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Al Barbarino

Lease Beat

Jeweler Paul Morelli Takes Prime Madison Avenue Space

Paul Morelli. (Credit: paulmorelli.com)

Paul Morelli will be opening his first New York store after signing a 10-year lease for a two-level space at 895 Madison Avenue. 

The jeweler, a presence at luxury goods department store Bergdorf Goodman since 1981, will occupy a 728-square-foot ground floor space and a 1,221-suare foot basement, with 40 feet of frontage across from Ralph Lauren’s New York flagships. Read More

Lease Beat

Veracen Partners Among Pack of New Leases at 250 West 55th Street

250 West 55th Street. (Credit: New York Yimby)

Veracen Partners is among a set of several new tenants to take space at Boston Properties250 West 55th Street, signing a 10-year, 11,263-square-foot lease for a portion of the 16th floor at the 38-story tower.

CBRE, which represented the landlord, announced the lease concurrently with a 7,196-square-foot deal with RTW Investments & LifeSci Capital and a 4,806-square-foot Coltrane Asset Management lease. All three firms will occupy the 16th floor of the building, which features new high-end prebuilts designed by Gensler, with 10-foot ceilings and perimeter offices. Read More

Market Reports

Brooklyn Led Multifamily Market in February

Brooklyn Heights.

Year-over-year multifamily investment sales activity showed large gains across New York City in February, with Brooklyn leading the way in terms of transaction volume and dollar volume, according to Ariel Property Advisors’ latest Multifamily Month in Review report.

Brooklyn was the most active borough with 52 buildings trading across 18 transactions for a total value of $343.5 million in sales. Last February there were just nine Brooklyn transactions, totaling $28 million. Read More

Cover Story

Breaking Barriers: Richard Bernstein and Peter Hennessy on Cassidy Turley’s Star Turn

Richard Bernstein and Peter Hennessy. (Photo: Mike Nagle)

“If I could knock this wall down I would,” said Peter Hennessy, pointing through a glass enclosure that separates his office from a row of open workstations within the 42nd floor of Cassidy Turley’s 277 Park Avenue offices.

Mr. Hennessy, the tristate president at the firm, will likely get his wish if Cassidy Turley continues to literally and figuratively break down the barriers that once separated its business lines by expanding the consulting practice that he and Richard Bernstein, the firm’s executive vice chairman and principal, said is crucial to the company’s future. Read More

Lease Beat

Big East Conference Moving to Big Apple

Providence forward Kadeem Batts (10) dunks on Xavier's Matt Stainbrook (40). (Credit: Frank Victores, USA TODAY)

The Big East Conference is betting on the Big Apple to help usher in a new era.

The reconfigured conference has chosen The Durst Organization’s 655 Third Avenue in Midtown as its official headquarters after cutting a 10-year, 13,742-square-foot lease across the seventh floor of the 30-story property. Read More

On the Market

GFI Realty Services Asking $2.85M for Williamsburg Residential Property

377

GFI Realty Services is marketing a four-story, 7,000-square-foot residential building at 377 South 1st Street in Williamsburg for $2.85 million, Commercial Observer has learned.

The property, made up of eight two-bedroom apartments, is two blocks east of the Brooklyn-Queens Expressway and two blocks west of the intersection between Grand Street and Union Avenue, near popular neighborhood hangout Barcade and a plethora of other restaurants and nightlife options. Read More

Sales Beat

Marcus & Millichap Arranges $6.4M Upper East Side Sale

319 East 90th Street.

Marcus & Millichap has arranged the $6.4 million sale of a 9,000-square-foot, five-story residential walk-up building at 319 East 90th Street on the Upper East Side, Commercial Observer has learned.

The building, located between First and Second Avenues, contains 20 apartments—17 of them free market—with 12 one-bedrooms and eight studio units. Read More

Sales Beat

Sunset Park Development Sells for Nearly $20M

Sunset

Marcus & Millichap has arranged the sale of a 123,785-square-foot, two-story industrial building at 150 52nd Street in Sunset Park, Brooklyn for $19.5 million.

The lot currently holds an industrial building with seven commercial tenants and a 30,631-square-foot open parking lot, but it carries with it 201,930 square feet of total buildable air rights. The demand for development opportunities in the area led to a sale price that came in $2.7 million over the asking price, brokers said. Read More

The Lobby

Industry Vet Corey Abdo Joins Coldwell Banker Commercial Alliance

Corey Abdo

Veteran Manhattan broker Corey Abdo has joined Coldwell Banker Commercial Alliance as an executive managing director of leasing and sales in its New York City offices, Commercial Observer has learned.

Mr. Abdo, who has negotiated more than two million square-feet of real estate transactions over a career spanning 25 years, will continue to provide both owner representation and tenant advisory services to clients throughout the Metropolitan area. Read More