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

Drybar Continues Manhattan Takeover With New Lease at 270 Madison

270 Madison Avenue.

Drybar, the “blow dry bar” that began in Los Angeles and has since spread throughout Manhattan, is opening another salon, Commercial Observer has learned.

The company has signed a lease for 3,050 square feet at 270 Madison Avenue between East 39th and East 40th Streets, only blocks from Grand Central Terminal, according to a press release issued by ABS Partners Real Estate, which helped broker the deal. Asking rents in the 14-year lease were $125 per square foot. Drybar, which already has eight locations in Manhattan, is expected to open at the property this summer. Read More


J.P. Morgan Finances Upgrades on Durst’s 655 Third Avenue

655 Third Avenue.

The Durst Organization took a $75 million loan from J.P. Morgan Chase to finance recent upgrades on its 30-story office tower at 655 Third Avenue—the first property the Durst family built from the ground up—city records show.

The three-year mortgage carries a floating interest rate over Libor, a spokesman for the real estate giant told Commercial Observer. 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

Kalikow’s 101 Park Avenue Draws Legal Eagles

101 Park Avenue.

Long-term tenants have continued to renew or expand their leases at 101 Park Avenue between East 40th and East 41st Streets.

Morgan Lewis & Bockius, a law firm specializing in business and commercial law, is expanding its foothold in the building by 100,000 square feet—giving it a total 300,000 square feet in the office tower, The New York Post reported. And Curtis, Mallet-Prevost, Colt & Mosle’s 92,000-square-foot lease has been renewed at the 46-story building. Read More


Connecticut Mall Receives $15M Permanent Loan

Playhouse Square

Connecticut landlord and developer HB Nitkin Group nabbed $15 million in permanent financing on their retail center Playhouse Square, according to CBRE, which brokered the loan.

The 10-year loan with a rate of 4 percent has an LTV of 75 percent. The fixed-rate loan from New Canaan, Conn.-based Bankwell Bank has “flexible prepayment terms and a 30-year amortization schedule,” said a representative for CBRE. Read More

Lease Beat

Silverstein Properties’ Silver Suites To Take Space at 4 WTC


Silver Suites, the shared office space company operated by Silverstein Properties, will take 45,000 square feet at 4 World Trade Center, according to The Real Deal.

When signed, the lease for the 29th floor of the 72-story 4 WTC will add to Silver Suites’ presence at the Trade Center site; the company already has the 46th floor at 7 World Trade Center, which TRD noted is currently 100 percent leased. Read More

Lease Beat

116 Nassau Draws Trio of Tenants to Big Chunk of Building

116 Nassau Street.

Three companies have leased almost 26,500 square feet of office space at 116 Nassau Street, Commercial Observer has learned.

Commercial real estate investment firm Park Row South Nassau Street LLC inked a deal last week for 11,365 square feet on the eighth floor in the 12-story building—moving from 1 Beekman Street, according to Coldwell Banker Commercial Alliance, the landlord’s representative in the lease. The New York City Gay and Lesbian Anti Violence Project recently signed a lease for 9,000 square feet on the third floor at the property, relocating from Midtown, and TAP Electrical Contracting Service inked a deal for 6,134 square feet on the ninth floor. Read More

Lease Beat

Hedge Fund Doubles Down at Carnegie Hall Tower

Carnegie Hall Tower.

How do you get more than 10,000 square feet at Carnegie Hall Tower? Expansion!

Hedge fund Metacapital has more than doubled its office space in the tower to 10,500 square feet from 4,000 square feet in a lease renewal, Crain’s New York Business reported. At an asking rent of $105 per square foot, the deal gives the hedge fund the entire 38th floor of the 60-story office building at 152 West 57th Street between Avenue of the Americas and Seventh Avenue. Read More

Lease Beat

Corporate Prepaid Card Company Signs Lease in Midtown South

462 Seventh Avenue.

PEX Card, a corporate prepaid card company that helps regulate employee spending, has signed a five-year, 7,200-square-foot lease at the Kaufman Organization’s 462 Seventh Avenue between West 35th and West 36th Streets.

“The full-floor space at 462 Seventh Avenue allows PEX Card to expand its operations and provides it with the flexibility to accommodate future growth,” said Jared Sternberg of the Kaufman Organization in prepared remarks. “The central Garment District location is easily accessible via a number of public transportation hubs, which enables the company to strengthen client relationships while establishing new ones.” Read More

The Plan

Wow Factor: PureWow’s New Office at 1261 Broadway

PureWow's lobby, which uses matte black wallpaper from CB2.

Any digital media company that calls itself “PureWow,” should have an office space that seeks to impress.

PureWow—a site that targets older millennial and Generation X women looking to “elevate the everyday” and touches on everything from fashion, health, cooking and travel—has seen explosive growth in its readership. Since launching in September 2010, the company has grown to reach more than 5 million readers per month across multiple platforms; enjoys 2 million monthly uniques and has watched its audience increase 500 percent in the past 12 months. 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

Power Broker

Jukay Hsu is Making Queens a More Tech-Savvy Place

Jukay Hsu wants to make Queens the next tech haven in New York City (Photo: Arman Dzidzovic/Commercial Observer).

Jukay Hsu couldn’t seem to remember the school he attended in Flushing.

He half-laughed, half-moaned that he’s 30 (in his 30s, as he puts it) and forgetting things. But a “senior” moment is forgivable for Mr. Hsu who has a lot on his plate as he tries training the next wave of tech employees and figuring out where their companies will be based. Read More

The Sit-Down

Bruce Eichner on His Game of Thrones-Like Battle for Air Rights

Developer Bruce Eichner in the sales gallery for 45 East 22nd Street (photo: Aaron Adler for New York Observer).

It was 2013, and Bruce Eichner was standing in the dimly lit hallway of a residential building on East 23rd Street begging the owner for his air rights.

“He would not return a phone call or an email for five months,” said Mr. Eichner, the founder and chairman of The Continuum Company, who needed the air rights for his ambitious residential project at 45 East 22nd Street near Madison Square Park (at a planned 65 stories, it will be the tallest residential tower in Gramercy). “I’m sitting in my office and I was like, ‘screw this.’ I got out of my office, went down, rang the doorbell.”  Read More