Sage Realty Corporation has appointed Sam DiPetrantonio as building manager of 77 Water Street in Lower Manhattan. The building is owned by WKO in partnership with Principal Real Estate Investors.

SAM DiPIETRANTONIO

DiPetrantonio will oversee all building operations as Sage Realty takes control of the building’s property management from Goldman Sachs beginning on April 1. She will take the lead on all tenant improvements, capital projects and the future repositioning of the 26-story, 600,000 s/f class A office tower.

Prior to joining Sage Realty, DiPietrantonio worked for 10 years as Assistant Property Manager at Vornado Realty Trust’s 1290 Avenue of the Americas.

Before that, she worked for nine years with Olmstead Properties as a leasing administrator, where she supported the management of 575 Eighth Avenue and other properties throughout the company’s Manhattan portfolio.

DiPietrantonio holds a Bachelor of Science in Mechanical Engineering from NYU, and holds a CPM Designation from the Building Owners and Managers International (BOMI) and BOC certification Levels 1&2 from the Building Engineers/Operators at the City University of New York (CUNY).

She is also a member of the Building Owners and Managers Association (BOMA) and Real Estate Board of New York (REBNY).

•••

Romer Debbas LLP announced that attorney Daniel Gershburg has joined the firm as a partner specializing in bankruptcy law.

DANIEL GERSHBURG

Gershburg will also head Romer Debbas’ new Brooklyn office in Williamsburg that will open April 1.

Prior to joining Romer Debbas, Gershburg ran his own practice, which he started directly out of law school, representing both buyers and sellers in New York real estate transactions and consumer bankruptcy.

He represents a diverse group of clients: from first time home buyers to foreign entities and developers across the New York City area.

He has also represented hundreds of individuals and corporations in filing for Chapter 7 and Chapter 13 Bankruptcy, resulting in the discharge of tens of millions of dollars in consumer debt.

Gershburg earned his law degree from New York Law School and a bachelor of science degree in political science/philosophy from Rutgers.

He is licensed to practice law in New York State and New Jersey and is a member of the New York State and New Jersey Bar Associations.

•••

ShopOne Centers REIT Inc. announced the appointment of Keith L. Horn and Barry Lefkowitz as independent directors.

Horn and Lefkowitz’s appointment expands ShopOne’s Board to three directors. Both seasoned executives bring more than 50 years of direct relevant real estate, finance and investment expertise to ShopOne.

Keith Horn currently serves as the managing member and founder of Loring Capital Advisors. Previously, he was Chief Operating Officer at Elliott Management Corporation. At Merrill Lynch, where he spent 16 yearsm he served in various role, including Managing Director and Head of Global Leveraged Finance.

Horn earned a Bachelor of Arts in Economics and Political Science from Binghamton University and a Juris Doctorate from the Georgetown University Law Center in Washington, D.C.

Barry Lefkotwitz is a senior financial executive with over 20 years of experience leading the financial functions of a publicly-traded NYSE real estate investment trust with assets in both retail and office.

He currently serves as the founder and chief executive officer for Huntington Road Advisor and co-founder of HMC Real Estate Partners LLC, an investment and management firm. Previously, he served as Interim Chief Financial Officer at Brixmor Property Group. He spent 20 years at Mack-Cali holding positions that included Executive Vice President and Chief Financial Officer.

He earned a Bachelor of Science in Accounting from Brooklyn College.

•••

Choyce Peterson, Inc. announced that Amy G. Lerner has joined their team as Executive Vice President. She will be responsible for providing strategic office space solutions for corporate tenants in Fairfield and Westchester counties.

AMY LERNER

Lerner brings over 30 years of commercial real estate experience to the team. She began her career as an agent for Helmsley-Spear in the Financial District. She later joined CBRE and, for several years, was a corporate service team member and tenant representative.

Lerner co-founded AMBAR Realty Group, LLC, one of the first women-owned commercial real estate firms with a WBE certification and focused on the tenant representation approach to servicing her clients. Major projects have included acquisitions and dispositions for financial/brokerage firms, insurance companies and technology firms.

Lerner is a graduate of the University of Maryland .

•••

JLL has hired Christopher DeLorenzo as an executive vice president with its New Jersey brokerage operations, focusing on agency leasing, national multi-market corporate account work, new business development and tenant representation.

DeLorenzo will be based out of the firm’s Parsippany, N.J., office and report to Daniel Loughlin, managing director and head of office brokerage in New Jersey.

With 25 years of experience in commercial real estate, DeLorenzo was previously an executive vice president with Mack-Cali Realty Corp. responsible for all leasing and asset management activities for a portfolio of 26.2 million square feet of commercial real estate.

He began his career with Mack-Cali in 1998, and since that time, has been involved in more than 1,500 transactions totaling in excess of $2.5 billion in aggregate value.

DeLorenzo received a bachelor’s degree in business management from Syracuse University.

•••

Levin Management Corporation (LMC) has announced the addition of eight new team members. The appointments span a variety of departments – including accounting, marketing, property management and legal – and underscore a period of record business growth for the organization.

The recent additions include controller Lai Lau, who brings more than 30 years of accounting experience specializing in shopping centers and commercial buildings to her new role.

Aleksandra Pulawska-Baron has come on board as a staff accountant, with more than 16 years of experience working on and overseeing audits at industry-leading accounting firms.

Rounding out LMC’s newest accounting department personnel are bookkeeper Valerie Trani, accounts payable specialist Jason Pompeo and administrative assistant Donna Gonzalez.

Maria Tsampounieri has been appointed as marketing associate in the LMC marketing department. Her duties include helping to implement consumer engagement marketing programs for select client properties.

LMC’s latest staff additions also include property manager Dylan Rotchford and legal department administrative assistant Sher’rae Bush.

•••

Farrell Fritz announced that Nick T. Terzulli, former Director of Business Development at the Nassau County Industrial Development Agency, has joined the firm as a real estate associate focused on economic development.

He will advise companies and nonprofit organizations on a range of tax incentive programs and tax-exempt financings.

NICK T. TERZULLI

Terzulli joined the NCIDA in July 2011 as the Director of Business Development. During his tenure, the NCIDA closed transactions with 243 organizations generating approximately $65 billion in economic impact for Nassau County.

As part of Nassau County’s business recovery efforts after Super Storm Sandy, Terzulli created a team of economic development first responders, including bankers, accountants, and business school students who helped provide immediate financial relief to more than 100 storm-affected businesses.

Terzulli is an adjunct professor at Hofstra University’s Frank G. Zarb School of Business, where he designed and teaches a course in economic development.

He earned a J.D. from New York Law School and a B.A. in Political Science and Public Communication from American University in Washington, D. C.

•••

Madison International Realty announced that Yichao Mark has joined its Equity Capital Markets division as an associate.

YICHAO MARK

In this position, he will contribute to the continued growth and globalization of Madison’s equity capital markets relationships.

Prior to joining Madison, Mark served as an Investment Analyst at ORG Portfolio Management in Cleveland. Previously, he was an investor relations team member at Markets Group, hosting alternative investment conferences for public pensions.

Mark also held postions with UBS Wealth Management and with MacKenzie Partners, Inc., where he was an investor relations analyst.

He is a graduate of Boston University, where he received a B.A. in biology. He is a CFA charterholder.

•••

CBRE announced that executive vice president, Thomas Monahan, was the top industrial professional in the Americas for 2017, a first for New Jersey.

THOMAS MONAHAN

Completing more than 50 transactions for an aggregate value of more than half a billion dollars, Monahan worked on behalf of Seagis Property Group in a 923,000 s/f lease in Edison, NJ, and a 718,200 s/f lease in Perth Amboy, on behalf of Bridge Development.

Monahan also earned overall top performance honors in New Jersey for the third consecutive year.

His team members Stephen D’Amato, first vice president, Larry Schiffenhaus, vice president, Gerard Monahan, real estate analyst and Anastasia Lazarides, client services specialist for their efforts.

Since January, Monahan and his team have represented Murray Construction in a 404,000 s/f lease with Bergen Logistics, and Duke Realty in their 354,250 s/f lease with 4PX Express USA.

Monahan has been recognized year after year by the Society of Industrial and Office Realtors (SIOR) as the region’s top industrial sales producer.

•••

ReadyCap Commercial has hired new team members in Chicago and New York to expand the Bridge Lending team.

Mark Blaha joins the Bridge Lending Team as a Director of Originations to cover the Chicago and Midwest regions.

ReadyCap has also added Fernando Mendez as an Associate Director and Joram Coxworth as a Production Analyst, to the New York City office.

Blaha comes to the ReadyCap with more than seven years of commercial real estate lending and finance experience in the Chicago and Midwest markets, where he previously served as AVP Commercial Banker at MB Financial Bank.

Mendez joins the ReadyCap Commercial Bridge Lending Team with experience as an RAIT Financial Trust Originations Associate in Philadelphia.

Additionally, Joram Coxworth, who previously served as a Credit Analyst with M&T Bank, was added to the New York City office to support originations.

•••

Perkins+Will has named Bill Harris, AIA, LEED AP, the new managing director of its New York office.

BILL HARRIS

Harris, who comes to New York from Perkins+Will’s Boston studio, is a leader in the design and planning of spaces for research and innovation. In particular, he brings expertise in designing for biopharmaceutical companies, laboratories, and tech start-ups.

Harris will relocate to New York; however, he will maintain close contact with his Boston-based clients, spending time in Boston as needed.

His portfolio includes projects in everything from academia, banking, and commerce to business, hospitality, and healthcare.

Examples include 1812 Ashland at The Science and Technology Park at Johns Hopkins in Baltimore, Maryland; the expansion of United Technologies Research Center in East Hartford, CT; and the interior design of the new R&D Headquarters for Takeda Pharmaceuticals in Cambridge, MA.

Harris succeeds Paul Eagle, who will remain a leader and practitioner in the studio.

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The Fashion School at Kent State University is renewing and expanding its space at 315 West 39th Street, according to Handler Real Estate Organization, who arranged the deal. 

The Fashion School is adding 1,500 square feet to its footprint, for a total of 6,000 square feet in the building, and will occupy space on the third and fourth floors.

The school was established in 1983 and provides its Fashion Design and Merchandising majors with a chance to showcase their talent and innovation in real-world settings. The school has earned a consistent ranking among best fashion programs around the world.

As the only fashion school in the Garment District, the Fashion School remains a part of a diverse roster of tenants at Handler’s 135,000-square-foot property on West 39th Street, between Eighth and Ninth Avenues. The property lies in between Hudson Yards, the Garment District, Chelsea and Times Square.

Ownership was represented by Handler CEO and Principal Scott Galin along with EVP Darell Handler and Associate Helen Kim. Galin said that the Fashion School renewed and expanded its space at 315 West 39th Street to serve its expanding programs, while remaining in a vibrant and well-run building with convenient access to transportation, excellent food, lodging, and retail.

“We are incredibly pleased to be able to grow our presence for the NYC Studio to support our requirement that each fashion student participates in at least one of our study away program experiences prior to graduation,” the school’s director, J.R. Campbell, said. “The NYC Studio is the keystone of our suite of study away programs, which we call ‘FSGLOBAL.’ In New York City, Handler Real Estate Organization and the Garment District Business Improvement District teams have both been fantastic partners in our success with the programs.”

Handler’s 315 West 39th Street appeals to several industries including creative arts, nonprofits, design, media, fashion, education, and technology in one of the city’s most in-demand neighborhoods. A full lobby renovation is currently being planned.

Other firms to sign leases at the property of late include LEDA, the International Legal Foundation, Highstreet IT, Cut Showroom, iManagement, Vladimir Spencer, and Acme Studios, among many others.

The post Kent State Uni’s Fashion School to expand Midtown location appeared first on Real Estate Weekly.

A leading digital health company has leased space on the 49th floor of One World Trade Center, making the tower 72 percent leased.

Aaptiv Inc, which provides access to audio-based fitness classes, programs and challenges created by certified personal trainers, signed a five-year lease at the nearly 17,000 s/f prebuilt office space, according to a release from the Durst Organization and the Port Authority of New York and New Jersey.

“We are excited to have Aaptiv join the One World Trade Center community,” Durst President Jonathan (Jody) Durst said.  “Our prebuilt program has been a tremendous success over the past four years. We can offer tenants premium offices in a short period of time and flexible lease terms, which is requisite for rapidly growing companies.”

One World Trade Center’s 381,668 s/f prebuilt program occupies nine floors with suites ranging in size from 2,100 to 27,320 rentable square feet. So far, 29 tenants have joined the program and nine are still available.

“We are excited to reach this next phase of growth. Only two years ago, Aaptiv did not have an office, so this is a proud milestone for our company,” said Ethan Agarwal, founder and CEO of Aaptiv. “Aaptiv is about bringing a world class wellness experience to our hundreds of thousands of members, and this additional office space will allow our team to continue to grow and execute more effectively.”

Aaptiv was represented by Executive Vice President Jason Schwartzenberg and Associate Will Stark of JLL.  The landlord was represented by Senior Managing Director Eric Engelhardt of the Durst Organization and Tara Stacom, Justin Royce, Peter Trivelas, Barry Zeller and Connor B. Daugstrup of Cushman & Wakefield.

Featuring more than 2,500 workouts for cardio, strength, meditation and more, Aaptive pairs trainers with inspiring playlists for effective, music-driven fitness experiences experiences. Headquartered in New York City and launched in 2015, the platform has a team of 20 trainers creating 30 or more new classes every week.

Each class is produced in a professional recording space with state-of-the-art sound mixing technology and a talented sound engineering team. Today, Aaptiv is the top audio-based fitness app on the Apple App Store and the fastest-growing mobile fitness product on the market.

Completed in 2014, One World Trade Center is managed, operated and leased Durst. Stretching to 1,776 feet tall and formerly known as the Freedom Tower, the shimmering glass tower anchors the rebuilt and revitalized Financial District.

Founded by Joseph Durst in 1915, Durst owns and operates 13 million s/f of Manhattan office towers and 1,950 residential rental units with 3,400 more in development. Durst is also recognized as a leader in the development of high-performance and environmentally advanced commercial and residential buildings.

The Port Authority owns and manages the 16-acre World Trade Center site, home to One World Trade. Instead of collecting taxes, the agency raises the funds for the improvement, construction or acquisition of its facilities primarily on its own credit.

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On the heels of a recently completed major capital improvement program, Newmark Knight Frank and American Equity Partners announced 73,000 s/f in new lease transactions at Lincoln Place – 2174 Route 27 S, Edison, New Jersey.

The NKF leasing team of Senior Managing Director Jamie Drummond and Associate Directors Andrew Perrotti and Daniel Reider represent American Equity Partners.

AeroTek will occupy 17,276 s/f on the third floor. Power Home Remodeling took 26,081 s/f on the second floor as well as 8,100 s/f of warehouse space. Country Silk, Inc. took 7,900 s/f of office space on the fourth floor, 4,300 s/f of showroom space on the first floor and 12,400 s/f of warehouse and merchandising space.

American Equity Partners recently finalized major renovations at Lincoln Place, a 250,000 s/f, Class A office building, including an new lobby, café, fitness center, updated common areas and restrooms, and HVAC upgrades.

“Ownership has transformed this building from a run of the mill commodity to a true Class-A asset with modern finishes and amenities,” said Drummond. “Lincoln Place’s convenient central location, newly added café and fitness center will be instrumental in attracting new tenants and will greatly contribute to their long-term satisfaction.”

The post NKF fills 73,000 s/f at Lincoln Equity property appeared first on Real Estate Weekly.

NEW YORK

America’s Best Contacts and Glasses signed a 10-year, 4,325 s/f lease at River Plaza Shopping Center, located at 50 West 225th Street in the Kingsbridge section of the Bronx. The national retailer, which delivers quality eye glasses, contact lenses and safety glasses to its customers, will occupy a space that formerly housed a Radio Shack and GameStop. Larry Roberts of Arch Brokerage, LTD, represented the landlord, Kingsbridge Associates, LLC; Marc Durst of Sholom & Zuckerbrot Realty, LLC represented the tenant. Rent in the transaction was $75 per square foot or $324,375 per year.

•••

HSP Real Estate Group, a member of NAI Global, announced that Ira Fishman, partner, and Joe Hentze Jr., Associate, arranged a lease for architectural firm, KSQ Design, at 215 West 40th Street. Located on the penthouse level, the 3,641 s/f space offers views overlooking Midtown and is minutes away from Hudson Yards and major transportation hubs, including the Port Authority, Grand Central and Penn Station. The company is moving from its former New York office at 900 Broadway. The landlord, Heskels Capital LLC, was represented by Ronnie Zimmerman and Andy Udis of ABS real estate group. Asking rent was $52 per square foot.

•••

Savitt Partners announced four transactions at 530 Seventh Avenue, the 490,000 s/f office property in Midtown:

• AI powered influencer marketplace, Influential Network has inked a 1,700 s/f lease to house New York City operations. The tech company, with offices in Los Angeles and Las Vegas, was represented by Matt Siegel and Eric Cagner of Newmark Knight Frank (NKF). The Savitt Partners team of Brian Neugeboren, Nicole Goetz and Bob Savitt negotiated the lease transaction on behalf of the ownership

• TrueFacet, an online destination to buy and sell pre-owned designer jewelry and watches, has extended its 6,600 s/f office lease and committed to an additional 3,500 s/f on the 15th floor. Since its launch in 2014, TrueFacet has achieved sales growth of 120 percent quarter over quarter. Nicole Goetz, Brian Neugeboren and Bob Savitt represented the building ownership. Alex Leopold and Eric Cagner of NKF represented.

• Kustomer, a customer experience platform, renewed its 5,150 s/f headquarters lease. The company will continue to occupy office space on the 20th floor of the boutique office property where it has expanded its brand identity. Brian Neugeboren, Nicole Goetz and Bob Savitt represented ownership. Conor Kenny of Cushman & Wakefield represented Kustomer.

• Junction37, a media agency, leased 2,100 s/f for its New York City operations. The firm will relocate its operations from 22 West 23rd Street to the 7th floor of 530 Seventh Avenue. As part of the lease negotiations, the ownership will build the new office space with high-end installations that represent Junction37’s branding.

•••

Adams & Co. Principal James Buslik and Managing Director Jeffrey Buslik announced that Joe’s Jeans and Hudson Jeans, two apparel related fashion houses, signed leases totaling 11,011 s/f at 231 West 39th Street. Known as the Contemporary Fashion Center, the building between Seventh and Eighth Avenues features 12 stories and is the home to over 100 fashion showrooms and 400 fashion lines. The landlord, 231/249 West 39 Associates, was represented by Adams & Co. in both deals. Asking rent was $49 psf on each lease and included:

• A 4,038 s/f new lease for Joe’s Jeans on the ninth floor. The LA-centric denim brand will use the space as an office and showroom for the wholesale sale of women’s and men’s apparel.

• A 6,973 s/f renewal for Hudson Clothing LLC (Hudson Jeans) on the fourth floor. The contemporary denim brand will use part of the fourth floor for the wholesale sale of women’s apparel.

NEW JERSEY

Santander Bank has signed a long-term extension of its lease at Crossroads at Livingston, 301 South Livingston Avenue in Livingston, N.J. The nearly 5,000 s/f bank branch offers a range of financial products and banking services. Eldad Levy, president of Centrock Corporation, owner of the building, made the announcement. Crossroads at Livingston offers all of the amenities of an in-town location with the easy access to local highways. Additional units of 3,300 s/f and 5,400 s/f are available. Santander Bank was represented by Cushman & Wakefield and the landlord was represented by Peter Rasmusson, CCIM and Rick Gelmetti of Lee & Associates of N.J.

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Level Group celebrated the grand opening of it’s new office in Midtown with a celebration held in the new space and attended by Level agents and members of the New York brokerage community. Co-founders Larry Link and Michael Greenberg directed tours of the state-of-the-art office that features several soundproof PODS for agent use, workstations and lockers. Founded in 2004, Level Group has carved its own niche in the Manhattan marketing offering agents a 100 percent commission model.

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A joint venture between two real estate companies purchased the Mount Kemble Office Park in New Jersey for $35 million.

According to one of the buyer’s reps, MLK Real Estate Capital, the property at 350-360 Mount Kemble Avenue spans two buildings and approximately 230,000 square feet of class-A office space. MLK arranged more than $27 million in bridge financing.

MLK represented this assignment on behalf of The Birch Group, a New York-based Real Estate
operator, andarranged for a joint venture between The Birch Group and Vision Properties. Vision
Properties will be managing the property on a day to day basis.

The $35 million property and is currently 81 percent occupied by a strong and diverse tenant base with a weighted average lease term of seven years. The sponsor’s business plan is to lease up the remaining available space by investing in capital expenditures
and tenant improvements at the property.

MLK’s Managing Principal Solomon Kinraich said, “This was a compelling transaction
for us to represent due to the attractive in place tenant mix secured by long term leases, very
favorable demographics of the office submarket in Morristown and value-add business plan that
will be implemented by the new ownership group.”

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 Silverstein Properties announced that IEX, a next-generation stock exchange, has signed a 45,000 s/f lease at 3 World Trade Center in Lower Manhattan.

Currently headquartered at 4 World Trade Center, IEX’s upcoming move coincides with the exchange’s ongoing growth and expansion within the finance industry, spearheaded by co-founder and CEO Brad Katsuyama.

In 2013, IEX decided to make Downtown Manhattan its long-term base, leasing space on the 30th floor of 7 World Trade Center.  Prompted by early-stage growth, IEX moved its office to 4 World Trade Center in 2015, where it currently occupies a 13,000 s/f space on the building’s 44th floor.  IEX’s 3 World Trade Center location, occupying the building’s entire 58th floor, will feature a collaborative workspace that supports the exchange’s ongoing mission to build fairer markets.  The exchange, now overseeing upwards of 160 million matched shares daily at a value of nearly $9 billion, has a staff of around 85 employees, nearly all of whom will be based out of 3 WTC.

“When we first considered choosing Lower Manhattan as the home for IEX, we couldn’t have predicted the positive impact it would have on our company’s culture and team,” said Katsuyama.  “The new World Trade Center is drawing emerging creative and tech enterprises to the global capital of finance, creating a dynamic environment for us as we continue to grow and innovate.”

3 WTC rendering

“The new World Trade Center is fast becoming New York’s creative and Fintech hub,” said Larry Silverstein, Chairman of Silverstein Properties.  “Fast-growing, innovative companies such as IEX can grow, expand and succeed here in a way that’s simply not possible anywhere else.”  Silverstein added: “As a result, the new World Trade Center has become the commercial heart of the city’s hottest neighborhood.”

 Downtown Manhattan now houses over 242,000 private sector professionals, its highest employment level since 2001, according to a recent Downtown Alliance report. The Financial District topped all other New York City submarkets in office lease transactions in 2017, recording over 6.79 million square feet of new office space, a 31.7 percent increase year-over-year.

“IEX is emblematic of two forces shaping the new Lower Manhattan – technology and growth,” said Jessica Lappin President of the Alliance for Downtown New York. “Their expansion within the World Trade Center complex is a testament to the attractiveness of the campus and the growing and magnetic pull of our area.”

ROCCO LANGINESTRA

Designed by Pritzker-prize winning firm Rogers Stirk Harbour + Partners, and slated to open on June 6, 2018, 3 World Trade Center will be the fifth tallest building in Manhattan, and the second tallest at the World Trade Center site.  With a total of 2.5 million square feet, the 80-story tower will feature 30,000 to 70,000 square-foot floors with 360-degree Manhattan views and 13-foot to 20-foot ceilings.  Three floors (17, 60 and 76) offer access to outdoor terrace space.

3 World Trade Center is situated above the Oculus Transportation Hub, with direct access to a dozen NYC subway lines and PATH trains to New Jersey, and close to  Westfield World Trade Center mall and Brookfield Place. One third of the building has been leased to date and the first tenants – WPP companies: Mindshare, Essence, GroupM, MediaCom, Metivision & Wavemaker [m]PLATFORM and Kantar – will begin moving in this summer.

Lease negotiations on behalf of IEX were handled by Rocco Laginestra, Rob Wizenberg and Michael Wellen of CBRE.  Jeremy Moss and Camille McGratty of Silverstein Properties oversaw the lease signing on behalf of 3 World Trade Center along with a CBRE team that included Mary Ann Tighe, Stephen B. Siegel, Ken Meyerson, Evan Haskell, Adam Foster, Steve Eynon, Robert Hill and David Caperna.

Jeremy Moss, Executive Vice President of Silverstein Properties said: “Our proximity to the neighborhoods where tech talent live means companies like IEX, Spotify and GroupM can grow and thrive here at the World Trade Center.”

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EUGENE GRANT

Real estate tycoon Eugene Martin Grant died April 3 at the age of 99.

Mr. Grant founded his eponymous commercial real estate and investment firm Eugene M. Grant & Co. in 1971.

The company made headlines in 2012 when he sold his controlling stake in perhaps the company’s best-known building, the St. John’s Terminal Building in SoHo, for $250 million.

The building at 550 Washington was purchased by Grant in the 1960’s and later repositioned as low-cost office space in the 1980’s, before becoming coveted property in recent years.

A well-known philanthropist, Mr. Grant was the longest continuous donor in the history of UJA-Federation of New York.

He made his first contribution of $1,000 to UJA in 1958, an astronomical amount at a time when a new car cost $2,200, and gave generously to UJA for the next 60 years.

Among other leadership roles, he was a former board member, chair of an annual campaign, member of the Real Estate Executive Committee, and most notably, in 2016, he received the Lifetime Achievement Award from the Real Estate Division.

“Most importantly, ‘Gene’ taught us that the three most important things for a happy life are giving love, being part of a community, and doing something meaningful,” said UJA CEO Eric S. Goldstein. “His legacy will endure.”

“Eugene Grant was a dedicated, compassionate, and generous New Yorker who served on our Board of Governors and was a REBNY member for over 60 years,” said REBNY president John Banks. “His countless charitable initiatives, valiant service to our country, and his career in real estate have had a long-lasting impact and will be remembered by those across our industry. We extend our sincere condolences to his wife, Emily, and the entire Grant family.”

Eugene Martin Greenberg was born in Hell’s Kitchen on July 17, 1918, in the shadow of the Ninth Avenue El. He grew up on the Grand Concourse in the Bronx and later moved with his family to West End Avenue. He attended City College of NY and continued at the University of Michigan (B.A.) and Columbia University Law School (J.D.).

In 1942, he enlisted in the U.S. Army Air Force and served as a P-47 bomber escort pilot with the 362nd Fighter Group in England, France, Luxembourg and Germany, emerging as a captain by war’s end.

Back in New York, he changed his surname to Grant and joined the family real estate firm of Samuel Greenberg & Co. going on to found his own firm in 1971.

After selling the St. John’s Terminal, the original terminus of the High Line, Mr Grant embarked on a major philanthropic career. His favorite causes included the welfare and security of Israel and the Jewish people, classical music and the performing and visual arts, higher education, nature and the environment, and American national security.

Mr Grant is survived by his wife of 68 years, Emily Louise Geldsaler of Toronto, Canada; his daughters, Terry, Andrea (Kate Fay) and Carolyn.  He was preceded in death by his sister, Evelyn Clyman.

Those who wish may send donations to the Westchester Holocaust and Human Rights Commission (Garden of Remembrance), the Metropolitan Opera Lindemann Young Artists Program, the Israel Tennis Centers, the Medici Archive Project or NRDC.

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A single-story commercial building in Jackson Heights sold for $16 million last week, setting a new price-per-square foot record for the neighborhood and, possibly, raising the bar for would-be sellers.

Fazlur Khan, a Bangladeshi investor, purchased a 8,565 s/f building on the corner of 37th Avenue and 75th Street for $1,868 per built square foot. Retail tenants include a Bengali restaurant, a halal meat market, an Afghan grill, a Nepalese eatery and a discount home goods store.

Ami Efrati, whose brokerage, Entrepreneur Properties, represented the buyer, said the transaction price came as something of a surprise to him because the property would be difficult to redevelop and it carries a cap rate of slightly more than three percent.

“Normally, if someone is paying a three-cap or even a four-cap, they’re either redeveloping or they have a triple A tenant, a CVS or something similar,” he said. “You don’t have either of those things in this situation.”

Khan could add a story or two of apartments on top of the existing building to make use of its full, 34,000 s/f of development rights. However, Efrati said, on-site parking requirements would make that extremely costly and all of the tenants have multiple years remaining on their leases.

The seller, Kokdon Yee, originally asked for $17 million, Efrati said, a sum that struck him as exceptionally high at the time. Despite increased interest in the area, Efrati said he expects this record sale to hold the top spot for a long time.

“I would be shocked, very surprised to see something trade for more than what we’ve traded this asset for,” he said. “In a sense, it’s going to make my life more difficult because it’s going to make the property owners in the surrounding area expect more when they go to sell.

“It’s gonna distort the values and make it more difficult to bridge the gap between buyers and sellers,” he said.

Mo Ibrahim of Entrepreneur Properties represented Khan and Steven Zhao, formerly of Marcus & Millichap’s Philadelphia office, represented the seller.

Jackson Heights is among the densest and most populous neighborhoods in Queens, with more than 100,000 residents in less than half a square mile, as of the 2010 U.S. Census.

At last count, it had roughly the population of nearby Astoria and Sunnyside combined. It has become renowned for its substantial Latino and Southwest Asian population.

Unlike other parts of the borough, such as Long Island City, Jamaica and the Rockaways, Jackson Heights has not seen much in the way of new development because there is very little vacant land. However, thanks to reasonable prices—starting at less than $2,000 for a one-bedroom apartment—the area has become destination for young renters, Mdrn. broker Trevor Nasroodin said, adding that it’s also a hotbed for retail, particularly between 72nd and 82nd Streets along Roosevelt Avenue.

RUBIN ISAK

Located just one block from the 74th Street-Roosevelt Avenue subway station, 74-12 37th Street is in a position to capitalize on the area’s busy sidewalks, Nasroodin predicted.

“I would call that prime space,” he said. “They’re an avenue away from the train, if they could build, that would be great and it’s really high foot traffic.”

Available assets are hard to come by in Jackson Heights but with outlet stores for national brands such as GAP, Banana Republic and Sketchers and retail asking rents above $100 along some corridors, Rubin Isak of Eastern Consolidated said properties sold very often and when they do, they go quickly.

“I’m not surprised by that price,” Isak said of the $16 million sum paid for 74-12 37th Avenue. “We have lot of investors interested in specific locations in the area—Ditmars Boulevard in Astoria, 31st Street in Astoria, 82nd Street in Jackson Heights, Roosevelt Avenue in Jackson Heights—and in this area in particular, the turnover rate is so low that when something trades, you know it’s going to be for a premium.”

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Richard Zirinsky, Jr

Richard Zirinsky Jr., president of Parkwell Management Corp., died April 1 at 54.

Son of the late developer Richard Zirinsky Sr., Zirinsky headed up the family real estate business. He was also a co-founder of Adventure Music, a Brazilian Jazz record label.

In 2016, the company purchased a 12-acre site on the Newtown Creek waterfront in Maspeth, Queens from mining company Freeport-McMoRan for $55.8 million. The site has more than 1 million buildable square feet.

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AGENTS

Ariel Property Advisors has been exclusively retained to sell the leasehold of 840 Westchester Avenue, a retail/office building located on one of the busiest commercial corridors in The Bronx. Ownership is requesting proposals for the property.

The newly-constructed building (a.k.a. 845 Longwood Avenue), which spans 53,705 square feet, is located on the south side of Westchester Avenue, between Longwood Avenue and East 161st Street. The building contains two retail units, two office units, and a below-grade, 74-car capacity parking garage that extends 24,300 square feet.

The asset, which also boasts 174’ of prime footage along Westchester Avenue, also benefits from 83,321 square feet of air rights, a valuable feature that allows for further development.

Exclusive agents Jason M. Gold, Victor Sozio and Orry Michael are representing the owner.

•••

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, is pleased to present exclusively for sale 74 Grand Street, a development site in the heart of SoHo. Senior Executive Managing Director, David Schechtman, Managing Directors, Lipa Lieberman and Abie Kassin, Vice President, Jason Goldy, and Director, Scott Burk, are representing the seller in this transaction.

Situated at one of the most trafficked locations in New York City, 74 Grand Street is a development site boasting 25 feet of frontage on one of the landmark neighborhood’s most well-known streets. Zoned M1-5B, the development site has more than $1.8 million in structural fortification and offers investors or users the immediate opportunity to capitalize on strong demand and exceptional neighborhood fundamentals. Development options include a mixed-use condominium building with ground floor retail or a boutique office building.

SALES

Besen & Associates announced the sale of 4468-4474 Broadway in northern Manhattan. The 20,000± square foot two-story elevatored commercial building consists of six stores and five offices. Built in 1991, the property features 100’ of prime retail frontage along Broadway. The property was sold in an exclusive offering for $9.15 million by the team of Hilly Soleiman, Amit Doshi and Ron Cohen.

4468-4474 Broadway is situated on the east side of Broadway between Fairview Avenue and 192nd Street and is located in Hudson Heights, one of the most desirable sections of Washington Heights in Northern Manhattan, boasting high foot traffic and bustling retail.

The retail stores are rents are well below market, offering tremendous upside to new ownership. Retail units are averaging rents of $26.92/SF, which represents a tremendous discount to current asking market rents ranging between $43 to $112/SF. The Property also includes 14,400± SF of unused air rights (TDR’s) for future redevelopment or value-add potential.

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After being appointed the chief sales officer of Besen Associates in 2016, Ron Cohen was already beginning work on one of the biggest transactions he’d ever work on.

Cohen, alongside his fellow broker Brian Belkin who sourced the deal, focused their attention on an exclusive sales transaction at a Lower East Side property. Besen initially found a buyer offering $34 million for the property at 167-171 Chrystie Street, or roughly $800 per square foot, but the sellers declined and changed gears by seeking a ground lease instead, Cohen said.

And in the time that took, the exclusive contract between Besen and the seller expired, leading them to find another brokerage to work with.

But six months later, the sellers would come back to Besen, asking if they could bring back the buyer that was on the table in 2016. Cohen was eventually able to close the deal on a 99-year ground lease valued at $175 million after nearly two years in the making.

Ron Cohen

“I would call it a hallmark achievement and a deal that I’m very proud of,” Cohen said. “I got to delve into the intricacies that come along with a ground lease structure and the art of patience and persistence paid off.”

Cohen’s persistence was also evident throughout his career, as he started at the lower rungs at Besen and worked his way up. Before starting at Besen, Cohen has spent 11 years in the advertising industry before deciding to take a shot at New York City real estate. The decision was based on being a native New Yorker, his love of architecture, and how much action the industry was seeing.

“I joined Besen because I believed that focusing on the middle market of investment sales really enables me to learn the real estate business firsthand,” Cohen said. “It’s much more hands-on and you engage with owners, investors, operators, developers and really dig in.”

He spent five years at Besen working on commission-based investments in the middle-market arena of transactions between $1 million and $100 million. But he was later recruited by Eastern Consolidated where he worked for a year. But his talents were sought again at Besen in 2008 where they offered him the newly-created position of chief marketing officer.

Cohen’s work entailed helping brokers secure exclusive assignments, strengthening client relationships, recruiting and training, but also working with the sales team. And in 2016, Cohen was appointed the chief sales officer to focus more on the sales side.

He’s now in charge of a team of 40, which includes investment brokers, marketing staff, and analysts. Cohen’s work has spanned Brooklyn, Bronx and Manhattan and his properties range from retail, multifamily and mixed use.

But with many Manhattan and Brooklyn neighborhoods already in their prime, Cohen said there are inland areas of Brooklyn that are ripe for investment.

“Some of those areas in mid-Brooklyn happen to be beautiful neighborhoods that would surprise you if you ever walk down those streets,” Cohen said. “[There’s] clean buildings, good amenities in a very livable, affordable neighborhood.”

Cohen said transportation will always be a determining factor as areas like Kensington and Midwood are at least a 40-minute train ride from the city. He explained that there was currently a pricing disconnect based on the properties and the location that is beginning to close and more accurately represent the area. Cohen added they are in contract with a pair of properties at 241 and 245 Ocean Parkway in Kensington.

But as chief sales officer, it’s not just the deals he’s in charge of. Cohen is also responsible for taking care of his 40-member team and ensuring they remain ahead of their competition. In his executive role, Cohen said one of his most important duties is building a strong team, but also retaining those talented individuals.

“I think we’ve made some wonderful strides in the past three or four years in terms of improving our marketing, our platform, our systems, our knowledge, our talent, and I really want to see that continue,” Cohen said. “For me, the number one most critical factor is people and talent. People who are smart, who are client-focused and really know how to execute.
Whereas he was the one grinding his way up to the top early in his career, Cohen is now putting his energy behind his team so they achieve similar results.

“When I started I was really focused on me and now I’m really focused on our entire team,” Cohen said. “My leadership style is more of a bottom up approach, where I believe it’s my job to support everyone in their role to help them perform better and achieve results.”

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Ripco Real Estate announced that Aryeh Orlofsky has joined the firm’s Manhattan office where he will be responsible for overseeing day-to-day operations of Evan Schuckman and his team. Evan Schuckman, a Ripco broker, has completed over 200 retail transactions in Manhattan, the Outer Boroughs and New York City’s suburban markets. In this role, Mr. Orlofsky will manage the flow of the team’s tenant and landlord representation and investment sales transactions, as well as communicating with current and prospective clients and the brokerage community.

Mr. Orlofsky is an experienced real estate professional most recently overseeing the research department of Ariel Property Advisors for seven years. Under Mr. Orlofsky’s supervision, the research department evaluated more than 6,000 properties valued at over $40 billion in gross consideration for private and institutional owners throughout New York City. His division’s reports were widely recognized as the industry standard and covered by prominent real estate news outlets and local media.

•••

AmTrust Title Insurance Company announced that Ben Sommers, a 20-year veteran of the title industry, has joined as Agency Representative to fortify and continue expansion throughout the west coast of Florida. He is based out of the Tampa Bay area.

Initial responsibilities will include assisting with growth, and recruiting independent title agencies to work with AmTrust Title.

Mr. Sommers has led somewhat of a classical career path in title insurance. Just prior to joining AmTrust Title, he was Vice President Florida and Alabama for Title Resource, Realogy where he oversaw those states by providing title and related services to independent title companies and real estate attorneys. His focus there was generating new business. Before that he was Escrow Operations Manager for the Florida Builder Division of First American Title Insurance Company. Earlier he served as Customer Services Manager, National Operations for Stewart Title based in Tampa, where he was responsible for coordinating processes with title production. He was also National Operations Manager/Builder Services for Stewart Title, responsible for closing services for the national builder division.

Mr. Sommers attended both Lakeland College Wisconsin and University of Central Florida.

•••

Lee & Associates NYC LLC welcomes Charles Goldberg and Hank Widmaier to its investment sales and leasing teams as Senior Managing Directors. Prior to joining Lee NYC, Mr. Goldberg and Mr. Widmaier were at Colliers International and both have been in the New York City real estate industry for nearly 40 years. They started at Lee & Associates NYC in February.

After earning a degree in politics from Princeton University, Mr. Goldberg attended both the New York University Stern School of Business and the New York Real Estate Institute. Upon graduation, he joined the team at Cushman & Wakefield, Inc. where he honed his commercial real estate skills in the professional world. His diverse clients have included Deutsche Bank, Deutsche Börse, CrossFit Wall Street, Throckmorton Fine Art, Ashkenazy Acquisitions and The Juvenile Bipolar Research Foundation, of which he is a board member and the former director of development.

After earning a master’s degree in fine arts from the University of Pennsylvania, Mr. Widmaier moved to New York City where he began to help friends find lofts in Lower Manhattan. With the realization that he could make a living through real estate, he entered the commercial side of the business and successfully completed a number of sales in TriBeca, Soho, FiDi, the West Village and various neighborhoods throughout Brooklyn. Recently, as part of an exclusive rep team, he completed a 35,000-square-foot lease transaction in the Pfizer Building in Brooklyn.

•••

Jayson Siano, managing principal of Sabre Real Estate Group, the New York metropolitan region brokerage, announced that Jill-ann Painter, of Atlanta, an experienced corporate real estate executive who has worked for some of the nation’s top restaurant and retail chains, has joined the firm as Director of National Accounts.

Painter, who will work from Atlanta, will focus her talents on increasing the already robust national consulting platform at Sabre.

Painter, whose 24-year career in retail real estate included stints at Sprint, Cosi, Starbucks Coffee, Church’s Chicken, Protein Bar and Chop’t Creative Salad, has been involved in site selection across the United States and in more than 30 countries, including France, Saudi Arabia and Indonesia.

•••

John Corbett, MAI, ASA, MRICS, has joined Newmark Knight Frank (NKF) Valuation & Advisory (V&A) as a senior managing director and the national practice leader of the Financial Reporting Group. Based in Philadelphia, Mr. Corbett is responsible for oversight of the group, which focuses on meeting the consulting and valuation requirements of clients as prescribed by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB).

Throughout a career spanning more than 25 years, Mr. Corbett has successfully completed valuation and consulting assignments for a wide range of properties, including office buildings, regional malls, shopping centers, apartment complexes, hotels and a variety of industrial/R&D facilities. These studies have been used in real estate portfolio and joint venture valuations, merger and acquisition due diligence support, internal planning, highest and best use analysis, financing, litigation support, sale-leasebacks and insurable value studies.

Prior to NKF, Mr. Corbett worked for more than nine years at Cushman & Wakefield, where he served as senior managing director and national practice co-leader of the Financial Reporting Practice Group. Previously, Mr. Corbett was a director in the real estate advisory group of a boutique investment bank and financial advisory firm. He also held corporate valuation and consulting positions in the Philadelphia offices of Standard & Poor’s and PricewaterhouseCoopers.

•••

Simone Development Companies announced that Kevin J. Plunkett, former Westchester Deputy County Executive, has joined the company as Director of Strategic Initiatives.

Mr. Plunkett, who has a long and distinguished career in both the public and private sectors, served as Deputy County Executive from 2010-2018. As the County’s Chief Operating Officer, he was responsible for managing a $1.8 billion budget with 35 departments, 4,500 employees and more than 5 million square feet of commercial real estate.

Plunkett, who has practiced law for more than three decades, began his law career in 1975 as an Assistant District Attorney for Westchester County. He later joined the law firm of Plunkett & Jaffe where he was an equity member of the firm for more than 20 years representing private and public sector clients in business transactions and in federal and state courts. He later became a partner in the international law firm of Thacher Proffitt & Wood from 2000 to 2008. Prior to becoming Deputy County Executive, he was a partner in the regional law firm of DelBello Donnellan Weingarten Wise and Wiederkehr.

Well-known in Westchester’s business and not-for-profit community, Plunkett has served on the boards of numerous not-for-profit and educational institutions including ArtsWestchester, Westchester ARC Foundation and Iona College. He served on the board of Union State Bank, a New York Stock Exchange company, from 1998 to 2008. A graduate of the College of the Holy Cross, Mr. Plunkett earned his law degree at Stetson University College of Law. He is a life-long resident of Tarrytown.

•••

The Real Estate Board of New York (REBNY) has appointed Reggie Thomas as Senior Vice President for Government Affairs. Starting on April 16th, Thomas will build and maintain REBNY’s strong relationships with elected officials on the City, State, and Federal level with the purpose of advancing the organization’s interests and agenda. He will work closely with REBNY’s units to analyze legislation, testify on behalf of the industry at public hearings, and develop advocacy campaigns on key issues.

Thomas comes to REBNY with more than 10 years of experience in government affairs. In his most recent role with Cozen O’Connor Public Strategies, Thomas worked as a Government Affairs Principal. Thomas will work alongside John Doyle, REBNY’s Senior Vice President of Government Affairs, who will retire from fulltime responsibilities after 31 years of service, to a consulting role, effective May 1st.

Doyle began his career with REBNY in January 1987, and represented REBNY before the New York City Council throughout the tenure of five council speakers and five mayors. He advocated on behalf of the industry on a wide array of issues from commercial rent control and recycling to street vendors. In the 1990’s, Doyle organized industry and community opposition to a proposed property tax increase. He also administered REBNY’s Ethics and Arbitration processes.

From 2011 through 2015, Reggie Thomas served Mayors Bill de Blasio and Michael Bloomberg in the Office of City Legislative Affairs as First Deputy Director and Senior Policy Advisor. From 2009 to 2011, Thomas was the Director of Legislative & Budget Affairs for then-New York City Council Land Use Committee Chairman Leroy Comrie. Thomas started his career as an aide to then-Manhattan Borough President Scott Stringer. He holds a Bachelor of Arts in Political Science from Pace University and currently resides in Lower Manhattan where he serves on Community Board 1.

REBNY also announced the promotion of Carl Hum to a newly created role of General Counsel, which will complement his current responsibilities as Senior Vice President for Management Services and Government Affairs. Hum joined REBNY in 2015 as the lead advocate on construction safety, building codes management, sustainability, and federal policy. His previous legal roles were Manhattan Assistant District Attorney, Deputy General Counsel at the NYC Department of Small Business Services, and Counsel at Reese Richman LLP. Hum will administer REBNY’s Ethics and Arbitration processes.

•••

Bussel Realty Corp. announced Suzanne Tharaldsen has joined the company as vice president – brokerage services and will become part of the expanding Esses brokerage team.

The Esses Team at Bussel Realty is led by Leo A. Esses, senior vice president. It currently consists of Suzanne Tharaldsen, vice president, Ilan Tabbouche, associate, and Jennifer Sarro, executive assistant coordinating marketing and administrative support.

Suzanne Tharaldsen has 17 years of real estate experience and has been a member of The International Council of Shopping Centers (I.C.S.C.), Building Owners and Managers Association International (BOMA) and the Urban Land Institute (ULI). Suzanne possesses a broad background in national and regional commercial real estate. Early in her career, she specialized in industrial leasing and sales with the national firm CB Richard Ellis in their Iselin, New Jersey office. Suzanne later held other positions within their Global Corporate Services division working on the development and implementation of national accounts utilizing their broad range of client services.

Bussel also announced Scott Turner has joined the company’s brokerage division as a vice president.

Scott Turner brings over 33 years of sales and marketing experience to his new position. Formerly a sales associate at Coldwell Banker Commercial, Scott generated new development deals for a multi-family and retail developer as well as provided market and financial analysis. He was also a member of their Global Client Solutions team for the Northeast US region.

Prior to this position, Scott served as vice president of sales and strategies at Prudential Real Estate. During his tenure with the company, he helped build the company’s leasing division for multi-family and retail properties and completed multiple transactions for a multi-family and retail developer.

Scott has an MBA from the University of Chicago in Finance and Economics, and a New Jersey Real Estate Brokers License.

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The Kaufman Organization just announced that Burrow, Inc.,  a luxury sofa manufacturer that ships boxed up seating that can be assembled in 10 minutes or less,  has signed a 5,909 s/f lease at Kaufman’s 15 West 27th Street (15W27).

The sofa startup that’s become a darling of the internet is relocating from nearby West 21st Street to an expanded pre-built space on the seventh floor of 15W27 – part of Kaufman’s Madison Square Portfolio – for its corporate offices and showrooms.

Burrow’s move comes as the company closes a fresh round of fundraising that drew $14 million led by Tony Florence’s New Enterprise Associates, the same venture capitalist that helped launch Jet.com and mail-order bed big, Casper. Burrow was founded in Philadelphia in 2016 by then students Stephen Kuhl and Kabeer Chopra who engineered their own solution to the perennial problem of the under grad – how to get a cheap, new sofa into your studio.

With $3 million in sales last year, Borrow relocated its manufacturing plant from Mexico to Mississippi, expanded its product line and opened dozens of showrooms across the country. At 15W27, it will join architects Fernando Romero Enterprise,  Pondicheri, a Texas-based restaurant that specializes in modern Indian cuisine, and Barstool Sports, a men’s digital lifestyle magazine.

GRANT GREENSPAN

“Kaufman’s Madison Square Portfolio is strategically positioned to attract clever and inventive firms like Burrow,” said Grant Greenspan, principal of Kaufman. “15W27 offers this burgeoning firm a turnkey, flexible, loft-style space complete with top-tier technology to house its offices and showrooms in one of Manhattan’s most trendy and design-forward neighborhoods.”

Greenspan along with Elliot Warren and Michael Heaner of Kaufman represented the landlord in the new lease while Timothy Freydberg of CBRE represented the tenant . Asking rent was $67-per-square-foot and the tenant is expected to take occupancy this month.

Kaufman spearheaded a multi-million dollar capital improvements campaign since acquiring Madison Square Portfolio in April 2014, in an effort to appeal to creative, tech and new media tenants. offers amenities that meet the technology, broadband and security needs of its tenants.

The firm teamed up with Design Republic architectural design firm to create a lobby with custom-designed, illuminated, three-dimensional wooden fins and elevators with glassed back walls that reveal custom graffiti art.

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A seven-story mixed-use building with 200 apartments and ground-floor commercial space is coming to Long Island City’s Dutch Kills neighborhood.

Slate Property Group and Avenue Realty Capital purchased a former industrial site at 37-11 30th Street for $33.3 million this week. The joint venture plans to build a 190,000 s/f development on the site with 200 rental units, 150 parking spots and retail or manufacturing space.

Located at the corner of 30th Street and 37th Avenue, the parcel was acquired from the estate of Bob See, the one-time owner of See Factor, a sound and lighting equipment rental shop on the property.

Brian Leary of CPX Real Estate acted as Slate and Avenue’s broker for the deal.

Sixty of the apartments in the new development will be designated as affordable. An amenity space with an open air terrace will be built on the second floor the roof will feature a landscaped deck. Other specifics for the project are still in the works, a Slate spokeswoman said.

Currently, the site is home to several manufacturing buildings which will be razed to make way for the new development.

Dutch Kills, which sits just south of Astoria, has not seen the same level of investments as other sections of Long Island City, such as Hunters Point, Court Square and the area around Queensborough Plaza. Before Avenue and Slate bought the 37-11 30th Street, the only high-end housing project in the area was the Lightstone Group’s ARC complex, which is located two blocks to the south.

Earlier this year, Slate secured financing from SPG Capital Partners for a 10-story mixed-use building near Court Square. That project will include 150 apartments—45 of which will be affordable—as well as a ground-floor commercial space.

Slate co-founder Martin Nussbaum said the 30th Street property caught his attention because of its proximity to the N-W subway line as well as the ongoing development in the surrounding neighborhoods.

“This is our second development project in Queens, and we continue to find great opportunities in this submarket,” Nussbaum said. “We are particularly excited about this property, which sits close to public transportation in one of New York City’s hottest neighborhoods. Its close proximity to Astoria is another desirable aspect of this property.”

Udi Kore of Avenue Realty Capital echoed this sentiment, praising the property’s location as well as the price, which will allow for the creation of affordable housing.

“We are pleased with our joint venture with Slate as our operating partner and believe in the fundamentals of this project to deliver reasonably priced rental housing which also includes an affordable component, just two subway stops from midtown Manhattan,” Kore said.

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A 25,000-square-foot, three-story office building in Connecticut sold for more than $5 million last month.

RHYS, a Stamford-based commercial real estate firm brokered the sale of 1 Eliot Place in Fairfield, Connecticut. Rockwest Real Estate Partners, a New York based real estate investment company bought the 1985 building for $5.075 million from FNL Enterprises Inc.

The deal closed in March and was completed by RHYS’ commercial brokers Alex Haendler, Ted Grogan and Greg Romano. The building’s largest tenant is currently one of Northwest Mutual Insurance Company’s best performing offices.

“One Eliot Place provided the buyer with a unique, risk-adjusted investment, bucking the trend of our tepid suburban office market,” Haendler said. “The property is a well-situated, multi-tenanted office building with great access to I-95 and the Post Road and will remain competitive due in part to its ample parking and superior location.”

According to RHYS research, the Fairfield office market boasts an approximate five percent vacancy rate, significantly lower than the overall Fairfield County office market. Additionally, the Fairfield office market has experienced 15 percent rent growth since 2015, due to the market’s high barrier to entry and limited supply.

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A nearly 18,000 square-foot, single-story, brick warehouse at 80 Fourth Street sold for $12.8 million, according to Cushman & Wakefield.

Cushman & Wakefield Senior Director Winfield Clifford and Senior Associate William Barrett represented the seller, sculptor Tom Otterness, in this transaction. The property was purchased by The Brooklyn Home Company. The final closing price was $12.8 million, equating to approximately $713.40 per square foot and more than $300,000 above the original asking price, according to the brokerage.

“The Gowanus neighborhood continues to attract strong interest from developers in anticipation of the neighborhood’s rezoning and the sale of 80 Fourth Street is no exception,” Clifford said.

80 Fourth Street is located in an M3-1 zoning district allowing for 35,954 square-feet of commercial development. The property provides a wet sprinkler system, two curb cuts and two rolling gates, with one offering a loading bay. There are 24 skylights providing significant light across the building. The building is currently owner occupied and will be delivered vacant. The property is in close proximity to the Carroll Street, Smith/9th Street, and Union Street subway stations and is surrounded by Citi Bike stations.

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Pharmaceutical giant Pfizer has leased 800,000 s/f for its new HQ at The Spiral, Tishman Speyer’s forthcoming Hudson Yards skyscraper.

Tishman Speyer president and CEO Rob Speyer announced yesterday (Tuesday) that the company will begin construction of the 65-story office tower at 66 Hudson Boulevard in June.

The company also announced it had secured financing for the $3.7 billion project, with $1.9 billion in equity from Tishman Speyer and more than a dozen other institutional, pension fund and individual investors, as well as a $1.8 billion construction loan from Blackstone.

As part of its 20-year lease agreement, Pfizer will relocate its global headquarters from 235 East 42nd Street to The Spiral, where it will occupy 15 full floors (7 through 21) as well as portions of the lobby level once the 2.8 million tower is complete in 2022.

A Cushman & Wakefield team led by executive vice chairman Josh Kuriloff represented Pfizer in the lease negotiation.

Designed by starchitect Bjarke Ingels’ firm BIG, The Spiral will reach 1,031 feet and feature a cascading series of landscaped terraces and hanging gardens as its “signature element,” according to a press release. The terraces will ascend, one per floor, in a spiraling motion to create a continuous green pathway that wraps around the façade of the tower.

ROB SPEYER

“Tishman Speyer is thrilled to welcome Pfizer as the anchor tenant in The Spiral, the world’s most connected and collaborative office environment,” said Tishman Speyer president Rob Speyer. “With its iconic design, amazing views and abundant access to outdoor amenity spaces, The Spiral will serve as a major

JOSH KURILOFF

leap forward in the evolution of the modern workplace.”

The six-story base of the building will include a lobby with ceiling heights of up to 28 feet and main entrances on Hudson Boulevard East and 10th Avenue. The base also will include approximately 25,000 square feet of retail space.

Turner Construction will head up construction at the project, which Tishman Speyer said they expect will generate around 7,600 construction jobs and more than 7,100 permanent office, retail and building-service jobs.

Pfizer is selling the two buildings it currently occupies at 219 and 235 East 42nd Street and will move to Tishman Speyer’s new office tower in 2022.

Pfizer’s headquarters has been located on 42nd Street on the east side of Manhattan for over 50 years. In 2016, the company announced that it would move its global headquarters in NYC to a cutting-edge, 21st century office environment.

A Cushman & Wakefield team led by chairman Adam Spies is arranging for the sale of Pfizer’s current headquarters.

“The intricacies of a headquarters relocation and negotiating an anchor tenant lease at a brand new development is highly complex and takes a thoughtful, strategic plan where all disciplines are perfectly aligned” said Kuriloff in a press release.  “We are thrilled to see this alignment come together with the world-class developer, Tishman Speyer and Pfizer.”

The building will has cascading terraces and hanging gardens

The full Cushman & Wakefield team consisted of: John Santora (President, New York Tri-State Region); Josh Kuriloff (Executive Vice Chairman), Matthias Li (Managing Director), and Andrew Braver (Director) of brokerage services; Adam Spies (Chairman), Josh King (Executive Managing Director), and Anthony Pasqual (Director) of Capital Markets; Robert Knakal (Chairman) of NY Investment Sales; Peyton Horn (Executive Managing Director) and Ashley Chase (Senior Associate) of the Strategic Advisory Group; Warren Braverman (Managing Director) and Kevin McCann (Senior Managing Director) of Global Occupier Services; and Deb Moritz (Executive Managing Director) and Michael McDermott (Director) of Strategic Consulting.

Pfizer was also represented by Marc Hurel (Partner) and Evan Babcock (Associate), of the law firm Stroock & Stroock & Lavan LLP.

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Several large leases were signed and several large blocks of space were added to the Manhattan office market in the first quarter of 2018, and the average asking rates stayed about the same.

Companies with big footprints, such as JPMorgan Chase and Google, made big announcements this year, with the former planning to tear down and redevelop its headquarters at 270 Park Avenue, and the latter closing on its $2.4 billion acquisition of Chelsea Market at 75 Ninth Avenue.

According to a JLL report, office occupiers have been busy repositioning themselves in order to attract high-quality talent. Often that tactic involves consolidating their workforce staff into single buildings or campuses.

Manhattan overall asking rents dipped for only the third time in the last 29 quarters, according to the report, declining slightly by $0.43 to $72.48 p/s/f. The report attributed the dip to the Class B office segment, which decreased by $0.91 to $56.83 p/s/f in the first quarter of 2018.

DANNY MANGRU

Vacancy rates also decreased in the first quarter in Manhattan, dipping from 8.8 percent at the end of 2017 to 8.5 percent in the first quarter. The decrease was led by Midtown South, which posted a quarter-over-quarter decrease of 80 percentage points to 5.9 percent.

According to a Q1 office market report from Transwestern, the availability rate in the Downtown submarket increased from 13.8 percent to 14.3 percent from the last quarter, while in Midtown the availability rate increased slightly from 10.6 to 10.9 percent, and in Midtown South availability increased from 9.4 to 9.8 percent.

Transwestern also found that average asking rents in Manhattan stayed steady, with Midtown average asking rents increasing slightly from $76.65 to $79.08 since the last quarter, Midtown South increased from $71.70 to $76.36, and a very slight increase in the Downtown market from $64.78 to $64.80.

“What’s notable about this quarter is that while several large blocks of space were added to the market, average asking lease rates have remained virtually unchanged,” said Danny Mangru, research manager at Transwestern.

“We’ve found that a wide range of quality, plus a mix of old and new product has suppressed significant rent movement. Despite a slowdown in leasing to start 2018, there were several large leases, both new and renewals, which indicates the steady demand from 100,000 s/f users.”

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