The Deal Sheet
Sales
RFR Holdings bought the 394k SF 350 Madison Ave (at 45th Street) from Kensico Properties for $261.5 M. JLL's Richard Baxter, Jon Caplan, Ron Cohen, and Scott Latham repped Kensico.
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American Realty Capital New York Recovery REIT acquired the fee-simple interest in the 166k SF 216-218 W 18th St in Chelsea. It's 84% leased to Red Bull, SAE Institute of Technology, Microsoft, Deluxe Media Creative Services, and SYPartners. As we reported last April in coverage of Red Bull's lease, Atlas Capital Group and GreenOak Real Estate had taken over the property in January '12.
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The 16-story, 247k SF, Beaux-Arts Steinway Hall at 111 W 57th St between Sixth and Seventh, home toSteinway Musical Instruments' flagship showroom, is under contract to Atlantic Investors, Property Markets Group, and JDS Development Group.
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Metropolitan Realty Associates and Angelo Gordon & Co, repped by CBRE's Jeff Dunne and David Gavin, sold two retail condos in Garden City Square at 711 Stewart Ave to Hampshire Cos for $66.3M. BJ's Wholesale Club opened in November and has a 121k SF lease for 20 years, and LA Fitness will start a 15-year lease for a 55k SF unit in June.
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Cushman & Wakefield's David Bernhaut, Gary Gabriel, Andrew Merin, Nat Rockett, Grace Braverman, and Phil DAvanzo repped Block 12892 Realty Corp in its bankruptcy court-approved plan to sell 133-33 Brookville Blvd, known as Cross Island Plaza, in Queens. C&W also procured the buyer, Ivy Equities, which paid $24.3M for the 88%-leased, 233k SF property.
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Rosewood Realty Group's Aaron Jungreis arranged the $28.8M sale of 329-335 E 9th St and 325 E 10th St, totaling 53 apartments and five stores across five walk-up buildings.
Financing
Vornado completed a 10-year, $300M financing of the 948k SF Outlets at Bergen Town Center in Paramus, replacing a $282M floating-rate loan.
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The AFL-CIO Housing Investment Trust is providing $89M of pension capital for Amalgamated Warbasse Houses in the Brighton-Coney Island area. The loan allows theunion-sponsored co-op to replace the electrical distribution system destroyed by Sandy flooding and to refi the five 24-story buildings.
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GCP Capital Group's Adam Brostovski arranged $17.5M for 237 apartments and three office blocks in three North Bronx buildings. He also placed $15M for 158 apartments and 8,000 SF of commercial space in three Washington Heights buildings. Colleague Paul Greenbaum negotiated $6M for a 20k SF elevator apartment building on West 45th.
Development
The Nassau County Industrial Development Agency board approved a $85M TOD to replace the obsolete KeySpan HQ. Lalezarian Properties affiliate Mineola Properties will build the 315 units, including 32 affordable ones, at 250 Old Country Rd. The KeySpan building, owned by the MTA, had been exempt from taxes. Construction will take two years.
Leasing
Omnicom, repped by Feld Real Estate's Lee Feld, expanded by 26k SF at L&L Holding and Beacon Capital Partners' 195 Broadway. It now occupies 295k SF in the 1M SF building that's now 100% leased. 400k SF will become available when Thomson Reuters leaves at the end of 2015. L&L's David Berkey and Andrew Wiener repped the landlords.
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Catholic Health Services of Long Island, consolidating Suffolk County locations, committed to 49k SF in Rechler Equity Partners 110 Bi County Blvd in Farmingdale on Long Island. Bed Bath & Beyond occupies the 113k SF property but is moving to New Jersey next year. Rechler's Ted Trias repped the landlord, and Colliers' Gus Nuzzolese repped the tenant, which received a 15-year tax abatement from the Town of Babylon Industrial Development Agency.
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Univision Communications, repped by JLL's J.C. Giordano, expanded its lease at Glenpointe Centre in Teaneck by 10k SF to 78k. Cushman & Wakefield's Richard Baumstein, Marc Graham, and Christian Politan repped landlord Alfred Sanzari Enterprises.
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Forest Electric--repped by Colliers' Ted Rotante, Ernest DeLucia, and James Marcellino--leased 11k SF at 2 Penn Plaza and subleased a portion of the fourth floor to iLevel Solutions, repped by Cushman & Wakefield.
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The Mandell School, repped by Transwestern's Lindsay Ornstein and Newmark Grubb Knight Frank's Stu Morden, leased 10k SF in Rockrose's The Archive luxury apartments at 154 Christopher St. The preschool will open in September. Patricia Dunphy repped Rockrose internally.
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Legacy Builders, repped by Newmark Grubb Knight Frank's Michael Frantz, signed an 11-year, 9,000 SF lease at 519 Eighth Ave in the Garment District. The Kaufman Org's Steven Kaufman and Barbara Raskob repped the landlord internally.
Despite our distaste for slow walkers in Times Square, we love playing tourist in other cities. Been that person in Seattle? Paris? Chicago? Send [email protected] pictures from other tall buildings.
