The Deals Acquisitions Stellar, Imperium Acquire Leasehold Interest in 220 Fifth Avenue Progress Capital Advisors has negotiated the transfer of the leasehold interest in 220 Fifth Avenue from a subsidiary of Dino & Sons Realty Corp. to a joint venture between Stellar Management and Imperium Capital. Formerly known as the Croisic Building, 220 Fifth Avenue was constructed in 1912 and is renowned for its neo-gothic architecture, which is visible for blocks. “220 Fifth Avenue is a special building that has been in the To-massetti family for over 30 years,” said Kathy Anderson. “It was important to ﬁnd the perfect strategic partner to continue the family’s vision and I’m honored to have been trusted by both the Tomassetti’s and Stellar/Imperium to help accomplish this.” As part of its capital improvement program, Stellar and Impe-rium will renovate the lobby and update and modernize the building systems. The partnership is also completing high-end, custom pre-builds for turn-key ofﬁce space. There are cur-rently six full ﬂoors available for lease comprising approximately 9,000 RSF each. “The location is unbeatable and we are excited to begin upgrad-ing the base building and amenities to offer this as a premium ofﬁce space for tenants,” said Matthew Lembo, a principal at Stellar Management. “This coveted building anchoring the corner of 26th and Fifth Av-enue is a jewel of the red-hot Madison Square Park submarket,” said Morris Mishan of Imperium Capital. John Park, Leo Leyva, Jordan Fisch, Jeff Schecter and Patrick Quinn of Cole Schotz provided legal counsel for Dino & Sons Realty Corp. while Ira Nesenoff and Ariya Waxman of Nesenoff & Miltenberg represented Stellar Management and Imperium Capital. LargaVista Acquires Long Island City Ofﬁce Building LargaVista Companies has purchased 30-10 41st Avenue, Long Island City, an existing 65,000-square-foot ofﬁce building adjacent to Sunnyside Yards at the intersection of Northern Blvd. and 41st Avenue. 30-10 41st Avenue’s access to mass transit is superlative and its proximity to midtown Manhattan also provides a unique advantage that many users crave, the company says. LargaVista owns the adjacent building at 29-42 Northern Blvd. and is considering a creative ofﬁce conversion and expansion though exact plans are not yet complete. “We love the LIC market. It continues to evolve as a center for creative thinking, artistic expression and an ideal place to live and 32 | MR May 2017 work. We think more and more companies want to feed off that energy and base their operations here,” says Marcello Porcelli, CEO of LargaVista Companies. Adam Good, the company’s COO adds, “We are looking at many options with respect to the repositioning of this asset. We not only want to enhance the desirability of this building for commercial tenants, but also activate the base of the building and provide a unique amenity for the surrounding area.” Financing for the transaction was provided by TriState Capital Bank, a full-service commercial bank serving middle market businesses and their owners, which has established an active presence in New York City.