Lauren Elkies Schram

Foreclosure Auctions

One Madison Sponsors Win Retail Space at Auction

One Madison at 23 East 22nd Street.

Related CompaniesCIM Group and HFZ Capital have acquired the commercial piece of their One Madison, the condominium at 23 East 22nd Street formerly called One Madison Park.

At a foreclosure auction held this afternoon at the State Supreme Court building at 60 Centre Street, the three companies submitted the winning $3 million bid for the lone commercial unit in the building, which is between Broadway and Park Avenue South. There were no competing bids. Read More

853 Broadway

The Plan: 853 Broadway

Rendering of 853 Broadway.

Last week, landlord The Feil Organization began removing the scaffolding at 853 Broadway, a building that come the holiday season will be home to a new MAC cosmetics store.

Feil’s Brian Feil, the vice president of leasing, and Robert Fisher, the director of commercial leasing at the building, talked to Commercial Observer about the company’s $10 million-plus renovation project spanning the first five floors of the property. Construction at the site, at the corner of 14th Street and Union Square, began about a year ago. Read More


Four Contiguous W’burg Buildings Available for $9.54M

949-959 Metropolitan Avenue.

Four East Williamsburg residential buildings at 949-959 Metropolitan Avenue have hit the market with an asking price of $9.54 million, Commercial Observer has learned.

The four, four-story, 24,000-square-foot contiguous buildings contain 32 one- and two-bedroom rent-stabilized (and one rent-controlled) units bringing in a monthly income of $46,089, about 50 percent below market rate, according to the offering memorandum by Brooklyn-based EXR GroupRead More

Hotel Beat

Brooklyn Hotel Demand Growth Back on Track

Rendering of Holiday Inn Brooklyn Nevins Station.

For the first time since Superstorm Sandy forced people out of their homes and into hotels, quarterly room demand comparables are positive, data provided by lodging industry benchmarking services firm STR to Commercial Observer indicate.

The demand, or the number of rooms sold, increased year-over-year each month in the second quarter. Prior to this April, the last month there was a year-over-year increase was in September 2013. Read More

Lease Beat

United Ambulette Relocates to Bushwick from LIC

144 Pilling Street. (CoStar)

Medical transport service United Ambulette has expanded its business with a move to larger digs in the Bushwick section of Brooklyn. The company, which also has a school division, was based at 3131 Greenpoint Avenue in Long Island City prior to the June 1 move to 144 Pilling Street, off Central Avenue.

Kalmon Dolgin Affiliates brokers Jeffrey Unger and Robert Klein represented United Ambulette and the landlord, the Tony Argento-owned Corastar Holding Inc., in the deal, the brokerage announced. The third-generation United Ambulette took 6,000 square feet of warehouse space plus 20,000 square feet of outdoor yard space for its vehicles. Read More

Lease Beat

MediaMath Seals 4 WTC Deal This Morning [Updated]

4 World Trade Center. (Silverstein Properties)

Digital media buying platform MediaMath has sealed a 15-year deal to move from Midtown to 106,000 square feet at 4 World Trade Center. It is the first private-sector tenant for the Financial District building.

The deal was signed this morning in the mid-$70s per square foot and MediaMath scored $5.8 million in incentives through the federally funded Job Creation and Retention Program offered jointly by Empire State Development and Economic Development Corporation. Plus the company will get as-of-right incentives in place at the building for all tenants, according to the 4 WTC website. Read More

Construction Beat

Slideshow: Hilton Soon to Open at Site of Midtown Jewish Daily Forward Building

8 Photos

A Hilton Garden Inn is coming to the site of one of the former homes of the Jewish Daily Forward, also known as the Workmen’s Circle building.

Plans call for a 23-story, 238-foot tall hotel with a restaurant and open bar at the new Hilton, at 45 East 33rd Street between Park and Madison Avenues, according to Department of Buildings records. There will be 58 guest rooms. Read More

Wrecking Ball

Columbia Seeks Demo Permit at Future Campus Site [Updated]

3205 Broadway.

Columbia University is seeking a demolition permit for a building that is situated within the parameters of the school’s $6.4 billion future Manhattanville campus.

Yesterday, the school filed an application for a permit to demolish a one-story building at 3205 Broadway, near 125th Street, according to Department of Buildings records. The site will become a 60,0000-square-foot academic conference center, “which will be a hub for fostering collaboration across Columbia’s campuses and feature a 400-seat auditorium and state-of-the-art seminar and meeting rooms,” a school spokesman said.  Read More

Sales Beat

First Church of Religious Science Moving to UWS

204 West 84th Street.

Since moving to 14 East 48th Street five years ago, First Church of Religious Science has essentially been without a congregation, but soon its 600 members will be able to worship under the church’s roof on the Upper West Side, Commercial Observer has learned.

“No one lived within miles of us,” the pastor, Wade Adkisson, told Commercial Observer. “They will not venture forth to 48th Street because it’s so expensive [to get there]. They had to pay $40 for two hours of parking. We’re moving into a neighborhood where people can walk to church.” The church has been holding its Sunday meetings at Elinor Bunin Monroe Film Center, at 144 West 165th Street. Read More

Construction Beat

Holiday Inn Brooklyn Nevins Station Tops Out

Rendering of Holiday Inn Brooklyn Nevins Station.

The $80 million 246-room Holiday Inn Brooklyn Nevins Station topped out yesterday at 300 Schermerhorn Street in Downtown Brooklyn. The Gene Kaufman Architect-designed hotel is slated to open in mid-2015.

“This new hotel is a poignant moment in the much-heralded transformation of Downtown Brooklyn,” said Gene Kaufman, founder of Gene Kaufman Architect, in a prepared statement. “This full-service Holiday Inn, featuring premium amenities such as a swimming pool, first-class dining venues and event spaces as well as a duplex penthouse presidential suite, is a clear sign that Brooklyn has become an international destination in its own right.” Read More

Sales Beat

Boerum Hill Atlantic Avenue Site Sells for Record Price

472-484 Atlantic Avenue.

A site in the Boerum Hill section of Brooklyn has sold for a bit over $18 million, or $373 per buildable square foot, Commercial Observer has learned. It represents “the highest price per buildable square foot ever paid for a large development site of this size in Brooklyn,” said Stephen P. Palmese of Massey Knakal Realty Services. He exclusively handled the transaction.

The one-story building, at 472-484 Atlantic Avenue at the corner of Nevins Street, contains 16,100 square feet, with 150 feet of frontage on Atlantic Avenue, 40 feet of frontage along Nevins Street and 70 feet of frontage along Pacific Street. The site is home to a vacant laundromat, Atlantis Super Wash Center. Read More

Real Estate and Politics

Mayor Taps Rick Chandler as DOB Commish [Updated]

Bill de Blasio.

Mayor Bill de Blasio has named Rick Chandler as the commissioner of the Department of Buildings and believes Mr. Chandler will make DOB a “truly customer-friendly agency,” he said while announcing a series of appointments at City Hall.

The mayor said that too many New Yorkers are “not having a good experience with DOB,” and added:  “We aim to change that.” Mr. Chandler will assume the role around July 28. Read More

East Side Townhouse Hits the Market at $7.2M

321-323 East 58th Street.

A four-story East Side townhouse has hit the market with an asking price of $7.2 million, Commercial Observer has learned.

The 8,800-square-foot vacant building, at 321-323 East 58th Street, has 5,500 square feet of unused development rights, according to Eastern Consolidated. Victor’s restaurant used to occupy part of the 2,950-square-foot ground floor and a portion of the 2,000-square-foot cellar. The second floor (1,800 square feet), third floor (1,100 square feet) and fourth floor (1,000 square feet) are all residential. There are terraces on each of the top three floors. Read More

Power Broker

The Nonbroker Broker

Robert Dankner. (Lea Rubin)

Robert Dankner’s PR person calls him the “nonbroker broker.”

That moniker seems fitting for the 53-year-old co-founder and president of Prime Manhattan Residential, who looks more like an artist than a broker and whose real estate business really is a commercial-residential hybrid.  Read More