New York City

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Broad Street Advisors has arranged a $30-million securedrevolving line of credit on behalf of non-traded REIT AmericanRealty Capital Trust Inc. Rob Rizzi at BSA comments in a releasethat locally based ARC ”has proven to be one of the more responsiveand reliable buyers” in the single-tenant net lease sector. “Thiscredit facility will enhance their ability to take advantage of thesignificant buying opportunities anticipated over the comingyears.” The facility has a term of two years, with an extension foran additional year. Rizzi arranged the facility with US Bank.

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Arbor Commercial Funding’s Stephen York recently originated a$23.8-million acquisition loan for Clinton Towers, athree-building, 455-unit apartment complex in the Bronx. EasternUnion Commercial’s Barry Lefkowitz, Nate Hyman and Ira Zlotowitzarranged the acquisition financing for the undisclosed borrowerahead of a 1031 exchange’s expiration. The 10-year loan amortizeson a 30-year schedule and carries a note rate of 4.87%.

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Sioni & Partners has completed the sale of 2055 Cruger Ave.,a six-story, 72-unit elevatored apartment building in the Bronx, toa buyer identified in city records as 2055 Cruger LLC. The$6.3-million sale price equates to a 6.3% cap rate, a gross rentmultiplier of 8.25 and a per-unit price of $ 87,847. Managingdirector Moses Sioni says in a release that owner Ed-Bob ManagementCorp. had tried to sell the property in the past but was unable toget more than $4.9 million previously.

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A 17,720-square-foot property at 1941 Forest Ave. in StatenIsland, net leased to Pep Boys, has traded for $5.8 million at a7.69% cap rate. The buyer was not disclosed. Scott Plasky of Marcus& Millichap Real Estate Investment Services marketed theproperty on behalf of the seller, a fund manager.

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Arbor Education & Training has relocated its New York officefrom 116 John St. in Lower Manhattan to the fourth floor of 471-485Fulton St. in downtown Brooklyn. The workforce development servicesfirm moved into its 25,000-square-foot space within the130,000-square-foot, mixed-use office building his month. Arbor wasrepresented by Gregg Espach and Douglas Levine of UGL Equis. Thelandlord Fulton Street Realty Ventures LLC, agreed to do a tenantbuild-out for Arbor, and was self-represented in negotiations.

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The Innocence Project, a nonprofit associated with YeshivaUniversity’s Cardozo School of Law, has taken 20,829 square feet at40 Worth St., future home of Gap Inc.’s 265,000-square-footheadquarters. Studley’s John Mambrino and Nicholas Farmakisrepresented the Innocence Project in its long-term relocation from100 Fifth Ave. The landlord, 40 Worth Street LLC, a partnership ledby Jeff Gural and Newmark Holdings, was represented in-house byBrian Steinwurtzel, Roy Lapidus and Dan Segal, all of NewmarkKnight Frank. Gural, who is fully renovating the Tribeca property,agreed to fully build out the nonprofit’s space.
A pair of showroom leases totaling 3,100 square feet has beenarranged by the Kaufman Organization, the exclusive leasing agentfor 260 W. 39th St. Thorn by Nancy Rose signed on for 1,500 squarefeet in a three-year deal, while Jane Marvel Inc. took 1,600 squarefeet there for five years. Michael Heaner of the KaufmanOrganization represented the tenant and landlord 39-260 Realty LLCin both transactions.

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Floral and event company Ovando has leased its second retailstore at 19 E. 65th St., a 1,000-square-foot space it plans to openbefore the end of 2010. Hal Shapiro at Winick Realty Grouprepresented landlord Madison Avenue Co. in the long-term lease.Ovando was represented by Michael Nazarian of Norman Bobrow and Co.Ovando already operates one boutique at 337 Bleecker St. as well asa production studio at 120 W. 28th St.

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Long Island

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Massage Envy, a national chain of relaxation clinics, has openedits ninth Long Island location at the Southgate Shopping Center,4096 Merrick Rd. in Massapequa, NY. CB Richard Ellis’ JaysonSiano, who has spearheaded the retailer’s regional expansion since2007, arranged the lease with Southgate owner Kabro Associates.Future plans include adding another 10 to 15 Massage Envy locationsacross Nassau and Suffolk counties.

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Tex/Mex restaurant Ay Caramba has leased a 1,900-square-footretail space at 1320 Broadway in Hewlett, NY. The space, within aneighborhood shopping center, formerly housed a Jamba Juice. Sholom& Zuckerbrot Realty’s Marc Geller and Doug Weinsteinrepresented both the building owner and the tenant in the deal.

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Westchester County

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A 13-unit apartment property located at 33 Oakwood Ave. in WhitePlains has sold from one private investor to another, says Marcus& Millichap Real Estate Investment Services. The $1.2-millionsale price reflects a gross rent multiplier of 8, a per-square footprice of $124.28 and a cap rate of 7%. Marcus & Millichap’sHarry Delany marketed the property on behalf of the seller, whilethe buyer was represented by the firm’s Marco Lala.

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Fairfield County

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Reinsurer White Mountains Re Group Ltd. has signed a new10-year, 4,143-square-foot lease at the Matrix Center, 39 OldRidgebury Rd. in Danbury, CT. Robert Eber of CBRE’s Stamford,CT office represented the ownership, Matrix Realty Group LLC, andWhite Mountains in the transaction.

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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.