At 103 years old, the Durst Organization owns 16 million s/f of space between 18 buildings in Manhattan, making it one of the city’s oldest and most prominent real estate companies.

However, Anita Durst never had much interest in the family business and she was never pressured to. Her passion and profession lie in the arts — but the real estate world won’t leave her alone. She is bombarded with calls, emails and text messages from people offering her space in the city — rent free.

“Last week I got emailed for eight different spaces,” Durst said over chai latte. “1220 Third Avenue was one of them, another was the Ricky’s on 14th Street, I don’t remember the addresses of the other ones, but those are the two that stood out because they’re huge spaces, like, 7,000 s/f.”

It’s not that she doesn’t want these spaces, it’s than she already has too many.

Durst created the non-profit organization chashama in 1995 with the goal of securing space for her fellow creatives to hone their skills and display their work on the streets of New York.

This was before gentrification turned artist lofts to art galleries in Chelsea, before apartment buildings required curators to decorate their lobbies and well before the term “experiential retail” entered the real estate lexicon.
For Durst and her team, the goal has remained the same, but the landscape around them has shifted.

While interest has always been high among artists — the current waiting list numbers more than 1,000 — building owners and landlords are increasingly eager to participate in the program as the retail vacancy rate continues to creep up throughout the city.

“This is an artists’ moment right now,” Cindy Scholz, chair of chashama’s board of directors, said. “It’s going to take a little bit of time for landlords who want to adjust to this new retail market, so we have a real opportunity during these next couple years to make our mark and expand our presence in the city.”

chashama has 23 locations throughout the tristate, ranging between 300 s/f and 60,000 s/f. Some serve as free studios for painters and sculptors, others are exhibition spaces for performers and interactive installments — one of which allows visitors to marry themselves.

The organization has also introduced a handful of artist-led classes at inside community spaces in Washington Heights and the Bronx.

Although she finds herself turning properties down, more often than not, Durst hopes to change that in the near future by seeking out new spaces throughout the city. But for the long-time actress who makes a point of attending as many chashama shows as possible, this means moving her attention away from specific programs, outsourcing that job so she can focus on the bigger picture.

“We’re stilling going to work with individual artists, but we’re also going to work with more cultural institutions in New York,” she said. “One of the things most cultural institutions and people in New York need is space, so we’re going to go from programming, presenting, to being more of a real estate company, really focusing on getting as many spaces out there as possible.”

Scholz said the organization has a two-pronged strategy for expansion. It has already partnered with other groups, such as Think Chinatown, an organization that advocates New York’s various Asian-American communities, to handle event scheduling. In this case, Think Chinatown is overseeing the shows at Chashama’s 384 Broadway location.
The second portion is to leverage new technology to increase efficiently.

“We pretty much want a Tinder for what we do, for matching artists with spaces, where people can swipe through and get matched up with what theyʼre looking for,” Scholz said. “Once we get this organized, it could be a fantastic tool for brokers to use as well, if they have spaces that their clients want filled with art.”

Durst said she’s taken to the shift well, drawing from her experience watching her father, Douglas Durst, at work when she was a child.

“Real estate must run in my blood,” she said. “I’ve seen my family over the years buy the buildings and be in meetings, it’s something I grew up with. I see it as an extension to what my family does.”

Before formally channeling her location-finding abilities into a non-profit, Durst got her start as a location scout for her friend and theatrical mentor, Reza Abdoh, a Iranian-American playwright and director who was famous for staging elaborate productions in old warehouses and even on city streets.

Durst, who has made appeared in Hollywood films such as Analyze That and Saving Manhattan, learned her love for performance while touring Europe with Abdoh and company. After he died of complications from AIDS in 1995, she resolved to do what she could to give other artists the chance to grow and be inspired.

“Doing outreach is so important to me because I know how much that changed my life,” she said. “It expanded my horizons and that’s what I want to do here, and that’s why it’s so important to me.”

The post Durst doyenne changing the way building owners see art appeared first on Real Estate Weekly.

By Rachel Antman

As the world’s attention turns to the 2018 Winter Olympics, local business leaders are focusing on another sport — real estate.

Several gathered at the CollabNet Connectors Forum, held at Pillsbury Winthrop Shaw Pittman LLP recently.

In the lineup were Paul Massey, Jr., president of New York Investment Sales at Cushman & Wakefield; Faith Hope Consolo, chair of Douglas Elliman’s retail group; surprise guest David Paterson, the former governor of New York; Jane Weng; president of DGW; Paul Homsy, Esq., principal of Noonmark Capital Partners LLC; and Eleni Janis, vice president of the NYC Economic Development Corporation (NYCEDC).

According to the speakers, now is good time to enter the arena. In conversation with Harry Dublinsky, of EisnerAmper, Massey observed that real estate has grown in appeal as an asset class over the past 10 years.

Despite the recent cooling-off of the building sales market and the increased burdens of state and local taxes, his overall forecast for 2018 is “a very, very solid year.”

Consolo shared his optimism. “I’m feeling at this moment better about this year than I felt last year or the year previous. I feel a pulse this year in the market,” she said.

According to Arabian Gulf expert Paul Homsy, Esq., instability in that region and in other areas of the world is prompting people to invest here. “New York is perceived as a very safe place,” he explained. “It’s always been a harbor for international capital.”

Weng said she was not concerned about Chinese capital controls. “The US and New York will continue to be a magnet for international capital,” she said, noting that the U.S. offers a safe environment, a stable system, and lower tax rates.
The panelists also had some words of advice on growing business. Just as athletes need coaches and cheerleaders, businesspeople need mentors and a strong network, they agree.

Listening is critical to developing a netowrk, according to Consolo, who said, “Nobody listens.They don’t listen to the customer. They don’t listen to the client. They don’t pay attention. They’re all texting. They’re all emailing … That’s why they can’t have a relationship.”

Listening was critical to the success of Massey Knakal (subsequently bought by Cushman & Wakefield), said Massey, explaining how the firm’s teams focused on specific submarkets and building relationships with property owners, investors, and allied businesses in those submarkets.

Former governor Paterson added: “When networking, you have to bring as much as you try to take away. Whatever you give to the event is probably more important than what you receive.”

The good sports of the 2018 Olympics who go home without medals will seek other opportunities for success on the rink or the ski slopes. Real estate champions share such persistence.

“Sometimes, you’re going to make a lot of money. Sometimes, you’re going to make a little money, and sometimes you’re going to make no money,” said Consolo. “We’re still in the game.”

The post Massey still in the game as solid year is forecast appeared first on Real Estate Weekly.

AGENTS

Cushman & Wakefield has been retained on an exclusive basis to market a fully-leased single-unit commercial building for sale, located at 132-10-132-16 Jamaica Avenue in Richmond Hill, Queens. The asking price is $6,250,000. Senior Managing Director Stephen R. Preuss will be leading the marketing efforts on behalf of the seller, 132-10 Jamaica Ave Realty Corp. Net-leased to New York City, the tenant is responsible for all utilities, plus the increase in tax over base year. The 12,360 s/f property is currently fully-leased to the School Construction Authority. Since November 2014, the tenant has occupied the space as a New York City Public School, District 28 Pre-K Center and has put approximately $5 million into building renovations. The property features 112 ft. of frontage and exterior land of approximately 1,000 s/f.

•••

EMH Commercial Realty has been retained to sell a portfolio of four mixed-use buildings in the Prospect Heights and Ocean Hill neighborhoods. The buildings will be marketed as “The Low Expense High Income Portfolio,” with an asking price of $8.2 million. The walk-up properties total 10,891 s/f and contain 11 units. Buildings vary between 2 and 3 units and incorporate a total of 18 bedrooms and four retail units. The locations are: 589 Washington Ave; 994 Atlantic Ave; 992 Atlantic Ave; and 2017 Fulton St. EMH’s VP of Sales, Baruch Edelkopf will spearhead the marketing initiative with Mendy Wiesner and Yona Edelkopf. According to the brokers, the portfolio has the potential to gross over $470,000 in yearly income, representing a projected in-place yield of 4.9%. All units are market rent with new separate heating systems. The commercial rents are below average market rents. Combining the retail space would offer the chance to create 40ft of retail.

•••

Friedman-Roth Realty Services announced the following exclusive assignments:

• 112 West 138th Street is a 6-story elevator apartment building with 54 residential units. Located between Lenox Avenue and Adam Clayton Powell Boulevard in the Central Harlem, the 38,904 s/f building is on the market for $24,500,000. Jim Mann is handling the sale of this property.

• 5 Eldridge Street is a 6-story walk-up mixed use building with commercial space on the first two floors and 8 residential units on the top three floors. Located in the Chinatown section of Manhattan, this is the first sale of this building in over 40 years. The asking price is $7,300,000. Eric Lupo is handling the assignment.

• 554 Meeker Avenue (aka 55-59 North Henry Street) is a mixed-use building with 7 apartments and 4 commercial spaces. The 3-story walk-up is located in the Greenpoint section of Brooklyn and has an asking price of $3,700,000. Mark Singer is handling the assignment.

•••

GFI Realty Services has been named the exclusive sales agent for a development site on Brighton 4th Street in the Brighton Beach neighborhood. Senior Director of Investment Sales Erik Yankelovich and Associate Director Yisroel Pershin have priced the property at $4.425 million. The asset is an assemblage of four properties, plus additional air rights, that would allow for the construction of 25,572 s/f of space. The property is located within walking distance of the B and Q trains, and offers access to numerous national and local retailers

SALES

Alpha Realty announced the sale of 133 West 3rd Street in tGreenwich Village. The building consists of seven apartments and one store, with the retail occupied by a restaurant, totaling approx 6,200 s/f. The property sold for $8,850,000, which equates to $1,437 per foot. The apartments above the restaurant are open market and were delivered vacant. Scott Schwartz of Alpha Realty represented the buyers. Michael Coratolo of Coratolo Associates and Jim Mann of Friedman Roth represented seller in the transaction.

•••

Ariel Property Advisors announced the following sales:

• A development site package in Flatbush, located at 94 and 100 Lenox Road, sold for a collective $9.95 million, or $218 per buildable square foot, a record high for the area. The sale of the 45,500 buildable square foot property was brokered by Alexander McGee, Shimon Shkury, Sean R. Kelly Esq., and Daniel Tropp. Zoned R7A, 100 Lenox Road allows for residential development and was delivered with building plans for a seven-story, 31-unit apartment building.

• 465 West 163rd Street, a development site in Washington Heights, sold for $1.49 million. The vacant lot is located between Edgecombe Avenue and Amsterdam Avenue. Zoned R7-2, the site permits approximately 18,253 buildable square feet (w/community facility bonus), or 9,675 buildable square feet (as-of-right). Victor Sozio, Michael A. Tortorici and Matthew L. Gillis represented the owner.

• 514 West 169th Street sold for $2.5 million. The 10-unit multifamily building is situated on the south side of West 169th Street, between Audubon and Amsterdam Avenues. The five-story walk-up building spans 8,125 s/f. Current rents of the stabilized units are nearly 35 percent below market. A J-51 abatement tis in place until the year 2027. Victor Sozio, Michael A. Tortorici, and Matthew L. Gillis and David Khukhashvilli represented the owner.

•••

Bestreich Realty Group has closed the following sales:

• The $3.95 million sale of a 10,000 buildable square foot development site located at 31-33 Frost Street in Williamsburg. The 50 ft. by 100 ft. site is zoned R6B and the sale represents $395 per buildable square foot. Adam Lobel, Luke Sproviero and Derek Bestreich represented both the seller, a private family, and the buyer, Mortat Architecture + Development.

• $2.6 million sale of 1082 Nostrand Avenue, a corner mixed use property in the Prospect Lefferts Gardens section of Brooklyn, NY. The 6,876 s/f property features seven residential units and one commercial unit. Erik Rodriguez, Luke Sproviero and Derek Bestreich represented both the buyer and seller.

• $2.25 million sale of 163 Hope Street (aka 383 Union Avenue), in Williamsburg. This irregular 25-by-100-feet site contains a vacant three family home on Union Avenue and a retail restaurant/bar in the rear of the lot with 33 feet of frontage on Hope Street. This property also has redevelopment opportunity with approximately 8,326 buildable square feet. Adam Lobel, Luke Sproviero and Derek Bestreich represented both the buyer and seller.

• The $1.175 million sale of 2025 Menahan Street in Ridgewood, Queens. This four-unit home features two bedroom railroad units. Greg Rhodes, Steve Reynolds, Tom Reynolds and Derek Bestreich represented both the buyer and seller.

•••

Cushman & Wakefield arranged the sale of 25 Cuttermill Road, a retail strip in Great Neck Plaza, New York. The price was $4.8 million, equating to approximately $427 per square foot. Benjamin Efraimov and Kevin Schmitz represented the seller, 25 Cuttermill Road Realty Corp, in the transaction. The site was purchased by Nassimi Realty LLC. The commercial property consists of 11,250 s/fof retail space and is split into ten retail spaces, but divisible into 13-14 spaces. Currently, seven of the spaces are occupied. The property offers a 4,160 s/f basement, a 2,470 s/f mezzanine and 180 ft. of frontage on Cuttermill Road.

•••

Marcus & Millichap announced the sale of 75 Mamaroneck Avenue, a single tenant retail building located on the corner of Mamaroneck Avenue and Mitchell Place in White Plains. The asset sold for $2,100,000. Joseph C. French, Jr. and Roger Reddy, Jr. of Marcus & Millichap’s Westchester office represented the seller, a private investor. The building constructed circa 1923 contains a total of 5,300 s/f above grade with 800 s/f on the second floor.

•••

RKF announced that its investment sales and advisory services group has arranged the sale of a fully-leased retail property at 500 Mamaroneck Avenue in White Plains for $5,150,000, approximately $569 per square foot. The 9,050 s/f property has 180 ft. of wraparound frontage and is leased to Bank of America, Hilda Demirjian Laser and Skin Care Center, and Irish-themed bar Dunne’s Pub. The sale was arranged by Brian Segall and George Martinecz on behalf of the seller, Tahl Propp Equities. The RKF team also brought the buyer, Trion Holdings, to the transaction. 500 Mamaroneck book-ends the lower half of a high-density retail strip. In addition to The Westchester and Whole Foods Market, the property is near a variety of local and national retailers.

•••

TerraCRG announced the closing of 96 Ingraham Street, an industrial building in East Williamsburg, Brooklyn. Dan Marks, Daniel Lebor and Mike Hernandez, along with their sales team represented the seller, closing the deal at $3M – $150,000 above asking price. The single-story, M1-2 zoned building has approximately 5,238 s/f with an additional 5,238 s/f in air rights. It features an open layout, one drive-in with an interior loading dock, and 19 ft. ceilings. 96 Ingraham Street, is i located between Knickerbocker Avenue and Porter Avenue, nearthe L train stop at the Morgan Avenue Station.

•••

An industrial property located at 146 Davis Avenue in Bridgeport, CT, sold for $1,237,500 announced Jon Angel, president of Angel Commercial, LLC. The 17,088 s/f building on 1.72 acres was owned by Black Rock, LLC, and sold to J.E.T. Corporation, a Bridgeport manufacturer of non-ferrous sand castings. The property is near I-95 and the Fairfield Metro Train Station. Situated along Ash Creek bordering Fairfield, CT, the industrial property features four drive-in doors and a 17 ft. ceiling height. It was previously occupied by the Black Rock Fireproof Column Company, which relocated to East Hartford when it was acquired by United Steel.

•••

Carmel Partners has acquired Hunters Glen, an 896-unit garden apartment complex in Plainsboro, New Jersey. The acquisition represents Carmel’s first investment in New Jersey and a continuation of its East Coast expansion. Terms of the transaction were not disclosed. Hunters Glen, built in 1978, is a multifamily residential apartment property located at 1109 Hunters Glen Drive. The complex, situated in a park-like setting, consists of 61 two-story wood frame buildings covering a 52.7-acre sit. Carmel plans to reposition the property, updating interiors, renovating the exterior and improving amenities, which include three resort-style pools, recently installed grills, and access to adjacent public ball fields and courts, playgrounds, walking trails and a golf course. Trey Hilberg, Senior Vice President and Head of Investments for Carmel Partners, made the announcement. The property was marketed by and HFF investment advisory team that included Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli.

•••

NAI James E. Hanson brokered the sale of 431 Midland Avenue, a 10,200 s/f industrial/flex building and 435 Midland Avenue, a 24,000 s/f industrial/flex building in Saddle Brook, N.J. Anthony Cassano represented the seller and Kenneth Lundberg and Patrick Lennon represented the buyer. 431 North Midland Avenue has 3,300 s/f of office space, 4,700 s/f of high-tech space and 2,200 s/f of warehouse space. It features 12 ft. ceilings and two overhead doors. 435 North Midland Avenue features 4,000 s/f of office space, two tailgate loading docks and 14 ft. ceilings. The adjacent buildings are located in the Bergen County industrial market with easy access to the Garden State Parkway, Interstate 80 and Routes 4, 17, 46 and 208. The buyer leveraged a 1031 exchange to purchase the two fully-leased buildings as a long-term investment opportunity.

The post ON THE SCENE: Cushman marketing commercial building in Queens; Mixed-use portfolio up for grabs in Brooklyn appeared first on Real Estate Weekly.

The Hampshire Companies announced that its Founder and Chairman, Jon F. Hanson, has been named to the New Jersey Hall of Fame.

Hanson, along with 15 fellow inductees, will be inducted into the Hall of Fame at a ceremony at the Historic Convention Hall in Asbury Park, NJ, on May 6, 2018.

An industry veteran with more than 60 years of real estate investment experience, Hanson is well-known and respected throughout the industry and the State.

As Founder and Chairman of The Hampshire Companies, he has built an extensive career, bringing tangible economic growth to the Garden State. Additionally, throughout the course of his storied career, he has generously given his time, leadership, and knowledge to a variety of organizations and causes.

In addition to his role at Hampshire, Hanson currently serves as, Director of Yankee Global Enterprises, and Chairman Emeritus of HealthSouth Corporation and the National Football Foundation and College Football Hall of Fame.
Previously, he was lead director for Prudential Financial Inc. Hanson has worked with several gubernatorial administrations on economic development initiatives.

Under the Christie administration, Hanson chaired the Governor’s New Jersey Gaming, Sports and Entertainment Advisory Commission.

•••

Gregg Delany has joined real estate investment bank Eyzenberg & Company as a senior director.

An industry veteran who has closed more than $26 billion in banking and institutional investment transactions, Delany will originate, structure and place debt and equity for commercial real estate owners and investors across the U.S.

Prior to joining Eyzenberg, Delany was a managing director at Greenwich Group International. Before that, as a founding principal at Longitude Investment Advisors, he advised banks on sub- and non-performing mortgages, structured bank mergers and completed hundreds of bankruptcy recapitalizations.

He also held senior positions at Five Mile Capital, Eurohypo, A.G., and State Street Asset Management.

Delany is an adjunct professor in the Master of Science program at NYU’s Schack Institute of Real Estate Development and Finance.

He holds an MBA in Finance from Columbia Business School, a graduate certificate in RE Finance & Taxation from NYU Schack and a B.A. in History / Physics from Colgate University.

Five business development associates have also joined Eyzenberg & Company.

Nicholas Nguyen previously worked for the New York City Economic Development Corporation, Building and Land Technology, and GE Capital Real Estate.

Heearned a Master’s degree in Real Estate Finance from Georgetown University, and a Bachelor of Science degree in Business (with a concentration in Real Estate and Urban Land Development) from Virginia Commonwealth University.

James Keenoy held positions at REIS and Cushman & Wakefield, as well as Chandan Economics, where he collaborated with distinguished real estate economist Dr. Sam Chandan in creating Loan Comps, an industry-first commercial mortgage database and loan comparison tool.

He also has consulted several CRE data startups and founded a firm that specialized in sourcing distressed CRE debt for opportunistic investors.

Keenoy earned a Bachelor of Science degree in Interdisciplinary Business Administration from The College of New Jersey, with concentrations in finance and statistics.

Joshua Brenner was an insurance and investment advisor with Fifth Avenue Financial. He also has experience in corporate middle-market investment banking and served in the U.S. Navy as a SONAR Technician. Brenner holds a bachelor’s degree in Financial Economics from Columbia University.

Alex Anderson previously served as head of sales at a start-up construction company in New Jersey. Before that, he interned as a sales analyst at Atlantic Records.

Anderson studied Music Industry at Syracuse University and is currently pursuing a bachelor’s degree in Finance, with a specialization in Real Estate, at the University of Alabama-Birmingham.

Elena Winters joined from a construction management and development company, where she held various positions and originated real estate investment opportunities.

Winters received a Bachelor of Science degree summa cum laude in Business Administration, with a concentration in Finance from the Gabelli School of Business at Fordham University.

Prior to moving to the U.S., Winters was an electrical engineering candidate at Peter the Great St. Petersburg Polytechnic University.

•••

Two strategic hires mark the continued expansion of Vision Real Estate Partners’ leadership team.
Christine Eberle and Charles Gatje have joined the owner/operator as directors of leasing and property management, respectively.

Christine Eberle brings more than 15 years of industry experience to her new position, in which she oversees leasing for the entire Vision Real Estate Partners portfolio.

She previously served as a landlord representative with Cushman & Wakefie in New Jersey, including several leasing agency assignments for Vision Real Estate Partners.

Her ownership and services experience also include past positions with Colliers International, NPV/Direct Invest and Grubb & Ellis. She attended Rutgers Business School and is a veteran of the United States military.
Charles Gatje leads Vision Real Estate Partners’ property management team, assists in the underwriting and onboarding of new acquisitions, and provides operational and financial oversight for the Vision Management division.
Prior to joining Vision, Gatje for the past 10 years was part of Cushman & Wakefield’s Washington, D.C., property management division.
He holds a master’s degree in Real Estate Finance from Georgetown University and a bachelor’s degree in Business Administration from the American University.

•••

JLL has hired Daniel Posy as executive managing director, Jason Roberts as associate vice president and Peter Michailidis as associate.

The three real estate professionals will join the firm’s New York brokerage operations, and pursue tenant representation assignments. They will report to Phil Palmer, executive managing director and head of New York brokerage for JLL.
Daniel Posy has 17 years of experience in commercial real estate, specialized in transactions involving Class A real estate in the Plaza District. He has completed more than three million square feet in Class A leasing transactions in New York.

Prior to joining JLL, Posy served as an executive managing director with Savills Studley. Earlier, he was an associate with Insignia ESG (later CBRE).

Posy earned a bachelor’s degree in psychology and business from Queens College.

Jason Roberts has eight years of experience in commercial real estate, specializing in new business development.
Prior to joining JLL, he served as an associate director with Savills Studley. He began his career with the Vortex Group.
Roberts received a bachelor’s degree in finance from Loyola University Maryland.

Peter Michailidis launched his real estate career more than a year ago with Savills Studley.

Michailidis earned a bachelor’s degree in economics from Hamilton College, where he played on the school’s varsity ice hockey and varsity squash teams.

•••

JLL announced Mark Zettl has joined the company as President, Property Management, Americas.
Zettl will oversee all office property management initiatives across the platform’s $47 billion of assets under management and 356 million-square-foot portfolio.

He will report to Jay Koster, JLL’s Group Head of Americas Capital Markets & Investor Services, and work with Debra Bonebrake, JLL’s Head of U.S. Industrial Property Management.

Zettl, who is based in Chicago, brings more than 25 years of hospitality and real estate operations experience to JLL.
He most recently served as Chief Operating Officer for Waterton’s portfolio of residential and hospitality properties and was a member of the company’s leadership and investment committees.

Earlier, he served as an Executive Vice President for Ultima Hospitality and is the former Vice President of Operations for two Chicago-based hotel companies.

Zettl also played a pivotal role in the development of the Holiday Inn Express brand while serving as Director of Franchise Services for InterContinental Hotel Group.

Zettl holds a Bachelor of Science degree in Hotel and Resort Management from the Rochester Institute of Technology.

•••

Taconic Investment Partners announced their new Quality Communities partnership with Clarion Partners and the hiring of Ty Barnes as the Vice President of Acquisitions to lead the venture.

Prior to joining Taconic, Barnes worked as an Acquisitions Senior Manager at Related Companies, in which he was part of the acquisitions and development teams that purchased more than 2,000 luxury development units in NYC and 16,000 units nationally.

Before that, he held senior portfolio and asset management positions with Winn Residential and Manhattan Maintenance Company, respectively.

Barnes earned a BA in History from Colgate University and his Masters in Real Estate Finance and Investment from NYU’s Schack Institute of Real Estate.

•••

Tarter Krinsky & Drogin announced the promotions of four lawyers, three to partner and one to counsel.
The firm’s new partners and counsel are:

Brian Beller, who has extensive experience advising on a range of real estate matters involving the acquisition, sale, leasing and financing of commercial property.

Scott Schneider represents commercial landlords and tenants in office, retail and restaurant leasing, as well as industrial and warehouse leasing.

Dr. Jing Xia co-chair of the Pharmaceutical and Biologics Practice and China Practice, represents major pharmaceutical companies.

Promoted to Counsel is John Rondello, who represents contractors, owners, developers, architects, designers and engineers in construction projects of varying scopes and at all stages in the New York metropolitan area and throughout the United States.

•••

CBRE has hired retail specialist and industry veteran Ira Kerner as a first vice president in its Saddle Brook, New Jersey office.

Kerner will service and advise retail clients on both the tenant and landlord sides, focussing on Northern New Jersey, Rockland and Westchester Counties.

Kerner – who has more than 16 years of experience in real estate – spent the previous nine years as a leasing agent with Ripco Real Estate. Before that, he worked as a retail leasing specialist for Metro Commercial Real Estate and for The Schultz Organizatio.

Kerner serves on the Regional Planning Committee for the ICSC PA/NJ/DE Deal Making Convention.

The post WHO’S NEWS: Commercial promotions and hires appeared first on Real Estate Weekly.

A building in Boerum Hill owned by the New York Hotel Trades Council and Hotel Association of New York City Health Center, Inc. was purchased by Orange Management for $24 million, according to city records.

Orange Management went into contract on the building in 2016, but the deal didn’t close until January 31 of this year, according to the transaction documents.

The building at 68 Schermerhorn Street is currently a three-story commercial office building that houses medical offices. Last summer, Orange Management and Lonicera Partners filed permits with the City to develop redevelop the building into a 12-story luxury residential building with 55 housing units, a 3,363 s/f retail space and a fitness center.

A Cushman & Wakefield team of Stephen Palmese, Michael Mazzara, Thomas Freeland, and James Berluti marketed the building as a development site with 70,000 buildable s/f.

Both Lonicera Partners and Orange Management have previously developed ground-up residential buildings in Brooklyn. Last year, Orange Management completed 500 Waverly Avenue in Clinton Hill, a 50-unit new development luxury condo building. Lonicera Partners was part of a team that developed 153 Remsen Street in Brooklyn Heights, a 19-story luxury residential building that opened last year.

The post Boerum Hill building sells for $24M to Orange Management appeared first on Real Estate Weekly.

Long Island City-based brokerage Modern Spaces is the latest real estate company to accuse a competitor of lacking a moral compass.

On February 6, Modern Spaces filed a lawsuit against Compass, a Manhattan-based real estate firm, and former employee Jessica Meis, for poaching agents and confidential information.

Meis began working with Modern Spaces as a real estate sales agent in November 2017, according to the suit. As an agent, Meis had access to confidential company information, including their listings, leads, and a client and owner list, the suit added.

But Meis announced that she would be leaving Modern Spaces for Compass and left on January 22, 2018, according to the suit. Modern Spaces accused Meis of emailing dozens of files from their networks and customer management system to her personal account before her resignation. The lawsuit added that Compass stole Modern Spaces’ listing photos and posted them on their website.

Modern Spaces also alleges that Compass provided Meis with step-by-step instructions to persuade property owners to end their exclusive listing agreements with Modern Spaces so they could instead enter separate agreements with Compass. The suit also claims that Compass is intentionally targeting Modern Spaces because of their stronghold on the Queens real estate market and so they can break into the area for themselves.

Modern Spaces is seeking to be compensated for the business that will be stolen by Compass, the theft of trade secrets, interference with their exclusive listing agreements, and for damage to its reputation.
According to the Modern Spaces, they’re just the latest victim in a pattern of lawsuits against Compass for similar cases. In the past, Compass has been sued by other real estate companies, including Douglass Elliman, Brown Harris Stevens, Citi Habitats, The Corcoran Group, for similar allegations of poaching agents or stealing company info.

“In our case, certain Modern Spaces agents appear to have been used as tools by Compass, who allegedly supplied them with step-by-step instructions on how to steal proprietary company information and listings,” Compass said in a statement. “As a company with deep ties to the Long Island City community we serve and support, we will not sit idly by and allow this malicious campaign to publicly undermine Modern Spaces, all in the name of gaining market share.”

Compass released a statement in response to the lawsuit that said, “Compass has never been found liable by court of committing any of the allegations set forth in Modern Space’s complaint.”

The post Modern Spaces files suit against Compass for agent and data poaching appeared first on Real Estate Weekly.

Winick Realty Group announced today that the firm has been selected to represent Related Companies and GreenOak in the leasing of two prime retail spaces in Long Island City. The Paragon and the Blanchard Buildings, collectively known as The Point in LIC, are located adjacent to both Long Island Rail Road and 7 train subway stations and contain a total of approximately 25,000 s/f of retail with additional outdoor space. .

Winick senior director Hal Shapiro and director Aaron S. Fishbein are marketing the properties, which are located at the base of two redeveloped commercial buildings— The Paragon, a 130,000 s/f building located at 21-00 49^th Avenue; and Blanchard, a 220,000 s/f building located at 21-10 51^st Avenue, where new tenant Vayner Productions is anchoring the

The Paragon

building with 250 employees.

Long Island City, which Fishbein describes as “extremely dense yet under-retailed,” is home to millions of square feet of office and industrial space, more than 30 hotels, numerous education facilities and approximately 25,000 new residential units that are expected to come online in the next two years. In addition to this built-in audience for the retail at the Blanchard and The Paragon, the buildings are also uniquely situated to draw customers from across a much wider

catchment area.

“Both of these buildings offer incredible accessibility to incoming tenants, given their strategic proximity to the 7 Train and LIRR stations at Hunters Point Avenue and East River Ferry, not to mention the Midtown Tunnel, Pulaski Bridge and 59^th Street Bridge,” said Fishbein.

Added Shapiro, “Incoming tenants will be poised to draw from areas including Manhattan, Greenpoint in Brooklyn and the nearby Sunnyside and Astoria neighborhoods of Queens.”

The retail offering at The Paragon, which has undergone a complete gut renovation, features expansive new glass storefront on all three sides with 11,713 s/f of divisible ground floor space with 16-foot ceilings and 300 feet of wraparound frontage. In addition, 8,876 s/f is available on the garden level with 12-foot ceilings, as well as new windows and glass storefronts. A unique outdoor area can also be made available. All uses will be considered for the space.

The retail at The Blanchard consists of 3,725 square feet on the ground floor with 50 feet of frontage on 51^st Avenue, new windows and glass storefront, and 12-foot ceilings. The space is ideal for cafes, commissaries and showrooms that will cater to the office and commercial populations in the area.

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Meridian Capital announced the following transactions:

• A new mortgage in the amount of $4,400,000 on a 46-unit multifamily property located on West 159th Street in New York, NY. The loan features an initial rate of 3.375% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.

• A new mortgage of $3,600,000 on a 39-unit multifamily property located on East 73rd Street in New York, NY. The loan features an initial rate of 3.375% and a five-year term. This transaction was negotiated by Isaac Filler and Michael Helmreich.

• A new mortgage in the amount of $3,500,000 on a 25-unit multifamily property located on First Avenue in New York, NY. The loan features an initial rate of 3.50% and a five-year term. Isaac Filler and Michael Helmreich negotiated this transaction.

• A mortgage of $3,200,000 was placed on a 26-unit multifamily property located on Benson Street in the Bronx, NY. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by Sam Shifer and Jacob Schmuckler.

• A mortgage in the amount of $2,500,000 on a 15-unit multifamily property located on Coney Island Avenue in Brooklyn, NY. The loan features an initial rate of 3.375% and a five-year term. Moe Rosenblum and Meir Schlusselberg negotiated this transaction.

• A new mortgage of $1,600,000 on an 11-unit multifamily property located on East Seventh Street in New York, NY. The loan features an initial rate of 3.25% and a five-year term. This transaction was negotiated by David Ganz and Eric Chapek.

•••

The Bancorp closed a new mortgage of $9.5 million on a 294-unit apartment complex in Richmond, Virginia. The proceeds were used to acquire and reposition the propertin advance of an agency take-out. The five-year balance sheet loan features a floating rate of 30D LIBOR plus 375bps. The loan structure included a future funding of $3.6 million to upgrade the property’s common areas as well as individual units. The future funding was held on the Bancorp’s balance sheet resulting in no negative interest carry to the sponsorship group. The Sponsor owns and operates more than 10,000 multifamily units nationwide. The loan was negotiated by Meridian managing director Marvin Jermais.

•••

Brick Capital Partners LLC, through an affiliate entity, funded a second mortgage in the amount of $2,725,000 to a local real estate investor. The collateral is a five story Brownstone with both an office and residential tenants. The property was gut renovated in 2013 including the installation of an elevator. Eric Roth said the loan closed within two days.

•••

Denholtz Associates secured a 5-year, $9.2 million refinancing from Provident Bank on its 11 building, 264,163 s/f flex-industrial property on Chimney Rock Road and Kearney Street in Bridgewater and Bound Brook, N.J. Paul Barrood, CRE Relationship Manager III for Provident Bank, secured the financing for Denholtz. The refinancing will enable Denholtz Associates to complete a renovation plan throughout the portfolio that includes replacing all parking areas and roofs, as well as façade repairs to each building. Earlier this year, Denholtz completed the first phase of the renovation plan by replacing all parking surfaces and areas. The remainder of renovations is expected to be completed by Spring 2018.

•••

Eastern Union Funding announced the following transactions:

• A $14,250,000 first lien mortgage for the refinance of a 50-unit healthcare portfolio in Minnesota. This transaction was arranged by Nachum Soroka and Phil Krispin.

• A $10,395,000 first lien mortgage for the refinance of a 93-unit, 687,050 SF shopping center on Lycoming Mall Cirel in Pennsdale, PA. This transaction was arranged by Abe Kolman and Yaakov Charlap.

• Nate Hyman and David Metzger arranged a $7,050,000 first lien mortgage for the refinance of a 24-unit multifamily portfolio in Connecticut.

• A $4,000,000 first lien mortgage as arranged by Isaac Sternhill for the refinance of a 7-unit office building on City Hall Plaza in Rahway, NJ.

• A $3,325,000 first lien mortgage for the refinance of a 5-unit mixed-use in Bronx, NY. This transaction was arranged by Moshe Lipschitz and Michael Muller.

• A $2,100,000 first lien mortgage for the refinance of a 10-unit multifamily on Franklin Ave in Brooklyn, NY. This transaction was arranged by Abe Kolman.

• Michael Muller arranged a $1,885,000 first lien mortgage for the acquisition of a 24-unit multifamily on Gov Printz Blvd in Lester, PA.

• A $1,875,000 first lien mortgage for the refinance of a 3-unit multifamily on Jefferson Ave. in Brooklyn, NY. This transaction was arranged by Michael Muller and Moshe Lipschitz.

• A $1,722,000 first lien mortgage for the acquisition of a 25-unit mixed-use on Chester Pike in Glenolden, PA. This transaction was arranged by Michael Muller.

• A $1,500,000 first lien mortgage for the refinance of an 8-unit multifamily on Chauncey St in Brooklyn, NY. This transaction was arranged by Abraham Bergman and Eli Schwartz.

• A $1,358,000 first lien mortgage for the acquisition of a 24-unit mixed-use on Gov Printz Blvd in Lester, PA. This transaction was arranged by Michael Muller.

• A $1,000,000 first lien mortgage for the refinance of a 5-unit industrial property on W Merrick Rd in Valley Stream, NY. This transaction was arranged by Moshe Lipschitz.

•••

GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $40,550,000 for the following properties:

• $13,500,000 for a six-story multifamily apartment building containing 42 units and 8,100 square feet of commercial space, located on Broadway in Manhattan. Alan Perlmutter arranged the financing.

• $8,500,000 combined financing for two multifamily apartment buildings containing a total of 67 units with 2 ground floor commercial units, located in the Belmont and Norwood sections of the Bronx. Adam Brostovski arranged the financing.

• $7,000,000 for a six-story multifamily apartment building containing 40 units and 4,280 square feet of commercial space, located on West 190th Street in Manhattan. David Sessa and Louis Perlmutter arranged the financing.

• $6,450,000 for a six-story multifamily apartment building containing 72 units, located on Ocean Avenue in Brooklyn. Paul Greenbaum arranged the financing.

• $5,100,000 for a three-story multifamily apartment building containing 44 units, located in Hempstead, Nassau County. Matthew Albano arranged the financing.

•••

Ecclesiastical Realty Advisory Services assisted Cornerstone Baptist Church in Brooklyn securing a commercial mortgage that will allow the church to repair their property and develop new income. Jack Lerner, founding principal, secured $900,000 from Carver National Bank. The mortgage has an interest rate of 5.75 percent and a five-year term with a 25-year amortization schedule.

•••

Brad Domenico of Progress Capital negotiated a $7,000,000 non-recourse permanent mortgage loan to refinance existing debt on the mixed-use asset at 115-02 Jamaica Avenue, Richmond Hill, Queens. The 38,000 s/f building is fully occupied by Wavecrest Management Team, Crunch Fitness and Dollar Tree occupying the street-level retail. Representing a 60% loan to property value with 1 year of interest-only at 4.25%, the loan is subject to a 7 year term with a 5 year extension option, a fixed rate of 4.25%, 30 year amortization prepayment schedule.

The post TRANSACTIONS: Eastern Union cuts $14M loan, GCP issues $13.5M mortgage appeared first on Real Estate Weekly.

A Georgian bakery and restaurant has inked a lease for a 2,200 s/f space on 14th Street in Chelsea.

Chama Mama, an all-day bakery and restaurant featuring Georgian cuisine and a variety of fresh-baked bread, signed a ten-year deal for a space at 149 W. 14th Street, between 6th and 7th Avenues, according to Steve Rappaport of Sinvin Realty, who represented the landlord—149 W 14 PR LLC—and the tenant in the deal.

The space also features a 1,100 s/f basement and a large backyard.

Chama Mama replaces Cuban restaurant El Paraiso,  the previous tenant in the space.

“Chama Mama is a unique concept, new to the City.  It’s an all-day bakery and restaurant featuring the marvelous cuisine from the country of Georgia,” said Rappaport.  “Bread, in many variations will be baked in-house in a ceramic circular hearth oven. We looked for months for the right spot for the first location.  14th Street struck immediately as the perfect place.  It is on a busy two way street, that sits close to Chelsea, the West Village, and the Meatpacking District.”

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The Corcoran Group recognized its top agents and sales team during the firm’s annual meeting on Tuesday, February 13.

Pamela Liebman, Corcoran president & CEO, and Bill Cunningham, executive vice president and general sales manager, handed out awards to last year’s top performing sales/rental forces in Manhattan and Brooklyn in front of a crowd of 800 of their fellow agents at Guastavino’s beneath the Queensboro Bridge.

The Carrie Chiang/Janet Wang Team claimed the title of Manhattan Team of the Year while Scott Stewart as the Manhattan Salesperson of the Year.

In Brooklyn, the Cornell Marshall Team and Deborah Rieders reigned as the top team and agent, respectively, in the borough.

Mike Fabbri and Scott Francis split Rookie of the Year honors in Manhattan while Michael Tannen claimed that crown in Brooklyn.

The Corcoran Choir - Photo Andy Foster Photography

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Gay Men’s Health Crisis (GMHC) plans to move its headquarters to a new 112,000 s/f office space at 307 West 38th Street in Midtown.

This move will make the agency’s lifesaving services even more accessible to its more than 12,000 annual clients living with or affected by HIV and AIDS.

Ira Schuman and Stephan Steiner at Savills Studley brokered the lease for GMHC, which has been operating at 446 West 33rd Street since 2010.

The organization will move into its new location by July 31, 2018.

“GMHC continues to grow to serve the needs of our clients and all New Yorkers. Ensuring that our space best meets the needs of our community is a top priority,” said GMHC CEO Kelsey Louie.

“We’re excited to move our headquarters to a more central, accessible location that will also better accommodate our operations and the services we offer.”

The new,space will occupy six floors of the building (floors 2, 3, 4, 5, 7, and 8) and will house GMHC’s current programming and be flexible enough to allow for future growth.

As in the current headquarters, the new space will feature the Peter Krueger Dining Room, which will serve clients with hot lunches four days a week and dinner on Friday evenings; the Keith Haring Food Pantry Program.

There will be a dedicated entry for GMHC staff, clients, guests, supporters, and other visitors; counseling, wellness, and group meeting rooms; New York State-licensed substance use and mental health clinics; office space for GMHC staff; the SUNY client computer lab; workforce development facilities; and much more.

The new headquarters will also include a rooftop space that clients can use in the warmer months, as well as accommodate community events.

The organization is downsizing in the move from the 165,000 s/f it currently occupies at Brookfield Property Partners West 33rd Street building.

The post GMHC inks 112,000 s/f lease in Midtown appeared first on Real Estate Weekly.

Todd Street Productions, Inc. has signed a 5,625 s/f lease at 30-2 West 24th Street in Midtown South. The marketing and communications agency is relocating its executive office from the Meatpacking District to the Garment District location on the buildings 11th floor. David Levy of Adams & Co represented the tenant while James Buslik of Adams & Co. represented the landlord, Twenty Three R.P. Associates. The building was constructed in 1910 and provides 24-hour concierge and recently renovated elevators and lobby. The tenant will partially utilize the 11th floor of the 12-story building for general and executive office space.

•••

Joseph P. Day Realty Corporation announced long-term lease signings of its two newest tenants — CPI and SIGMA7 Design Group — and the lease renewal of existing tenant Echo Design within 10 East 40th Street. Senior Vice President Richard Teichman made the announcement:

• CPI, a global investment professional recruiting firm, signed a lease to occupy 7,500 s/f on the 40th floor. The company, which specializes in placing individuals and teams on behalf of private and public investment firms, will officially relocate from 11 West 42nd Street in 2Q 2018. Joseph Genovesi of Savills Studley represented CPI in the deal.

• Design company SIGMA7 Design Group, which specializes in the architecture, engineering, project management and planning for technology driven projects, also signed a lease. The company will occupy 7,400 s/f on the 17th floor, beginning the first quarter of 2018, relocating from 261 Madison Avenue. Brian Delshad of Douglas Elliman Real Estate represented SIGMA7 Design Group in the deal.

• Current tenant Echo Design, a leader in the design, marketing and distribution of home and fashion accessories, renewed its lease to occupy 25,135 s/f on floors 14 and 16. Adam Nelson of Cushman & Wakefield represented Echo Design.

•••

Marketman, a cloud-based inventory management company serving the restaurant food industry, is joining tenants at Space 530, a private office space and co-working environment at Space360. Marketman will occupy 1,200 s/f of space for its New York City headquarters. The company’s software enables for a collaboration between foodservice operators and their suppliers. The new space will allow for better service and more rapid growth. Space 530 is located on the mezzanine floor of 530 Seventh Avenue.

•••

Muss Development LLC has closed multiple retail leases across the New York City boroughs and into the suburbs:

• On Manhattan’s Upper East Side, Muss executed a lease for SLT, a fitness center with nine other New York City locations. The brand, which was looking into an Upper East Side expansion, signed a 10-year, 2,200 s/f lease at 1556 3rd Avenue. Andrew Connolly and Ariel Schuster of RKF represented ownership in the transaction, while David Abrams of RKF represented the tenant.

• Muss arranged 2,161 s/f lease for Boxer’s at the developer’s 1664 Third Avenue. The sports bar has two other Manhattan locations, and signed on for a lease term of 12 years with a 5-year option. Located in the Carnegie Hill neighborhood, 1664 Third Avenue is block from the 6 train and the newly opened Second Avenue Q at 96th street. Andrew Connolly and Ariel Schuster of RKF represented ownership in the transaction. Michael Yadgard from Maxwelle NY represented the tenant.

• Verizon Wireless has signed a 10-year, 1,760 s/f lease at Broadway Shopping Center, keeping the center 100% leased and occupied. Bill Bergman represented ownership in the transaction. David Alani of In-Line Realty, Inc. represented Verizon.

• Muss also closed two retail leases at its Jackson Heights Shopping Center property. Optical Academy, an eyewear retailer, signed a 10–year, 1,982 ss/f lease, while global real estate brokerage Keller Williams has expanded its 2nd floor office lease to now include 1,511 ss/f ground floor retail. Bill Bergman represented ownership in the transactions. The property now has just 13,800 s/f of remaining available space on the second floor and is 100 percent leased on the ground floor.

• A sushi restaurant signed a 10-year, 1,150 s/f retail lease at Muss’s Jerusalem Avenue Shopping Center in Hicksville, Long Island. Bill Bergman represented ownership in the transaction, while Mike DiBella of Pliskin Realty and Development, Inc. represented the tenant.

•••

CBRE announced the firm’s latest under-35,000 s/f office leasing transactions in Manhattan.
Tenant Representation

• Michael Liss and Sam Spillane represented Pitchbook Data in a 34,100 s/f lease at 315 Park Avenue South for the entire 13th and 14th floors. Owner Columbia Property Trust was represented by David Berkey and Andrew Wiener of L&L Holding Company.

• Joseph Fabrizi and Arkady Smolyansky represented Chicago Title Insurance Company in a 30,035 s/f renewal at 711 Third Avenue for the partial fifth floor. Owner SL Green Realty Corporation was represented in-house by Gary Rosen and Howard Tenenbaum.

• Michael Liss represented Claims Conference in a 29,946 s/f expansion/renewal/ lease at 1359 Broadway for the partial 11th, 12th and entire 20th floors. Owner Empire State Realty Trust was represented in-house by Keith Cody and Lindsay Godard.

• Adam Leshowitz and Eric Kleinstein represented Bertelsmann Music Group in a 24,538 s/f lease at 1 Park Avenue for the partial 18th floor. The tenant is moving from 1745 Broadway and the term is ten years. Owner Vornado Realty Trust was represented in-house by Edward Riguardi.

• Jared Freede, Scott Sloves and Robert Wizenberg represented South Street Securities in a 16,563 s/f lease at 1155 Avenue of the Americas for the entire 14th floor. The term is ten years and the tenant is moving from 825 Third Avenue. Owner Durst Organization was represented in-house by Ashlea Aaron, Tom Bow, Ashley Gee and Rocco Romeo.

• Adam Foster represented Marcraft in a 13,733 s/f renewal at 725 Fifth Avenue for the entire 18th floor. The term is ten years.

• Rob Wizenberg represented Lighthouse eDiscovery in a 11,200 s/f lease at 729 Seventh Avenue for the entire seventh floor. Owner Meringoff was represented by David Cohen and Jason Vacker of Meringoff Properties.

• CBRE’s Michael Politi represented LittlStar in a 7,857 s/f expansion/renewal at 584 Broadway for the partial sixth floor. Owner Olmstead Properties was represented in-house by Steve Marvin.

• CBRE’s William Iacovelli and Patrick Moroney represented Casey Family Services in a 6,947 s/f long-term renewal at 7 World Trade Center for the partial 46th floor. Owner Silverstein Properties was in-house by Camille McGratty, Jeremy Moss and Roger Silverstein.

•••

The Famularo Team at Eastern Consolidated has closed five retail leases throughout Manhattan:

• 54 West 39th street: Y7 Yoga which operates nine yoga studios, will be opening a 10th site in a 3,500 s/f space on the second floor of 54 West 39th Street in Midtown West. Famularo and Director Greg Goldberg exclusively represented the landlord in arranging the 10-year lease.

• 192 Bleecker Street: Unique Collections, a holistic gem store, will be opening in a 700 s/f store at 192 Bleecker Street. Famularo and Associate Director Clayton Traynham negotiated the 10-year lease on behalf of the landlord and procured the tenant.

• The Manhattan Gift Shop will be moving into a 500 s/f space at 850 Amsterdam Avenue on the Upper West Side. James Famularo and Clayton Traynham negotiated the 10-year lease on behalf of the landlord. Midtown Commercial Real Estate represented the tenant.

• The Juice Stop plans to open in a 450 s/f space at 105 Chambers Street in Tribeca. James Famularo arranged the 10-year lease on behalf of the landlord and tenant.

• Shape House, an urban sweat lodge, will be opening at 34 West 17th Street in the Flatiron District. Shape House’s exclusive broker Ted Lundeen, an Associate Director on the James Famularo Team, represented the California-based urban sweat lodge in the 2,325 s/f space, which includes 1,781 s/f on the ground floor and a 544 s/f basement. Carly Geller and Michael Cohen of RKF represented the landlord.

•••

GFP Real Estate (GFP) announced 25,413 s/f of leasing activity at 594 Broadway, a 12-story, building located in SoHo, between West Houston and Prince streets. The announcement was made by GFP co-CEOs Brian Steinwurtzel and Eric Gural. Donna Vogel, Senior Managing Director of GFP, represented the ownership in each of the transactions.

• MWR Infosecurity, Inc., a global provider of research-led cyber security, signed a four-year, 6,313 s/f lease on the 12th floor;
• Public benefit corporation NAVA PBC, LLC signed a four-year, 4,128 s/f lease on the fourth floor;

• KFD Public Relations, a beauty and wellness communications agency, signed for three years and 2,847 s/f on the sixth floor;

• Court Square Real Estate Partners, a privately held, real estate development, construction and investment firm with over 25 years of experience, signed a five-year, 1,827 s/f lease on the 10th floor;

• Boutique and contemporary Pilates studio New York Pilates, LLC took a 1,670-square-foot space for three years on the ninth floor;

• Tribeca Printworks, LLC, a custom fine arts giclée printing studio, committed to a 1,955s/f• space for five years on the sixth floor;

• Architectural Preservation Studio, PLC, a women-owned design firm that specializes in architecture, historic preservation, and exterior envelope consulting, signed a 10-year, 1,810 s/f lease on the ninth floor;

• Technology consulting firm Solid State Consulting signed a five-year, 744 s/f lease renewal on floor four; and
• Speed Media, a digital service provider for the advertising and broadcast industries, signed a 269 s/f lease renewal for one year on the ninth floor.

•••

GFP Real Estate (GFP) announced 25,413 s/f of leasing activity at 594 Broadway, a 12-story. The announcement was made by GFP co-CEOs Brian Steinwurtzel and Eric Gural. Donna Vogel, Senior Managing Director of GFP, represented the ownership in each of the transactions.

• MWR Infosecurity, Inc., a global provider of research-led cyber security, signed a four-year, 6,313 s/f lease on the 12th floor;

• Public benefit corporation NAVA PBC, LLC signed a four-year, 4,128 s/f lease on the fourth floor;
• KFD Public Reltions, a beauty and wellness communications agency, signed for three years and 2,847 s/f on the sixth floor;

• Court Square Real Estate Partners, a privately held, real estate development, construction and investment firm with over 25 years of experience, signed a five-year, 1,827 s/f lease on the 10th floor;

• Boutique and contemporary Pilates studio New York Pilates, LLC took a 1,670-square-foot space for three years on the ninth floor;

• Tribeca Printworks, LLC, a custom fine arts giclée printing studio, committed to a 1,955s/f• space for five years on the sixth floor;

• Architectural Preservation Studio, PLC, a women-owned design firm that specializes in architecture, historic preservation, and exterior envelope consulting, signed a 10-year, 1,810 s/f lease on the ninth floor;

• Technology consulting firm Solid State Consulting signed a five-year, 744 s/f lease renewal on floor four; and

• Speed Media, a digital service provider for the advertising and broadcast industries, signed a 269 s/f lease renewal for one year on the ninth floor.

•••

Howard Epstein, Director/Leasing, HSP Real Estate Group, a member of NAI Global, has arranged a new lease for Central Apparel Group, Ltd. at 16 West 36th Street, between Fifth and Sixth Avenues. The women’s international wholesale and manufacturing company will be moving within the building from its current 978 s/f offices on the 12th floor to more than twice the space with 2,096 s/f on the fifth floor.

•••

The Rudin Family announced that independent foreign exchange business Travelex Currency Services has signed a 10-year lease for an 8,400 s/f prebuilt office suite at 355 Lexington Avenue in Midtown East.Travelex’s new offices will encompass a portion of the building’s 3rd floor and feature a state-of-the-art reception area, polished concrete floors, high ceilings, a modern pantry area and glass walled conference rooms. The company is currently located at 122 East 42nd Street and expects to relocate to 355 Lexington Avenue in the first quarter of 2018. Robert Steinman, senior vice president at Rudin Management Company, represented building ownership in the 10-year leasing transactions, while Michael Liss and Anthony Manginelli of CBRE represented the tenant.

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The Moinian Group announced that it has selected George Washington Immigration Group, LLC as its EB-5 Regional Center to provide between $250 million and $350 million in EB-5 funding for the developer’s 3 Hudson Boulevard.

Moinian’s 53-story, 2 million-square-foot office tower — located in the heart of the Hudson Yards District — officially broke ground at the end of 2017, and is scheduled for delivery by 2021.

The total cost of the state-of-the-art project is more than $2 billion. The project is being funded through Moinian Group equity and EB-5 participants.

“George Washington Immigration Group is a first-class organization with team members who have a tremendous track record in the EB-5 industry,” said Moinian Group chief executive officer Joseph Moinian.

“Construction of 3 Hudson Boulevard is already underway. We are excited to bring this elegant tower to completion, becoming a permanent fixture of the Far West Side and the New York City skyline.”

“We are proud to be a part of this fantastic Hudson Yards District development,” said Evan Stoopler, Managing Partner and Founder of George Washington Immigration Group.

His partner, Steven Anapoell, is recognized in the EB-5 industry, having designed, structured, and helped implement some of the largest EB-5 financings in the United States, including Hudson Yards for the Related Companies and 30 Park Place for Silverstein Properties.

Anapoell’s other New York projects include the International Gem Tower for Extell Development and Liberty Gardens for The Lightstone Group.

Designed by architect Dan Kaplan of FXFOWLE, and set to occupy the entire square block between 11th Avenue and Hudson Boulevard Park from West 34th Street to West 35th Street, 3 Hudson Boulevard’s foundation sits on the densest bedrock in Manhattan, requiring no platform.

The site is intertwined underground with the No. 7 subway extension, which provides further accessibility to the entire area.

Moinian is able to proceed with construction of 3 Hudson Boulevard now that the MTA has completed its infrastructure work for the second entrance to the 34th Street Station on the new No. 7 subway extension.

At street level, a multi-tiered lobby provides access from both the East and West, and has a 12,600 s/f retail space with numerous entrances.

At the podium, 50,000 s/f office floorplates offer spans of 90 feet or more with 18 feet floor-to-floor allowing for 13 foot clear ceiling heights.

The 40,000 s/f tower office floors include spans of 40 feet or more and 15 feet in height allowing for 10 foot ceiling heights, five-foot window modules and column-free corners.

The floor-to-ceiling glass maximizes views and a duplex rooftop entertainment space, outdoor terrace and sky garden crowns the tower.

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Cushman & Wakefield provided advisory services in the sale of a 50 percent interest in a 3.6 million square foot, 38-building industrial portfolio in Nassau and Suffolk Counties.

A team of investment sales specialists based in East Rutherford, N.J., and Queens, N.Y., represented the ownership – a joint venture of FBE and Cammeby’s – in the $135 million transaction.

Located throughout Nassau and Suffolk Counties, the portfolio is close to 90 percent occupied by tenants including Summit Plastics, Sam Ash, Ultimate Precision Metal, Luminance and Newsday, among many others.

It includes a mix of industrial, office and R&D properties with varying levels of office finish, and clear heights ranging from 14 to 28 feet.

The structures were developed between 1955 and 2000; many of the properties feature substantial renovations and upgrades, and continued innovation is planned by the portfolio’s new manager, Milvado Property Group.

“This is a distinctive portfolio in a densely populated, affluent market,” noted Cushman & Wakefield’s Gary Gabriel, who headed the assignment with Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Stephen Palmese.
“The buildings all are well-located for last-mile and e-commerce distribution capabilities throughout Long Island and the five boroughs of New York City,” added Schmidt.

Long Island boasts a population of 5,632 persons per square mile and average household income of $124,770. “Within this context, many of these buildings are ideally situated for conversion based on their locational attributes,” Palmese said.
“For example, those proximate to train stations could be adapted for retail or multifamily, and others could be repurposed for in-demand medical uses. Several of the properties have excess land for dedicated parking, which could be subdivided and sold as hotel or retail pad sites.”

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As headlines about the demise of retail and shopping centers continue to play out in the media, one real estate veteran is betting on them.

Mike Carroll, the CEO of the New York-based REIT ShopOne, is buying up shopping centers around the country. But instead of traditional enclosed malls, his firm is seeking open-air shopping centers.

“We thought retail was mispriced and generally unloved in the marketplace,” Carroll told Real Estate Weekly about launching ShopOne about two years ago.

“We looked at it and thought the fundamentals of both open air center retailers were much different and stronger than the mall retailers,” he said.

One of ShopOne’s first big buys was a $430 million portfolio of shopping centers from Devonshire REIT. “That really gave us a basis of infrastructure, and gave us a basis of almost an entry point of systems and a team and a platform to work from,” said Carroll.

The company has stayed busy, following that purchase with a shopping center in suburban Atlanta, a shopping center in Southern California, and more locally, a shopping center in South Plainfield, New Jersey. In addition, the REIT has closed roughly $70 million in other deals in the last few months.

The New Jersey buy was the company’s first in the New York metro area, but they are looking at other possible deals in the area. Carroll said they won’t be looking to buy in the urban center of New York, however.

The firm’s strategy is a clear-cut, value-add approach. They revamp the shopping centers after purchasing them, including adding all new lighting, parking lots, signage, and facade work.

“We think we’re really good at leasing and repositioning properties, and do all that work ourselves,” he said. “We don’t third party that out.”

Carroll has worked in retail real estate since graduating from college. His first job in the industry was at New Plan Excel Realty Trust, one of the original shopping center REITs. The company worked in several markets in both leasing and redevelopment. After it was sold to Australian firm Centro in 2006, Carroll started with Centro as the COO of the company’s U.S. business.

He oversaw a portfolio of 700 properties occupying 110 million s/f across the U.S. He later became CEO in 2009, and led the restructuring of over $9 billion in debt, helping the company avoid bankruptcy.

The firm was sold to Blackstone in 2011 for $9 billion. He stayed on with Blackstone as CEO of Centro, and as the company changed its name to Brixmor, led the company’s IPO in 2013.

As retail real estate has been in the spotlight in the past couple of years, namely focusing on the closing of many suburban malls, Carroll feels that the varied industry is misunderstood.

“It covers a pretty wide variety of segments,” he said of retail. “Certainly the mall segment, lifestyle segment, open air, street retail in Manhattan — each of those have a different set of opportunities and/or challenges.”

He admitted that the mall industry has continued to be very challenging. Mall operators are now finding that small changes can have a big effect. For instance, what was once the easiest space to lease in the mall — a small space in the dead center of a traditional mall — is now the hardest, according to Carroll.

“Everyone wants to be outside-facing or in a new construction buildings with parking lots,” said Carroll. “I think what we see is a lot of retailers that used to be in malls and dependent on traffic that doesn’t exist anymore, are looking for open-air, convenient, with the sign as advertising. For people driving or walking by.”

Carroll called the shift from enclosed to open air the “big sea change” in the industry at the moment.

As that shift has taken hold, grocery stores, the service sector, and health and wellness users have shown strength and resilience. And while there’s been weakness among big box retail, the discount retailers like TJ Maxx and Burlington have been the “shining star” since the economic downturn.

As e-commerce grows, Carroll believes that it won’t threaten strip mall shopping centers. Instead, shopping centers will continue to be resilient, as its inherent flexibility keeps it going year after year.

“It’s built to evolve, I think unlike some of the other asset classes,” he said. “The mall is a much harder, much more expensive evolution it has to do compared to what an open air anchored center has to do.”

With an open-air strip center, “a million or two dollars goes a long way” to completely over the centers, said Carroll. Unlike enclosed malls, which have massive common areas, fountains, and a central food court.

Ultimately, enclosed malls will evolve into other uses. Carroll has seen hospitals and educational facilities take over wings of struggling malls, and in the future, he sees the properties being turned into residential units.

“I think ultimately the basics in those properties gets reset so it can get repurposed,” said Carroll. “You’ve generally got good land sites with good infrastructure around it, that allows for it to be repurposed.”

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AGENTS

Cushman & Wakefield announced the following exclusive assignments:

• The sale of The Chequit Inn among Shelter Island’s Victorian cottages. The 18,726 s/f property consists of three separate structures located at 23 Grand Avenue, 6 Washington Street and 9 Washington Street in Shelter Island, Suffolk County, NY. The asking price is $9,000,000. Senior Managing Director Guthrie Garvin along with Michael Gembecki and Alexander Ball are marketing the property on behalf of the seller. The team his marketing Claudio’s Restaurant located across the harbor on the North Fork. Originally built in 1872, the three historic structures of The Chequit Inn have been recently renovated with original antiques and fashionable design. With water views, The Chequit Inn contains 37 rooms with 10 unique variations, as well as event and meeting space, hardwood floors, ample parking and grounds with room for pool expansion or potential residential conversion. The main building on the property totals 12,120 square feet with over 19 rooms, a 3,500 s/f bar/restaurant, and 1,800 s/f of outdoor space. The second structure known as the Cottage House is a 5,406 s/f building encompassing 11 rooms, and the third building, the Summer House, is the smallest totaling 1,200 s/f with just six rooms. The Chequit Inn was ranked fourth in the United States in Conde Nast Traveler’s Hot List.

• The sale of a fully-renovated office building at 63-44 Austin Street in Rego Park, Queens. The asking price is $8,250,000. Vice Chairman Thomas Donovan, Tommy Lin, Eugene Kim and Robert A. Rappa will be leading the marketing efforts. The single-story, 16,900s/f office building is currently occupied by the Social Security Administration. Recently, the property underwent a $2 million renovation where the tenant is responsible for $1.5 million, and the remaining cost is paid in monthly installments over the remaining 2 years at seven percent interest.

•••

The New York capital markets group for Avison Young has been named exclusive agent for the sale of a ground-floor commercial/retail condominium located in the base of 165 Charles Street, a 16-story residential building in the West Village Avison Young will market the property on behalf of the condominium unit’s owner 410 West LLC. Neil Helman, Charles Kingsley, Vincent Carrega and Jon Epstein, will market the 1,658 s/f unit. The new owner will have access and use of a plaza surrounding the unit on three sides, making it an ideal space for outdoor seating or for use as an art gallery sculpture garden. Designed by architect Richard Meier, the 165 Charles Street residential building was built in 2005 and is widely considered a downtown New York architectural masterpiece. Although the space is being offered for sale as leased, full possession of the property can also be arranged for a potential owner occupant.

SALES

The Corbin Group at Besen & Associates announced the sale of 90-34 171st Street. The 15,000 s/f seven-story luxury condo building consists of 18 units with terraces plus nine parking spaces Construction was completed in 2017. Units are individually metered and tenants pay heat and hot water. The property is located between 90th Avenue and Jamaica Avenue in the Jamaica section of Queens. The property was sold for $6,780,000 by Greg Corbin, Aaron Kline and Robert Koda. The sale price equates to $452 per square foot, $376,666 per unit, 15.7 GRM and projected Cap Rate of 4.9 percent.

•••

GFI Realty Services announced the $3.3 million sale of 1322 Cortelyou Road, an 8,253 S/F mixed-use property in Ditmas Park, Brooklyn. The four-story building is comprised of six apartments and two ground-floor retail spaces. Senior director Erik Yankelovich represented the seller in the transaction, and Ohad Babo represented the buyer. Both the buyer and seller are local investors. The building’s residential component includes six three-bedroom apartments, all of which are rent stabilized. The ground-floor retail, which comprises a total of 2,000 s/, is fully occupied by a major medical tenant.

•••

Marcus & Millichap announced the sale of the 52,752 s/f neighborhood shopping center in East Haven, Connecticut. The center sold for $5,225,000, which equates to approximately $100 per square foot. Mark Krantz, associate, Mark Taylor, senior managing director investments, and Derrick Dougherty, first vice president investments, all in the firm’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a Philadelphia-based development company. An out-of-state buyer purchased the property located 75 Frontage Road. The center is 93 percent occupied, anchored by AutoZone and shadow anchored by Home Depot.

•••

Gary Pezza, Senior Director of NAI Long Island, represented both the buyer and seller in the sale of 100 Partridge Lane, also known as Park Avenue Tennis Club, in Huntington, New York. Michael & Deborah Bustamante owned and operated Park Avenue Tennis Club for 25 years, keeping the 30,000 s/f facility on 2.5 acres with four indoor tennis courts in immaculate condition. The Bustamantes decided to sell their club to Phil & Karen Cadorette of Peyton Capital Partners, LLC, who purchased the property for $3,200,000. The Cadorettes will continue the legacy of Park Avenue Tennis Club.

•••

Gebroe-Hammer Associates arranged the $7.75 million sale of 50 multi-family units at 82 Contant Ave., in the borough of Lodi, NJ. The brokerage team of Greg Pine and Debbie Pomerantz exclusively represented the seller, Arthur Holding Co., LLC, and procured the buyer, a private investor. The two-story, three-building apartment complex occupies 0.39 acres approximately 325 feet from the State Route 46 East and Contant Avenue exit. Built in 1966, The 82 Contant Ave. complex features 48 one-bedroom and two two-bedroom layouts within Lodi’s most expensive neighborhood of Bel Vista/Dell Glenn. On-site amenities and services include laundry facilities and parking.

•••

Hunt Corporate Services, Inc. announced the following sales:

• Anton-Cerrone Associates has purchased the 20,200 s/f industrial building located at 205 Express Street, Plainview. Aric Schachner of Sperry Van Ness Realty represented the seller. David G. Hunt represented the buyer in the transaction. The flex building is located immediately off the Long Island Expressway on 1.49 acres. Anton-Cerrone has a portfolio of more than 700,000 s/f of industrial space throughout Nassau and Suffolk Counties. Anton-Cerrone plans a complete renovation of the exterior and interior of the building, and it will be available for new tenancy by the end of this year.

• Stone Future has purchased a 5,300 s/f industrial building at 3064 Lawson Boulevard, Oceanside. John Hoblin of Hunt represented the seller, Russco Properties, LLC in the transaction. Amanda Yan and Dana Guo of KW Gold Coast represented the buyer. oblin originally sold the building to Russco in 1994. Stone Future is relocating from Queens, NY.

•••

NAI James E. Hanson announced the sale of two professional office condos totaling 1,510 s/f at 88 Bartley Flanders Road, Suites 101 and 108 in Flanders, N.J. Joseph Vindigni represented both the seller, William J. Habermann, and the buyer, Kiam & Abraham, LLC, in the transaction. 88 Bartley Flanders Road is a 5,600 s/f professional condo office building. The property is centrally located amongst a wide variety of retailers and provides easy access to Routes 10, 46 and 206, as well as Interstates 80 and 280. The buyer, Kiam & Abraham, LLC, a boutique law firm, plans to use Suite 108, a 760 s/f space featuring a large reception area and two private offices, to operate its law firm. The second condo, Suite 100 is a 760 s/f space that will continue to be leased to an accounting firm and utilized as an investment property by the buyer.
Paragon Realty Group LLC announced the acquisition of Barrington Plaza, a 131,000 s/fgrocery-anchored community shopping center located in Great Barrington, Massachusetts. The shopping center is located on tRoute 7 in the heart of the affluent Berkshires resort area in western Massachusetts, approximately two hours from both New York City and Boston. A 44,667 s/f Price Chopper supermarket and new 24,141 s/f Marshalls co-anchor this area’s dominant shopping center. John Nelson, president and CEO of Paragon said, Paragon purchased the property from an affiliate of Kimco Realty Corporation. JLL’s Nat Heald and Chris Angelone brokered the sale.

•••

GHP Office Realty closed on the sale of a 52,500 s/f one story office and flex building located at 131 Danbury Road in Wilton CT for $9,225,000. Most of the building is occupied by Omnicom Group, Inc and the rest is occupied by the northeastern headquarters of Enterprise Rent a Car. Omnicom (OMC) is a long-time tenant and one of the world’s largest global marketing and corporate communications companies. Omnicom recently entered into a long-term lease renewal and has invested several millions of dollars upgrading their space. The property was purchased by a Westchester County based real estate holding company and the purchase completed a 1031 Tax free exchange for the group. The Seller was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP and title was arranged by Jim Maloney of The Great American Title Company. The Purchaser was represented by Bill Anson of RM Friedland.

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A Bronx-based affordable housing developer scooped up three parcels in the borough’s Belmont section for roughly $4 million to build a 120,000 s/f, environmentally-conscious senior assisted living facility.

Foxy Management first nabbed the anchor parcel at the corner of Arthur Avenue and 179th Street for $2.1 million in an off-market sale then picked up the two neighboring properties at 612 E. 179th Street and 2010 Arthur Avenue as well as some of the adjacent air rights.

Guy Vardi

Guy Vardi and Jonathan Bichoupan of the Highcap Group represented Foxy on the acquisitions, which included some blended air rights from neighboring parcels.

After closing on the first site, a vacant lot used as a makeshift parking lot, Vardi said he and Bichoupan approached the owners of the neighboring properties, neither of which were occupied at the time.

To the East, 612 East 179th Street is home to a wood-framed, three-story multifamily dwelling, it was purchased for $815,000. To the south, 2010 Arthur Avenue was undeveloped and had been purchased by another prospective developer in 2017, though Vardi said Foxy was able to offer the previous buyer an instant profit—that lot is in contract and expected to close in the coming weeks for about $1 million.

Located in the heart of the Bronx, Vardi said Belmont is one of the few places in New York that still offers investors a bargain.

Jonathan Bichoupan

“The area is ripe for more of these types of developments for supportive, affordable housing because you really need the land prices to make sense,” he said. “You also need the sites to be able to accommodate over 50,000 buildable square feet if you want to show the city that you have the ability to make a substantial development worthy of affordable tax breaks.”

Expected to house more than 140 units, the development also aims to be the first biophilic senior living complex in the city, meaning it will incorporate elements that will connect residents with the natural world, such as interior walls with living foliage on them and rooftop gardens.

“The premise is that human beings were designed to live outdoors as hunter-gathers and that many of the ailments of today are caused by living indoors,” Vardi said. “Biophilia is a decades-old trend in architecture that seeks replicates our natural environment; it’s really bringing nature back into the bricks.”

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● MARCUS & MILLICHAP
Normandy closes on LIC development site

Marcus & Millichap has closed on the $31.9 million sale of 25-11 49th Avenue in Long Island City to a joint venture partnership between Keystone Equities and Normandy Real Estate Partners.
Jonathan Eshaghian of Marcus & Millichap’s Brooklyn office, and Jakub Nowak represented the sellers, Howard and Scott Weinstein, owners of Candid Litho printing, which was the largest tenant in the building.
Eshaghian and Nowak also procured the buyers, who plan to transform the 109,200 s/f industrial building and utilize the air rights to create and 11-story office building spanning 238,000 s/f.
“Long Island City is well positioned for growth, especially in light of New York’s $650 million bioscience initiative, which is attracting life science startups that need space,” said Eshaghian.
According to city records, Normandy and Keystone has secured a total of $81 million to close the sale and fund the conversion.

● CUSHMAN & WAKEFIELD
North Shore retail offering

Cushman & Wakefield is marketing a fully-leased, 33,400 s/f retail and office plaza at 1015-1019 Fort Salonga Road in Northport, NY, for sale at $14.6 million.
Benjamin Efraimov, Daniel Abbondandolo and Kevin Schmitz are leading the marketing efforts on behalf of the seller, Harbor Park Realty.
“The North Fort Town Plaza is a trophy investment property for a savvy North Shore investor,” said Efraimov. “With the neighborhood’s growing demand for high-quality market-rate housing, the best use of this property is a long-term repositioning to a 3-story mixed-use building with retail on the ground floor and apartments above.”
The property comprises of a 33,400 s/f, two-story retail and office strip with a boutique grocery store, gourmet pizzeria, several local retail businesses and professional offices. There are 146 parking spaces on a lot that totals 3.7 acres and offers 360 ft. of frontage on Fort Salonga Road.

● CUSHMAN & WAKEFIELD
Last mile asset fetches $15M

A two-building industrial asset in Franklin Twp. has traded in a $15 million sale orchestrated by Cushman & Wakefield’s East Rutherford, N.J., investment sales team.
Greek Development purchased 400 & 500 Apgar Drive from High Street Realty. The 170,500 s/f “last-mile” asset is 91 percent occupied by 11 tenants.
Gary Gabrielrepresented the seller and procured the buyer with team members Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald, supported by industrial leasing specialist Andrew Siemsen.
“400 & 500 Apgar Drive are strategically located within a mixed-use business park less than one mile from I-287 Exit 12, offering exceptional labor access and proximity to the New Jersey Turnpike/I-95 and the East Coast’s largest port,” Schmidt noted.
“This property historically has enjoyed high occupancy and tenant retention rates. It offers stable cash flow and upside via increasing rents to market and leasing two vacant units.”
“This asset was a good fit for our portfolio and our strategy of long-term investment,” said David Greek, director of acquisitions, Greek Development. “We feel the Franklin submarket will continue to experience strong growth in the near future and the unit sizes in these buildings represent a niche of the industrial market that is currently underserved.”
“As space tightens all along the N.J. Turnpike, the Upper 287 region has become increasingly popular among industrial tenants and investors alike,” MacDonald noted. “They are capitalizing on the region’s location along the Boston/Washington D.C. corridor, just 40 miles southwest of Manhattan and 60 miles northeast of Philadelphia – enabling

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A New Jersey developer has acquired a vacant lot in East Williamsburg where he plans to build a 92-key hotel.

Nehalkumar Gandhi purchased a 99-year ground lease at 187 Cook Street for $1.3 million from Loketch Group and Joyland Group. The brand of hotel has not yet been disclosed but once completed it will span more than 26,000 s/f.

Located between Bushwick Avenue and White Street, the lot sits in the primarily industrial section of East Williamsburg bordering Bushwick. Nearby Bogart Street is developing into a small but bustling retail corridor with vintage clothing stores, a natural market, popular bars and restaurants, including Roberta’s Pizza, and at least one other hotel, the Bogart.

Last year, Gandhi filed permits with the city for several hotel projects, including a 66-key development in the Bronx, for which he filed paperwork in July.

Before selling the ground lease, Loketch and Joyland planned to build office and warehouse space on the lot as well as a 7,900 s/f event hall.

Hen Vaknin of Westbridge Realty represented both sides in this off-market transaction.

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Brooklyn: not just place, but a state of mind — and a brand and a lifestyle and, for the better part of two decades, a hotbed for real estate investment.

Thanks to a renaissance fueled by craft beer, artists and artisans, Brooklyn is the gold standard for urban renewal as well as the poster child for gentrification.

Yet, for Gerard Longo, owner of Mettle Property Group, the borough is more than a savvy business investment, it’s home.
“It might sound defensive, but Brooklyn was always a great place,” he said. “It was always diverse in its culture, in its character. What I’ve seen is it’s evolved to where the rest of the world has picked up on that energy and now they appreciate it as well.

“And of course, yes, it’s nice to have a few Michelin star-rated restaurants.”

Starting his career as a part-time broker, Longo worked his way into a management position at Madison Estates before buying the firm in 1992. Shortly after that, he spun the company’s development division off into Mettle Property. During the past 25 years, the subsidiary has grown its portfolio to 20 properties, including more than a dozen in Brooklyn.

Gerard Longo

A born and bred Brooklynite, Longo takes pride in his deep roots in Cobble Hill. His home is a few blocks from where his great-grandparents lived and “within a hundred yards” of his mother’s birthplace. A black and white photo in his Marine Park office shows his newly-wed grandparents behind the counter of a luncheonette they owned in the same Italian-American enclave. Somewhere in that bygone image is a horseshoe that now hangs a few feet to the right of the frame.

“A lot of immigrants of that time were superstitious,” he said. “They really believed in luck.”

Glance around his office and one might think Longo shares that fixation, between the metal arch on the wall and the smattering of elephant figurines and paintings, each with its trunk raised to invite good fortune. However, in conversation, he’s quick to extol the virtues of hard work and self-determination. If these items have a unifying quality, it’s their connection to history.

On worksites, Longo is a harvester of artifacts. Be it an antiquated light switch, a telescopic peephole or a vintage sliding door pull, if it’s old and interesting, there’s a good chance it’ll end up polished, sitting on one of his shelves.
Longo has pursued developments in pockets of the city protected by the Landmarks Preservation Commission, including a string of townhouses on Congress Street in Cobble Hill, and a pair of Tribeca warehouses converted into luxury condos. He’s also chosen to preserve non-landmarked properties and conform to neighborhood aesthetics without prompt from City Hall.

“It’s not just ‘let me buy this property and build what’s going to make me the most moneyʼ,” he said. “Don’t misunderstand me, I am absolutely in this to make a living, it’s what I do to feed my family, however, you can have successful jobs and you can … be conscious of the community, conscious of the rhythm that’s there — and there is a rhythm in every neighborhood, you just have to find it sometimes.”

From building preservation and what he likes to call “urban archeology,” Longo’s interest in history has expanded into politics, culture and religion. He has amassed an impressive collection of documents at auction — land grants signed by presidents, correspondence from Civil War soldiers, a note from Jackie Kennedy to the woman who helped her respond to the many letters of condolence she received after JFK’s assassination.

“I was looking for anything historical and that led into documents and that led into thinking about community, thinking about when leaders were true leaders and had to make decisions, even though they might not have been popular,” he said. “Basically, it leans toward people who’ve had to make a decision in life.”

He estimated that one binder of documents, which he transported from his secure archive in a zipper-sealed, black fabric bag, was valued somewhere between $100,000 and $200,000.

Longo prefers binders to frames and glass cases because they keep the contents accessible when he makes his collection available to schools free of charge.

“We see a lot of the kids … and I found it to be effective that you allow them to touch the documents because that’s what kids do, when you tell them not to touch something, they only want to touch it more,” Longo said. “It doesn’t really impact the paperwork that much (and) it’s a connection, in a sense, that this book was held by Martin Luther King. It’s more important to me that it impacts those kids and draws that connection.”

Longo is a proponent of education as well as the city’s new Affordable New York Housing Program, which incentivizes mixed-income buildings through tax incentives to developers, although he would like to see the city take more steps to improve the public school system. He hopes he can help affect that change through his projects.

“At the end of the day, it all feeds into the community and actually will help people like me, developers,” he said. “If you have a smarter community, a well-educated community, you’ll have more opportunities, the community will do better, will prosper, will have less crime.

“The city of New York should be able to do that.”

As a student of history, Longo is mindful of his place in it. The 54-year-old contemplates what will become of his collection of artifacts and talks, at least half-jokingly, of his plan to calculate his life expectancy and spend his money accordingly so his three children, triplets in their first year of college, will have to stand on their own financially.
He also reflects on the status of his home borough. Though some of his fellow longtime Brooklynites are opposed to the rapid changes going on around them, he believes this is the natural progression of things.

“When people say Brooklyn’s changed, it’s not necessarily for the better it’s not for the worse, it’s just evolved. Everything evolves,” he said. “Who can go back to their hometown and it’s exactly the way they left it? I don’t know any one that still exists.”

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