Lauren Elkies Schram

Food & Drink

Bond 45 Restaurant Staying Put?

Bond 45 at 154 West 45th Street.

Restaurateur Shelly Fireman believes Times Square staple Bond 45 won’t be permanently shuttering when its lease expires next February, but the space may be shrinking.

Mr. Fireman, whose family-owned Fireman Hospitality Group operates Bond 45 at 154 West 45th Street and a number of other restaurants in New York City, said that he and the landlord, Charles Moss of Bow Tie Partners, are ironing out the details. Read More

Sales Beat

Hudson Companies Plans 420 Apartments in Prospect Lefferts Gardens

A rendering of Hudson Companies' 310 Clarkson Avenue development.

Private real estate development company Hudson Companies has picked up four parcels in Prospect Lefferts Gardens, Brooklyn, and will combine them with other adjacent properties to erect a roughly 350,000-square-foot residential development on the southeast corner of Nostrand and Clarkson Avenues, Commercial Observer has learned.

In the most recent transaction, Hudson Companies bought 318-350 Clarkson Avenue, which is comprised of four parcels with four existing buildings and a 50,000-square-foot footprint, for $13.1 million. The purchase from Health Science Center at Brooklyn Foundation, a not-for-profit organization affiliated with SUNY Downstate Medical Center, closed on March 16, property records indicate. The site offers 200,000 buildable square feet. Read More

Sales Beat

Ashkenazy Buys Bronx Commercial Site for $5.1M

3860 East Tremont Avenue in the Bronx.

Ashkenazy Acquisition has purchased a commercial building in the Throgs Neck section of the Bronx for $5.1 million, Commercial Observer has learned.

The site at 3860 East Tremont Avenue, on the northwest corner of East Tremont Avenue and the Cross Bronx Service Road North, includes a one-story, 15,000-square-foot vacant building with 23,618 square feet of air rights, 40 parking spaces and a tower for an advertising sign. Read More


Breaking: EV Buildings Collapse, Several People in Critical Condition

Press conference after an East Village explosion (Photo:  Jillian Jorgensen).

A gas-related explosion leveled three East Village buildings and injured 15, three critically.

At 3:17 p.m., private contractors were conducting plumbing and gas work inside 121 Second Avenue between East Seventh Street and St. Mark’s Place, which caused an explosion that impacted 119, 121, 123 and 125 Second Avenue. The buildings at 121, 123 and 125 Second Avenue collapsed; fire fighters are working on battling a fire at 119 Second Avenue, and that building is at risk of collapsing, officials said at a press conference this afternoon. Read More

Lease Beat

Mobile Ad Company Relocating Within Flatiron District in Short-Term Lease

162 Fifth Avenue.

Mobile advertising company Amobee has signed a 3.5-year lease for the 12,250-square-foot 10th floor in the Flatiron District, Commercial Observer has learned.

Amobee, which provides services for large advertisers, publishers and operators, took the short-term lease at 162 Fifth Avenue “to have flexibility, as they were unsure about the amount of growth they will have in the upcoming years,” according to a spokeswoman for ABS Partners Real Estate. Amobee will be relocating from nearby 155 Fifth Avenue between East 21st and East 22nd Streets. Read More

Lease Beat

Men’s Dress Shirtmaker Signs Brookfield Place Lease As Complex Officially Opens

$79 men's shirts from Kamakura Shirts (Kamakura Shirts' website).

Kamakura Shirts signed a lease at Brookfield Place yesterday, the day before the Lower Manhattan complex officially opened.

The Japanese men’s dress shirt company’s 699-square-foot space is across the hall from Equinox (opened last month) and sandwiched between a women’s fashion brand that hasn’t been announced and Time Inc.‘s lobby, Edward Hogan, the national director of retail leasing for Brookfield Office Properties, told Commercial Observer during a tour of the partially complete complex yesterday. The lease is for 10 years, he said, noting that asking rents are currently $400 to $500 per square foot. Kamakura Shirts will open in about three months. Mr. Hogan negotiated the deal for Brookfield, along with Stephen Plourde of The McDevitt Company. Craig Slosberg of JLL represented the tenant.  Read More

Lease Beat

Private Equity Advisory Takes Final Madoff Floor in Lipstick Building

The Lipstick Building at 885 Third Avenue.

StepStone Group, a global private markets firm, has leased the entire 17th floor at the Lipstick Building, one of the floors leased to Bernard L. Madoff Investment Securities, and the site of where company head Bernard Madoff operated his $65 billion Ponzi scheme, Commercial Observer has learned.

StepStone signed a 10-year lease for the 19,270-square-foot renovated space in the 34-story IRSA- and Marciano Investment Group-owned office tower at 885 Third Avenue between East 53rd and East 54th Streets, according to a release from the owners and the building’s co-asset management firm Herald Square Properties. The asking rent was $85 per square foot. The deal brings the building to 97 percent occupied. Only the 13,200-square-foot 28th floor is available for lease. Read More

The Sit-Down

Ziel Feldman and His Construction Binge, Starting With a Pair of High Line Projects

FROM A TO ZEIL: Mr. Feldman at his artfully decorated office (Photo: Aaron Adler for Commercial  Observer).

After four years of living on Park Avenue in the East 80s, Ziel Feldman will this year be moving to Marquand at 11 East 68th Street, a Beaux-Arts Revival rental-to-condominium conversion his firm is completing on Madison Avenue.

The chairman and founder of HFZ Capital Group (the H is for his wife Helene, F is for Feldman and Z is for Ziel) has worked on more than 30 conversion projects like The Chatsworth at 344 West 72nd Street, Astor at 235 West 75th Street, 11 Beach Street in Tribeca and One Madison Park. Read More

Lease Beat

Sister PR Firms Moving to Combined 10K SF in Midtown South

276 Fifth Avenue.

The Manhattan-based subsidiaries of Mineola, N.Y.-based Didit, an integrated marketing communications firm, will be moving to a shared 10,000 square feet in Midtown South, Commercial Observer has learned.

Didit signed a single 10,000-square-foot lease for its public relations companies LVM Group and Bridge Global Strategies, at 276 Fifth AvenueEVO Real Estate Group announced. The firms will share the space on the second floor of the 11-story, 200,000-square-foot commercial building at West 30th Street owned by 276 Managers LLC, a group that includes The Kash Group. Read More

Tax Breaks

Food Saver NY Seeks Tax Breaks to Acquire Brooklyn Home

402 East 83rd Street.

Food Saver New York, which processes and distributes food products, is looking to buy its home in the East Flatbush neighborhood of Brooklyn, according to city documents.

The industrial building at 402 East 83rd Street, owned by IJ Litwack Realty, is 25,800 square feet and sits on 21,800 square feet of land, according to the notice of public hearing from the New York City Industrial Development Agency. The purchase is expected to cost $5.4 million and Food Saver New York is seeking payments in lieu of city real property taxes and deferral of city and state mortgage recording taxes. NYCIDA will address the application at a public hearing on April 9. Read More

Lease Beat

Byredo Opening First U.S. Boutique in Soho

476 Broome Street (Image: Winick Realty Group marketing materials)

Stockholm-based Byredo, which Racked called a “cult fragrance brand,” is bringing its signature scents and new body care products and leather accessories lines to the United States by way of Soho.

Byredo, which is sold at Barneys, signed a 1,300-square-foot ground-floor lease (plus 250 square feet for storage in the basement), at South Florida billionaire Jeff Greene‘s condominium conversion project at 62 Wooster Street between Spring and Broome Streets, sources told Commercial Observer. The asking rent in the 10-year deal was $300 per foot, one of the sources said. Read More

Lease Beat

Bath & Body Works Inks 50K-SF Soho Office Renewal

503 Broadway (Photo: CoStar).

Limited Brands has renewed a roughly 50,000-square-foot lease for its Bath & Body Works personal care products brand in Soho, Commercial Observer has learned.

The 10-year renewal at 503 Broadway spans the entire fourth and fifth floors, said Eric Cagner of Newmark Grubb Knight Frank, who along with colleague David Falk represented the landlord, Hang Seng Realty, in the deal. CBRE‘s Eric Deutsch negotiated on behalf of the Limited. The asking rent in the building was around $80 per square foot, Mr. Cagner said. Read More

Lease Beat

Rockrose Moves Into Its Madison Square Park Building

The lobby at 15 East 26th Street .

Rockrose Development Corp. has moved its offices to a commercial condominium the developer owns along Madison Square Park, Rockrose President Justin Elghanayan told Commercial Observer. Gerner Kronick + Valcarcel, Architects designed the new space.

“The office has exposed ceilings, looks directly onto Madison Square Park and onto the Flatiron Building,” Mr. Elghanayan said. “It’s an airy, open design that’s consistent with our corporate culture and history of developing loft buildings. We have a large kitchen/dining area that adjoins our conference space on the park.” Read More