Lease Beat

Nestlé Skin Health Opening Facility in the Alexandria Center

Alexandria Center for Life Science (Photo: Alexandria Real Estate Equities, Inc.)

Nestlé Skin Health, which does research for skin, hair and nail wellness, has inked a deal for 30,400 square feet at the Alexandria Center for Life Sciences on the East Side, CBRE announced today.

The subsidiary of Nestlé, which also owns Nestlé Chocolate, is taking a full floor of the west tower of the facility at 430 and 450 East 29th Street. The company will open the innovation hub in 430 East 29th Street later this year, according to a press release by CBRE. Read More

Lease Beat

Zachary ‘Schmackary’ Schmahl Bringing Cookie Goodness to W’burg

Schmackary's logo

The man behind the $2.75 “lip-schmackin good cookies,” Zachary “Schmackary” Schmahl is bringing his sweet corn, maple bacon and mint mojito cookies to Kings County, Commercial Observer has learned.

Schmackary’s Cookie Company will be opening in a 1,000-square-foot ground-floor space at 193 Bedford Avenue between North 6th and North 7th Streets in the Williamsburg neighborhood, according to Newmark Grubb Knight Frank Retail. The space includes an 800-square-foot storage basement and a 450-square-foot backyard space, Mr. Schmahl told CO.  Read More

Lease Beat

Nonprofit Financier Relocates Downtown

5 Hanover Square (Photo: CoStar).

When you’re a not-for-profit and Midtown rents are emptying your pockets, you can always go Downtown.

That seems to be the case for many, including Nonprofit Finance Fund, which has inked a deal for 14,100 square feet at 5 Hanover Square between Pearl and Beaver Streets, according to DTZ. Nonprofit Finance Fund will be moving onto the whole ninth floor in the 15-year lease. Read More

Lease Beat

DTZ Parent Company Growing at Vornado’s 888 Seventh Avenue

888 Seventh Avenue (Photo: CoStar).

Private equity investment giant TPG Capital is expanding and renewing at 888 Seventh Avenue, according to building owner Vornado Realty Trust.

The Texas-based company has signed a 10-year lease for 100,000 square feet, of which 20,000 square feet is new, at the 47-story tower between West 56th and West 57th Streets, said Jared Solomon, the vice president of leasing at Vornado who represented the landlord in the transaction. Neil Goldmacher and Josh Friedman of Newmark Grubb Knight Frank represented TPG in the deal. Read More

Lease Beat

One of Ziff Brothers Relocating to Establish Own Firm at 285 Madison

285 Madison Avenue.

Now that the Ziff brothers have closed their last hedge fund, one member of the trio is leaving the company’s offices at 350 Park Avenue and establishing his own business at 285 Madison Avenue, Commercial Observer has learned.

Dirk Ziff‘s Ziff Capital Partners is taking 18,242 square feet amassing the entire 20th floor at RFR‘s 285 Madison Avenue between East 40th and East 41st Streets, a broker with intimate knowledge of the deal said. Read More

Film & TV

Silvercup Opening Studio in Bronx

42-22 22nd Street.

The Bronx is about to make its Hollywood debut.

Long Island City-based Silvercup Studios is opening its third studio, and its first outside of the western Queens neighborhood. The studio that brought you 30 Rock and When Harry Met Sally is now doing a $35 million renovation of 295 Locust Avenue in the Port Morris section of the Bronx. Reconstruction of the site is slated to finish in 2016. Read More


Kuafu Makes Big MiMA Play

MiMA in Hell's Kitchen.

Kuafu Properties, the New York-based Chinese development company, is grabbing 1 MiMA Tower, the top 13 floors of Related Companies’ MiMA at 460 West 42nd Street between Ninth and Tenth Avenues, for $260 million with the intention of turning the 151 apartments into condominium units.

The new condos, which should be hitting the market by the end of this year or early next year, will offer “something luxury—but still affordable,” Shang Dai, the chief executive officer of Kuafu, told Commercial Observer. “That’s not something you see a lot of in the market.” Read More

Construction Finance

Wells Fargo, Citibank Loan $250M for Construction at Essex Crossing

A rendering of Essex Crossing.

Delancey Street Associates, the joint venture developing Essex Crossing, is about to get one of its biggest construction deliveries: a truck full of cash.

L+M Development Partners, BFC Partners and Taconic Investment Partners received more than $250 million in construction financing on Tuesday for their 1.9-million-square-foot mixed-use project on the Lower East Side, Commercial Observer has learned. Read More


Scott Silverstein Hired by Equity Office

Scott Silverstein_mm

Scott Silverstein, who spent most of the last decade at Cushman & Wakefield, has been hired by Equity Office as a Leasing Manager focused on New York City assets, including Park Avenue Tower, 114 West 41st Street, 5 Bryant Park, 229 West 43rd Street, 1740 Broadway, and 1140 Avenue of the Americas.

“It felt like the perfect fit for me,” said the 31-year old West Village resident, citing a top owner, a great existing portfolio, top talent, the ability to learn and grow, and his great synergy with Zachary Freeman, vice president of leasing. Read More


Parking Garage Owner Regains Properties in Lawsuit

9 West 57th Street.

A state judge ruled in favor of Bridgewater Operating Corporation, the owner of several Manhattan parking garages, Commercial Observer has learned, and granted full possession of the lots back to the company.

Bridgewater had been sued by Quik Park, a garage maintenance company, for ending its contract with the company, according to the June decision. Quik Park, according to the decision, had agreed to keep separate accounts for the four Bridgewater garages it was hired to operate. Instead, the company pooled all the money into one account and used it for personal expenses, according to documents. Read More

Real estate and Technology

EDC Announces $5.3M on Broadband for Brooklyn, LIC ‘Digital Deserts’

Industry City.

ConnectIBZ was the fund used to launch New York City’s first 1GB broadband network, in Sunset Park Brooklyn, as the Commercial Observer previously reported. Today, the New York City Economic Development Corporation announced that $5.3 million will be spent to put high-speed broadband into the Southwest Brooklyn, Long Island City, North Brooklyn and Greenpoint-Williamsburg Read More