lease at 105 Fieldcrest Ave. in Edison, NJ; and a 10k-SF office lease at 401 Franklin Ave. in Garden City, Long Island. NAI James E. Hanson’s Jonathan Stravitz represented the tenant in all three deals. Cushman & Wakefield’s Nathan Demetsky, Lawrence Maister, and Paul Torosian represented owner Panattoni in the Carteret deal; C&W’s Robert Dinner represented owner The Silverman Group in the Edison deal; and Sutton & Edwards’ Ted Trias and Gus Nuzzolese represented owner The Engel Burman Group in Garden City.
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Holland & Knight signed a long-term 82.6k-SF lease at 31 W. 52nd St., relocating from 195 Broadway. FirstService Williams’ Ted Rotante, Michael Cohen, and Andrew Roos represented the tenant, while CB Richard Ellis’ Stu Eisenkraft, Andrew Sussman, Brad Needleman, and Laurence Briody represented Clifford Chance, which is vacating the space. Holland & Knight will move in January ’10. Paramount Group is the building owner.
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Syska Hennessy inked a 15-year, 64.8k-SF lease at 1515 Broadway. Jones Lang’s Peter Riguardi, Cynthia Wasserberger, and Amanda Saltzman represented the tenant, while JLL’s Frank Doyle, David Kleiner, Edward DiTolla and SL Green’s David Kaufman and Amy Schustek repped owners SL Green and SITQ.
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Aeroflex Incorporated signed a long-term extension for 50.5k SF at 350 Kennedy Dr. in Hauppauge, Long Island. Harry Stavro and Robert Stein represented owner Rechler Equity in-house in direct negotiations.
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Gerber Childrenswear renewed its 16k-SF space at 1333 Broadway. Colliers ABR’s Nicola Heryet and Stephen Bellwood represented the tenant, while Newmark Knight Frank’s Brian Waterman, Jonathan Fanuzzi, and Brandl Frey represented the owner, W&H Properties.
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Gabriels Technology Solutions inked a five-year, 15.5k-SF lease at 1250 Broadway. The Kaufman Org.’s Michael Heaner and Daniel Kahn represented the tenant, while Eric Levy, Brad Siderow, and AJ Camhi represented owner Murray Hill Properties in-house. The lease terms were not disclosed; asking rent was $50 PSF.
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A.H. Harris & Sons signed a long-term, 10.9k-SF lease at an under-construction industrial facility on Cheesequake Rd. in Sayreville, NJ. FirstService Williams’ Lori Zuck and Adrienne Bzura represented the tenant, while owner/developer Gillette Enterprises was represented in-house.
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Play N Trade opened six new locations on Long Island, working with CB Richard Ellis’ Jayson Siano, who arranged the retailer’s 1.6k-SF lease at Nesconset Shopping Center in Port Jefferson Station; a 1.6k-SF commitment at CVS Shopping Center in Deer Park; a 1.3k-SF lease at North Country Plaza in Miller Place; and a 1.5k-SF lease at Kohl’s Shopping Center in Bay Shore, among others.
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Five Guys Burgers and Fries signed leases for a 1.5k-SF restaurant at Douglaston Plaza Shopping Center in Douglaston, Queens, and a 2.3k-SF restaurant at Bay Terrance Shopping Center in Bayside, Queens. Sholom & Zuckerbrot’s Douglas Weinstein represented the tenant in both transactions, while Kimco Realty’s Tom Pira represented the owner in Douglaston and Cord Meyer Development’s Mary Hughes in Bayside.
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Dynova Laboratories inked a multi-year lease for 4.3k SF of HQ space at The Point at Morristown, 36 Cattano Ave. in Morristown, NJ. Cushman & Wakefield’s Richard Baumstein represented the tenant.
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CS Tang signed a two-year, 3.4k-SF lease at 545 Madison, the building’s first office tenant after its recent comprehensive renovation by owner LCOR. Additionally, the tower was just awarded LEED Gold certification.
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Ricky’s beauty supply store inked a 15-year, 2.6k-SF lease at 142 8th Ave. for its newest store. Winick Realty’s Adam Stupak represented the tenant.
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Brune & Richard renewed its lease at 80 Broad St. FirstService Williams’ Ted Rotante represented the tenant, while Todd Korren represented owner Swig Equities in-house.
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Papamarkou Wellner Asset Management is relocating from the GM Building to 399 Park Ave., occupying the front portion of the 38th floor. Colliers ABR’s Stephen Bellwood and Mark Boisi represented the tenant, while CB Richard Ellis’ Sacha Zarba and Ben Friedland represented owner Boston Properties.
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Babel Fair signed a retail lease at 260 Elizabeth St. New York Commercial Realty Services represented the tenant, while Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino represented the landlord.
Financing
Cushman & Wakefield Sonnenblick Goldman’s Global Hospitality Group arranged $43M in refinancing for the Courtyard Manhattan/Midtown East. The firm’s Mark Gordon, Jared Kelso, and Alison Tan represented DiamondRock Hospitality in the deal.
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The NYC Capital Resource Corp. gave preliminary approval for the allocation of Recovery Zone Facility Bonds for Albee Development, which plans to use the $20M to spur construction for its City Point development; and Arverne by the Sea and Benjamin Beechwood Retail, which will use $15M in recovery bonds to finance a 55k-SF supermarket and 21k-SF retail plaza in Queens. The three projects represent more than $65M in immediate private investment.
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The NJ office of Holliday Fenoglio Fowler arranged $23.8M in acquisition financing for the 219k-SF Neptune Plaza Shopping Center in Neptune, NJ. The firm’s Thomas Didio and Michael Klein placed the five-year, fixed-rate loan with a commercial bank on behalf of The Azarian Group.
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The Brooklyn Navy Yard will receive $15M in capital funds over three years for the redevelopment of two facilities, including the adaptive reuse of three connected former WWII machine shops to create the 220k-SF Green Manufacturing Center. The NYS Senate funding will also support construction of an exhibition and visitor center.
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CB Richard Ellis Capital Markets’ Keith Kurland arranged a $9.5M first-mortgage loan on a 13-story, 68-unit Plaza district multifamily building. The non-recourse financing was arranged in-house by CBRE Multifamily Capital, a Fannie Mae DUS lender, for 5-years with full term IO at a fixed rate of 5.19%.
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CBRE also arranged $8M in acquisition and construction financing for 4289-4305 Park Ave. and 422 East 178th St. in the Bronx. The firm’s Max Herzog and Michael Diaz arranged the loan at an 8.5% floating interest rate for an 18-month term, provided by a foreign bank. The five multifamily, four-story walk-ups include 105 vacant units.
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Holliday Fenoglio Fowler’s Al Epstein secured $4M in financing for a 79.5k-SF industrial facility at Old Tarrytown Rd. in White Plains on behalf of borrower Phoenix White Plains, an affiliate of Phoenix Realty Management. The financing was arranged through Valley Bank.
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The Community Preservation Corp. and the NYC HPD jointly provided a $2M construction and permanent loan for the gut renovation of 404 Lenox Ave. in Harlem, which contains 13 units and 1k-SF of ground-floor retail. The renovation will include a conversion to five two-bedroom and four three-bedroom apartments.
Construction & Development
The 50k-SF Lincoln Center Synagogue at 69th and Amsterdam topped off. The building will house a sanctuary space for 450 congregants, as well as a Beit Midrash that serves as the primary place for learning. Project team members include Mc Gowan Builders, Winston Consultants, Cetra/Ruddy, and GACE Consulting Engineers.
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Safe Horizon’s new $2.5M Manhattan Center at 1753 Park Ave. completed. The 36k-SF building will house two of Safe Horizon’s victim service programs, and will also be home to Fat Witch Bakery, which is expanding from Chelsea Market. The project team included Levien & Company, Gertler & Wente, Perkins Eastman/Russell Design, Lilker Associates, and BDG Construction.
ALSO AROUND NEW YORK...
Business
As part of a comprehensive rebranding, the real estate businesses associated with the Malkin family have been renamed: Malkin Properties replaces W&M Properties; Malkin Securities Corp. replaces Wien & Malkin Securities Corp.; Malkin Construction Corp. replaces W&M Construction; and Malkin Holdings replaces Wien & Malkin. The only exception to the renaming program is W&H Properties, which will continue to operate its pre-war Manhattan portfolio under the same name.
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Jones Lang LaSalle partnered with Real Estate Disposition to provide an online auction sales platform for commercial property and note disposition. The auction will debut with a 100k-SF commercial property sale in October.
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Howard Ecker + Co. launched its Cleantech Real Estate Group, which specializes in providing corporate relocation services to cleantech companies as well as tax incentive consulting, negotiation and compliance. In partnership with True Partners Consulting, it is working with foreign and domestic cleantech companies to handle expansion and relocation efforts that increasingly include a variety of local, state and federal tax incentives for qualified companies.
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Atco Construction re-launched as Essential Design + Build, extending its services and expertise beyond the Atco real estate portfolio and placing a greater emphasis on its design/build division.
Exec Moves
Jones Lang LaSalle appointed Jay Koster to lead the firm’s national Capital Markets group as president, charged with the growth of the group’s business through geographic and product line expansion. Jay led the integration of JLL’s and Staubach’s capital markets groups in the ’08 merger, and was previously head of Staubach’s capital market groups. He began his career in Prudential’s real estate investment group and is a graduate of the University of Texas.
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NAI Global promoted Edward Finn to COO. He joined the firm in ’99 as general counsel after more than 20 years as a private-practice attorney in Chicago and Washington , D.C. He has a JD from Northwestern University.
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Colliers ABR, along with Cassidy & Pinkard Colliers, Colliers Turley Martin Tucker, and Colliers Pinkard, appointed Art Santry as senior managing director of the consolidated firms’ national law firm practice group. He was previously with CB Richard Ellis in DC and Trammell Crow. He holds degrees from Hobart College and Dartmouth.
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Jones Lang LaSalle promoted four executives:
Nicholas Spadavecchia was promoted to national director & SVP of marketing, overseeing marketing for the Tri-State. He was previously with Advance Realty Group, CB Richard Ellis, and Trammell Crow. He is a graduate of St. John’s.
Mel Myrie was promoted to SVP, responsible for operations and financial success of project management assignments in the Northeast. He was previously with Baxter International and holds a degree from North Carolina A&T State.
Marie-Claire Cunningham was promoted to EVP. She has been with the firm since ‘07, and was previously with GVA Williams, Colgate-Palmolive, and Corporate Property Investors. She is a graduate of NYU.
Frank Alvarado was promoted to SVP, heading the firm’s multi-site project management practice in the Northeast. He was previously with Meridian Design Associates and DAT Consultants/S.F. Architects. He holds degrees from Syracuse University and CUNY Zicklin School of Business.
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Grubb & Ellis Management Services promoted Lisa Kochan to assistant VP, where she will oversee the day-to-day operations of the company’s central and northern NJ locations. She joined the firm in ’01 as a property manager and was promoted to portfolio manager in ’07. Previously, she was with Zepka/Goldberg Real Estate and is a graduate of Montclair State.
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Eve Tobias joined Heritage Realty Services as senior accountant. She was most recently at Berden LLP, and has worked at various New York-based firms and in the Philippines. She holds degrees from St. Paul College of Manila and Fordham.
