TEANECK, N.J. —Univision Communications Inc., a media company serving Hispanic America, has expanded its long-term lease at Glenpointe by 10,000 square feet to 78,000 square feet at the Class A office campus. Univision, a Glenpointe tenant for more than 15 years, maintains broadcasting studios and offices at the property. J.C. Giordano of Jones Lang LaSalle represented Univision in the transaction. Cushman & Wakefield is the leasing agent for Glenpointe. Alfred Sanzari Enterprises developed and continues to own and operate Glenpointe.
NEW YORK CITY— Clarion Partners LLC has signed a new 10-year lease for the entire 12 floor at 230 Park Ave. in Manhattan, a total of 71,000 square feet. The real estate investment firm is long-term tenant in the building. Mark Ravesloot and William Iacovelli of CBRE represented Clarion Partners in the transaction. Jordan Berger of Monday Properties and Frank Doyle of Jones Lang LaSalle represented the building’s owners, Monday Properties and Invesco. Clarion Partners is a real estate investment manager with $25.6 billion in total assets under management on behalf of 200 institutional investors, both domestic and international.
NEW YORK CITY — Vornado Realty Trust has announced that Vornado Realty LP, the operating partnership through which it conducts business, has extended one of its two $1.25 billion revolving credit facilities from June 2015 to 2017 with two six-month extension options. The interest on the extended facility was lowered from LIBOR plus 135 basis points to LIBOR plus 115 basis points. In addition, the facility fee was reduced from 30 to 20 basis points. The second $1.25 billion facility matures in November 2015, with a one-year extension option. There are no borrowings outstanding under either of the revolving credit facilities, according to Vornado. The lead arrangers and bookrunners for thecredit facility are J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. JPMorgan Chase Bank serves as administrative agent, while Bank of America serves as syndication agent.
ROSEDALE, N.Y. — Ivy Equities has purchased Cross Island Plaza, a 230,000-square-foot office building at 133-33 Brookville Blvd. in Queens. Offered for sale under a bankruptcy court-approved plan, the building traded for $24.2 million, or approximately $108 per square foot. Cross Island Plaza has 75 tenants and was 88 percent leased at the time of sale. David Bernhaut, Gary Gabriel, Andrew Merin, Nat Rockett, Phil D’Avanzo and Grace Braverman of Cushman & Wakefield represented the seller, Block 12892 Realty Corp., in the transaction. The Cushman & Wakefield team also procured the buyer, Montvale, N.J.-based Ivy Equities.
NEW YORK CITY — Taconic Investment Partners has borrowed $17.9 million for capital improvements for The BankNote Building, a 400,000-square-foot building in the Hunts Point section of the Bronx. The seven-year, fully amortizing loan carries an interest rate of 4.25 percent and is a new kind of credit-based financing created by Lance Capital and CGA Capital Corp. The tenant improvement facility loan is unique because it is unsecured by the building itself but backed by a portion of the New York City’s rent cash flow, according to a statement from Lance Capital. Bonds tied to that facility were privately placed with institutional investors. The bonds carry the double-A rating of New York City. New York City’s Human Resources Administration has signed a 20-year, 200,000-square-foot lease and will occupy three floors of the BankNote building.
MOUNT OLIVE, N.J. — Marcus & Millichap has arranged the sale of a Sam’s Club ground lease, a 528,382-square-foot, net-leased property located in Mount Olive, about 38 miles west of Newark, for $9.3 million. Sam’s Club occupies the building. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap marketed the property on behalf of the seller, a New Jersey-based developer. Mark Taylor, Dean Zang and Christopher Munley represented the buyer, a developer, in the transaction.
As we come off the high of the holiday season and take a look at how New York retail fared throughout the year, we can expel a deep sigh of relief knowing that the Big Apple continued to recover faster than the national average and has a bright outlook for 2013. While New York City’s retail recovery has been slow and steady, the year closed on a positive note with total retail vacancy rates hovering around two percent. New York City continues to be a one of the most vibrant and growing retail markets in the world as the local economy has seen steady gains in private sector hiring that outweigh cuts in government employment. While Hurricane Sandy dented the recovery, the city rebounded almost immediately with Black Friday weekend sales exceeding expectations. New York’s resiliency and continued low unemployment bodes well for the Big Apple’s continued success. Big Apple Big Deals The New York retail market saw some notable large deals in 2012 including H&M’s new 57,000-square-foot lease and Cartier’s 50,000-square-foot renewal on Fifth Avenue. This coupled with the unprecedented 200,000 square feet available on Fifth Avenue solidifies the opportunity for a successful 2013. While the market has seen …
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. has closed the acquisition of the fee-simple interest in an office building located at 216-218 W. 18th St. in the Chelsea neighborhood of Manhattan for $112 million. A joint venture between Atlas Capital Group and GreenOak Real Estate sold the property. The 165,570-square-foot property is 83.7 percent leased to five tenants including Red Bull North America Inc., SAE Institute of Technology Corp., Microsoft Corp., Deluxe Media Creative Services Inc. and SYPartners.
SUMMIT, N.J. — AIG Global Investment Group has sold Constantine Village, a 100-unit apartment complex in Summit, for $19 million to Constantine CXII LLC. Constantine Village is located at 26 Constantine Place, about 22 miles west of Manhattan. The multifamily property includes nine buildings, two-bedroom units and several large townhomes with private garages. The property, built in two phases in the early 1950s and late 1970s, is 96 percent leased. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver of HFF represented the seller, AIG Global Investment Group, in the transaction.
BLOOMFIELD, CONN. — Construction is under way on Mallory Ridge, a 78-unit, Class A multifamily community in Bloomfield, a northern suburb of Hartford. The $13 million development was designed by Norristown, Pa.-based BartonPartners and includes four buildings, fitness center and pool. New England Construction will serve as the construction manager. The developer is Martin J. Kenny of Lexington Partners LLC. Monthly rent is estimated to range from $1,450 to $1,700, according to the Hartford Courant.