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Billy Gray

By Billy Gray 6/19 4:13pm

Development

Rendering of 61 Ninth Avenue

Wavy Glass Tower to Rise on Site of Meatpacking District Woodshop

A rare vestige of the non-glam Meatpacking District is bound for Hell’s Kitchen, clearing the way for a 12-story tower at the well-positioned 61 Ninth Avenue.

The 172,000-square-foot glass tower will rise on the soon-to-be former site of the 90-year-old Prince Lumber Co. and abut the Apple Store. The property, on what a source called the “last great site” in the Meatpacking District, will also include three floors of retail. Read More

By Billy Gray 6/19 9:00am

Postings

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REBNY Retail Deal of the Year Awards, Minute By Minute

About 200 retail real estate specialists gathered at 101 Park Avenue’s 101 Club last Tuesday for the Real Estate Board of New York’s 15th annual Retail Deal of the Year Awards cocktail party.

Brokers flocked to a bountiful buffet and an open bar with generous pours. In a lonely corner, an ignored PowerPoint presentation summarized the nominees. Here’s what went down as the assembled waited to hear which of the nine submitted transactions would take home the evening’s two big honors. Read More

By Billy Gray 6/19 7:45am

Lease Beat

Stuy Town as seen from First Avenue.

Petland Signs at 332 First Avenue in Latest Turnover at Peter Cooper-Stuy Town Retail

In another instance of turnaround at The Shops at Peter Cooper Village and Stuyvesant Town, Petland signed a 15-year, 1,909-square-foot lease at 332 First Avenue, The Commercial Observer has learned. It will be next door to Second Time Around, a consignment shop that in April inked a deal at 334 First Avenue.

Mark Leber of Newmark Grubb Knight Frank represented the tenant. Bruce Spiegel and William Bergman of Rose Associates represented Peter Cooper Village and Stuyvesant Town. Asking rent was $110 a foot.  Read More

By Billy Gray 6/18 10:00am

The Sit-Down

Scott Panzer (Photo: Sasha Maslov)

Scott Panzer: Jones Lang LaSalle’s Triple Digit Threat

Scott Panzer no longer wears a tie to the office. But despite his nod to Gen Y’s watering down of the workplace dress code, the Jones Lang LaSalle vice chairman shows up to our interview in a snazzy pair of suspenders and a starched white button-down. A 26-year veteran of the real estate industry, Mr. Panzer is at a stage of his career when he doesn’t sweat the small stuff, like neckwear. Instead, he focuses on matching elite tenants (like Interpublic Group of Companies) with A-list landlords (including Sheldon Solow) and their trophy properties (e.g. 9 West 57th Street). Mr. Panzer spoke to The Commercial Observer about his real estate salad days, the comeback of triple-digit rents and the negotiating power of cowboy boots.  Read More

By Billy Gray 6/18 7:45am

Lease Beat

Untitled

Le Pain Quotidien Inks 2,941-Square-Foot Madison Avenue Deal

The international bakery and boulangerie chain Le Pain Quotidien has moved on up to Carnegie Hill after signing a 12-year, 2,941-square-foot lease at 1399 Madison Avenue, near 97th Street.

The store, already open, is the northernmost Manhattan location of Le Pain Quotidien, which also has Brooklyn and suburban offshoots. CBRE‘s Amira Yunis and Matt Krell repped the tenant. Rose Associates Senior Managing Director Bruce Spiegel and Commercial Leasing Manager William Bergman represented the landlord, MSMC Residential Real Estate LLC. Asking rent was $150 per square foot. Read More

By Billy Gray 6/17 1:28pm

Assignments

Untitled

Danny Meyer In Talks for Bistro in Harlem

The restaurateur Danny Meyer is considering opening a bistro in central Harlem, according to retail brokers leasing a nine-building portfolio around the intersection of West 135th Street and Frederick Douglass Boulevard.

Faith Hope Consolo, Joseph Aquino and Arthur Maglio of Douglas Elliman were named exclusive leasing agents for the 25,000-square-foot portfolio covering 216, 218, 229, 231, 233, and 235 West 135th Street, 2312 Adam Clayton Powell Boulevard and 2518-2524, 2540 and 2542 Frederick Douglass Boulevard. Read More

By Billy Gray 6/14 1:37pm

Lease Beat

Untitled

Level 8 Apparel Inks 6,596-Square-Foot Deal at 250 West 39th Street Fashion Center

The outerwear manufacturer  Level 8 Apparel signed a 6,596-square-foot lease at 250 West 39th Street (between Seventh and Eighth Avenues), otherwise known as the Fashion Center.

Brokers from Tarter Stats O’Toole worked on the transaction with the tenant and landlord, Lincoln Property Company. Greg Gang and Ari Waldman repped Level 8, while Catherine O’Toole and Jonathan Mines represented LPC. Ms. O’Toole said asking rent was $36 a foot. Read More

By Billy Gray 6/13 8:00am

Assignments

111 Fourth Avenue

Long Occupied 4,452-SF Retail Space Off Union Square Hits Market

Tarter Stats O’Toole has scored another major downtown assignment and is marketing the 4,452-square-foot retail space at 111 Fourth Avenue, The Commercial Observer has learned.

The store, on Fourth Avenue between 11th and 12th Streets, was previously occupied for 30 years by Utrecht, an art supplies store. The space features 19-foot ceilings and 45 feet of frontage on the avenue. Asking rent is $125 a foot Read More

By Billy Gray 6/12 11:38am

Awards

From left to right: David LaPierre, Jacqueline Klinger, Chase Welles

REBNY Gives Retail Deal of the Year Honors to David LaPierre, Jacqueline Klinger, Chase Welles

Brokers who brought big name chain retailers to a pair of Jeff Sutton properties won big last night at the Real Estate Board of New York‘s Retail Deal of the Year Awards at 101 Park Avenue.

David LaPierre of CBRE nabbed the prize for  “most ingenious and creative retail deal that demonstrates exceptional broker acumen” for a transaction that brought Express to 1552-1560 Broadway. Jacqueline Klinger and Chase Welles of SCG Retail‘s success in landing Whole Foods in Harlem (at 100 West 125th Street) were deemed the brokers behind “the retail deal which is most significant in its overall characteristics and importance to the New York City Retail Market” Read More

By Billy Gray 6/12 7:45am

Lease Beat

632Broadway

Hedge Fund Signs 11,250-Square-Foot Lease Renewal in Noho

Serengeti Asset Management inked a 5-year, 11,250-square-foot lease renewal at 632 Broadway.

Nora Stats, a managing member at Tarter Stats O’Toole represented the tenant and its landlord, Renaissance Properties, in the transaction. Greg Gang of Tarter Stats O’Toole said that asking rents at the Noho property are $75 per square foot. Read More

By Billy Gray 6/11 2:20pm

Go WestYoung Man

3 Hudson Boulevard

The Moinian Group Reveals Plans for 1.8-Million-Square-Foot 3 Hudson Boulvard

The Moinian Group this afternoon offered details about the upcoming 3 Hudson Boulevard, a 1,000-foot tall, 1.8-million-square-foot tower on 11th Avenue between West 34th and West 35th Streets in the thick of the Hudson Yards development.

“For more than two decades The Moinian Group has believed that the new West Side would emerge as Manhattan’s most sought-after neighborhood,” Joseph Moinian, founder of The Moinian Group, said in a prepared statement. “Our new mixed-use building at 3 Hudson Boulevard will stand as the pinnacle of elegance along the new Hudson Boulevard & Park. With 3 Hudson Boulevard, you are going to see something truly spectacular.” Read More

By Billy Gray 6/11 9:00am

Footlong and Strong

A Subway restaurant in the East Village.

Subway Squeeze: No End in Sight for Sandwich Spot’s Expansion

Normally, Jared Fogle would be the biggest in-store distraction for Subway customers hungry for a hero. But the larger commotion during Thursday’s lunch rush involved Elmo and the Cookie Monster.

Mr. Fogle, the improbable Subway spokesman for 15 years, turned a few heads at the sandwich chain’s 126 West 41st Street branch last week during a press meet and greet. He even posed for a quick picture with the Times Square Sesame Street mascots before the unflappable people beneath those full-body suits removed their masks and chowed down at a corner table.

“Only in New York!” squealed one Subway representative. Read More