Mortgage Observer

Suburban Philly Multifamily Property Refis With Peapack Gladstone

Edgely Estates

The owner of Edgely Estates, a 245-unit multifamily property outside Philadelphia, took advantage of low interest rates and refinanced with $14.1 million from Peapack Gladstone Bank. Eastern Union Funding brokered the loan.

Investor Philip Balderston, who specializes in turning around distressed properties, bought Edgely Estates through a limited partnership last year. With interest rates set to rise in 2015, he took this opportunity to refinance, locking in a 3.125 percent interest rate without recourse, according to Eastern Union. The loan has a term of five years. Read More

On the Market

Actually, There Are Three TGI Fridays on the Market

Rendering of 761 Seventh Avenue. (Winick listing)

Commercial Observer reported a week ago that there are two TGI Fridays spaces available for lease, but we have since learned that there are actually three on the market.

Fridays at 761 Seventh Avenue at the corner of West 50th Street has been listed for lease with Winick Realty Group. The building has 6,500 square feet on the ground floor, 6,300 square feet on the second floor and 9,650 square feet on the lower level, according to the online listing. A team led by Jeff Winick started marketing the property this month. The asking rent is $800 per square foot on the ground, $150 per foot on the second floor and $100 on the lower level, said Mark Stempel, the vice president of real estate at the Riese Organization, which owns the license for Fridays in Manhattan. Read More

Lease Beat

SCG Retail Doubles Office Size With Move to West 57th Street

250 West 57th Street.

SCG Retail, the urban street division of Atlanta-based Shopping Center Group, is doubling its office space with a move to 250 West 57th Street, Commercial Observer has learned.

The firm signed a deal for 6,000 square feet last month and plans to move to the Empire State Realty Trust-owned digs between Broadway and Eighth Avenue on Jan. 1, 2015, a spokesman for SCG Retail said. SCG Retail currently operates out of 3,000 square feet at 1841 Broadway between West 60th and West 61st Streets. Read More

Sales Beat

Packer Private School Nabbing Nearby Building for $16M

100 Clinton Street in Brooklyn. (Packer)

Packer Collegiate Institute, an independent, college preparatory school for preschoolers through 12th graders, is in contract to buy 100 Clinton Street at Remsen Street in Brooklyn Heights for $16 million, Commercial Observer has learned.

In an October announcement issued by Packer, the school said the purchase would be its first real estate acquisition since 1967 and would allow for a 12,000-square-foot facility for preschool and kindergarten students. The contract price is $16 million, according to an application submitted to Build NYC, the part of Economic Development Corporation that assists qualified not-for-profit institutions and other entities in obtaining tax-exempt and taxable bond financing. Read More

Sales Beat

Old Met Foods Supermarket Site in Cobble Hill Sells for $18.5M

197-205 Smith Street

The retail property at 197-205 Smith Street in Cobble Hill was sold to a partnership that includes the Jackson Group, Aurora Capital and ACHS Management for $18.5 million, according to a press release issued by real estate firm RKF.

The 20,000 square foot building, located on the northeast corner of Baltic Street, includes 10,000 square feet on the ground floor and 10,000 square feet in the basement. It was previously home to a Met Foods Supermarket. The press release noted the sale included additional air rights of 10,000 buildable square feet for future renovations. Read More

Lease Beat

Omega, Lululemon Sign Deals at Brookfield Place

The future home of Omega at Brookfield Place. (Lauren Elkies Schram)

Omega and Lululemon Athletica have signed leases at Brookfield Place, Commercial Observer has learned.

The watch manufacturer signed a lease last month for 3,000 square feet in the winter garden below and to the side of Hudson Eats at Brookfield Place and the yoga apparel company has signed a deal for 2,993 square feet in the courtyard, next to where Jose Garces‘ Spanish tapas restaurant, Amada, will open, sources with intimate knowledge of the deals said. Omega has even listed an online job posting for a sales associate at the future store.  Read More

Mortgage Observer

C&W to Buy Massey Knakal For $100M: Source [Updated]

Cushman & Wakefield is rumored to be close to purchasing investment sales and mortgage brokerage Massey Knakal Realty Services in its entirety for $100 million. A source with knowledge of the deal said the purchase should close on New Year’s Eve.

New York-based Massey Knakal had hired financial services firm Perella Weinberg Partners to sell either a 49 percent stake in it or the entire firm last month, according to previous reports. Read More

On the Market

Downtown Brooklyn Development Site Hits Market [Updated]

211-215 Schermerhorn

The owner of a vacant lot in Downtown Brooklyn with potential for development and a premium purchase price has placed the property on the market, Commercial Observer has learned.

Brooklyn developer Nicholas Cammarato bought the 7,556-square-foot lot at 211-215 Schermerhorn Street in 2013 for $16 million, according to property records, but the site might fetch much more this time around in a neighborhood where development site sales are booming. Read More

Lease Beat

Branding Company Taking Space at 10 Hudson Yards

Hudson Yards. (Jennifer Henderson)

VaynerMedia, a brand consulting agency with a focus on social media, is taking 90,000 square feet at Related Companies and Oxford Properties Group‘s 10 Hudson Yards on the Far West Side, Bloomberg News reported.

This is the developers’ first office lease deal at what will be a 52-story, 1.7-million-square-foot commercial and retail building since the beginning of 2013, the publication noted. Read More

Lease Beat

Investment Firm Takes Madison Avenue Space

350 Madison

Investment management firm Certares will move its headquarters to RFR Realty‘s 350 Madison Avenue in the first quarter of 2015, the landlord announced earlier this week.

The company founded by former JP Morgan Chase executive Michael Gregory O’Hara signed a five-year, 8,559-square-foot lease for part of the 21st floor of the building, RFR officials said. The Midtown East property, which RFR purchased for $261.5 million last year, commands asking rents between $63 to $85 per square foot, according to figures provided by RFR. Read More

Mortgage Observer

Silverstein Recaps 1177 Avenue of the Americas

1177 Avenue of the Americas (photo courtesy of CoStar)

Silverstein Properties recapitalized Midtown office property 1177 Avenue of the Americas, taking a $360 million loan from Deutsche Bank and CCRE, records filed with the city yesterday show.

A spokesperson for the Silverstein confirmed the deal, but declined to comment on the interest rate. Prior reports say that the developer was set to nab a “sub 3 percent,” rate, however. Read More

Lease Beat

FiDi Scores Sky-High Rent for Teeny Space

65 Nassau Street.

Today’s Mobile has signed a deal for around 170 square feet of space in the Financial District and is paying a whopping $522.35 per square foot, Commercial Observer has learned. That is nearly double the amount of the average asking rent for ground-floor available space in select major FiDi retail corridors, according to the Real Estate Board of New York‘s fall 2014 retail report.

The mobile center signed a 10-year lease for part of a ground-floor retail condo at 65 Nassau Street near John Street, according to Jesse Sutton of Sutton Equity, who brokered the deal on behalf of the landlord, 65 Nassau Partners LLC, which includes Sutton Equity. The previous tenant was Tie Gallery, who was paying less than $3,000 per month versus Today’s Mobile $7,400 a month. Read More

Lease Beat

Guessing Game is Over: Apple Takes Bite Out of Bedford

247 Bedford Avenue.

After much speculation, Apple has settled on a location for its first Brooklyn store, and as anticipated, it will be at 247 Bedford Avenue at North 3rd Street, the New York Post reported.

Lee NYC‘s Peter Braus led the team that represented the landlords, Red Sky Capital and Waterbridge, in the 20,000-square-foot deal at the two-story brick building. Apple was represented by Chris DeCrosta of Crown Retail Services and Open Realty. Mr. Braus declined to comment and Mr. DeCrosta didn’t immediately respond to a request for comment. Read More

The Lobby

Alex Hill Departs Eastern Consolidated After a Year

Alexander Hill. (The Real Deal)

After roughly a year as a senior director at Eastern Consolidated, retail broker Alexander Hill has become a managing partner at Murro Realty, Commercial Observer has learned.

Mr. Hill was part of a team including James Famularo, Jeff Geoghegan and Ravi Idnani that was recruited to head up Eastern’s new retail leasing division in January. Mr. Hill had been at Winick Realty Group prior to starting at Eastern. Read More

Lease Beat

Lowe’s Signs Deal for Chelsea Flagship

635-641 Avenue of the Americas

Lowe’s Home Improvement has signed a 15-year lease for a Chelsea flagship store comprised of 36,000 square feet on multi-levels at 635-641 Avenue of the Americas, SL Green Realty Corp. announced this week.

Commercial Observer reported in June that the home improvement and hardware chain was searching for locations around New York City, including at 635-641 Avenue of the Americas between West 19th and West 20th Streets, for an urban concept.  Read More