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Lauren Elkies Schram

Sales Beat

Sugar Hill Capital Sells Hamilton Heights Building to E&M Associates for $25.5M

3621 Broadway.

Real estate investment firm Sugar Hill Capital Partners has sold a 47-unit mixed-use building in Hamilton Heights to Brooklyn-based multifamily landlord Galil Management, formerly known as E&M Associates, for $25.5 million, Commercial Observer has learned.

The six-story, 65,050-square-foot building at 3621 Broadway is an elevator building with 47 apartments, eight stores and an art studio, the brokers on the deal indicated. The building also includes 31,175 square feet of air rights. Read More

Sales Beat

Former Chelsea Home of Amy Sacco’s Lot 61 Sells for $40M

550 West 21st Street (Photo: CoStar).

An affiliate of Leslie J. Garfield & Company has sold the former home of “Club Empress” Amy Sacco‘s Lot 61, an irregularly-shaped parcel, for $40 million, the seller’s attorneys, David Drewes and Marc Palladino of Willkie Farr & Gallagher, confirmed.

The one-story, 6,425-square-foot former warehouse with partial mezzanine at 550-552 West 21st Street at 11th Avenue sold yesterday to 540 West 21st Street Holdings LLC. The buyer appears to be Uri Chaitchik-led Casco Development Corp., which at the beginning of 2014 acquired 540 West 21st Street for $50 million.  Read More

Lease Beat

Tattoo Parlor From ‘NY Ink’ Inks Relocation Deal in Soho

Lobby at 123 Lafayette Street (Photo: SGM Photography).

Love Hate Social Club, formerly Wooster Street Social Club, has signed a 10-year lease at Stellar Management’s 123-127 Lafayette Street between Howard and Canal Streets in Soho, Commercial Observer has learned.

The high-end tattoo parlor, which was featured on TLC’s reality show “NY Ink” took 1,356 square feet of ground-floor retail space, in a move from 43 Wooster Street between Grand and Broome Streets, Stellar Management said. The asking rent for the retail space was $150 per square foot. Read More

On the Market

Hubba, Clubba! Calling All Club Promoters … Have We Got a Deal for You!

MEAT & GREET: This 14,000-square-foot, five-story property is in prime Meatpacking District territory on the same block as the late, lamented Lotus (Photo: Manon).

If you happen to be looking to lease an opulent, club-like venue with Baroque carvings in the heart of the Meatpacking District, today’s your lucky day.

The former home of restaurant and club Manon, has hit the market with an asking rent of $97,000 per month plus $1.5 million in key money, or $120,000 a month with no key money. The floors can also be leased separately. Read More

Lease Beat

Wall Manufacturer Joins the Observer at the Plant

321 West 44th Street (Photo: CoStar).

An architectural wall manufacturer and distributor is heading to The Plant at 321 West 44th Street, Commercial Observer has learned. Tag Wall will join the New York Observer and CO at the 228,268-square-foot Times Square office building owned by Jowa Holdings Co.

Tag Wall signed a 10-plus-year lease for 8,508 square feet on the second floor at the 10-story building, which is between Eighth and Ninth Avenues, according to JLL. The asking rents were in the high-$50s per square foot. Read More

Lease Beat

Michelin-Recommended Wasan Opening Outpost in Park Slope

440 Bergen Street (Photo: Costar)

Locally sourced Japanese restaurant Wasan, which has had a location at 108 East 4th Street in the East Village since late 2010, is coming to Brooklyn, a broker in the deal told Commercial Observer.

Toshi Koizumi signed a lease with Signa Management for 1,100 square feet on the ground floor and 700 square feet in the basement at 440 Bergen Street at Fifth Avenue, according to Colby Swartz, a broker with Suzuki Capital. He represented the landlord along with colleague Dino Mouzakitis. Mr. Koizumi didn’t have a broker in the transaction. Read More

The Lobby

Three Top Brokers From Eastern Consolidated Head to Meridian

David Schechtman.

David Schechtman, Lipa Lieberman and Abie Kassin have left Eastern Consolidated for Meridian Capital Group, Commercial Observer has learned, launching a new investment sales division with Mr. Schechtman as a key principal.

The trio’s last day at Eastern Consolidated was yesterday, according to Daun Paris, the co-founder of Eastern Consolidated, who noted that while Mr. Schechtman “was an important part of the team,” Eastern Consolidated still retains “a deep bench of talent.” Read More

Lease Beat

Paperless Post Leaving Paper Trail With Expanded Downtown Digs

115 Broadway.

Paperless Post, which in 2013 took 15,000 square feet on part of the 18th floor at 115 Broadway using a $250,000 relocation bonus, is expanding its office space in the building to accommodate its growth, Commercial Observer has learned.

With the addition of the 19th floor, Paperless has approximately 36,000 square feet at the building, which is one of two landmarked office towers that are together called Trinity Centre (the other one is 113 Broadway), according to a spokeswoman for the technology company.​ The company expects to occupy the 19th floor in the first quarter of 2016.​ Read More

Lease Beat

Hair Club Finds New Spot Downtown

1 Exchange Plaza at 55 Broadway  (Photo: CoStar).

Hair Club for Men is growing its business as it expands its reach to 1 Exchange Plaza at 55 Broadway in Lower Manhattan, Commercial Observer has learned. It will be taking part of the 30th floor to provide hair restoration and hair replacement services to people Downtown.

“Downtown needs certain services and this hair club has a big business in Midtown and they want to expand,” said CBRE‘s Brad Gerla, who represented the landlord, private real estate investment firm Harbor Group International, in the deal. Read More

Lease Beat

Financial Institution Relocating to 10K SF at Metropolitan Tower

Metropolitan Tower at 142 West 57th Street (Photo: CoStar).

Wedbush Securities has signed a lease for 10,008 square feet on part of the fifth floor at Metropolitan Tower at 142 West 57th Street between Avenue of the Americas and Seventh Avenue, Commercial Observer has learned.

The deal is for five years and four months with a four-month rent abatement, a source with knowledge of the deal said. The tenant is relocating from 90 Park Avenue on May 1. The asking rent was $60-plus per square foot. Read More

Lease Beat

Birch Coffee Takes Space at 8 Spruce Street

8 Spruce Street.

Birch Coffee fans will get their java on in Lower Manhattan at 8 Spruce Street by the end of the year, Commercial Observer has learned.

For its seventh location, Manhattan-based Birch Coffee, which serves coffee, tea, food, beer and wine, signed a 10-year lease for the entire 904-square-foot retail space at the 76-story, 904-unit residential New York By Gehry Building between Nassau and William Streets, Birch Coffee’s broker said. The asking rent was $125 per square foot. Read More

Sales Beat

The Coda and Two Other LES Buildings Sell for $50M

The Coda at 114 Ridge Street (Photo: CoStar).

The Coda rental building, constructed in 2003, and two other residential rental buildings on the Lower East Side have sold for roughly $50 million, Commercial Observer has learned.

Judah Klausner and Richard Freedman yesterday sold the seven-story, 30-unit Coda at 114 Ridge Street (also known as 110-114 Ridge Street) along with two small loft buildings at 106 Ridge Street (also known as 198 Rivington Street) and 118 Ridge Street, to a mid-sized New York based-development group. Read More

Lease Beat

Investment Manager Inks Early Renewal at 640 Fifth Avenue

640 Fifth Avenue (Photo: CoStar).

New York-based investment advisory firm Owl Creek Asset Management has signed an early lease renewal for 17,588 square feet at Vornado Realty Trust‘s 22-story 640 Fifth Avenue, Commercial Observer has learned.

The deal, for the entire 20th and partial 21st floors, is for five years and five months, a source with knowledge of the deal said. The firm’s initial lease was for 10 years and was slated to expire at the end of this year. The asking rents in the tower, which is between West 51st and West 52nd Streets, range from $105 to $120 per square foot, the source said. Read More

Lease Beat

Children’s Aid Society Signs 29K-SF Sublease With Condé Nast

711 Third Avenue (Photo: CoStar).

Nonprofit Children’s Aid Society has signed a 29,240-square-foot deal with sublandlord Condé Nast at office building 711 Third Avenue, Commercial Observer has learned.

“The Children’s Aid Society sought new headquarters space following the sale of its long-term home at the United Charities Building on Charity Row in Manhattan,” said JLL‘s Ellen Herman in prepared remarks. “The nonprofit was able to achieve exceptional value from the sale of the property and is relocating to newer space at 711 Third Avenue. The transaction puts the organization one block away from Grand Central Terminal and down the street from another of its locations.” Read More