In June, Winoker Realty—a second-generation real estate investment and services firm, strong in the Garment District and beyond—lost its president and principal, David Winoker, in a skydiving accident that rattled the real estate industry. In the wake of his death, Corey Abdo, the firm’s executive vice president and principal, took the reins at the firm. Now, a little more than six months after assuming the top position, Mr. Abdo spoke with The Commercial Observer about riding the tech wave in Midtown South, plans soon to unfold at Winoker and the June 15 day he lost his colleague of 11 years. Read More
By Karsten Strauss 2/06/13 7:45am
Basic Trust, a not-for-profit childcare center, has purchased an Upper West Side townhouse to house its programs. The organization paid $3.8 million for the four-story plus townhouse at 127 West 94th Street. The building offers 5,541 square feet. The deal closed late January.
The building is owned by The Mandell School, a preschool and kindergarten through grade 8 school which operates at several locations throughout Manhattan. Basic Trust will move into the 94th street location when Mandell’s current tenant – MCC, an organization serving autistic children – vacates in 2014, said David Lebenstein, senior managing director and principal of Cassidy Turley who represented the buyer. Read More
By Karsten Strauss 2/05/13 11:00am
Four brokers at Newmark Grubb Knight Frank will be taking over leasing responsibilities for three prewar office buildings on Broadway. The buildings, owned by W&H Properties, include 1333, 1350 and 1359 Broadway.
The leasing team will consist of William Cohen, executive vice president and principal, and Ryan Kass, senior managing director, Neil Rubin, director of Read More
By Karsten Strauss 2/05/13 7:45am
Despite lower rents and greater vacancies in lower Manhattan, technology and media firms will not likely leave the Midtown and Midtown South neighborhoods they’ve come to call home.
By Karsten Strauss 2/01/13 4:20pm
Times Square Capital has landed at 7 Times Square, taking over the entirety of the building’s 42nd floor in a deal that saw four different parties get what they wanted.
Time Square Capital – as part of a full relocation from its headquarters at 1177 Avenue of the Americas – took 28,415 square feet of Read More
By Karsten Strauss 2/01/13 2:25pm
New dating and social networking site, Datemyschool.com, has set up shop at Industry City in Brooklyn’s Sunset Park waterfront, The Commercial Observer has learned. The dotcom startup closed on the deal in June but had not released information on the transaction until now.
The burgeoning company has leased 8,500 square feet at an asking price Read More
By Karsten Strauss 1/31/13 3:39pm
Ask any city building owner or manager in new York City and they’ll likely agree that maximizing efficiency can save money. Energy efficiency can be a quick way for landlords to realize savings through tax breaks or through the added interest from tenants who wish to live in an efficient, responsible building.
The problem is Read More
By Karsten Strauss 1/31/13 1:08pm
About 6,300 square feet of retail space just popped onto the market in Soho Thursday, featuring two levels and an interior elevator.
80 Wooster Street, between Spring and Broome Streets, is looking for a tenant and is being marketed by exclusive leasing agents, Douglas Elliman’s retail Chairman Faith Hope Consolo and Executive Read More
By Karsten Strauss 1/31/13 9:00am
On a typical day, David Schechtman wakes at 5:30 a.m. in his Bedford, N.Y., home, showers, puts on a suit and drives to the train station to make his commute to the city. “I open up my office usually no later than 7:40 in the morning,” said Mr. Schectman. “I’ll either have an egg Read More
By Karsten Strauss 1/31/13 7:45am
The New York City Chapter of NAIOP, the Commercial Real Estate Development Association, today announced the results of its election for 2013 chapter leadership roles. Neil Tipograph, partner at Imowitz Koenig & Co., has been elected to serve as president, having been president-elect in 2012.
The organization has 55 chapters nationwide and about 15,000 members. Read More
By Karsten Strauss 1/30/13 7:30am
If the location of the six-story, elevatored office building at 4 East 46th Street wasn’t enough to pique the interest of a developer on the prowl for Midtown property, the fact that it will be delivered to a buyer vacant (save for grade restaurant space) might. Should that fail, the possibility of controlling over 30,000 Read More
By Karsten Strauss 1/29/13 3:21pm
Non profit organization, The Bowery Mission, purchased 315 East 115th Street for $5.3 million. The 21,390-square-foot building was sold by Palladia Inc., a non-profit which serves families and individuals struggling with substance abuse, homelessness, mental illness, trauma, domestic violence, behavioral health issues, and assists those transitioning from the criminal justice system.
The 50-foot wide, six-story Read More
By Karsten Strauss 1/29/13 7:30am
Changes are in store for the Sony Building, as the Japanese multinational has agreed to a deal trading its iconic New York headquarters at 550 Madison Avenue to the Chetrit Group. But what will become of the building’s retail offerings?
New York retail oracle, Robert K. Futterman, said he sees an enhancement on the way Read More
By Karsten Strauss 1/28/13 4:04pm
Publishing monolith, HarperCollins, signed 180,000-square-foot lease at 195 Broadway. The 15-year lease, signed January 25, will give the company four-and-a-half floors of the 1 million+ square foot building.
“Coming as it does on the heels of the recent Conde Nast signing at 1 World Trade Center, this becomes a very significant and transformative leasing transaction Read More
By Karsten Strauss 1/24/13 5:29pm
The Fifth Avenue Social Adult Day Care Center has leased 7,000 square feet of grade space at 1325 Fifth Avenue.
The 10-year lease closed in late December and negotiated to mid $40s per square foot.
The building, a six-story structure between 111th and 112th streets, is the first of its kind in Manhattan and part Read More