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Commercial Observer
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Edited by Jotham Sederstrom | Jsederstrom@observer.com

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Thursday April 18, 2013
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MTA Taps Transwestern to Manage Portfolio

BY GUS DELAPORTE

The Metropolitan Transportation Authority has retained Transwestern’s New York office to manage a portfolio totaling 2 million square feet, The Commercial Observer has learned.

The portfolio includes the MTA’s New York City transit headquarters at 2 Broadway, the Metro-North Railroad operations center at 525 North Broadway in White Plains and the Jamaica control center in Jamaica, Queens.

The 1.6 million-square-foot office building at 2 Broadway is set to become the MTA’s sole headquarters as the transit authority consolidates over the coming year. Built in 1959, the Class A building towers 34 stories above Manhattan’s Financial District.

To read the full story, click here

Medical Facility Inks at 635 Madison Avenue

BY BILLY GRAY

Reproductive Medicine Associates of New York signed a long-term 25,779-square-foot lease renewal at 635 Madison Avenue, where it has been headquartered since 2001.

Daniel Horowitz and Jeffrey Peck of Studley represented the tenant. Andrew Wexler represented the landlord, Ashkenazy Acquisition Corporation, in-house. Asking rent was in the $90 - $100 per square foot range.

"As far as RMA’s Manhattan practice, 635 Madison Avenue offered the perfect balance of location, prestige, and quality of ownership,” Mr. Horowitz said in a prepared statement. "Patients know the location, and the tenant saw a tremendous benefit of staying in the space given the tremendous institutional history."

To read the full story, click here

EverBank Inks Sublease at TIAA-CREF Building

BY AL BARBARINO

Jacksonville, Florida-based EverBank has inked a 5,118 square feet sublease at its first New York location at 780 Third Avenue in Midtown East, The Commercial Observer has learned.

The sublease from Valley National Bank is for part of the 16th floor, which was already built out and designed for the needs of a bank, making for a perfect match.

“We acted immediately when we found out that Valley National was offering space at this location,” said CBRE’s Arkady Smolyansky, who represented EverBank with Gerry Miovski and Oliver Barakat, who works out of CBRE’s Florida offices. “The space at 780 Third Avenue was already built and furnished, allowing us to get EverBank a great space quickly and with minimum up-front capital expenses. It made a lot of sense.”

To read the full story, click here

Thursday's Must-Attend Real Estate Events

BY MICHAEL EWING

As deadlines approach, be sure to submit your retail deals for REBNY’s Retail Deal of the Year award to Desiree Jones at djones@rebny.com by 5 p.m.

Joshua Stein of Joshua Stein PLLC will be hosting The Mortgage Bankers Association of New York’s luncheon on how borrowers and senior mortgage originators can use mezzanine lending to put together a debt stack that works for all parties. Bruce Batkin of Terra Capital Partners will be featured as a guest speaker at the event.
Bridging the Gap: Mezzanine Financing, Club 101, 101 Park Avenue; 11:45am-2pm, visit www.mbany.org or call (516) 997-3707 for more information.

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