BETWEEN THE BRICKS
The Brewster has landed a buyer. The 144-unit building at 21 W. 86th St. just traded for $98 million to Cornerstone with Adellco as the operating partner. Cornerstone is a division of Mass Mutual.
The building was marketed by Darcy Stacom and Paul Liebowitz at CBRE on behalf of the seller, Rambleside Holdings, a Cohen family company.
A four-bedroom penthouse with terraces became available earlier this year and will be rented for more than $20,000 per month.
The building also has more than 10,000 square feet of professional space, with Columbia University as the majority tenant.
A Federal Home Loan mortgage is being transferred.
“They have had many offers through the years, but to get the best price decided to go with a broker,” said Stacom. The family expects to reinvest the money around the country, she added.
Stacom is just beginning to market the 113-unit 393 West End Ave. that was purchased in March by Douglas Eisenberg in a three-building portfolio that went for $145 million.
“We are already getting offers for well above what they paid for it in a portfolio,” said Stacom. That building has 110,000 rentable square feet and could be a great buy with pricing in the $600s-plus per square foot.
A handful of city agencies located at 75 Park Place aren’t going anywhere after signing a significant 207,812 square-foot renewal at the 14-story, Class-A property developed in 1986 by Jack Resnick & Sons. The building is still owned and managed by the firm, which also owns several other buildings downtown.
The Office of Management and Budget, the Office of the Actuary and the Department of Information Technology and Telecommunications occupy the majority of the sixth through ninth floors.
Dennis Brady and Brett Greenberg represented the Resnicks in the 15-year, six-month lease renewal that had an asking rent in the mid-$40s per square foot. The city did not use a broker.
Other tenants in the building include RR Donnelley and Sons, Tradition North America and the Borough of Manhattan Community College.
Amazon has expanded by 24,707 square feet at 1350 Ave. of the Americas, for a total 92,493 square feet.
The Web retail giant now occupies three and a half of the 35 floors at the 585,156 square-foot tower at West 55th Street. According to Steve Durels of SL Green Realty Corp., the expansion required the relocation and/or consolidation of six separate spaces.
Justin Halpern and Marcus Reyner of Cresa Partners represented the tenant, while Howard J. Tenenbaum and Gary M. Rosen represented SL Green.
Jeff Sutton just orchestrated the purchase of the shares for a duplex co-op at 30 E. 65th St. for $2.6 million that will be amalgamated into the street retail in the base of the building that is already owed by his venture with SL Green.
The move entailed finding the owner another apartment, sources said. SLG referred us to Sutton, who declined to comment.
To get dramatic high ceilings, the retail space with the address of 747 Madison Ave. broke through to incorporate another apartment at the corner.
But this could allow Sutton and SLG to break up the space, which is now occupied by Escada on a short-term lease, and create two Madison Avenue storefronts, both with high ceilings.
The space includes 6,700 square feet on the first floor and a 3,100 square-foot lower level. The original purchase price added up to $66.25 million and with this becomes a $68.85 million investment.
When President Barack Obama and first lady Michelle Obama were wandering around 1 World Trade center earlier this month, they spent some private time with building owner Douglas Durst, as well as with Mayor Mike Bloomberg and Govs. Andrew Cuomo and Chris Christie.
After the beam-signing event, the Obamas also spent private “face time” with the Port Authority board, which includes real estate executive Scott Rechler and Mintz Levin attorney Jeffrey Moerdler.
For those of you who scour real-estate news for sport, a free service dubbed The News Funnel will send an e-mail each morning with links to news about only the companies and word searches that you target, and also act as your continuous targeted news feed when you check in during the day.
Started by New Jersey-based p.r. executive Michael Beckerman, along with investors who include Stephen Siegel and Scott Landis, many of the 500 news sources and 195 available companies so far are based in New Jersey and the overall tri-state area.
Companies in New York, New Jersey and Philadelphia can also join for free and upload their own press releases, news, blogs and job openings.
Beckerman will be rolling it out to both other markets and other industries over the coming year.
Your hardest job will be to take the 10 minutes to set up the initial service.
Darcy Stacom, rentable square feet, square feet, square feet, Cornerstone, Paul Liebowitz, SL Green Realty Corp., Stacom, President Barack Obama