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Al Barbarino

On the Market

Chinatown Property with Signature Horse Head Hits Market

49 Market Street.

Eastern Consolidated is asking $6.75 million for a two-story Chinatown commercial building and former stable house just one block from the Manhattan Bridge at 49 Market Street, Commercial Observer has learned.

The firm said the 4,400-square-foot building (with approximately 4,000 square feet of unused development rights) is best-suited for “investors seeking in-place tenancy and income,” with the ability to bring it to its full as-of-right potential of roughly 8,400 square feet, or perhaps to use it as a component for a future assemblage with adjacent properties. Read More

Development Sites

Upper West Side Condo Development Could Fetch $70M

219-223 West 77th Street. (Credit: Avison Young)

Avison Young will bring an Upper West Side development site at 219-223 West 77th Street to the market in the coming weeks that the firm said could bring offers into the $70 million range.

The 7,700-square-foot lot currently holds a 42,000-square-foot parking garage – with an additional basement space – that will very likely be razed to make way for a new residential development project that could reach 77,000-square-feet. Read More

Lease Beat

DEA Moving to Brookfield Place

250 Vesey Street.

The Drug Enforcement Administration’s New York Organized Crime Drug Enforcement Task Force (OCDETF ) Strike Force reportedly signed a lease for 56,000 square feet at 250 Vesey Street, one of the five office towers that make up Brookfield Place.

The OCDETF Strike Force is taking the entire 19th floor and will move upon the expiration of its current lease at 85 10th Avenue. Read More

Power Broker

Bet on Brett Maslin, Adams & Co.’s No-nonsense Broker

Brett Maslin, Senior Managing Director of Adams & Company, LLC

A lot has happened since Brett Maslin of Adams & Co. made Commercial Observer’s 30 Under 30 list in 2012. He’s fully blossomed into one of the firm’s top-producing brokers. He also got married, so after eight grueling years climbing the company ladder, he finally got a break with a skiing trip in Vermont at the end of January—the first of two trips he and his wife would take to celebrate their vows. Read More

Lease Beat

RCM Technologies Takes Space at Cohen Brothers’ Storied Westchester Complex

333 Westchester Avenue.

Technology company RCM Technologies is relocating its Westchester County offices to Charles Cohen’s 333 Westchester Avenue.

The company, which has 25 offices in metros across North America, including one at 575 8th Avenue in Manhattan, signed a 9,000-square-foot lease for a portion of the second floor in the East Building of the 39-acre, 500,000-square-foot White Plains office campus. Read More

Sales Beat

Itzhaki Properties Arranges $3.25M Ridgewood Sale

5823-25 Myrtle Avenue.

Itzhaki Properties  has arranged the sale of a mixed-use building located at 5823-25 Myrtle Avenue in Ridgewood, Queens for $3.25 million.

The three-story, 4,264-square-foot property, consisting of five residential units and five commercial units, including a men’s clothing store and a dentist office,  has 11,688 of buildable square feet and will be delivered vacant. Read More

Sales Beat

CRE Partnership Closes on Future Dream Hotel

560 Seventh Avenue

Developer Soho Properties, MHP Real Estate Services and international hotelier Hampshire Hotels have officially acquired 560 Seventh Avenue, formerly occupied by the Parsons School of Design and home to the Bravo reality series Project Runway.

The development project, valued in excess of $300 million, will make way for the creation of a new hotel and retail property at the corner of 40nd Street and Seventh Avenue, featuring a Dream Hotel and 20,000 square feet of destination retail. Read More

Lease Beat

Harris Publications Renews 48,000SF at 1115 Broadway

1115 Broadway

Harris Publications has signed a nine-year, 47,960-square-foot renewal lease at Eleven Fifteen Associates1115 Broadway, Commercial Observer has learned.

The lease covers two floors in the building, each measuring 23,980 square feet.

“They were longtime tenants and chose to renew early,” said Adams and Co.‘s James Buslik, who represented both parties with colleague and son Jeff Buslik. Read More

Lease Beat

Pucci International Takes 50,000SF at 44 West 18th Street

44 West 18th Street.

Pucci International has signed a 49,875-square-foot, 10-year lease renewal at Forty Four Eighteen Associates44 West 18th Street, Commercial Observer has learned.

The lease covers floors nine, 11 and 12–each measuring 16,625 square feet–the latter of which is the crowning piece of the furniture manufacturer’s newly renovated showroom. Read More

Sales Beat

Home to The Backroom Bar Sells for $11M

102 Norfolk Street.

Massey Knakal has arranged the sale of a mixed-use building and home to The Backroom Bar and Saro Bistro on the Lower East Side at 102 Norfolk Street for $11 million, Commercial Observer has learned.

The six-story building, located between Delancey and Rivington Streets, contains approximately 16,000 square feet, with 25 apartments on the upper floors atop the bar/restaurants, Read More

Lease Beat

The Yard Brings 157 Columbus Avenue to Full Occupancy

150

The Yard has signed a long-term lease at The Brodsky Organization’s 157 Columbus Avenue, bringing the building to full occupancy after a renovation first reported in Commercial Observer paved the way.

The coworking space provider will occupy 28,638 square feet on the entire fourth and fifth floors, and the lease follows four tenants that recently completed transactions that followed the renovation: Fusion Learning leased 14,319 square feet, CrossFit leased 11,116 square feet, Citi Habitats leased 8,335 square feet and Quinlan Development leased 5,984 square feet. Read More

Power Broker

Ready to Launch: Jerry Larkin’s Vision for Manhattan West

LR_Larkin_030

Earlier this year, a machine known as The Launcher got to work on the foundation upon which Brookfield Office Properties’ 7.2-million-square-foot mixed-use Manhattan West project will rise.

So far, the metallic-yellow workhorse has methodically placed three of 16 concrete bridge spans atop a set of uncovered Amtrak tracks that lead to Penn Station, the rest of which are expected to be in place by year’s end.

As The Launcher continues to work ahead of schedule at the task, the “neighborhood of the future” is becoming more and more of a reality, as marketing efforts to land an anchor tenant for the development’s first commercial tower intensify. Read More

Sales Beat

Chelsea Development Site Sells for $22.5M

455

Massey Knakal has arranged the sale of a development site at 455 West 19th Street, located between Ninth and 10th Avenues in Manhattan’s Chelsea neighborhood, for $22.5 million, Commercial Observer has learned.

The site consists of an approximately 4,600-square-foot lot that measures 50 by 92 feet and currently holds a single-story warehouse, offering 27,692 buildable square feet. The sale price equates to approximately $813 per buildable square foot. Read More