[Updated at 3pm on June 2 with comments from Lon Rubackin.] Lon Rubackin, previously founder and managing partner of GFI Retail Group, has joined CB Richard Ellis Group’s New York Tri-State Retail Services department as a senior vice president, CBRE announced today. “Adding a seasoned broker like Lon, with his deep retail experience on both the agency and client side — including, notably, Forest City Ratner and Bowlmor Lanes, among others — will help further bolster our retail platform throughout the New York tri-state region,” said Nina Kampler, senior managing director of CBRE’s tri-state retail arm. TRD [more]

Africa Israel USA is “actively looking at new opportunities” for residential conversion projects in New York City, new CEO Tamir Kazaz told the New York Times. Kazaz, who stepped up to the company’s helm after Richard Marin resigned suddenly late last year, was relatively tight-lipped when it came to his predecessor, but characterized the split as the company’s decision. (Sources had told the Wall Street Journal at the time of Marin’s departure that it was unexpected and came amid disagreements with senior management). Now, with a third of the debt it had two years ago, Lev Leviev’s development company is moving forward and eyeing a Financial District office building for a condominium conversion, Kazaz said. [more]

From left: Ken Krasnow of Massey Knakal Realty Services; Eastern Consolidated’s Ety Lee; Eastern Consolidated’s Jerome Benayoum; and Lon Rubackin, a managing director at GFI Capital

Commercial brokerage firm Massey Knakal Realty Services has temporarily replaced Kenneth Krasnow, the managing director of the firm’s Brooklyn office, because he is not licensed as required by the New York State Department of State, company CEO Paul Massey told The Real Deal this morning.

Krasnow had been the head of the Brooklyn office since 2008. He will be replaced by Cory Rosenthal, corporate vice president, until Krasnow obtains his license, Massey said.

“[In the] interim, Cory Rosenthal, corporate vice president, will take over day to day management of Queens and Brooklyn until Ken resolves the license issue,” Massey said.
[more]

Lev Leviev is going head-first against Bowlmor Lanes in Times Square

Africa Israel plans to throw a counterpunch after a $32 million lawsuit from its biggest retail tenant, Bowlmor Lanes, which accused the struggling real estate conglomerate of dragging its feet on the buildout of a 70,000-square-foot space at the old New York Times building. Lawyers for the Israeli-based developer, led by billionaire Lev Leviev, said they will file suit in New York State Supreme Court alleging the Manhattan-based bowling alley chain is using some space it is not entitled to, and argues that it provided all the construction funds it was required to in a timely manner. [more]

Richard Marin, chairman and CEO of Africa Israel USA has resigned suddenly and left the company after just two years on the job, the Wall Street Journal reported. Tamir Kazaz, the company’s CFO, will take over as CEO but Africa Israel does not plan to appoint a new chairman. It doesn’t appear to have been an entirely amicable split, with sources saying Marin’s departure came unexpectedly and amid disagreements with senior management. [more]

Lev Leviev and the former New York Times Building

The former New York Times Building at 229 West 43rd Street in Times Square, on which owner Africa Israel yesterday announced it had reached a restructuring deal to reduce its debt by 60 percent, is now slated to become a mixed-use luxury center, with a 379-room high-end hotel sandwiched in the middle of a posh retail mall and bowling alley on the lower floors and 26 condo units on top. The 15-story landmark had been slated for a $170 million reinvention, but sits mostly tenantless since Africa Israel head Lev Leviev’s $525 million purchase of the property in 2007 at the height of the market. The senior lender on the building, Mexican bank Banco Inbursa, is providing a $75 million revolving loan for the new conversion, and a 50 percent stake will go to lender Five Mile Capital Partners. Bowlmor Lanes has already inked a deal with Africa Israel on the third and fourth floors, where it plans to open a 50-lane bowling alley in October, and Africa Israel said it is in talks with three investors about the purchase or lease of the fifth through eleventh floors for a hotel. [NYT]

[more]

The group behind Bowlmor Lanes, the Manhattan bowling alley and club with plans to relocate from Greenwich Village to Times Square, has sued its lender, Golub Capital. Strike Holdings, which owns the bowling spot, alleges that Golub sent a false default notice that will now jeopardize the club’s relocation.

Bowlmor negotiating lease at 229 West 43rd Street

Bowling alley Bowlmor Lanes is in the process of leasing 70,000 square
feet at 229 West 43rd Street, the New York Post reported. If the
bowling alley comes to the building, which is the former home of the
New York Times, there will be three bowling alleys in Times Square.
Bowlmor reportedly scouted other Times Square locations, including 1540
Broadway. The former Times building has no commercial office tenants,
and its only current tenant is Discovery Times Square, which has some
of the building’s ground floor and lower-level retail space. [more]