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Lauren Elkies Schram

Sales Beat

Peter Cooper Village Area Mixed-Use Building Trades for $5.6M

361 First Avenue

A mixed-use building on the northwest corner of 21st Street and First Avenue, across from Peter Cooper Village, has sold in an off-market deal for $1,120 per square foot.

The seller was Rye, NY-based JTU Management Inc., which acquired the property in July 2011 for $4.38 million, and the purchaser was a private investor listed as First Avenue Assets LLC, public records indicate. Read More

Lease Beat

Hale & Hearty Takes Space in MetroTech Center

2 MetroTech Center

Hale & Hearty Soups will be opening at 2 MetroTech Center in Downtown Brooklyn this fall after signing a 10-year lease for 1,760 square feet, MetroTech Center developer Forest City Ratner Companies announced.

New York-based Hale & Hearty, which has 30 locations in Manhattan, Brooklyn and Long Island, sells sandwiches made with artisanal breads, salads and 15 to 20 different soups per day. All soups are made from scratch in Hale & Hearty’s Brooklyn kitchens. Read More

Mortgage Observer

Sam Chang Closes on West 37th Street Lot, Will Become a Gene Kaufman Hotel [Updated]

Rendering of 326 West 37th Street.

Prolific hotelier Sam Chang‘s McSam Hotel Group secured a roughly $25 million bridge loan to fund the acquisition of a development site on 37th Street between Eighth and Ninth Avenues.

The 10,000-square-foot parking lot at 326 West 37th Street will become a Gene Kaufman-designed hotel with 242 rooms, according to the architect’s office. At 22 stories, the hotel will have a gym, meeting room and ground-level restaurant/bar. The brand is still to be determined. Read More

Lease Beat

The Children’s Place Coming to Flushing Mall [Updated]

40-24 College Point Blvd.

Children’s apparel and accessories store The Children’s Place will be setting up shop at The Shops at SkyView Center in Flushing, Queens.

The new digs will occupy 3,799 square feet on Level B, the Wall Street Journal reported. The asking rent was $75 a foot for the 10-year lease. The Children’s Place brings the mall to 95 percent leased and the mall’s developer, Onex Real Estate Partners, is reportedly talking to two other national children’s retailers for the remaining two spaces. Read More

Construction Beat

Ivy Leaguers Soon To Dine Al Fresco at Harvard Club

27 West 44th Street

On June 12, the Harvard Club of New York will celebrate the 120th anniversary of the opening of the club’s original building at 27 West 44th Street. That date will also mark the grand opening of the club’s new rooftop bar, outdoor terrace and dining area on the ninth floor of that building.

But, the 150-year-old club is really hoping the rooftop construction will be done sooner and it can open by the middle of May, said Larry Marner of Marner Architecture, the chair of the club’s house committee, which oversaw the renovations. Read More

Lease Beat

Financial Data Firm Consolidates at 90 Park [Updated]

90 Park Avenue

FactSet Research Systems, which provides analytics and content to the financial industry, has consolidated its space and renewed its lease at 90 Park Avenue between 39th and 40th Streets.

The financial data firm will now have 102,000 square feet spanning the entire 7th, 10th and 11th floors of the 1 million-square-foot tower, according to Crain’s, rather than be spread throughout the building. Read More

Sales Beat

West 111th Street Multi-Family Portfolio Sells for $24.25M

The West 111th Street property

Madison Realty Capital has sold a four-building multi-family portfolio on West 111th Street to Acuity Capital Partners for $24.25 million.

The institutionally-backed real estate private equity firm bought distressed loans on the four adjacent buildings, totaling 55,000 square feet, for $11.75 million in May 2011 and ended up acquiring the property title at auction in July 2011. Madison Realty Capital then spruced up the properties. Read More

Sales Beat

Kaufman Closes on Purchase of Four Ground Leases from Extell

119-125 West 24th Street

Kaufman Organization and Principal Real Estate Investors have closed on their acquisition of four former Ring buildings, totaling 341,441 square feet in the Nomad and Flatiron districts, from Extell Development Company.

As Commercial Observer previously reported, the deal included 13-15 West 27th Street, 45 West 27th Street, 19 West 24th Street and 119-125 West 24th Street. Depending on the valuation, the the 99-year net lease cost between $175 million and $200 million, according to David E. Ash of Prince Realty Advisors, the lone broker in the deal. Read More

Sales Beat

Silvershore Properties Purchases Small Flatiron Building

27 East 20th Street

Silvershore Properties has purchased a 5,200-square-foot mixed-use building for $3.3 million from AY & Associates, which owned the building for over 30 years, Commercial Observer has learned. The deal closed yesterday.

The four-story walk-up building, at 27 East 20th Street between Park Avenue South and Broadway, is home to Rohm Thai restaurant on the ground level and Marie Bové Salon on the second floor. Two floor-through occupied apartments comprise the two top floors. The property includes an additional 4,000 square feet of air rights. Read More

The Sit-Down

Miki Naftali of Naftali Group is the Million-Square-Foot Man

Miki Naftali

Since its inception nearly three years ago, Naftali Group has completed or is constructing 1.05 million square feet of residential condominium, rental and multifamily development, including a Pace University dormitory at 33 Beekman Street. This year,  Naftali Group will be launching three condos—234 East 23rd Street, 261 West 25th Street and 206 West 77th Street—and a rental building, the Bergen, at 316 Bergen Street in Boerum Hill. In addition to his offices at 1700 Broadway, which houses 22 employees, Naftali recently opened an office in Delray Beach, Fla. Miki Naftali, the company’s chairman and chief executive officer, received a lot of attention when he led the $450 million restoration and reconfiguration of the Plaza Hotel as the president and CEO of Elad Properties. Flanked by his marketing pro and an outside P.R. person, Mr. Naftali, 51, talked to Commercial Observer last week in the conference room at his offices about development trends, the Plaza and his and his wife’s future move to Manhattan.  Read More