Lauren Elkies Schram
By Lauren Elkies Schram 4/23 2:39pm
High-tech firm Cisco Systems has renewed its lease for the full ninth floor at Vornado Realty Trust‘s 1 Penn Plaza.
By Lauren Elkies Schram 4/23 12:52pm
The building at 22 Bond Street has long been in the remaking, but an end—as a condominium—appears in sight.
The developers are “in the process of transitioning from a hotel project to residential,” said Gregory Atkins, project executive at Second Development Services. The firm is developing the six-unit condo, also known as 25 Great Jones Street since it extends through the block, along with Richport Group. “We’re just working out kinks.” Read More
By Lauren Elkies Schram 4/23 12:00pm
Charles Cohen, the president and chief executive of Cohen Brothers Realty Corporation, knows he can parachute Marc Horowitz into the middle of a leasing nightmare and Mr. Horowitz will turn the situation around.
“Marc is the most creative, instinctive and resourceful in-house commercial leasing broker I’ve ever been associated with, hands down,” said Mr. Cohen.
By Lauren Elkies Schram 4/23 7:45am
The American Society of the University of Haifa is setting up shop at 80 Broad Street, Commercial Observer has learned.
The non-profit organization, which promotes American-Israeli interests and values by serving as the bridge between the University of Haifa and Israel-minded Americans, is taking 2,305 square feet on a portion of the 21st floor. The lease is for seven years in the building, which is between Stone and Beaver Streets. Read More
By Lauren Elkies Schram 4/22 7:45am
Cohen Brothers is finishing up a $40 million multi-year renovation at 475 Park Avenue South that will transform the exterior of the building with seamless high-tech expansive windows and a white frit pattern, Commercial Observer has learned.
“Nobody’s spending that kind of money” for a commercial building, said Marc Horowitz, director of office leasing at Cohen Brothers. “This will be the nicest [commercial] building, hands down, on Park Avenue South, that exists.” Read More
By Lauren Elkies Schram 4/21 3:49pm
The former 21st Precinct station house, which served as a Gramercy Park-area group residence for 25 lesbian, gay, bisexual, transgender and queer young people, has sold for $11.5 million to Suzuki Capital.
Green Chimneys, a Brewster, NY-based nonprofit organization that provides residential, educational, clinical and recreational services to young people, paid $1.7 million for the property, at 327 East 22nd Street, in 1998, although it had leased space there since 1983, according to Green Chimneys’ executive director, Joseph Whalen. When a contract with the city’s Administration for Children’s Services expired last year, Green Chimneys moved its residents out and decided to sell the building, which was dubbed Gramercy Residence at Ungar House. Read More
By Lauren Elkies Schram 4/21 11:27am
The retail condominium vacated by Borders bookstore at 461-465 Park Avenue is almost ready for occupancy by retail and medical office tenants, Commercial Observer has learned.
Cohen Brothers Realty is putting the finishing touches on what was a 42,600-square-foot Borders at the base of the Ritz Tower on 57th Street in Midtown,according to Marc Horowitz, director of office leasing at Cohen Brothers. Read More
By Lauren Elkies Schram 4/18 1:57pm
A longtime Bronx landlord has paid San Francisco-based Prana Investments $10.5 million for a six-story building with 84 apartments in the Claremont section of the Bronx, Commercial Observer has learned.
The 96,000-square-foot elevator property “offers investors upside and scale,” Besen & Associates‘ Amit Doshi, who represented both sides in the deal at 1530 Sheridan Avenue, said in a prepared statement. Read More
By Lauren Elkies Schram 4/17 2:25pm
Met Foods, which has had a history of failed health inspections, has been quietly put on the market, sources told Commercial Observer, and its sale could transform an area with a dearth of big blocks of available space.
The 10,000-square-foot property, at 197 Smith Street, has apparently been receiving bids exceeding $20 million. The new owner could build a 20,000-square-foot property at the site, between Baltic and Warren Streets. Read More
By Lauren Elkies Schram 4/17 11:39am
Global apparel chain J. Crew has signed a 6,000-square-foot lease in Williamsburg at $90 per square foot and has agreed to pay millions of dollars in significant improvements to the property, a source with knowledge of the deal told Commercial Observer.
The New York-based chain is bowing in a single-story warehouse building at 234-236 Wythe Avenue, near North 4th Street. There is speculation that the retailer will build a multi-level store as it did in Cobble Hill. Read More
By Lauren Elkies Schram 4/17 7:45am
Fresh & Co. has taken a space on the Upper East Side that Chirping Chicken vacated not too long ago.
The healthy quick-serve offerings chain signed a 15-year lease for 1,200 square feet at 1260 Lexington Avenue at 85th Street, marking the eatery’s 10th location in Manhattan. Fresh & Co. is commencing work on the space in 30 days, according to Lee & Associates NYC‘s Brad Schwarz, who represented the tenant and landlords Jason and Ryan Sorkin of White Plains-based Sierra Assets Group, in the deal. Read More
By Lauren Elkies Schram 4/16 4:15pm
By Lauren Elkies Schram 4/16 12:09pm
SoulCycle will open its first location in the Financial District this fall.
The 5,000-square-foot space at 2 Gold Street marks the 10th indoor cycling location for the company. Read More
By Lauren Elkies Schram 4/16 11:25am
Gale Brewer has lived on the Upper West Side since 1970. She served as the area’s City Council member for 12 years, concluding at the end of 2013, before starting as the 27th Manhattan borough president. Ms. Brewer, who plans to open a ground-floor district office on West 125th Street, joined with city preservationists earlier this month to call for reforms to the landmarking process following the Landmarks Preservation Commission’s refusal to consider landmark status for the Rizzoli Bookstore building at 31 West 57th Street. As Manhattan Beep, Ms. Brewer is tasked with advising the mayor and City Council on borough concerns, providing feedback on all land-use matters, advocating for New York County in the municipal budget process and appointing members of the 12 community boards. Ms. Brewer successfully advocated for the passage of legislation while in the City Council that would compel landlords to fix repeat violations as well as a law that requires all city data be published online. In February, Commercial Observer chatted with Ms. Brewer in her office at 1 Centre Street about adjusting to her new position, her beef with 7-Elevens and the easiest and most challenging developers to work with. Read More