Lease Beat

City to Sign $1M Per Year MetroTech Deal With Forest City

1 MetroTech Center

The city Human Resources Administration will maintain its current office presence on the sixth floor of Forest City Ratner Company‘s 1 MetroTech Center in Downtown Brooklyn through a new 10-year lease, under a proposed 27,000-square-foot agreement city officials will review next week.

The agency, which moved to the building from 10 MetroTech Center to make way for Forest City’s demolition and future residential project on that site, would pay the landlord $936,900 per year in rent from the lease’s commencement until Oct. 13, 2018 and then escalate the payments to $1,044,900 per year until Oct. 13, 2024, according to a public notice announcing the Dec. 22 hearing. Read More

Lease Beat

City to Renew Bronx Day Care Lease at $15.89 Per SF

629 Courtlandt Avenue

The city will sign a 5-year, 27,629-square-foot renewal for the Philip H. Michaels Child Care Center in the Melrose section of the Bronx at $438,981 per year, according to a proposed lease that’s up for final review by city officials next month.

The Michaels day care facility at 629 Courtlandt Avenue, which operates as a contract partner in the Administration for Children’s Services‘ EarlyLearn program, has served the area from the site since 1972, a spokesman for ACS said. The lease calculates to $15.89 per square foot and includes a 5,083-square-foot at-grade play area. Read More

Sales Beat

RockFarmer Capital Sells Two Residential Properties for North of $6M

307 East 85th Street

RockFarmer Capital, a provider of integrated real estate investments and service, has sold its properties at 3425 Gates Place in the Bronx and 307 East 85th Street in Manhattan for $6.9 million and $6.4 million respectively, Commercial Observer has learned.

“Closing the sales of 3425 Gates Place and 307 East 85th Street is a result of RockFarmer’s extensive experience, knowledge and vision of redevelopment and real estate markets,” said George Michelis, the co-founder and managing principal of RockFarmer Capital. Read More

Lease Beat

Women’s Apparel Retailer To Open First Brooklyn Store

Social Apparel

Dress and fashion retailer Social Apparel will open its first Brooklyn location next spring in the Fulton Mall area of Downtown Brooklyn, Winick Realty Group announced last week.

The company, which currently operates stores for teens and young adults in Herald Square, the Garment District and four malls in the tri-state area, signed a lease at Solil Management‘s 455 Fulton Street for 2,224 square feet on the ground floor and 800 square feet of second-level space. The space commanded an asking rent of $190 per square foot, based on the ground-floor rate, Winick representatives said. Read More

The Lobby

Silverstein Appoints Tal Kerret President

Tal Kerret

Silverstein Properties has named current chief investment officer Tal Kerret the company’s president, Silverstein chairman Larry Silverstein announced this morning.

Mr. Kerret joined Silverstein as an executive vice president in 2011, originating the Silver Suites Offices shared office space at 7 World Trade Center and managing the corporate and short-term rental housing at the Silver Suites Residences at Silver Towers and at Beekman Tower, company officials said. Read More

Lease Beat

Corporate Suites Signs Lease for Space at 2 Park Avenue

2 Park Avenue.

Corporate Suites, a company providing alternative work spaces, will open its eighth Manhattan location, having signed a lease for a 25,000 square foot space at 2 Park Avenue according to a press release issued by the company.

The press release noted that Corporate Suites’ new space on the 20th floor of the tower will include 74 furnished offices, a windowed reception area, a number of lounges and a co-working space. A spokesman from Corporate Suites told Commercial Observer that the entire space will be gutted in order to create these amenities. The company plans to open its new alternative office in early 2015. Read More

Lease Beat

Engineering Company Relocating to West 39th Street

15 West 39th Street.

Alliance Mechanical Group is relocating to 15 West 39th Street between Fifth Avenue and Avenue of the Americas from nearby 1407 Broadway between 38th and 39th Streets, Commercial Observer has learned.

The mechanical engineering company, which handles heating, ventilation, air conditioning and mechanical contracting, took 4,700 square feet, or the entire 10th floor, in the building, according to Philip Silverstein of Silverstein Solutions, the leasing agent for the building who also represented the tenant in the deal. The lease is for five years and the asking rent was $42 per square foot, Mr. Silverstein said. Read More

Lease Beat

Snapchat Snaps Up Space at Former Times Building

229 West 43rd Street

Snapchat, the preferred photo-sharing app of teens that was valued earlier this year at $10 billion, has signed a lease at 229 West 43rd Street, best known as the old New York Times building.

According to Crain’s New York Business, the technology company is taking the entire top two floors, the 15th and 16th, which amounts to 27,000 square feet. Read More

Mortgage Observer

Suburban Philly Multifamily Property Refis With Peapack Gladstone

Edgely Estates

The owner of Edgely Estates, a 245-unit multifamily property outside Philadelphia, took advantage of low interest rates and refinanced with $14.1 million from Peapack Gladstone Bank. Eastern Union Funding brokered the loan.

Investor Philip Balderston, who specializes in turning around distressed properties, bought Edgely Estates through a limited partnership last year. With interest rates set to rise in 2015, he took this opportunity to refinance, locking in a 3.125 percent interest rate without recourse, according to Eastern Union. The loan has a term of five years. Read More

On the Market

Actually, There Are Three TGI Fridays on the Market

Rendering of 761 Seventh Avenue. (Winick listing)

Commercial Observer reported a week ago that there are two TGI Fridays spaces available for lease, but we have since learned that there are actually three on the market.

Fridays at 761 Seventh Avenue at the corner of West 50th Street has been listed for lease with Winick Realty Group. The building has 6,500 square feet on the ground floor, 6,300 square feet on the second floor and 9,650 square feet on the lower level, according to the online listing. A team led by Jeff Winick started marketing the property this month. The asking rent is $800 per square foot on the ground, $150 per foot on the second floor and $100 on the lower level, said Mark Stempel, the vice president of real estate at the Riese Organization, which owns the license for Fridays in Manhattan. Read More

Lease Beat

SCG Retail Doubles Office Size With Move to West 57th Street

250 West 57th Street.

SCG Retail, the urban street division of Atlanta-based Shopping Center Group, is doubling its office space with a move to 250 West 57th Street, Commercial Observer has learned.

The firm signed a deal for 6,000 square feet last month and plans to move to the Empire State Realty Trust-owned digs between Broadway and Eighth Avenue on Jan. 1, 2015, a spokesman for SCG Retail said. SCG Retail currently operates out of 3,000 square feet at 1841 Broadway between West 60th and West 61st Streets. Read More

Sales Beat

Packer Private School Nabbing Nearby Building for $16M

100 Clinton Street in Brooklyn. (Packer)

Packer Collegiate Institute, an independent, college preparatory school for preschoolers through 12th graders, is in contract to buy 100 Clinton Street at Remsen Street in Brooklyn Heights for $16 million, Commercial Observer has learned.

In an October announcement issued by Packer, the school said the purchase would be its first real estate acquisition since 1967 and would allow for a 12,000-square-foot facility for preschool and kindergarten students. The contract price is $16 million, according to an application submitted to Build NYC, the part of Economic Development Corporation that assists qualified not-for-profit institutions and other entities in obtaining tax-exempt and taxable bond financing. Read More

Sales Beat

Old Met Foods Supermarket Site in Cobble Hill Sells for $18.5M

197-205 Smith Street

The retail property at 197-205 Smith Street in Cobble Hill was sold to a partnership that includes the Jackson Group, Aurora Capital and ACHS Management for $18.5 million, according to a press release issued by real estate firm RKF.

The 20,000 square foot building, located on the northeast corner of Baltic Street, includes 10,000 square feet on the ground floor and 10,000 square feet in the basement. It was previously home to a Met Foods Supermarket. The press release noted the sale included additional air rights of 10,000 buildable square feet for future renovations. Read More