Lease Beat

Specialty Goods Maker Headed for Dumbo

A rendering of the Empire Stores project. 
Photo: Studio V

A Motor City-based watchmaker is expanding its presence in the Big Apple with a new location near Brooklyn Bridge Park, Crain’s New York Business reported.

Shinola, based in Detroit with a store in Tribeca, inked a deal for 5,000 square feet at Empire Stores, according to the paper. The specialty goods maker joins eateries East Pizza and Vinegar Hill House, which both have leases at the site, which is cushioned on the Dumbo waterfront, according to Eater New York. Read More

Food & Drink

Bond 45 Restaurant Staying Put?

Bond 45 at 154 West 45th Street.

Restaurateur Shelly Fireman believes Times Square staple Bond 45 won’t be permanently shuttering when its lease expires next February, but the space may be shrinking.

Mr. Fireman, whose family-owned Fireman Hospitality Group operates Bond 45 at 154 West 45th Street and a number of other restaurants in New York City, said that he and the landlord, Charles Moss of Bow Tie Partners, are ironing out the details. Read More

Lease Beat

Trading Firm Moving Across Union Square

27 Union Square West.

Chimera Securities inked a deal for an entire floor at 27 Union Square West between East 15 and East 16th Streets, home to neighborhood staple the Coffee Shop, Colliers International informed Commercial Observer.

The 11,652-square-foot space is on the building’s fourth floor, which is getting a face lift before the firm moves in this summer, according to Colliers, which represented Chimera in the deal. The average asking price was $60 per square foot, brokers on both sides of the deal said. Read More

Sales Beat

Hudson Companies Plans 420 Apartments in Prospect Lefferts Gardens

A rendering of Hudson Companies' 310 Clarkson Avenue development.

Private real estate development company Hudson Companies has picked up four parcels in Prospect Lefferts Gardens, Brooklyn, and will combine them with other adjacent properties to erect a roughly 350,000-square-foot residential development on the southeast corner of Nostrand and Clarkson Avenues, Commercial Observer has learned.

In the most recent transaction, Hudson Companies bought 318-350 Clarkson Avenue, which is comprised of four parcels with four existing buildings and a 50,000-square-foot footprint, for $13.1 million. The purchase from Health Science Center at Brooklyn Foundation, a not-for-profit organization affiliated with SUNY Downstate Medical Center, closed on March 16, property records indicate. The site offers 200,000 buildable square feet. Read More

Lease Beat

Bank From Down Under Remains, Expands in Midtown

575 Fifth Avenue.

Westpac Banking Corporation is staying put at 575 Fifth Avenue and expanding to the entire floor of the building, brokers told Commercial Observer.

The Australian bank inked a 10-year renewal with the landlord, the Metropolitan Life Insurance Company, and will soon have the entire 39th floor to itself in the 40-story tower between West 46th and West 47th Streets, according to brokerage Savills Studley. Read More

Sales Beat

Ashkenazy Buys Bronx Commercial Site for $5.1M

3860 East Tremont Avenue in the Bronx.

Ashkenazy Acquisition has purchased a commercial building in the Throgs Neck section of the Bronx for $5.1 million, Commercial Observer has learned.

The site at 3860 East Tremont Avenue, on the northwest corner of East Tremont Avenue and the Cross Bronx Service Road North, includes a one-story, 15,000-square-foot vacant building with 23,618 square feet of air rights, 40 parking spaces and a tower for an advertising sign. Read More

Sales Beat

Icon Buys UES Building That is Home to Fig & Olive for $9.8M

808 Lexington Avenue.

The mixed-use building on the Upper East Side that houses the uptown Fig & Olive restaurant is off the market, according to brokers who negotiated the sale.

Developer Icon Realty Management bought the 6,400-square-foot building at 808 Lexington Avenue between East 62nd and East 63rd Streets for $9.8 million, or $1,500 per square foot, according to a spokeswoman for Kinsey Capital. Read More


Greek Construction Execs Seek Real Estate Opportunities in NYC

Niolaos Bakatselos, Kyp Bazenikas, Louis Katsos, Simos Anastasopoulos and Dimitris Iliopoulos (Photo: Arman Dzidzovic).

A group of Greece-based construction supply companies have come stateside to expand their exports as their homeland contends with a tough economic recovery.

Executives from companies that make metal, windows and kitchen sinks have been meeting with New York construction leaders over the last couple of days to discuss possible relations that would put their products in buildings across the city. While forging those relations and exports are at the early stage, they and Greek-American business leaders are confident they’ll build up the Big Apple. Read More


Breaking: EV Buildings Collapse, Several People in Critical Condition

Press conference after an East Village explosion (Photo:  Jillian Jorgensen).

A gas-related explosion leveled three East Village buildings and injured 15, three critically.

At 3:17 p.m., private contractors were conducting plumbing and gas work inside 121 Second Avenue between East Seventh Street and St. Mark’s Place, which caused an explosion that impacted 119, 121, 123 and 125 Second Avenue. The buildings at 121, 123 and 125 Second Avenue collapsed; fire fighters are working on battling a fire at 119 Second Avenue, and that building is at risk of collapsing, officials said at a press conference this afternoon. Read More

Lease Beat

Mobile Ad Company Relocating Within Flatiron District in Short-Term Lease

162 Fifth Avenue.

Mobile advertising company Amobee has signed a 3.5-year lease for the 12,250-square-foot 10th floor in the Flatiron District, Commercial Observer has learned.

Amobee, which provides services for large advertisers, publishers and operators, took the short-term lease at 162 Fifth Avenue “to have flexibility, as they were unsure about the amount of growth they will have in the upcoming years,” according to a spokeswoman for ABS Partners Real Estate. Amobee will be relocating from nearby 155 Fifth Avenue between East 21st and East 22nd Streets. Read More

Mortgage Observer

Morgan Stanley Refis Midtown Office Building

33 West 46th Street

Morgan Stanley provided a $19.5 million loan to refinance 33 West 46th Street, a Midtown Manhattan office building, according to CBRE, the broker on the deal.

The 38,259-square-foot, 1915 loft office building in Manhattan was sold to an LLC associated with the government of Argentina in 2009 for $11 million, according to city records and a source with knowledge of that deal. CBRE declined to comment on the ownership.  Read More

Sales Beat

Online East Harlem Sale Claims Record Price

1700 Lexington Avenue.

An online real estate bidding site is boasting a new record for a recent sale in East Harlem., a California-based e-bidding real estate site, oversaw the sale of 1700 Lexington Avenue, between East 106th and East 107th Streets, that wound up selling for $607 per square foot—a record for a one- to four-family home in the neighborhood, they boasted. Read More

Lease Beat

America’s Oldest Hatmaker Renews in Garment District

411 Fifth Avenue.

The Bollman Hat Company,a designer, manufacturer and distributor of headwear and accessories, has re-signed a portion of its space at 411 Fifth Avenue between East 37th and East 38th Streets.

The 1868 hat company occupies 11,000 square feet, or the entire second floor, of the property, as well as 2,565 on the building’s 10th floor. It re-signed a seven-year lease for the 10th floor space. It uses both floors for offices and showrooms for various brands. The second-floor lease expires in 2022. Read More

Lease Beat

Men’s Dress Shirtmaker Signs Brookfield Place Lease As Complex Officially Opens

$79 men's shirts from Kamakura Shirts (Kamakura Shirts' website).

Kamakura Shirts signed a lease at Brookfield Place yesterday, the day before the Lower Manhattan complex officially opened.

The Japanese men’s dress shirt company’s 699-square-foot space is across the hall from Equinox (opened last month) and sandwiched between a women’s fashion brand that hasn’t been announced and Time Inc.‘s lobby, Edward Hogan, the national director of retail leasing for Brookfield Office Properties, told Commercial Observer during a tour of the partially complete complex yesterday. The lease is for 10 years, he said, noting that asking rents are currently $400 to $500 per square foot. Kamakura Shirts will open in about three months. Mr. Hogan negotiated the deal for Brookfield, along with Stephen Plourde of The McDevitt Company. Craig Slosberg of JLL represented the tenant.  Read More