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Sales Beat

Springhouse Partners Nabs Two Harlem Buildings for $15.4M

220 West 116th Street and 449 West 125th Street.

Springhouse Partners has scooped up two mixed-use primarily rent-stabilized buildings in Harlem from Teaneck, N.J.-based Treetop Development for $15.4 million, Commercial Observer has learned.

One of the buildings is a 46,080-square-foot, five-story, 40-unit walk-up at 220 West 116th Street between Adam Clayton Powell Jr. and Frederick Douglass Boulevards. The other building is a 16,382-square-foot, six-story, 19-unit walk-up at 449 West 125th Street between Morningside and Amsterdam Avenues. The seven retail spaces in the two buildings are occupied by a Petopia pet supply store, a pharmacy, a daycare center, a beauty salon, as well as other businesses. Read More

Lease Beat

Securities Training Corporation Leads New Deals at 123 William Street

123 William Street. 123 William Street. (Viewthespace.com)

Securities Training Corporation has signed a long-term, 32,356-square-foot lease at 123 William Street, Commercial Observer has learned.

The tenant, which provides securities licensing preparation courses, will relocate from 17 Battery Place and occupy a portion of sixth and the entire seventh floor of the Lower Manhattan building. The company, founded in 1969, also operates locations in Chicago, Boston, San Francisco, South Florida and London. Read More

Lease Beat

Navigant Moving to TIAA-CREF’s 685 Third Avenue

685 Third Avenue. (CoStar)

Global professional services firm Navigant has signed a 10-year, 72,060-square-foot lease at TIAA-CREF’s 685 Third Avenue.

The tenant currently occupies 52,000 square feet at 90 Park Avenue on a sublease deal, according to The New York Post, which first reported the lease. Navigant also occupies a single floor at 119 West 40th Street, which the company picked up with its acquisition of Easton Associates in 2012. Read More

Lease Beat

Apparel Business Moves to 231 West 39th Street

231 West 39th Street.

GMC Mercantile Corp. has signed a new seven-year lease for a 9,153-square-foot portion of the sixth floor of 231 West 39th Street, Commercial Observer has learned.

The apparel business has relocated from 148 West 37th Street, according to Jeff Buslik of Adam & Co., who represented both the tenant and the landlord, 231/249 West 39 Street Associates, alongside his father, James Buslik. Asking rent for the space was $40 per square foot. Read More

Lease Beat

Jacobs Asset Management Renews, Expands at 11 East 26th Street

11 East 26th Street

Jacobs Asset Management has signed a six-year-four-month renewal and expansion at 11 East 26th Street, Commercial Observer has learned.

The financial services firm has renewed its existing 3,865-square-foot space on the 19th floor and expanded into a newly vacant and contiguous 2,137-square-foot space. Jacobs Asset Management has been a tenant in the building since 2010 and now occupies approximately half of the 19th floor. Read More

Lease Beat

Creative Agency Relocates to 42 West 39th Street

42 West 39th Street. (PropertyShark)

Creative agency 87AM has signed a two-year-10-month sublease from Perry Ellis at 42 West 39th Street, Commercial Observer has learned.

The tenant moved in to its new 10,092-square-foot space on the fourth floor of the building in April. 87AM had previously been based at 321 West 44th Street and in addition to New York, operates offices in Chicago, Las Vegas and Los Angeles. Read More

Lease Beat

Ellen DeGeneres’ New Brand Inks Lease at 121 East 24th Street

121 East 24th Street. (PropertyShark)

E.D., the newly launched lifestyle brand, has signed a five-year lease for the entire 5,186-square-foot 11th floor of 121 East 24th Street, Commercial Observer has learned.

The brand is a joint partnership between entertainer Ellen DeGeneres and J. Christopher Burch, the founder of C. Wonder and chief executive of Burch Creative Capital. E.D. will offer products in a number of categories, including home, ready-to-wear, accessories and pets, according to a press release announcing the brand’s launch. Read More

Office Deals

FedCap Makes Condo Deal at Durst’s 205 East 42nd Street

205 East 42nd Street. (The Durst Organization)

Just over a month after exchanging its 14th Street headquarters for a Midtown office condo, FedCap has made another condo deal, this time at the Durst Organization’s 205 East 42nd Street property.

The nonprofit has purchased a leasehold condo in the building, Durst announced today. The 64,303-square-foot deal consists of a portion of the ground floor, as well as the entire second and third floors of the building. FedCap will have a dedicated entrance on 43rd Street and a private elevator and staircase. Read More

Lease Beat

Tech Firm Renews, Expands at Jamestown’s 1250 Broadway

1250 Broadway. (PropertyShark)

Varonis Systems has renewed its existing 15,356-square-foot lease at 1250 Broadway, according to landlord Jamestown. Concurrently, the business technology firm expanded its footprint in the building, signing a 10-year lease for 30,712 square feet on the 28th and 29th floors.

“Broadway between the Nomad District and Flatiron is quickly becoming a burgeoning and dynamic area for many tech, media and creative companies,” said Michael Phillips, the chief operating officer of Jamestown, in a prepared statement. “Varonis Systems expanding within 1250 Broadway further indicates that the NYC tech corridor is beginning to stretch north into Midtown.” Read More

New Developments

Nets to Build Training Center in Brooklyn

148 39th Street. (PropertyShark)

The Brooklyn Nets franchise has announced plans to build a 70,000-square-foot training center at 148 39th Street in Industry City.

The franchise plans to relocate its training center to the eighth floor of the building from East Rutherford, N.J. in time for the start of the 2015-16 NBA season. Located one subway stop from the Barclay’s Center, the MANICA Architecture-designed facility will include two basketball courts, a weight room, a training pool and two hydro pools, a rooftop entertainment space, an 18-seat multimedia theater and more. Read More

Lease Beat

Massey Knakal Expands at 275 Madison Avenue

275 Madison Avenue. (PropertyShark)

Massey Knakal has signed a 15-year, 40,738-square-foot expansion at its 275 Madison Avenue headquarters. The real estate services firm will occupy the second, third and fourth floors of the RFR Realty-owned building.

The firm is consolidating its current presence on the third, ninth, 10th and 14th floors of the building, according to The New York Post. The lease also includes expansion options, the Post reported. Read More

New Developments

Muss, AvalonBay Plan Sheepshead Bay Development

A joint venture between Muss Development and AvalonBay Communities is planning a residential development on a recently acquired site in Sheepshead Bay, Brooklyn, Commercial Observer has learned.

The partners are planning a split condominium and rental building on the vacant 83,000-square-foot site at 1501 Voorhies Avenue, Jason Muss of Muss Development confirmed. Read More

Sales Beat

David Berley Buys Noho Retail Condo for $15M

Saxon + Parole at 316 Bowery. (AvroKO)

An investment group led by David Berley of Walter & Samuels has acquired the ground-floor retail condominium at 316 Bowery from Bowery Realty Corp. for $15 million in an off-market transaction, Commercial Observer has learned.

The 3,400-square-foot unit is occupied by the AvroKO-designed Saxon + Parole restaurant. The space also boasts an additional 3,200-square-foot lower level. Read More

Sales Beat

Broad Street Development in Contract to Buy Savanna’s 80 Broad Street

80 broad street

Broad Street Development is in contract to buy 80 Broad Street from Savanna for $175 million, The New York Post reported.

Real estate private equity firm Savanna acquired 80 Broad Street after taking control of the property’s senior mortgage at a 12 percent discount on its $75 million value, according to the Post. The building had previously been owned by Swig Equities, which paid $70 million for the property in 2004. Read More