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Ask Not What You Can Do For Local Law 87

The first set of NYC buildings are due to comply with Local Law 87 by the end of the year. And so, a week ahead of Bisnow's annual NYC Sustainability Summit (Aug. 27), panelist Chris Cayten of CodeGreen Solutions ran down what the law has achieved.

All buildings with a block number ending in 13 are due to be audited by year's end. Most of the LL87 findings are recommendations, not requirements, but Chris tells us 75% of his clients are implementing the changes. Some simply aren't interested in long-term maintenance, but he's been surprised by some skeptical owners that have stepped up and taken their audits' recs.
The mayor's second annual publication of Energy Star ratings also is coming this fall, which means the industry can start plotting its year-over-year line graphs about how the market (and the Joneses next door) are doing (CodeGreen's got an app that can help). Chris also tells us Asian investors (which Real Capital Analytics president Bob White last week called the "story of the next decade") are asking about portfolio-wide efficiency and carbon footprints. Those have been receiving more attention thanks to GRESB's annual survey.


Treetop Development, repped by Greenberg Traurig's Steven Fleissig and Joshua Hager, paid $22M for 12 Morningside Heights buildings totaling 132 apartments and three commercial units.

SL Green agreed to buy the 493k SF Olivia at 315 W 33rd St. For $386M, the investor gets 333 luxury apartments, a 14-screen movie theater, five ground-floor retail spots, a 250-space garage, two office suites, and an adjacent lot. CBRE's Darcy StacomBill Shanahan, and Paul Leibowitz arranged the deal.

Massey Knakal's Karl BrumbackRobert ShapiroHall OsterJosh Lipton, and Lev Kimyagarov arranged six sales totaling $139M for the Dunbar and Hamilton Portfolio, 1,100 units across 15 buildings in Northern Manhattan. The largest property is Dunbar Manor on 149th and 150th streets between Seventh and Eighth, which sold for $55M.

Winthrop Realty Trust agreed to acquire Stamford's 92-unit Highgrove apartments and properties in Phoenix, Houston, and San Pedro, Calif., for $246M. They were built to condo specs before the lender foreclosed. The REIT expects the deal to close by October.

The Naftali Group acquired 261-267 W 25th St for $20.1M. It'll combine the parcels with last year's purchase of 245-259 W 25th and plans a 12-story, 108k SF, 61-unit luxury condo.

Kiame Industries bought the leasehold in the 67k SF 16 W 36th St between Fifth and Sixth from The Praedium Group and NorthEnd Equities for $12.9M. The sellers, which were repped by Avison Young's Neil Helman and Charles Kingsley, have renovated the lobby and upped occupancy from 68% to 95% since they bought it in February '12.


DiamondRock Hospitality Co's 725-key Lexington New York City hotel is undergoing a $46M renovation and has joined Marriott's Autograph Collection.


The Jersey City Redevelopment Agency chose a Synapse Development Group-led partnership to acquire and develop 87 Newkirk St in Jersey City's Journal Square. The City vacated an easement on the property, and the JV will build at least 60k SF of apartments. It'll use the Passivehaus construction technique of extreme insulation and advanced ventilation to reduce energy costs by 90%.

Faros Properties and Caspi Development received site-plan approval for the 48k SF Heritage White Plains open-air, luxury shopping and restaurant center at 120 Bloomingdale Rd, next to the former Nestle HQ they're renovating. Heritage White Plains will begin leasing to find 12 to 18 boutique retailers.


Home Depot renewed 413k SF at Terreno Realty Corp's 130 Interstate Blvd in New Jersey's Exit 8A industrial market.

CompStak tells us ING renewed and expanded into 144k SF in 230 Park Ave for 10 years, starting at around $60/SF.

Epsilon Data Management leased the last 35k SF in Jack Resnick & Sons 199 Water St for 13 years and will relocate from 11 W 19th St by the end of the year. Cassidy Turley's Steven Bellwood and John Boyle repped the tenant, and Cushman & Wakefield's John CefalyRobert Constable, and Andrew Peretz worked with Jack Resnick & Sons' Brett Greenberg and Dennis Brady to rep the owner.

Duro Standard Products, repped by NAI Hanson's Barry Cohorsky and Russell Verducci, leased 70k SF of industrial at Templer Associates' 1000 Jefferson Ave, relocating from elsewhere withinElizabeth, NJ.

Simpson Gumpertz & Heger, repped by Cushman & Wakefield's Jamie Katcher, leased 12k SF for seven years in 550 Seventh Ave. The Kaufman Org's Michael Heaner and Grant Greenspan repped the landlord.

CompStak also reports that Huntsworth Health inked 16k SF for 10 years in 101 Sixth Ave, starting in the low $60s/SF.

Dumbo's getting a Shake Shack!. It'll open in mid 2014 in Two Trees Commercial's One Old Fulton St.


Meridian Capital Group's Rael Gervis and Josh Simpson negotiated $40M in new mortgages on two buildings totaling 191 units on Fifth at 72nd Street. And Chaim Tessler and Avi Weinstock arranged $12.1M for four buildings totaling 183 units on Carroll Street, St. Paul's Place, Union Street, and Ocean Avenue in Brooklyn.

Hybrid Capital arranged a $10M construction loan for a six-story elevator building of five luxury apartments and one retail unit on Franklin Street.

In the spirit of the number 87, we're offering up a free ticket for our Sustainability Summit on Aug. 27 to each of the first three people who can tell us what guest actor appeared in the 1987 Murder She Wrote episode, "Death Takes a Dive." Hint: Take a look; it's in a book. Email