Northeast

NEW YORK CITY — Rockrose Development Corp. has agreed to acquired the controlling interest in 300 Park Avenue South, a 15-story, 180,000-square-foot office building located in New York City. The owner of Rockrose, Henry Elghanayan, previously owned the property jointly with his two brothers, Tom and Fred Elghanayan, who recently branched off to form TF Cornerstone. Rockrose's immediate plans for the property included attempting to renew the property's existing leases, all of which expire at the beginning of 2011, while initiating a capital improvements program. Major tenants at the building include Interpublic, Wilhelmina Models and Rizzoli Publishing. The Cushman & Wakefield team of Andrew Peretz, John Peters and Mikael Nahimas has been retained to lease the property.

NEW YORK CITY — Aurora Capital Associates has acquired a 49-year master lease to four floors of 483 Broadway, an office building located in New York City, for approximately $150 million. The lease consists of 40,000 square feet of space comprising the building's sub-basement, selling lower level, ground floor and second floor. Currently, retailer Yellow Rat Bastard occupies the lower three floors, and the second floor is vacant. Aurora's immediate plans include leasing the second floor as office space, and its long-term plans include turning all four floors into a major flagship retail space. The third through fifth floors of 483 Broadway, which are occupied by media and fashion companies, were not affected by the transaction. Bobby Cayre and Alex Adjmi of Aurora provided in-house representation for their company. The seller, 483 Broadway Realty Corp., was represented by its in-house consultant, Bruce Kaye of AKB Realty Group.