Lease Beat

Real Estate Publisher Relocates East to Lexington Avenue [Updated]

205 Lexington Avenue.

Real estate trade publisher Yale Robbins is relocating to Kips Bay, Commercial Observer has learned.

The company will move from its current location at 102 Madison Avenue between East 29th and East 30th Streets to a 7,318-square-foot space at 205 Lexington Avenue between East 32nd and East 33rd Streets. It has leased the entire 12th floor in a 10-year lease. Asking rents were in the high-$50s per square foot. Read More

Lease Beat

Eltingville Shopping Center on SI Adds Three New Tenants to Roster

The Eltingville Shopping Center.

Smashburger, the Staten Island Behavioral Network and Ivy Urgent Care Center have all signed long-term leases at Muss Development’s Eltingville Shopping Center at 4310-4370 Amboy Road in Staten Island, Commercial Observer has learned. These transactions bring the retail component of the 100,000-square-foot complex, which also includes office space, to 100 percent occupancy.

“We’re thrilled to bring in Smashburger,” said Jason Muss, the principal of Muss Development. “It adds another food choice to the center. The Urgent Care Center will be a good service to the area and the Staten Island Behavioral Center is going to be within the office component of the center. We think ultimately, all these tenants work very well together. We’re very pleased to be able to [bring occupancy to 100 percent].” Read More

Lawsuit

LES Boutique Hotel Hit with $2.5M Foreclosure Suit

151 East Houston Street (Photo: CoStar).

Greenwich, Conn.-based Knighthead SSRE REIT, Inc. is suing the owner of East Houston Hotel for defaulting on more than a couple of million dollars in loan payments on the Lower East Side property, according to court documents.

The proprietor of the 42-key hotel at 151 East Houston Street at East Houston and Eldridge Streets owes $2.5 million plus late charges, default interest and costs and expenses as of April 1, according to the April 6 complaint filed in New York Supreme Court. Read More

Sales Beat

Thor Equities Scores Soho Co-op From Mosaic Company

41-43 Greene Street.

Thor Equities, which owns retail co-ops on Greene Street, has purchased another Greene Street unit for $10.5 million.

The company last month acquired the vacant 3,750-square-foot ground-floor retail co-op at the 24,922-square-foot 41-43 Greene Street between Grand and Broome Streets from Italy-based mosaic company Bisazza, according to GFI Realty Services, which represented both sides in the deal. The space has a classic cast iron storefront and over 30 feet of frontage. Read More

Lease Beat

Vornado Signs Tech Firm in Revamp of Penn Plaza [Updated]

330 West 34th Street.

Yodle is headed north after signing a lease in a Vornado Realty Trust building in Midtown South, as the landlord tries to reinvigorate the area.

The online marketing company inked a deal for about 114,000 square feet on the top three floors of 330 West 34th Street between Eighth and Ninth Avenues, according to Yodle. That’s an expansion from the 85,000 square feet it was poised to take in the 18-story building last July. Read More

The Lobby

Avison Young Taps New Principal, President in NYC Office

A. Mitti Liebersohn.

A. Mitti Liebersohn has been named principal and president of Avison Young‘s New York City office, joining company Principal and Tri-State President Arthur Mirante to grow the firm’s presence, the firm announced.

Mr. Liebersohn will be assuming the managing director responsibilities that Mr. Mirante had taken over from Greg Kraut, who transitioned to a senior broker role a couple of years ago. Read More

Finance

Quinlan, Lonicera to Build Brooklyn Heights Rental With $50M in Debt, EB-5 Equity

The plots where Quinlan's Remsen Street project will rise

Lonicera Partners and Quinlan Development are on the verge of putting together about $51 million in construction funds to build a residential rental property in Brooklyn Heights, Commercial Observer has learned.

The new project, targeted to local families, will hold 60 market-rate units, Tyler Wilkins, a partner at New York-based Quinlan, confirmed to Commercial Observer. Construction will be financed with a $36.6 million traditional mortgage from M&T Bank and $15 million in EB-5 funds, he said. Read More

Obituaries

In Memory of Jack Friedman, Who Left His Mark on Queens

Jack Friedman (Photo: Queens Chamber of Commerce).

Jack Friedman, the executive director of the Queens Chamber of Commerce for the last seven years, died yesterday just three days shy of his 56th birthday.

I spoke to Friedman a day earlier about a story on Long Island City. He was on work leave for his health (he wouldn’t go into details and kept insisting he would be fine), but still had the energy to talk about Queens with the same gusto he always had when promoting his home borough. (This reporter was also the editor of Queensborough Magazine, the official publication of the chamber, from 2012 to 2013, which Mr. Friedman oversaw.) Read More

Finance

L&L Refinances Metropolitan Tower With Aareal Loan

Metropolitan Tower.

New York-based L&L Holding Company took a $100 million loan from German lender Aareal Capital Corporation to refinance a commercial portion of its Metropolitan Tower at 146 West 57th Street, records filed with the city show.

The five-year mortgage closed on March 26 and replaces a 2011 loan from ING Real Estate Finance, which sold $1.6 billion of its debt to Wells Fargo in August 2013. Read More

Finance

Blackstone and Wells Fargo Buy GE Real Estate Assets for $23B

General Electric sign.

Blackstone Group and Wells Fargo have closed on their joint purchase of General Electric‘s real estate debt and equity assets in a deal valued at roughly $23 billion, the two companies announced today. The transaction comes as GE looks to shed its banking operations over the next two years and return to its industrial core business.

The deal also marks the biggest real estate transaction since the beginning of the financial crisis and one of the largest deals ever for Blackstone, which plans to acquire more than half of the assets. Read More

Lawsuits

Banker Sued For Renting Out Tribeca Pad by the Night

tribeca listing 2 on airbnb

United American Land is suing an investment banker for renting out his rent-stabilized Tribeca apartment by the night.

The real estate development and management company alleges in a New York Supreme Court lawsuit that William Terry Krueger, the co-founder and senior managing partner at Nova Capital Partners, an investment bank focused on emerging markets, and the other tenant of record, Adrienne Kennedy, were renting out Unit 5SW at 118-120 Duane Street between Broadway and Church Street on a nightly basis. The recent suit also names the subtenants, John Doe and Jane Doe, as defendants. Read More