Nursing Home Portfolio Fetches $23M

Upstate New York

The Marcus & Millichap National Senior Housing Group has completed the $22.7-million sale of the Highgate LTC Portfolio, a 500-bed portfolio of nursing facilities in central New York State, to Long Island-based Oasis Health Care. The portfolio had been owned and operated by Highgate LTC Management, which filed for bankruptcy in August 2007. Three of the properties are located in the Albany metro area: Northwoods at Hilltop, located in Niskayuna; Northwoods at Rosewood Gardens, located in East Greenbush; and Northwoods at Troy, located in Troy. The fourth, Northwoods at Cortland, is located in Cortland, several miles west of the others.  Marcus & Millichap’s Ben Firestone, Mark Myers and Jacon Gehl handled the sale under the supervision of JD Parker.

New York City

As the ad campaign would have it, W&H Properties “talked to Chuck,” and the outcome was a bigger lease. Financial services firm Charles Schwab & Co. is tripling its space at W&H’s One Grand Central Place by relocating to the building’s two-level retail space directly across from Grand Central Terminal. Charles Schwab will move into its new space of nearly 11,000 square feet in the second quarter of 2011; the deal is for 10 years. Paul Spiegel of Scopa Real Estate and Steve Soutendijk of Cushman & Wakefield represented Charles Schwab in the lease negotiations, while Amira Yunis of Newmark Knight Frank represented the landlord.

Edun Americas, the fashion brand established by U2 frontman Bono and his wife Ali Hewson, is relocating to a larger space as it relaunches its brand with its new partner LVMH. The firm is moving to 8,600-square-foot offices at Man Yun Real Estate’s 107 Grand St. from a 5,000-square-foot space at 86 Franklin St. Studley’s Zev Holzman and Casey Lewis represented the clothing company in the transaction. Christopher Owles and Trisha Dean of Sinvin Realty represented Man Yun.

Structural engineering firm T.Y. Lin International is expanding its space at Swig Equities’ 110 William St., leasing 10,350 square feet for 10 years. Brad Gerla and Jeff Sharon of CB Richard Ellis represented the tenant; Swig’s Todd E. Korren provided in-house representation for the landlord.

Women’s apparel manufacturer Min Yang Overseas Trading has inked a 10-year, 9,600-square-foot lease at 253 W. 35th St. Alan Bonett and Nick Zagar of Adams & Co. represented landlord Ocean King LLC while Jared Silverman of CBRE represented the tenant in the transaction. Asking rents at the 143,879-square-foot office property were $25 per square foot.

Theater industry supplier Fantastex Inc., d/b/a Elegant Fabrics, has renewed its 25,315-square foot retail lease at 218 W. 40th St. A Savitt Partners team of Bob Savitt and Carol Sacks represented the building ownership, 218 West 40th Associates LLC, in the lease negotiations. Grant Greenspan of the Kaufman Organization acted on behalf of Elegant Fabrics. Lease terms were not disclosed.

Vintage sneaker consignment store Flight Club is consolidating from two smaller Downtown locations into an 8,600-square-foot flagship space on four levels at 812 Broadway. Peter Levitan of Sierra Realty exclusively represented the tenant; landlord Solil Management was self-representing.

The Kaufman Organization recently announced a trio of leases at 450 Seventh Ave. a five-year, 1,550-square-foot deal for the Law Offices of Clifford A. Meirowitz and Associates, a five-year renewal by Dr. Edward J. Rubin, DMD for 1,589 square feet and a new two-year deal for 1,484 square feet to be occupied by law firm Weiss Imbesi PLLC. Kaufman’s Barbara Raskob represented the landlord in all three deals, and her colleague Walter Lippman served as tenant rep on the Rubin lease. Michael B. Frantz of Newmark Knight Frank represented Meirowitz & Associates, while Omar Sozkesen of Prime Manhattan Realty represented Weiss Imbesi.

Long Island

Liberty Moving and Storage was represented by Newmark Knight Frank’s Daniel T. Gazzola and Ralph Perna in its $2.6-million sale of 17 Central Avenue, a 22,000-square-foot industrial building in Hauppauge, NY. The buyer, Brothers Roofing Supplies/Brothers Building Materials, was represented by Jeremy Hackett of Metro Realty Services.

Westchester County

A pair of new leases at GHP Office Realty’s 145 Huguenot St. in New Rochelle, NY leave the 300,000-square-foot office property with less than 1% vacancy. Monroe College is leasing 14,018 square feet for its administrative staff and graduate school, while the Medical Letter is taking 8,857 square feet. Both deals are for 10 years. Additionally, three tenants renewed: McGovern, Connelly and Davidson, 1,880 square feet for three years; ICD America, 2,228 square feet lease for five years; and McCabe, Weisberg & Conway, in a renewal and expansion to 4,633 square feet for four years.

Boston

Holliday Fenoglio Fowler’s Boston office has arranged an $8.5-million refinancing for Riverview Business Park, a 90,000-square-foot office building in Malden, MA. Working on behalf of owner Combined Properties, HFF’s Janet Krolman and Greg LaBine placed the seven-year, fixed-rate loan with Aetna Life Insurance Co. The loan is refinancing a maturing loan with another life insurance company.

Sporting goods retailer Olympia Sports has renewed its lease for 4,828 square feet at Quincy Granite Place in Quincy, MA. Lease negotiations were handled by Frank O’Neill of the Grossman Cos., who represented landlord 126 Granite Street Trust.