Treetop Makes $82.25M Buy in Queens

Treetop Development has purchased Saxon Hall, a 16-story high-rise rental building located at 62-60 99th St. in Rego Park, Queens. Treetop purchased Saxon Hall—which includes two ground floor commercial spaces and underground garage—for $85.25 million. Jose Cruz and Andrew Scandalios of HFF served as brokers for the transaction and Steve Fleissig of Greenberg Traurig LLP acted as legal counsel for the buyer.

Cassidy Turley has negotiated three leases with current tenants, totaling 63,382 square feet, at 477 Madison Ave. David Hoffman, Jr., executive managing director and principal, along with Whitnee Williams, associate vice president of Cassidy Turley, represented owner JAB Madison Associates in all three transactions. Trepp, LLC leased an additional 6,384 square feet on the second floor, bringing its total office space to 40,489 square feet, and extended its lease term for five years. Bankrate, Inc. expanded its existing space by 5,178 square feet and now occupies the entire 18,763-square-foot fourth floor at 477 Madison Ave. Elara Capital PLC renewed its 4,130-square-foot lease on the second floor. The Trepp and Elara leases were direct transactions, and Dave Armento, CEO of Atlanta-based New Dominion, represented Bankrate.

Jones Lang LaSalle has completed three new, direct deals and two expansions, totaling 30,383 square feet of office space, for Brause Realty Inc. at 52 Vanderbilt Ave. SocialFlow and AdLarge Media LLC each signed for full floors of 9,275 square feet and the Coalition for Rainforest Nations leased 2,558 square feet. US International Media expanded to 5,478 square feet and Cypress Associates LLC expanded to 3,797 square feet at the 190,000-square-foot, Class A office building. The building owner, Brause Realty, was represented in all five transactions by Lloyd Desatnick, SVP, along with Frank Doyle, vice chairman, and Alexis Tener Petrus, VP, all with JLL. The group worked closely with Melissa Brause Rackoff, VP, and David Brause, president, of Brause Realty.

Michael Dubin, partner, Savitt Partners, arranged two leases totaling nearly 14,000 square feet for Continuum Health Partners' two affiliate hospitals, St. Luke's Roosevelt and Beth Israel Medical Center. St. Luke's inked an 8,743-square-foot lease at 200 W. 57th St. The 10-year lease had an asking rent of $55 per-square-foot. The hospital now occupies approximately 45,000 square feet at the property, owned by the Feil Organization—which was represented in-house by Kevin Driscoll. In addition, Beth Israel Medical Center subleased 5,000 square feet of office space at 147 E. 26^th St. for a term of eight years. Asking rent at the 19,600-square-foot, three-story building, owned by Amalgamated Industrial and Toy & Novelty Workers of America, was $38 per-square-foot. David Muessel of CPEX Real Estate represented the ownership of 147 E. 26th St. in the negotiations.

CBRE has completed a 10,365-square-foot retail lease with CVS Pharmacy on the ground floor of 42-56 E. Houston St. CVS signed for a 15-year term and will move into its new space sometime this summer. CVS will have the entire block front on Houston Street between Mulberry and Mott streets. CBRE's Michael Kadosh and Jedd Nero represented ownership. Jason Pruger, of Newmark Grubb Knight Frank, negotiated on behalf of CVS.

ABS Partners Real Estate, LLC has announced today that PlaceIQ has leased the entire 6,140-square-foot seventh floor at 115 E. 23^rd Street. The company is relocating from approximately 2,000 square feet of space on West 30^th Street. ABS managing director Douglas Regal and associate Evan Algier represented the tenant, a provider of targeted intelligence solutions for marketers. William Becker and David Dynak from First Pioneer Realty, Inc. represented the landlord.

Ariel Property Advisors has announced the sale of a mixed-use building at 698 2^nd Ave., between East 37^th and East 38^th Streets. The property sold for $2.75 million.The sales team of Victor Sozio, Shimon Shkury, Michael Tortorici, and Jesse Deutch served as exclusive agents for the seller, a family partnership, and procured the buyer, a private investment group planning to open a café/restaurant. The four-story structure spans 4,356 square feet.

Northeast

Marcus & Millichap Real Estate Investment Services has announced the $4.98 million sale of GI Plastek Industrial Facility, a 94,400-square-foot net leased property located in Wolfeboro, NH. Glen Kunofsky, Edward Otocka and Todd Tremblay, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a fund manager. The buyer, a private investor, was secured and represented by Glen Kunofsky and Judson Kauffman, investment specialists in Marcus & Millichap's Manhattan office. Gary Lucas, broker, assisted in closing this transaction.

Ariel Property Advisors has announced the sale of two elevatored buildings on Long Island, containing a total of 112 units. Located at 160 Guy Lombardo Ave. and 30 Wallace St. in Freeport, the properties sold for $10.2 million, which translates to approximately $91,000 per unit and $102 per square foot. Michael Tortorici, Shimon Shkury, Victor Sozio, Jonathan Berman, and Randy Modell served as exclusive agents for the seller, a real estate investment group. Matt Albano of GCP Capital Group LLC represented the buyer, a LI-based multifamily owner-operator.

Avison Young has brokered a 3,351-square-foot lease at 239 Causeway St. in Boston. Brokers Karyn McFarland and Matt Twombly represented the landlord, Beverly-Boston, LP. Carolyn Molloy, associate, Lincoln Property Co., represented the tenant, Prometric Inc. 239 Causeway St. is a 5-story 79,850 square foot building located in the Bulfinch Triangle/North Station submarket of Boston.

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Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.