Feed

Lauren Elkies Schram

Lease Beat

UWS Tandoori Shutters Tonight

210 West 94th Street.

Tandoori, a restaurant serving up North Indian cuisine, is closing tonight after eight years in business, Commercial Observer has learned.

Carlos Vegas leased Tandoori’s 2,000-square-foot restaurant at 210 West 94th Street between Amsterdam Avenue and Broadway this afternoon, allowing Tandoori to operate until 8:30 p.m. tonight, according to James Famularo of Eastern Consolidated. He and colleague Ravi Idnani negotiated the deal on behalf of Tandoori and Mr. Vegas. Read More

Sales Beat

Sam Chang Picks Up West 36th Street Building for $50.8M

334 West 36th Street.

Developer Sam Chang‘s McSam Hotel Group has picked up 334 West 36th Street from the Postgraduate Center for Mental Health for $50.8 million. Mr. Chang said he doesn’t know yet whether he plans to erect a hotel or residential rental building at the site.

The sale of the property, which is between Eighth and Ninth Avenues, closed on Aug. 6 and appeared in property records today. Mr. Chang said Postgraduate Center for Mental Health, which provides mental health treatment, housing, job training and placement as well as case management services, retains the right to occupy the premises until next year. Read More

Sales Beat

Acadia Closes $50M Buy of Soho Retail Co-ops

131 Prince Street.

Acadia Realty Trust has paid $50 million for two retail co-op units totaling 3,000 square feet at the base of 131-135 Prince Street, Commercial Observer has learned. The deal, which amounts to $16,666 per square foot, closed earlier this afternoon after being signed in late June, sources close to the deal said.

The seller was a family trust affiliated with Louis Meisel, who owns and operates the Louis K. Meisel Gallery at 141 Prince StreetRead More

Sales Beat

Gaia Closes $147M Murray Hill Purchase, Going Condo with Andres Escobar Design

330 East 38th Street.

Investment firm Gaia Real Estate has nabbed 144 units at Murray Hill’s Corinthian from Spitzer Enterprises for $147 million. The sale, at 330 East 38th Street, closed on Aug. 14, with the transaction appearing in public records today. Gaia is converting the units, which Spitzer Enterprises had been renting out, back to condominiums, with an Andres Escobar design, Commercial Observer has learned.

In December 2013, Gaia acquired the whole 50th floor for $14.55 million and is nearing completion of the gut renovation of 15 new condos, which the company will keep for its partners, said Danny Fishman, a managing partner at Gaia. Read More

Wrecking Ball

HAP Applies for Washington Heights Demo Permit [Updated]

4452 Broadway. (HAP Investment Developers)

HAP Investment Developers has filed an application for a demolition permit at 4452 Broadway at the southeast corner of Fairview Avenue and Broadway in Washington Heights, according to Department of Buildings records.

HAP purchased the 24,280-square-foot lot including neighboring 4454 Broadway in April 2013 for $7.3 million, according to property records. HAP put the kibosh on rival Quadriad‘s plans by scooping up the two sites, which had been included in proposed plans by the latter developer, DNAinfo previously reported. Read More

Lease Beat

Coffee Replacing Crumbs Cupcakes in Chelsea

A Crumbs Bake Shop.

A new coffee shop serving Italian-style coffee and in-house, hand-made baked goods, is building out the 950-square-foot space where Crumbs Bake Shop used to be in Chelsea. Seven Grams Caffe signed a 10-year lease in June and plans to open at 275 Seventh Avenue between 25th and 26th Streets in the second week of September.

The owners don’t anticipate any bad joo joo from Crumbs’ demise. Read More

The Lobby

Brandl Frey Leaves Durst for RFR

Brandl Frey by Steve Friedman.

Brandl Frey, who was most recently a leasing manager at the Durst Organization, started at RFR Realty yesterday, Commercial Observer has learned.

She is serving as the executive vice president of strategic initiatives and marketing, and will be working on marketing initiatives, branding and leasing at RFR properties including 375 Park Avenue and Lever House at 390 Park Avenue. Her office is in the latter. Read More

Sales Beat

Klosed Properties Closes First Soho Acquisition

202 Spring Street.

Klosed Properties has made its first Soho property purchase, picking up a retail condominium unit at 202 Spring Street for $7 million, Commercial Observer has learned. Klosed bought the property in partnership with Namdar Realty Group, said Steven Kachanian, the principal at Klosed. The deal took about two and a half years to complete, Mr. Kachanian said.

David Goldoff of Camelot Realty Group, who was the lone broker in the deal, said the property was on and off the market for three or four years.  Read More

Sales Beat

Certes, United Management Nab UWS S.R.O. for $15M

206 West 95th Street.

Certes Partners and United Management Corp. have purchased the infamous single-room-occupancy hotel Camden Hotel on the Upper West Side for $15 million. The seller of the building, once ranked the 24th Precinct’s second most dangerous building, was Steve Tzolis, owner of Il Cantinori and Periyali restaurants.

Sunder Jambunathan, a principal at Certes, said while the S.R.O. is in place at 206 West 95th Street, its status as such is being wound down. Certes and United Management’s plans for the site are in flux. Read More

Lease Beat

Harry Winston Consolidates, Relocates Offices

717 Fifth Avenue.

Harry Winston is relocating its offices from two Manhattan locations to a 23,000-square-foot space across from the luxury jewelry brand’s flagship retail store at 718 Fifth Avenue.

Harry Winston signed a 15-year lease at 717 Fifth Avenue on the southeast corner of 56th Street, according to a news release from CBRE. CBRE’s Zachary Freeman, Brian Hay and Ryan Alexander negotiated the deal on behalf of the landlord, Equity Office Properties, along with Bill Edwards and Jessica Kanfer from Equity Office Properties. Read More

Lease Beat

Newspaper Delivery Service Relocates LIC HQ

47-11 and 47-51 Austell Place.

Mitchell’s NY, a family-owned publication delivery business, is relocating its Long Island City headquarters and distribution center within the neighborhood to Time Equities47-11 and 47-51 Austell Place between Skillman Avenue and 27th Street.

Faith Hope Consolo and Joseph Aquino of Douglas Elliman‘s retail group negotiated the 40,000-square-foot deal on behalf of Mitchell’s NY in a direct deal with Time Equities‘ senior acquisitions and asset manager, Brad Gordon. Read More

Art in Real Estate

Slideshow: Pop Artists’ Assault on the 21st Precinct

33 Photos

327 East 22nd Street. (Lauren Elkies Schram)

For more than two months, 55 pop artists have been painting the interior of the four-story building that used to house the 21st Precinct. This morning, Sam Suzuki, the chief executive officer of Suzuki Capital, and Colby Swartz, a company director, gave Commercial Observer a private tour of the artwork created on almost every wall in the building, at 327 East 22nd Street between First and Second Avenues. Some of the featured artists are Pesu Art, Giz, Ghost, Savior and Jay Carlos. The opening reception for the art exhibit is going on now and the exhibit will be open to the public tomorrow and next Saturday and Sunday before Suzuki Capital demolishes it to make way for a condominium. (All photos are by Lauren Elkies Schram.) Read More

Sales Beat

HK, Brickman Pick Up Chocolate Factory Lofts for $68M [Updated]

275 Park Avenue.

HK Organization and Brickman have paid $68 million for the iconic Chocolate Factory Lofts in the Clinton Hill section of Brooklyn. The deal at 275 Park Avenue, which closed this Tuesday, was done in affiliation with private investor Jo-Ann Obergfell.

“We just like the site for the location,” said Harry Kotowitz, a founder and principal at HK. “We believe very much in the Tech Triangle and the Navy Yard. We see an upside in the neighborhood long term.” Read More

Sales Beat

Greenpoint Eberhard Pencil Factory Building in Contract

74 Kent Street. (Leo Tsimmer)

Caerus Group is in contract to buy one of the buildings at the former Eberhard Pencil Factory in the Greenpoint section of Brooklyn, Commercial Observer has learned. The building, at 74 Kent Street between Franklin and West Streets, went into contract for more than $7.5 million, said Leo Tsimmer, senior managing partner at Caerus.

“The purchase was purely based on our belief in the neighborhood and we love the building,” Mr. Tsimmer said. “We like our neighbor [crowdfunding tech startup Kickstarter at 58 Kent Street]. It’s just a cool block. It’s a block and a half from the water. The neighborhood is changing. The vibe is way better than Williamsburg, to my taste. Williamsburg is getting so gentrified it disappears a little bit. That’s why I like Greenpoint so much.” Read More