Fabric Maker Expands into 17,000-SF Space

NEW YORK CITY

Cignature Realty Associates represented both the seller and buyer in the $6.35-million sale of a six-story multifamily elevator building in the heart of Chelsea at 315 W. 21st St. The seller, a long-term investor, and the buyer, an established real estate investment family, were not identified. "These types of rental properties are rare in New York City, especially in a coveted neighborhood such as Chelsea," Cignature president Peter Vanderpool says in a release. "And, at under $310 per square foot and with an average monthly rent of $1,000 per apartment, there is significant upside potential for the buyer." Located between Eighth and Ninth avenues, the property features 36 apartments and totals nearly 20,500 square feet.

Chef Jesus Nunez has signed a 20-year lease for a 2,000-square-foot space that will house his first New York City restaurant, in an Argo Real Estate-managed brownstone at 141 W. 69th St. The tapas restaurant, to be known as Graffit, follows up the two world-famous eateries Nunez owns in his native Spain. Graffit will be housed in the former Levana Kosher Restaurant space between Columbus Avenue and Broadway. The 2,000-square-foot space, which will include a 75-seat restaurant and a back patio, will be completely renovated. Nunez has an option to lease an additional 1,000 square feet. The tenant was represented by David Gruber of Gruber Real Estate. Jason Pennington of Ripco Real Estate represented the landlord.

[IMGCAP(2)]Metropolitan Realty Associates LLC and its equity partner, Angelo Gordon & Co., say they have secured $23.5 million in new financing for Metropolitan's Business and Research Center at Garden City, a fully leased 188,500-square-foot, two-building mixed-use complex in Garden City, NY. The new financing for 1000 Stewart Ave. and 500 Endo Blvd. in Garden City came from M&T Bank. "We prefer to maintain low leverage on our properties to ensure that the buildings perform well and are maintained in a first class manner through any type of market," Metropolitan president Joseph Farkas says in a statement. Tenants at the 161,500-square-foot 1000 Stewart include Lifetime Brands, Angion Biomedica Corp. and Home Medical Equipment, while the 27,000-square-foot 500 Endo is leased to Nassau Community College.

WHITE PLAINS
[IMGCAP(3)]United Corporate Services, Inc. has renewed its 6,432-square-foot lease on the fifth floor of 10 Bank St. a year-and-a-half early, Malkin Properties VP Jeffrey Newman says in a release. A tenant at 10 Bank since 2001, United Corporate Services has extended its stay there by 10 years. Craig Ruoff, managing director at Rakow Commercial Realty Group, Inc., represented the tenant, while Newman, leasing agent at the 225,000-square-foot office property, and senior leasing associate Kimberly Zaccagnino represented the landlord. Lease terms were not disclosed.

CONNECTICUT
Centro is securing $18.2 million in financing for its Freshwater-Stateline Plaza shopping center in Enfield, CT. The 425,000-square-foot center boasts numerous big box anchors, namely Costco, Home Depot, Dick's Sporting Goods, as well as a Dollar Tree. The loan was acquired from an unnamed institutional investor, secured by the entire mall with the exception of the Home Depot, which is the only property of the plaza not owned by Centro. Cushman & Wakefield Sonnenblick Goldman arranged the loan.

Future Metals Inc. is landing in a new office/warehouse space totaling 11,235 square feet at 22n North Plains Industrial Ranch, in Wallingford, CT. "Now is an opportunistic time to relocate and expand into the New England property market, and that's precisely what we accomplished for Future Metals," says Roger Ludwig of FirstService Williams, which worked on behalf of the steel manufacturing company. The company, a supplier of metal for commercial airline hulls, moved to have a more centralized location in the state, Ludwig tells GlobeSt.com. The lease rate was not disclosed, but the original ask was between $8 and $9 per square foot. Full Metal signed a five-year lease with expansion options and a five-year renewal option at the end of its term.

NEW JERSEY
Marcus & Millichap Real Estate Investment Services recently handled the $725,000 sale of a 7,400-square-foot mixed-use property in Paterson, NJ. Kevin McCrann and Thomas McConnell, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the local seller, who has owned the property since1981. They also secured the buyer, a New Jersey-based private investor.

Jeffrey Dunne, Kevin Welsh and David Gavin of CB Richard Ellis' New York Institutional Group represented One Paragon Associates LP, an Ivy Realty Services entity, in the sale of the 107,221-square-foot One Paragon Dr. to Samson Paragon. The building, in Montvale, NJ, will be managed by Samson Management LLC of Queens, NY. While the companies declined to name the sale price, Dunne had the following comments: "Despite somewhat challenging office market fundamentals, the sale of One Paragon demonstrates there remains strong demand. Samson should fare well with this investment in both the short and long term."

John M. Azarian of the Azarian Group, LLC recently negotiated a 3,745-square-foot lease on behalf of Any Garment Cleaners at Plaza K Shopping Center, located on 181 Route 1 in Woodbridge, NJ. The 30,000-square-foot shopping center is anchored by Sleepy's, Vitamin Shoppe and Jennifer Convertible and Leather. Rental rates in Middlesex County are running around $24 per square foot, according to Cushman & Wakefield figures.

Additional reporting by Ryan Clark and Alyson Grala.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
Educational webcasts, white papers, and ebooks from industry thought leaders
Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

NOT FOR REPRINT

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.