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The private subsidiary of the National Basketball Association, NBA Properties, has signed one of the largest renewals in Manhattan at the Olympic Tower at 645 Fifth Ave. The 10-year lease transaction was for 153,405 square feet in the space that has been the tenant’s corporate headquarters for more than 30 years. Proskauer Rose senior counsel Craig Masheb and partner Elana Butler represented the tenant. Olympic Tower Associates is the landlord of the building’s commercial space and was represented by chief executive officer Rich Ehrlich. Terms of the deal were not disclosed, but according to Studley information, overall asking rates in the area were near $91 per square foot in June. Occupying the 14th through 20th floors, the NBA has a five-year renewal option and can expand onto two additional floors in the building. “The NBA had numerous options to relocate throughout Manhattan and New Jersey, and was heavily courted by the city’s landlords,” said FirstService Williams lead broker Harry Seherr-Thoss in a news release. Mr. Seherr-Thoss served for the landlord with FirstService Williams brokers Mark Jaccom, Robert Freedman, Richard Plehn Sr., and Christina Plakopita. Newmark Knight Frank’s Barry Gosin, Moshe Sukenik and Corey Borg served as the brokers for NBA Properties. Located between 51st and 52nd streets, the 51-story building is next to St. Patrick’s Cathedral. The first 21 floors of the mixed-use condominium tower consist of retail and office space; the upper 30 floors contain high-end residential units. The building was recently modernized, with new mechanical and HVAC systems, a new lobby and public corridor upgrades. Other office tenants in the building include the headquarters for Alexander S. Onassis Public Benefit Foundation (USA), an affiliate of the landlord, which also sponsors a museum in the building. H. Stern and Armani A/X rent retail space on the ground floor.
Food distributor Sysco has purchased a 526,000-square-foot industrial property in Central Islip for nearly $30 million. Located at 199 Lowell Ave., also known as Boulevard Avenue in western Suffolk County, the building sits on a 45.89-acre parcel. It had previously been used as a distribution facility for Waldbaums, and more recently, for Ocean Logistics, a freight transport arrangement service. Solo practitioner Marc Canter represented the buyer. Ruskin Moscou Faltischek partner David P. Leno and associate Scott D. Schwartz represented the seller, 10 Boulevard Avenue LLC, an entity run by a private individual based in California. Barry Silver, a principal of the Silver Group served as the seller’s broker. Cushman & Wakefield national industrial services executive director Frank Frizalone, served as the broker for the buyer. “Rarely does an opportunity of this magnitude become available in Long Island, particularly in western Suffolk County,” said Mr. Frizalone. “Sysco took advantage of what was an excellent opportunity to acquire a large property and land parcel.” Additional Sysco locations in New York are in Syracuse and Albany and Mr. Frizalone added that Sysco will renovate the site in about a year, into “a modern distribution facility.” “They needed a distribution center to cover the Nassau, Suffolk and New York areas. That was the biggest space,” he said. Mr. Leno said the seller had owned the property since November 2001. Ocean Logistics’ Lease still had about 10 years remaining. “Ocean Logistics was starting to wind down operations there. They were happy to terminate the transaction,” he said.
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