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Lauren Elkies Schram

Lease Beat

Lifestyle PR Firm Moving to 48 West 38th Street [Updated]

48 West 38th Street.

Quinn, a lifestyle public relations agency with clients including Jamestown Properties, Brodsky Organization and Time Equities50 West Street, is moving its offices to 10,000 square feet within the Garment District come Dec. 1, Commercial Observer has learned.

The company signed a lease for 10 years and seven months spanning the entire 12th floor at Bonafide Estate‘s 48 West 38th Street between Fifth Avenue and Avenue of the Americas, according to Greg McGunagle, a senior vice president at Quinn. The asking rent was $42 per square foot. Read More

Lease Beat

Starbucks Renews UWS Lease

540 Columbus Avenue.

Starbucks Coffee has re-signed a 3,425-square-foot lease on Columbus Avenue and West 86th Street, Commercial Observer has learned.

The coffee chain took a 10-year renewal with a one- to five-year option for its 2,425 square feet on the ground floor and 1,000 square feet in the basement at 540 Columbus Avenue. Read More

On the Market

Kardashians’ Dash Boutique Dashing Out of Soho?

119 Spring Street.

After four years, the future of the Kardashian sisters’ designer boutique Dash at 119 Spring Street in Soho is up in the air.

The co-op unit that Kourtney, Kim and Kloe Kardashian lease on a month-to-month basis for Dash has hit the market for lease at $1.4 million per year, according to one of the listing brokers, Douglas Elliman‘s Adam Kramer. Read More

Lease Beat

Whole Foods’ Bryant Park-Area Lease Revised, Enlarged

1095 Avenue of the Americas.

A week ago today, natural and organic foods grocery chain Whole Foods Market redid its lease, enlarging its footprint to 42,996 square feet, at a Bryant Park-area office tower, Commercial Observer has learned.

While Whole Foods signed a three-floor lease at the 42-story office building 1095 Avenue of the Americas about a year ago, last Friday’s hard contract added 6,000 square feet to the deal through a space reconfiguration, according to people with intimate knowledge of the deal. Read More

Lease Beat

Hugo Boss Ditches Starrett-Lehigh Building for FiDi

55 Water Street.

Hugo Boss is moving its North American headquarters from the Starrett-Lehigh Building at 601 West 26th Street to 73,690 square feet at 55 Water Street, Commercial Observer has learned.

The fashion giant will occupy the 53-story building’s entire 48th floor, comprising 68,793 square feet, as well as a partial sublevel space of 4,897 square feet, CBRE announced, through a 15-year deal with $54-per-square-foot asking rents. The company plans to assume the new space in the second quarter of next year. Read More

Sales Beat

Divine Apparel Gobbles Up Garment Center Co-op

246 West 38th Street.

Divine Apparel, which designs and manufactures special occasion suits, knits and dresses for missy- and plus-size women, is relocating to a new co-op unit it has acquired, Commercial Observer has learned.

The company paid close to $4 million for the entire 6,062-square-foot penthouse floor including two terraces at 246 West 38th Street between Seventh and Eighth Avenues, in a deal that closed two days ago. The seller of the 14th-floor unit was a personal trust, Voorsanger Charitable TrustRead More

On the Market

Controversial Bushwick Rental Building Hits the Market for $81.5M

Colony 1209. (Spruce Capital's website)

Colony 1209, an 127-unit Bushwick rental apartment building that opened earlier this year at 1209 Dekalb Avenue, has hit the market for $81.5 million, according to marketing materials from Massey Knakal Realty Services.

The five-story building, which is between Bushwick and Evergreen Avenues and was bought by Spruce Capital Partners for $58 million in April, has been dubbed the “most controversial building in Bushwick,” according to Bushwick Daily. Read More

Poaching

NGKF Rivals Ready to Poach Top Brokers

Newmark Grubb Knight Frank logo.

The city’s biggest and most established commercial real estate firms are looking to woo top Newmark Grubb Knight Frank brokers who face individual contract expirations come the end of 2015, Commercial Observer has learned.

Firms like CBRE, JLLSavills Studley and Colliers International have approached the brokers “trying to find out what our intention is and express the weaknesses in [NGKF]’s platform in contrast to [theirs],” said one source on the condition of anonymity. Read More

Accounting Issue 2014

NYC Real Estate is Still the Safest Bet for Foreign Investors

Map

Last month the landmark Waldorf-Astoria’s owner Hilton Worldwide Holdings announced that it was selling the grand hotel to the Beijing-based Anbang Insurance Group for $1.95 billion. Hilton said it would retain a 100-year management contract at the hotel and the property would be renovated.

The purchase, slated to close on Dec. 31, marks the first real estate acquisition in the U.S. by Anbang, which is reportedly planning an initial public offering that could raise about $2 billion. Read More

Lease Beat

IEX Relocates to 4WTC from 7WTC

4 World Trade Center. (Silverstein Properties)

IEX, a start-up stock market, is moving from 3,600 square feet at 7 World Trade Center to 13,000 feet at 4 World Trade Center, both Silverstein Properties buildings, the developer announced.

The firm signed a seven-year lease on the 44th floor of the 56-story, 2.3-million-square-foot building and will move in April 2015. A source with knowledge of the deal said the asking rent is in the mid-$70s per foot. Read More

On the Market

NYC REIT Closes on 570 Seventh Avenue, Renames Building

A rendering of the lobby at the renamed 200 West 41st Street. (Neoscape)

American Realty Capital New York City REIT, a public non-traded real estate investment trust, recently closed on the $170.3 million purchase of 570 Seventh Avenue from Carlyle Investment Management and Capstone Equities. Now the office building is eschewing its Garment Center history with a new address: 200 West 41st Street.

Along with a new address comes a new identity including an entrance on West 41st Street and a multimillion-dollar repositioning including prebuilts to attract TAMI, or technology, advertising, media and information technology, companies, Commercial Observer has learned. Read More