New York City
East Coast Digital, which offers digital editing equipment rental and production services, has signed a 10-year lease for 4,000 square feet at Trinity Real Estate's 155 Ave. of the Americas. The tenant was represented by Jessica Hoppe of HomeWorkPeople and Trinity's in-house representation came from Peter Fontanetta. Asking rents at the 15-story Hudson Square office property are in the low $30s per square foot.
The Kaufman Organization has brokered a five-year, 5,000-square-foot expansion lease at 212 W. 35th St. for Stop Pest Control of New York, Inc. Formerly housed in 3,600 square feet on the 90,000-square-foot property's 15th floor, Stop Pest Control is now taking the entire 10th floor. Steven Kaufman and Barbara Raskob of the Kaufman Organization represented both the tenant and the landlord in the transaction. Terms were not disclosed.
The remaining 121 unsold co-op units in a five building, six-story elevatored Queens apartment complex known as Donner Gardens were sold in an all cash transaction valued at $12 million. With a total of 270 units, the complex includes three buildings on 81st Street and two on 82nd Street, all between Northern Boulevard and 34th Avenue in the Jackson Heights section of Queens. Buyer and seller were not identified; the seller was the complex's original developer. Massey Knakal's Swain Weiner, Robert Knakal and Jonathan Hageman handled the sale.
Jeanswear manufacturer DL 1961 Premium Denim has renewed and expanded its lease at 530 Seventh Ave. The tenant added 1,400 square feet of showroom space and renewed its 2,117-square-foot lease within the 460,000-square-foot property owned by G&S Realty 1, LLC. A Savitt Partners team of Marc Schoen and Michael Schoen represented both DL 1961 and the ownership in the lease negotiations. Terms of the deal were not disclosed.
CB Richard Ellis' Noel Caban represented the undisclosed sellers in two outer-borough property sales that were announced earlier this week. In a $2.8-million transaction, a local investor bought a 6,180-square-foot, single-story retail property at 1279 Fulton St. in Brooklyn. The new ownership is exploring redevelopment options. Caban also assisted a family estate in the $2.4-million sale of 371 E. 139th St. in the Bronx. In common with 1279 Fulton, the two-story, 7,000-square-foot retail property formerly housed a bank branch.
Commercial fitness equipment supplier Technogym has leased 2,800 square feet at 70 Greene Street in SoHo for its first US showroom. Robert K. Futterman & Associates' Ariel Schuster, Beth Rosen and Jonathan Butwin represented building ownership. Technogym was represented by the Cushman & Wakefield team of Bob Gibson, Thomas Citron, Molly Beal and Diego Rodino' di Miglione. The showroom is slated to open this spring.
Newark
The Goldstein Group recently brokered the sale of a freestanding Walgreen's Drug Store here for an undisclosed sum. Located at 361-397 Bergen St. at Springfield Ave., the property—now owned by an undisclosed buyer—is part of the Home Depot Shopping Center, which also includes an Applebee's and Wendy's Restaurant. The sale price was at a 6.5% cap rate. "Our company was involved in three stages of the Walgreens project", says Goldstein Group president Chuck Lanyard. "First, we brokered the sale of the land to the developer, then we leased the site to Walgreens and finally, we sold the property."
Boston
Holliday Fenoglio Fowler's Boston office has arranged $7.85 million in financing for 25 Commerce Way, a 168,735-square-foot flex industrial building in North Andover, MA. HFF directors Greg LaBine and Janet Krolman worked exclusively on behalf of the borrower, One Clark Street North Andover LLC, to secure the fixed-rate loan through Salem Five. Loan proceeds are being used to refinance existing debt, fund tenant improvements and leasing commissions and cover closing costs.
Additional reporting by Alyson Grala.
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Paul Bubny
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.
