New York City
A rare real estate gem has sold on the tony Upper East Side. In a transaction valued at $60 million, TIAA-CREF has purchased 1511 Third Ave., an apartment building on the northeast corner of Third Avenue and East 85th Street, from Related Cos. Massey Knakal’s chairman Bob Knakal exclusively handled this transaction, with VP Thomas Gammino. The property is an Italian Renaissance revival landmark that spans approximately 60,000 square feet. It sits one block south of 86th Street, the busiest retail artery in the area, and has long-term leases with two retail tenants: the Gap and Equinox.
In the world of office space, Jones Lang LaSalle completed a new, direct lease for adidas America Inc., with building owner Trinity Real Estate, at 435 Hudson St. The sporting goods firm signed a lease for 15,220 square feet of commercial space at the Class A, 290,572-square-foot building. John Moxley, JLL EVP, represented adidas in the deal. Trinity was represented in-house by Mark Packman, SVP and director of leasing; and Peter Fontanetta, associate vice president of leasing.
Meanwhile, in a tasty deal, the Riese Organization, a restaurant management company, has secured a long-term lease for the site originally occupied by Rosie O’Grady’s at 147-149 W. 46th Street, just east of Broadway, and plans to open a T.G.I. Friday’s at that location, announced Riese Restaurants’ president, Gary M. Trimarchi. The site is 11,271 square feet, with 50 feet of frontage, and is scheduled to open in the spring of 2013.
The up-and-coming East Harlem area has seen another deal. has announced the sale of a corner mixed-use development site featuring 45,323 buildable square feet at 2183-89 Third Ave. The sale price was $3.775 million. Zoning for the vacant lot permits 36,520 buildable square feet, as of right, for residential or commercial use, but a slightly larger building may be allowed for a community facility. The transaction also included an additional 8,800 square feet of air rights transferred from 2191 Third Ave., bringing the total as-of-right buildable area to approximately 45,323 square feet. Agents Michael A. Tortorici, Shimon Shkury, Victor Sozio and Daniel Tropp represented the seller, a private owner, and the buyer, an East Harlem developer.
Marcus & Millichap Real Estate Investment Services announced the sale of 31 W. 87th St., a four-unit multifamily property. The asset brought in a sales price of $5.1 million and a capitalization rate of 2.9%, according to the press release. The company’s Scott Edelstein, VP, investments, Sean Lefkovits, investment associate and Peter Von Der Ahe, first VP, investment, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
With its sights set on medical providers, Metropolitan Realty Associates has added the Ophthalmic Consultants of Long Island to its office and retail complex at 711 Stewart Ave., in Garden City, NY. The new tenant—represented by Bill Yorio, now of United Realty—signed a 10,070-square-foot lease for 12 years. Yorio was with Corporate National Realty during the initial stages of negotiation. The agents representing MRA on the deal were Rob Seidenberg, Richard Karsen and Phil Heilpern of CBRE. The complex is also home to a BJ’s Wholesale Club and an outpost of LA Fitness.
Inland Real Estate, an affiliate of the Chicago-based REIT has purchased the Newington Fair Shopping Center, in Newington, CT, for $17.5 million. Helen Putterman, president of Cohen Real Estate, and Ric Kaiser, senior managing director of Cohen Real Estate, the brokerage arm of Cohen Commercial Properties, represented both the buyer and The seller was a Houston, TX-based developer, owner and manager of single and multi-tenant retail properties.