20A — January 11 - 24, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
O utside the R egion
Also concludes 850 s/f deal for Vanguard Wine Bar Abs Partners completes $32m sale of prime redevelopment
For Hamden, CT medical office portfolio Cronheim Mortgage arranges $23.8 million
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EW YORK , NY — ABS Partners Real Estate recent-
of buyers to get this disposi- tion executed, showcasing the team’s impressive knowledge and expertise in this area. I could not be happier with the resulting sale at such an impressive number.” The 45,032 s/f property is a prime redevelopment op- portunity. ABS announced that it has completed a 12-year lease for Vanguard Wine Bar in Kips
Bay on 530 Second Ave. ABS Partners managing directors Dean Valentino, Ja y Einbender and Mark Tergesen represented the tenant. Ann La Centra and Josh Siegelman from Win- ick represented the landlord. The 850 s/f property is a solo venture by Stefan Mail- vaganam, co-owner of Bar Carrera & Custom American Wine Bar. n
ly completed the sale of an eight-story parking garage in Greenwich Village for $32 million. “The ABS team performed a stellar job navigating this complex transaction from start to finish,” said one of the sellers Darren Postel. “ABS co- ordinated with a broad range GardenCity, NY—The Garden City Union Free School District and Board of Education, political and com- munity leaders, and represen- tatives from BBSArchitects, Landscape Architects and Engineers and construc- tion manager T.G. Nickel & Associates celebrated the completion of the $10.5 million expansion and renovations of the Garden City High School. New York State Senator Kemp Hannon, New York State Regent Roger Tilles, Town of Hempstead Supervi- sor Kate Murray, New York StateAssemblyman TomMcK- evitt, Garden City Mayor Don- ald Brudie, Board of Education members, and BBS president and Lead Architect Roger P. Smith, AIA, LEED AP, at- tended the ceremonies led by Superintendent of Schools Dr. Robert Feirsen. “We’ve created an outstand- ing space for our growing and award-winning music program,” said Superinten- dent Feirsen. “In addition to spaces specifically designed for the needs of our various per- formance groups, the spaces include recording capabilities so teachers and students can STATEN ISLAND, NY — Meadow Partners has finalized a lease for a full- service supermarket to oc- cupy the street-level retail space at The Pointe, the new luxury condominium building located at 155 Bay Street in St. George. The 10,000+ s/f marketplace will feature a full line of gro- ceries, gourmet deli, bakery, full-service fish and butcher shop and a grab-and-go pre- pared foods section. The addition of the new su-
Medical office building portfolio located just off the Merritt Parkway in Hamden, CT.
Garden City School District, BBS celebrate completion of $10.5m expansion & renovation
Hamden, CT — David Turley and Janet Proscia of CronheimMortgage secured $23.8 million in acquisition financing for a two-building 135,000 s/f medical office build- ing portfolio. The funding pro- vided 70% loan-to-cost financing for the Fairfield County based client’s $34 million purchase. The loan was sized to an 8.5% debt yield and the rate locked at 4.37% for a 10 year loan term on a 30 year amortization sched- ule. The lender closed in just 30 days from application sign- ing in order to accommodate the buyer’s year-end closing requirement. Proscia said, “The Property is a scarce commodity in a supply-constrained market, offering a strong regional lo- BROOKLYN, NY — Indus- try City , the 40-acre industrial center of Bush Terminal along Brooklyn’s Sunset Park water- front, has announced that light- ing designer and manufacturer Roll & Hill has signed a five- year lease for 12,000 s/f. “We’re very excited to have Roll & Hill as a tenant,” said J ulius Chabbott , director of real estate at Industry City. it is reasonable to assume that 2013 will be a year of transi- tion with plenty of uncertain- ties remaining in the markets in general. Many companies will continue to be cautious on expanding their business until they know the full impact of the implementation of the Affordable Care Act (“Obam- acare”), which will take place in 2014. Likewise, the current deficit spending of the Federal Government is simply unsus- tainable. At some point, the Federal debt ceiling and other related issues will need to be addressed and it remains to be seen how the resolution (or Forecast for 2013 . . . continued from page 2A
cation easily accessed from most of New Haven’s northern suburbs. These state-of-the-art medical facilities are occupied by a wide range of generalist and specialty medical practices - the network effect that creates referrals and visibility.” “The client found an attrac- tive acquisition opportunity but had to move quickly in order to meet the seller’s tax-driven 2012 disposition requirement,” said Turley. “We found a CMBS lender with a strong medical office appetite for an upcoming securitization and leveraged a long-term relationship to convince them to prioritize this over other deals. It came down to the wire, but we closed on time. Both buyer and seller were thrilled.” n “We’re proud to be a Brook- lyn-based business, which is why it made sense to stay in the area,” said Miller. n lack thereof) of those issues will impact the economy and the commercial real estate market. One of the lessons we learned from the fiscal cliff is that the market is always forward looking. We make decisions today based on how we think the outcome will be tomorrow. While there is reason to be optimistic about the commer- cial real estate market, there is much ahead of us that will undoubtedly bring unease and uncertainty in the financial markets. Leo Leyva, Esq. co-chairs Cole Schotz’s Litigation practice. n
Garden City High School
immediately listen to their performance and identify ar- eas for improvement. This capability also provides our students with the ability to send samples of vocal and instrumental performances to colleges during the appli- cation process. “The addition dramatically improves the exterior aesthetics of the high school, creating a focus on the existing 1950s-style façade. The redesign of the building interior provides our students with 21st-century spaces, ac- commodating large and small groups, and creates a safer school environment.” According to BBS president and Lead Architect Roger Smith, AIA, LEED AP , “The expansion and renovation has significantly improved the quality of the music and gen- eral education facilities within the Garden City High School. permarket, coupled with the success of The Pointe’s con- dominium sales, represents another tangible sign that the widespread effort to transform St. George into a comprehen- sive new lifestyle destination is gaining momentum. “The success of a neighbor- hood depends heavily on the types of amenities it offers,” said John Pitera of Casan- dra Properties, retail leasing agent for The Pointe. “This supermarket is going to be a wonderful addition to the
The renovated interiors fea- ture a convenient and efficient layout, which improved circu- lation within the school. BBS incorporated a high number of environmentally responsible design solutions into the new building and interiors, includ- ing low-VOC materials and paints, high-efficiency HVAC equipment, and recycled floor- ing materials.” BBS served as the archi- tect, interior designer, civil engineer and MEP (mechani- cal, plumbing and electrical) engineer. BBS also assisted the district with the physical facility needs assessment and development of information and presentation materials for the voters prior to the referendum. The team also in- cluded construction manager TG Nickel & Associates, and structural engineer Ysrael A. Seinuk, P.C. n flourishing St. George neigh- borhood. I applaud Meadow Partners for their continuing commitment to the north shore of Staten Island.” “From new housing to retail to recreation, the push is on to reenergize St. George and the entire north shore corridor,” noted Jacqueline Urgo , president of The Marketing Directors , which has sold more than 50% of The Pointe’s condominiums since Meadow Partners brought the building to market earlier this year. n
Roll & Hill signs lease at Industry City “While our roots are in indus- trial space, we have been work- ing to introduce Industry City to smaller high-end businesses, like Roll & Hill, that would appreciate and benefit from the space as well as its prime location.”
Meadow Partners inks lease for 10,000+ s/f supermarket
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