New York City
Jones Apparel has renewed and extended its 1,710-square-foot lease at 530 Seventh Ave. A Savitt Partners team of Marc Schoen and Michael Schoen represented both the tenant and the building ownership, G&S Realty 1, LLC, in the negotiations. Lease terms were not disclosed; the average asking rent at 530 Seventh is $50 per square foot.
A six-story mixed-use building at 42 Clinton St. on Manhattan's Lower East Side was sold in an all-cash transaction valued at $3,125,000, or approximately $275 per square foot. Buyer and seller were not disclosed; the broker in the transaction was Michael DeChester of Massey Knakal Realty Services
Heritage Realty Services has secured two lease renewals totaling 7,360 square feet at 67 Irving Pl., a 12-story commercial building owned by Heritage affiliate Puble N.V. Financial planning company Falconwood Corp. renewed its lease for the entire 12th floor in a five-year transaction worth more than $750,000, while Ross-Ellis USA is remaining in its full-floor space on the property's ninth floor, a lease valued in excess of $680,000. Heritage president George Constantin represented the building ownership in both transactions.
Winoker Realty Co.'s Bill Berkis has negotiated a 3,000-square-foot leasing renewal and extension at 311 W. 43rd St. on behalf of Professional Sound Services. The renewal extends the lease into 2020. The tenant provides multimedia services for the Broadway theater industry and local TV studios. Richard Berry of Juniper Associates represented the landlord in-house.
CB Richard Ellis's capital markets debt & equity finance group has secured financing totaling $5.25 million for a multifamily rental building located in the Bronx. The five-year permanent mortgage, featuring a one-year interest-only term followed by a 30 year loan amortization schedule, was provided by a local bank. CBRE's Max Herzog and Michael Diaz represented the undisclosed borrower.
Westchester County
Investment management firm Buckland Partners Management Co. LLC will move its offices to 500 Mamaroneck Ave. in Harrison, NY. Malkin Properties' Jeffrey Newman and Kimberly Zaccagnino represented the landlord in this transaction. Matthew Lisk of Cushman & Wakefield represented the tenant.
New Jersey
As the New York Red Bulls open up Red Bull Arena in Harrison this Saturday with a match against Brazilian club Santos FC, residents in Harrison—the location of the new, 25,000-seat arena—have reason to cheer. The grand opening of Red Bull Arena marks a significant milestone in the redevelopment of Harrison, which is undergoing a transformation thanks to the combination of the new soccer arena and Advance Realty's Riverbend District, one of the largest brownfield mixed-use, redevelopment transit districts underway in New Jersey.When complete, Riverbend will include more than 800,000 square feet of retail space, including an anchor grocery and retailers; a 16-screen cinema and restaurants; a 175-room limited service hotel and a 350-room, full-service hotel with 25,000 square feet of conference space; a wellness center; corporate and boutique office space; and more than 2,000 square feet for sale and rental residential units.
The former Russ Berrrie & Co. headquarters at 111 Bauer Dr. in Oakland will soon be home to Topcon America Corp. and Royle Systems Group, according to Marc Krieger, director of leasing at Kwartler Associates, Inc., which represented the landlord in both transactions. In two unrelated transactions, Topcon was represented by Andrew Zezas of Real Estate Strategies Corp. and Royle was represented by Douglas Gaffney of the Schultz Organization. The deal brings the building to full occupancy.
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.
