Lauren Elkies Schram

Sales Beat

Savanna Selling Twitter’s East Coast HQ in Chelsea for $335M [Updated]

245-247 West 17th Street.

The public New York REIT, formerly American Realty Capital New York Recovery REIT, has agreed to purchase Twitter‘s East Coast headquarters in Chelsea from Savanna Capital Partners for $335 million, according to releases issued by New York REIT and Savanna. The contract was signed on Tuesday, according to the president of New York REIT, and he expects it to close within the next 30 days.

As first reported by Commercial Observer, following a $29.4 million gut renovation, Savanna put 245-249 West 17th Street on the market, hiring Eastdil Secured to sell the 12-story office tower and adjacent six-story mixed-used building. Read More

Sales Beat

LIVWRK Buys Red Hook Building from Ship Repair Company for $21.5M

160 Van Brunt Street.

LIVWRK has closed on the purchase of a three-story (in some parts one-story and in other parts two-story) 98,650-square-foot industrial Red Hook building from large ship engine repair company Golten Marine, Commercial Observer has learned. The deal closed yesterday at $21.5 million.

Golten Marine owned and operated out of the building, at 160 Van Brunt Street between Van Brunt and Imlay Streets on Summit Street, for 75 years. There are seven or eight tenants remaining in the building, occupying a total of 20,000 square feet, through expired or month-to-month leases, said Dan Marks of TerraCRG, who exclusively negotiated the deal with TerraCRG’s Ofer Cohen, Melissa DiBella, Peter Matheos and Michael Hernandez.  Read More

The Sit-Down

Triangle Equities Triangulates the Boroughs

Lester Petracca.

Lester Petracca is a tactician when it comes to traversing the public approval process and building value-added developments Whitestone-based Triangle Equities is known for its acumen and know-how when it comes to working with government agencies and securing the necessary public approvals to complete public-private development projects in the outer boroughs. With Lester Petracca, 58, at the helm since its inception in 1986, Triangle Equities has focused on developing projects that have catalyzed area-wide economic development and rejuvenation. Commercial Observer talked with Mr. Petracca last week, just hours before he was headed to Bermuda to relax and fish. Read More

Construction Beat

Moinian Hit with Partial Stop Work Order on West 42nd Street

605 West 42nd Street. (Photo by Damian Ghigliotty)

The Moinian Group‘s under-construction 60-story rental tower at 605 West 42nd Street has been hit with a partial stop work order, according to Department of Buildings records.

The development company, led by CEO Joseph Moinian, was cited for “six randomly visible broken wires” on the crane at the 11th Avenue construction site. DOB issued the partial stop work order—which stops a certain type of work or work on a particular section of the construction site or building—last Friday and it won’t be cleared until the company resolves it and contacts DOB for clearance, a DOB spokesman explained. Read More

Sales Beat

Silvershore Properties Sells 101 Delancey Street for $17.3M

101 Delancey Street.

Silvershore Properties has sold the six-story, mixed-use site at 101 Delancey Street for $17.3 million, Commercial Observer has learned. The firm had put the building on the market last August for $20.5 million, pulled it off in December and then just sold it in an off-market deal.

The property, on the corner of Ludlow Street, has 20 rental apartments and five retail spaces with 86 feet of frontage on Delancey Street. The retail was delivered vacant in the deal, which closed last Friday.  Read More

Lease Beat

1 New York Plaza Scores Five New Retail Concourse Tenants [Updated]

1 New York Plaza.

Brookfield Office Properties has signed leases with five new retail tenants at its 1 New York Plaza within the past six weeks, bringing the 42,000-square-foot retail concourse to 65 percent leased, Commercial Observer has learned.

The new tenants are Starbucks (1,200 square feet), Chipotle (1,800 square feet), Chop’t Creative Salad Company (2,400 square feet), Cobbler Express (950 square feet) and Optometric Arts (950 square feet). Read More

Sales Beat

EMP, Empire Capital Buy FiDi Building, Prep to Launch Condo Sales [Updated]

42 Ann Street. (42 Ann Street website)

In its first development project, EMP Capital Group purchased the Keuffel and Esser building and will soon launch sales at the residential condominium, the developer told Commercial Observer. EMP Capital Group bought the building in conjunction with developer Empire Capital Holdings.

Elie Pariente, the principal at EMP, said his firm has been doing a lot of work on the former factory building at 127 Fulton Street, also known as 42 Ann Street, prior to its closing on June 12. EMP paid $15.35 million to a group of investors, 127 Fulton LLC, to acquire the building, public documents indicate. Read More

Lease Beat

Capital New York Moving Downstairs on 39th Street [Updated]

333 West 39th Street.

Online news publication Capital New York is moving to a larger space in its current building at 333 West 39th Street to accommodate its recent growth.

Capital signed a five-year lease for 4,500 square feet one floor down from its current 1,900-square-foot ninth-floor space in the building between Eighth and Ninth Avenues, according to Neil Joffee of Newmark Grubb Knight Frank. Mr. Joffee is the majority owner of the building and was one of the brokers representing ownership, along with NGKF’s Alan Steinberg. The new office is comprised of three combined spaces on the eighth floor. Read More

Lease Beat

Boston Market Signs Lease at Bronx Triangle Plaza Hub

Rendering of Triangle Plaza Hub.

Boston Market chicken restaurant chain signed a lease this week for 2,600 square feet on the ground floor at the Triangle Plaza Hub in the Bronx, Lester Petracca, the president of Triangle Equities, told Commercial Observer.

The asking rent in the Triangle Equities project was $75 per square foot and the lease was for 10 years, with an option to extend, a spokesman for Triangle Equities indicated. Read More

Real Estate and Politics

Rechler Weighs in on New Port Authority Chairman

Scott Rechler.

The Port Authority of New York & New Jersey has elected former New Jersey Attorney General John Degnan as chairman of the bi-state agency’s Board of Commissioners. Scott Rechler, the CEO of RXR Realty and vice chairman of the Port Authority’s Board of Commissioners, assumed the chairmanship following David Samson‘s resignation from the position in March. Along with Wednesday’s announcement of Mr. Degnan’s swearing in, the Port Authority indicated the board’s authorization of $90 million in improvements for its 64-year-old bus terminal. Commercial Observer checked in with Mr. Rechler to see how he felt about giving up the temporary chairman post, his greatest accomplishment while serving as chairman and his feelings about his replacement. Read More

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