Theme Restaurant Comes to Former NYT HQ

New York City

Already containing a Daffy’s and Discovery Times Square Exhibitions, the former New York Times Co. building at 229 W. 43rd St. will soon be home to a 23,452-square-foot theme restaurant. Africa Israel USA, on behalf of its joint venture with Five Mile Capital Partners LLC, struck the deal with Adventure Entertainment LLC for the restaurant, which is slated to open this fall. The theme and brand of the eatery were not disclosed. The deal is part of AFI USA’s repositioning of the former office property into a multi-use entertainment destination known as the Times Square Building. Jeffrey Roseman of Newmark Knight Frank represented the tenant, while AFI USA was represented internally by Laurie Golub, and by Joshua Strauss and Spencer Levy of Robert K. Futterman and Associates. Attorneys on the deal included a Goldfarb & Fleece team of Marc Becker, Spencer Stein and Jenny Kim for AFI USA, with Lawrence Rader representing Adventure Entertainment.

Kalmon Dolgin Affiliates has arranged a 12,000 square-foot, long-term expansion lease to An Sheng Inc. at 74-16 Grand Ave. in the Elmhurst section of Queens. An Sheng already occupies 18,000 square feet there; it will use the additional space for offices and a warehouse. KDA’s Grant Dolgin represented the owner and the tenant in the deal.

Public relations and marketing firm Affect Strategies is doubling its space with a 5,250-square-foot relocation to 989 Ave. of the Americas. Hunter Duncan and Andrew Lindsey of UGL Services represented Affect, while the ownership group, 989 Sixth Avenue Realty, LLC, was represented by Joe Mangiacotti and Ben Fastenberg of CB Richard Ellis.

RKF Investment Sales & Advisory Services has completed the $7.4-million sale of the leasehold interest in two, five-story mixed-use buildings totaling approximately 20,000 square feet at 36 W. 34th St. and 41 W. 33rd St., located between Fifth Avenue and Broadway in Manhattan. Aerosoles currently occupies the 34th Street retail space. RKF’s Jeff Fishman and Brian Segall arranged the sale on behalf of both the seller, ALGM Leasehold II, LLC, and the buyer, ISTA West 34 Street LLC.

M&T Bank and Quinlan Development Group have financed a $36-million condominium conversion for local developer FLAnk, which is planning large-sized apartment units in a 47,000-square-foot former nursing home at the corner of Hudson Street and West 12th Street. Terms were not disclosed; loan to value is reported to be approximately 60%.

Connecticut

Milford Plaza has reached 94% occupancy with a 3,000-square-foot lease to Nonna’s Pizza. The new lease for the space formerly occupied by Vazzy’s Restaurant includes a five-year renewal option. The deal was brokered by Saugutuck Commercial Realty and Stonemar Realty Management for landlord Stonemar Properties and Colliers International of Connecticut for the tenant. Leading tenants at Milford Plaza include ShopRite Supermarket, Bob’s Department Store and Dollar Tree.

Upstate New York

Marcus & Millichap Capital Corp.’s Gerald Kray has arranged a 10-year fixed rate, non-recourse loan of $3.9 million to refinance Forestream Center, a 68,100-square foot mixed use property which includes 29 multi-family apartments located in Lancaster, NY. Financing for this transaction was provided by an insurance company at the rate of 6%. Terms of the loan are for 10 years and the loan to value is 72%, according to Marcus & Millichap.