Berkadia Commercial Mortgage originated $100M in fixed-rate financing through its HUD/FDA program for the construction of the $125M Elizabeth Seton Pediatric Centerin Yonkers. The interest rate on the loan is 5.22%, and the 30-year term and 30-year amortization will commence upon completion of construction. The firm's Bradley Grainger arranged the loan on behalf of the client. The 137-bed, 165k SF center is scheduled to open in '12.
The Abraham Joshua Heschel School announced a $100M expansion and relocation project, uniting the school's early childhood center, lower, middle, and high schools at one site on West End Avenue and W. 61st Street. A new 142k SF building will house nursery through eighth grades, and the consolidated campus will allow the school toincrease its capacity from 789 to 1k students. Levien & Co. was tapped to oversee the project, and the team includes pre-construction services firm F.J. Sciame Construction, architect Gruzen Samton, M/E/P Altieri Sebor Wieber, structural engineer Robert Silman Associates, environmental engineer Atelier 10, and geotech engineer Langan Engineering. Construction will begin with abatement and demolition in spring, and the full project will proceed in September for a '12 completion.
Sales Transactions
Northern RKO's Patrick Thompson purchased the RKO Keith's Theatre in Flushing, Queens for $20M. Belkin Burden's Craig Price, Howard Wenig, Seth Liebenstein, andAllan Gosdin represented the buyer. Doral Bank FSB provided financing.
Rosewood Realty Group sold a 42.8k SF, four-story walk-up apartment building at 780 E. Second St. in Kensington, Brooklyn, for $4.4M. The firm's Aaron Jungreis andJake Blatter repped the buyer and seller.
Massey Knakal sold four properties: a 3.1k SF townhouse at 222 E. 50th St. for $2.1M (seller reps: Clint Olsen and James Nelson; buyer rep: Halstead Property's Toni Simon); a 12k SF development site at 2765-2773 W. 16th St. in Coney Island, Brooklyn for $1.4M cash (broker: Brian Hanson); a 20-unit apartment building at 10 Jefferson Pl. in Mount Vernon for $1.4M (brokers: John Barrett and Hall Oster); and an 18.6k SF commercial development site at 3170 Webster Ave. in the Bronx for$1M cash (brokers: Karl Brumback and Mark Lively).
Pluckemin Park sold its 50-unit garden apartment complex at Routes 202/206 in Bedminster Township, NJ to an investor for $4.4M. Gebroe-Hammer's Stephen Tragashrepresented the seller, while the firm's Scott Callahan repped the buyer.
Idea Group purchased a 3.7k SF office condo at 70 W. 36th St. for $1.8M. Hopp Properties' Maggie Hopp represented the buyer, while Time Equities' Michael Rudder andMike Heller repped the seller.
Prism Capital Partners re-acquired the 180k SF property at 399 Jefferson Rd. in Parsippany, which it sold in a JV with Greenfield Partners to HSBC in '06. The former owner had gutted the single-story building for a data center, but the company never took occupancy, so Prism is planning a full capital improvement program, with build-to-suits for a single or multiple tenants. JLL's Joe Garibaldi and Peter Nicoletti represented HSBC in the sale.
Lease Transactions
Williams Scotsman signed a 123k SF land lease at the company's trailer parking area on Distribution Avenue in Edison, NJ. NAI James E. Hanson's Ken Lundbergrepresented the tenant, while Allan Ramsay repped owner Heller Industrial Parks in-house.
Stellae International inked a 111k SF sublease from The New York Times Co. at 1111 Marcus Ave. in Lake Success, Long Island. Schacker Realty Corp. represented the subtenant, while Ashlind Properties' Richard Cohen and Byrnam Wood represented the sublessor. The landlord is a JV between Apollo and National RE/Sources.
Integrated Microwave Technologies leased a 65k SF space at 200 International Dr. in Mount Olive, NJ, consolidating from three locations. Cushman & Wakefield's Robert Donnelly Jr. and Fred Brunswick represented the tenant, while CBRE's Tom Mallaney, Steve Sander, and Bill Waxman repped an institutional owner advised byJPMorgan.
Mildred Elley School is opening its first campus in Manhattan at 25 Broadway with a 15-year, 42k-SF lease. Cassidy Turley's Harry Krausman represented Empire Education Corp., the school's parent company, while CBRE's Bruce Surrey and The Wolfson Group's Eli Levitin repped the owner.
E.S. Freight signed a 34.7k SF lease at 15 Jensen Dr. in Somerset, NJ. JLL's Steven Beyda represented the tenant, while David Paster repped owner Heller Industrial Parks in-house.
499 Seventh Ave. saw five deals totaling 32.7k SF: Salty Inc.'s 8k SF in-house relocation and expansion (tenant rep: Adams & Co.'s David Levy); Overseas Garment Production's 8k SF expansion (tenant rep: Savitt Partners' Michael Dubin and Carol Sacks); Allan Raider's 3.9k SF renewal (tenant rep: Prime Manhattan Realty'sJonathan Anapol); Selerant Corp.'s 3.2k SF lease (tenant rep: Cushman & Wakefield's Diego Rodino di Miglione); and Bonjour Management Services' 3.2k SF lease (tenant rep: Millennium Realty Group's Ari Waldman). Savitt Partners' Carol Sacks, Michael Dubin, and Alicia Popper repped the owner in all transactions.
Fiber Media signed a 32.6k SF lease at 200 Meadowlands Pkwy. in Secaucus. JLL represented the tenant, while Lincoln Equities Group's Daniel Ackerman repped the owner.
The Farber Center for Radiation Oncology inked a 20-year, 22k SF lease at 100 Church St. Cushman & Wakefield's Matthew Siegel and Joanne Podell procured the tenant, while Robert K. Futterman & Associates' Ariel Schuster, Michael Worthman, and Ross Berkowitz repped owner SL Green.
540 Madison Ave. saw three deals totaling over 17k SF: Molo Lamken's 7k SF lease (tenant rep: Studley's Jarod Stern), SK Telecom's 7k SF lease (tenant rep: Newmark Knight Frank's Matt Leon), and Edelman Financial Services' 3.2k SF lease (tenant rep: CBRE's' John Termini). Owner Boston Properties was repped by JLL's Cynthia Wasserberger, Randy Abend, and Amanda Saltzman in all three deals.
TSG Enterprises inked a seven-year, 15.4k SF lease to open a Pure Hockey/ComLax retail center at 343 Route 46 in Fairfield, NJ. JLL's Thomas Reilly represented the tenant, while Steven Geltzeiler repped owner Denholtz Associates in-house.
Metro Creative Graphics signed a 10-year, 15k SF lease at 519 Eighth Ave. Newmark Knight Frank's Michael Frantz represented the tenant, and The Kaufman Org.'sSteven Kaufman and Barbara Raskob repped the owner. Asking rent was in the low $30s/SF.
Sequin inked a five-year, 12.6k SF expansion lease at 257 W. 39th St., where it will take space in addition to its 8k SF showroom at 234 W. 39th St. The Kaufman Org.'sMichael Heaner and Daniel Kahn represented the tenant, while Prudential Douglas Elliman's Christine Traina repped the owner. Asking rent was $17/SF.
Wells Fargo Trade Capital Services expanded its 100 Park Ave. lease by 12k SF, bringing its total footprint to 69.2k SF. Travers Realty's James Travers and James Fishrepresented the tenant, while Cushman & Wakefield's Paul Glickman, Alex Chudnoff, Tara Stacom, Mitti Liebersohn, Diana Biasotti, and Jonathan Tootell repped ownerSL Green.
The Children's Museum of the Arts signed a 20-year, 10.7k SF lease at 345 Hudson St. Cushman & Wakefield's Alexandra Akira represented the tenant, while Jason Pizerrepped owner Trinity Real Estate in-house.
Marin Goodman is relocating its HQ from Manhattan to 500 Mamaroneck Ave. in Harrison, NY after taking a 10-year, 8.9k SF lease. CBRE's Richard Levine and David Block represented the tenant, while Jeffrey Newman repped owner Malkin Properties in-house.
Wilson Associates inked a five-year, 8k SF lease at 119 Fifth Ave. JLL's Robert Corbi represented the tenant, while Adam & Co.'s Jeffrey Schwartz repped the owner.
Liberty Maritime Corp. expanded by 6.8k SF at 1979 Marcus Ave. in Lake Success, Long Island, bringing its total footprint to 17k SF. Sutton & Edwards represented the tenant, while Lincoln Equities Group's Daniel Ackerman repped the owner.
Perfect Fit Industries signed a seven-year, 5.3k SF lease at 230 Fifth Ave. The Kaufman Org.'s Howard Rosenblum and Heather Rae Hatton represented the tenant, while Newmark Knight Frank's Harvey Richer repped the owner. Asking rent was $35/SF.
Yvette Fry inked a 10-year, 4.7k SF lease at 39 W. 37th St. The Kaufman Org.'s Sommer Scafidi and Howard Rosenblum represented the tenant, while Walter & Samuels' Alan Helman repped the owner. Asking rent was $35/SF.
NAI Friedland's Rick Stassa brokered three retail deals: a 1k SF lease for Celine NY at 8 E. Fordham Rd. in the Bronx; another shoe and clothing store on Fordham Rd.; and a 1.5k SF lease for a 99-cent discount store at 1272 St. Nicholas Ave.
Wayne M. Lopkin signed a five-year, 2.3k lease extension at 52 Vanderbilt Ave. Colliers International's Richard Warshauer represented the tenant, while Melissa Brause Rackoff repped owner Brause Realty in-house.
Caché signed a 2.2k SF lease at 1144 Third Ave., joining Canyon Beachwear, Bare Escentuals, and Thierry Rabotin. PBS Real Estate represented the tenant, while Prudential Douglas Elliman's Faith Hope Consolo and Joseph Aquino repped the owner.
Ogan/Dallal Associates inked a 1.7k SF lease at 530 Seventh Ave. Savitt Partners' Marc Schoen and Michael Schoen represented the tenant, while Bob Savitt repped owner Savitt Partners in-house.
Victory Apparel Corp. signed a five-year, 1k SF renewal at 450 Seventh Ave. The Kaufman Org.'s Barbara Raskob represented both the tenant and owner. Asking rent was in the mid-$30s/SF.
Alexandre Benharroche and Betsy Hilfiger inked a 10-year, 860 SF lease for a salon at 1349 Lexington Ave. Sierra Realty's Marianne Thorsén represented both the tenant and owner 1349 Coop LLC.
Wachovia Bank signed two long-term land-lease agreements for one-acre parcels in Franklin Township, NJ at Elizabeth Avenue and New Brunswick Road, and Bennetts Lane and Route 27. NAI James E. Hanson's Joan Cenicola represented the lessee in both transactions.
Financing
GCP Capital Group arranged over $93M in mortgage financing: $87.6M for a package of 13 multifamily properties containing a total of 203 units throughout Brooklyn andQueens (arranged by Alan Perlmutter); $2.2M for eight medical office condo units in Hauppauge, Long Island (arranged by Perlmutter); $1.4M for a 3.1k SF service station in West Babylon, Long Island (arranged by David Sessa); and $1.4M for a five-story walk-up apartment building with 20 units on Creston Ave. in the Bronx (arranged by Adam Brostovski).
Construction & Development
Mayor Bloomberg, State Senator Martin Golden, and SUNY Downstate president Dr. John LaRose announced the start of development of BioBAT, a 486k SF center for commercial bioscience at the Brooklyn Army Terminal. Construction on the first 56k SF of space will begin this year, with completion expected in '11. It will create more than 1k permanent jobs. The City invested $12M in the project, and Sen. Golden secured an additional $48M in State funding to facilitate the project.
Monday Properties partnered with an affiliate of Savanna Investment Management to recapitalize the 260k SF 386 Park Ave. South, where it plans to pursue arepositioning program for the building, including base building improvements, replacing windows, renovating elevator cabs, and upgrading building systems. It will also launch a new leasing effort at re-tenanting the currently vacant space, which has floorplates of 11.6k to 13.1k SF.
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