New York City

Mellon of Zetlin & DeChiara LLP honored by AIA Queens chapter

Queens, NY The Queens Chapter of the American Institute of Architects (AIA Queens) honored its general counsel Raymond Mellon, senior partner at Zetlin & De Chiara LLP, on December 13th with a Chapter Citation Award. Mellon was recognized for his efforts on behalf of AIA Queens to establish the Queens Foundation for Architecture. His legal guidance and advocacy were instrumental to the nonprofit’s inception and launch.

Ciraulo and Waggner of Cushmam & Wakefield broker $11 million sale; 6,800 s/f walkup consists of six residential units

Manhattan, NY According to Cushman & Wakefield, the firm has arranged the sale of 117 East 15th St., a five-story multi-tenanted brownstone in the Gramercy Park neighborhood, off Union Sq. The 6,800 s/f walkup building consists of six residential units, a live-work loft on the parlor floor and a restaurant on the ground floor and basement that was previously home to long-time neighborhood bar & nightclub, Belmont Lounge. The final closing price was $11 million.

Epstein of HSP Real Estate arranges 5,320 s/f lease for Plusgrade, L.P.

Manhattan, NY Howard Epstein, director, HSP Real Estate Group, a member of NAI Global, has arranged a five-year lease at 16 West 36th St. for Plusgrade, L.P. a leading technology provider of upgrade solutions for airlines. The tenant will be moving from a comparably-sized space on the fourth floor of the building to its newly built-out, 5,320 s/f second-floor office in January 2019.

Marcus & Millichap completes three sales totaling $7.76 million; Includes $4.1 million sale by Riney, Salvatico and Barney

Brooklyn, NY According to John Horowitz, VP - regional manager of Marcus & Millichap, the firm has brokered three deals totaling $7.76 million. The deals include the following: • The $2.35 million sale of 275 Prospect Park West, a 4,800 s/f mixed-use property. The asset sold for $2.35 million. Jakub Nowak, Matthew Rosenzweig and Jesse Kay, in Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.  “Despite a softening market for rent stabilized assets, our team just closed 275 Prospect Park West at $2.35 million. The interest we generated around this deal indicates that there is still a strong demand for value add rent stabilized buildings,” said Kay.

Rosenblum joins Cresa as senior vice president

Manhattan, NY Howard Rosenblum has joined Cresa as senior vice president of the New York office. A 13-year veteran of the industry, Rosenblum specializes in tenant representation and has advised such prominent clients as Biz 2 Credit, Bonobos, JWE Inc., Northwest Group, ODA Architects, Selerity, Reunited Clothing and Vanguard Construction.

Collins joins Silverstein as executive vice president and director of development

New York, NY According to developer Silverstein Properties, Brian Collins will join the firm as EVP and director of development. “Brian has a long and successful history in the real estate industry and we look forward to working with him in the New Year,” said Larry  Silverstein, chairman of Silverstein. “We have several billion dollars of development activity in the pipeline and I’m very excited for the future of our company.”

Stauthamer joins Thornton Tomasetti as chief HR officer

New York, NY According to Thornton Tomasetti, Daniel Stauthamer has joined the firm as chief human resources officer. He brings 15 years of ...

Waterman, Kesseler, Gosin and Rosenblum of Newmark Knight Frank lease 25,744 s/f to Spin Master

Queens, NY A partnership between Atlas Capital Group, Partners Group (on behalf of its clients) and Invesco have signed a 25,744 s/f, six-year lease for the relocation and expansion of Canada-based Spin Master Corp.’s New York City headquarters at The Factory, the 1.1 million s/f loft office building in Long Island City. The deal brings Spin Master’s total lease commitment at the Factory to 50,802 s/f. Spin Master will join its games and puzzle division, Cardinal Toys, on the sixth floor of the 10-story building. Newmark Knight Frank’s Brian Waterman, Howard Kesseler, Jordan Gosin and Alex Rosenblum represented the ownership.

Johnston, Cheng and Kirk of B6 Real Estate Advisors arrange $24.6 million sale of nine-building portfolio

Brooklyn, NY According to DJ Johnston, partner and managing director at B6 Real Estate Advisors, his team has closed on the $24.6 million purchase of a nine-building multifamily portfolio in Bedford-Stuyvesant. Alchemy Ventures purchased the portfolio from IWC General Partners. The properties, which total 81 untis and  52,136 s/f,  include: 879 DeKalb Ave., 419 Marcus Garvey Blvd., 421 Marcus Garvey Blvd., 654 Putnam Ave., 319 Malcolm X Blvd., 829 Halsey St., 804 Macon St. 808 Macon St., and 814 Macon St.

The land of opportunity zones - Latest market report from GFI Realty

New York, NY After federal tax reform introduced the Opportunity Zone program in late 2017, a significant portion of the New York City real estate community evolved their investment strategies with an eye toward developing in these areas, according to GFI Realty Services’ most recent research report. The report, entitled The Land of Opportunity Zones, explains the various criteria that must be met by investors seeking to capitalize on the program, while detailing the growth of transaction activity and fund formation related to these areas. With interest in these opportunity zones increasing rapidly, the report notes, it is not surprising that, on a national level, sales of development sites in opportunity zones spiked by 80 percent in the first three quarters of 2018 when compared to the same period last year.