Lease Beat

Cowork Space Coming to 55 Broadway in FiDi

55 Broadway., an emerging rival of WeWork for start ups to rent office space, has inked a deal for 33,000 square feet at 55 Broadway in the Financial District.

The coworking company will take up the mezzanine level of the building, part of the third floor and the entire fourth floor, as Crain’s New York Business first reported. The lease is for 13 years at the commercial of building between Rector and Morris Streets. Read More

Lease Beat

Full Floor Leased at Charles S. Cohen’s Tower 57 in Midtown

135 East 57th Street.

Algomi Corporation has signed a 10-year lease for the entire 28th floor of Charles S. Cohen’s Tower 57 at 135 East 57th Street, Commercial Observer has learned.

The company, which provides information-matching solutions for the optimization of fixed-income liquidity, is expected to move into its new 7,255-square-foot space from its current location at 41 East 11th Street later this year, according to a press release issued by the landlord. Read More

Sales Beat

Jonas Equities Picks Up Prospect Park South Building for $14.2M

15-21 Crooke Avenue.

Jonas Equities has purchased a Prospect Park South apartment building for a whopping $14.25 million, according to property records.

The Brooklyn-based landlord nabbed 15-21 Crooke Avenue between Parade and St. Paul Places in the emerging neighborhood. With 54 rental apartments, that comes out to a value of $264,000 per unit, according to GFI Realty Services, which closed on March 31 and appeared in property records last week. Read More

Lease Beat

Queens Brewery Inks Deal in Namesake Borough

1539 Covert Street.

Queens Brewery, which has been serving up suds out of Saratoga Springs for more than a year, is getting a more appropriate home base.

The beer-maker inked a deal for 7,200 square feet at 1539 Covert Street in Ridgewood, Queens, with plans to open its factory to the World’s Borough by Sept. 1, according to the brokers in the deal. Its factory will take up about 4,800 square feet in the building, with a 2,400-square-foot piece of land that’s slated to become a beer garden.   Read More

Sales Beat

Sugar Hill Capital Sells Hamilton Heights Building to E&M Associates for $25.5M

3621 Broadway.

Real estate investment firm Sugar Hill Capital Partners has sold a 47-unit mixed-use building in Hamilton Heights to Brooklyn-based multifamily landlord Galil Management, formerly known as E&M Associates, for $25.5 million, Commercial Observer has learned.

The six-story, 65,050-square-foot building at 3621 Broadway is an elevator building with 47 apartments, eight stores and an art studio, the brokers on the deal indicated. The building also includes 31,175 square feet of air rights. Read More

Industry Events

Panelists Say It’s Amenities Over Everything

David Pospisil, Alexander Saint-Amand, Sacha Zarba, Andrew Kimball, Anthony Malkin and Jonathan Mechanic. (Photo: Owen Hoffmann/

TAMI is the talk of the town—and how to nurture these technology, advertising, media and information tenants was the one of the things under discussion at Commercial Observer’s “Upgrade New York” panel discussion this morning.

As firms in TAMI lease more space in the city, commercial real estate experts said it’s all about what amenities a landlord can provide a tenant, from space, to dining options, to energy efficiency. Read More

Sales Beat

Former Chelsea Home of Amy Sacco’s Lot 61 Sells for $40M

550 West 21st Street (Photo: CoStar).

An affiliate of Leslie J. Garfield & Company has sold the former home of “Club Empress” Amy Sacco‘s Lot 61, an irregularly-shaped parcel, for $40 million, the seller’s attorneys, David Drewes and Marc Palladino of Willkie Farr & Gallagher, confirmed.

The one-story, 6,425-square-foot former warehouse with partial mezzanine at 550-552 West 21st Street at 11th Avenue sold yesterday to 540 West 21st Street Holdings LLC. The buyer appears to be Uri Chaitchik-led Casco Development Corp., which at the beginning of 2014 acquired 540 West 21st Street for $50 million.  Read More

Lease Beat

Tattoo Parlor From ‘NY Ink’ Inks Relocation Deal in Soho

Lobby at 123 Lafayette Street (Photo: SGM Photography).

Love Hate Social Club, formerly Wooster Street Social Club, has signed a 10-year lease at Stellar Management’s 123-127 Lafayette Street between Howard and Canal Streets in Soho, Commercial Observer has learned.

The high-end tattoo parlor, which was featured on TLC’s reality show “NY Ink” took 1,356 square feet of ground-floor retail space, in a move from 43 Wooster Street between Grand and Broome Streets, Stellar Management said. The asking rent for the retail space was $150 per square foot. Read More

On the Market

Hubba, Clubba! Calling All Club Promoters … Have We Got a Deal for You!

MEAT & GREET: This 14,000-square-foot, five-story property is in prime Meatpacking District territory on the same block as the late, lamented Lotus (Photo: Manon).

If you happen to be looking to lease an opulent, club-like venue with Baroque carvings in the heart of the Meatpacking District, today’s your lucky day.

The former home of restaurant and club Manon, has hit the market with an asking rent of $97,000 per month plus $1.5 million in key money, or $120,000 a month with no key money. The floors can also be leased separately. Read More


As Sunnyside Yards Divides LIC, Real Estate Pros Propose Closing the Gap

The Sunnyside Yards.

Long Island City is divided, so to speak.

The bustling neighborhood in western Queens has seen a lot of development in the last decade, but portions of it remain split by the sprawling Sunnyside Yards—a holding area for Amtrak, Metropolitan Transportation Authority and New Jersey Transit trains. While talks are early and controversial on proposals to build affordable housing above the tracks, real estate professionals in LIC believe some sort of link between the commercial side and the mixed-use side  could help the neighborhood—both in the short term and in the long run. Read More

Lease Beat

Bloomberg, WeWork Sign Deals at SL Green Properties

315 West 36th Street.

Both Bloomberg LP and WeWork have signed enormous leases for space at two SL Green Realty Corp. properties, according to a press release issued today by the real estate firm.

Bloomberg has expanded its presence at 919 Third Avenue between East 55th and East 56 Streets. In a 15-year lease, it has taken eight floors, or 254,556 square feet at the 47-story, 1.5-million-square-foot building. In February, Commercial Observer reported that the firm had taken 150,000 square feet at the property, which is near its headquarters at 731 Lexington Avenue. For this deal, Crain’s New York Business reported that Bloomberg was paying in the mid-$50s per square foot. Read More

Lease Beat

Another Pret A Manger Comes to Bryant Park

1071 Avenue of the Americas.

Employees who work at the Bank of America Tower and around Bryant Park will soon have another lunch option; U.K. import Pret A Manger, the coffee and food-on-the-go spot that has popped up around Manhattan, has signed a deal at 4 Bryant Park.

In a new 15-year lease, the company will take 2,100 square feet on the ground level and 1,789 square feet in the basement at the property, which is also known as 1071 Avenue of the Americas. The building sits between West 40th and West 41st Streets. Read More

Lease Beat

Wall Manufacturer Joins the Observer at the Plant

321 West 44th Street (Photo: CoStar).

An architectural wall manufacturer and distributor is heading to The Plant at 321 West 44th Street, Commercial Observer has learned. Tag Wall will join the New York Observer and CO at the 228,268-square-foot Times Square office building owned by Jowa Holdings Co.

Tag Wall signed a 10-plus-year lease for 8,508 square feet on the second floor at the 10-story building, which is between Eighth and Ninth Avenues, according to JLL. The asking rents were in the high-$50s per square foot. Read More