Lease Beat

Talent Partners Takes Two Floors at Cohen’s 475 PAS

Rendering of 475 Park Avenue South

Talent Partners has signed a 12-year, 32,250-square-foot lease for the entire second and third floors of Cohen Brothers Realty Corporation’s 475 Park Avenue South, Commercial Observer has learned. The tenant is expected to relocate from 115 West 18th Street later this year.

As previously reported, 475 Park Avenue South is undergoing a $40 million renovation. The three-year project, set to be completed this year, has included renovations to the building’s curtain wall, lobby, elevators, corridors and bathrooms. Read More

renovations

475 PAS $40M Rehab Nears Completion

Rendering of 475 Park Avenue South

Cohen Brothers is finishing up a $40 million multiyear 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, that exists on Park Avenue South.” Read More

Lease Beat

Law Firm Leaves Midtown South for FiDi

30 Broad Street (Credit: Gotham Realty Holdings)

Lucas & Mercanti has signed a 10-year, 14,880-square-foot lease for the entire 21st floor at 30 Broad Street, Commercial Observer has learned.

The tenant is relocating from 475 Park Avenue South and will pay rent in the mid-$30s per square foot, according to data from CompStak. Think Passenger recently signed a 5,335-square-foot lease on part of the 43rd floor and will pay similar rents. Read More

Lease Beat

Pixafy Relocates to 810 Seventh Avenue

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Pixafy has signed a 10-year lease for the entire 17,320-square-foot 37th floor at SL Green’s 810 Seventh Avenue, The Commercial Observer has learned. The company will pay rent starting in the mid-$60s per square foot, according to data from CompStak.

Pixafy relocated from 475 Park Avenue South earlier this month after a seven-month, 40-building search for new office space. It is the company’s third relocation since its founding in 2010. Read More

The Lobby

Cohen Brothers Promotes Marc Horowitz to Senior VP

Marc Horowitz

After three-and-a-half years handling leasing in Manhattan, Westchester, Florida and California for Cohen Brothers Realty Corporation, Marc Horowitz has made the jump to senior vice president at the firm.

“Marc has proven his expertise is not limited to a single market and has done an outstanding job in executing over a million square feet of transactions throughout our national portfolio,” President and Chief Executive Charles Cohen said in a prepared statement. “We look forward to his continued success in his new post.” Read More

Lease Beat

Return Path to Relocate in Midtown South

3parkave

Digital analytics company Return Path Inc. has signed an 11-year, 23,280-square-foot lease for the entire 41st floor at Charles Cohen’s 3 Park Avenue, it was announced today. Asking rent was in the mid-$60s per square foot.

“This deal clearly demonstrates the strong attraction of prime top-floor office space,” said Mr. Cohen, who also runs Cohen Media Group, a distributor and producer of foreign and independent films, in a prepared statement. “The views, amenities and access to transit at 3 Park Avenue are second to none.” Read More

Lease Beat

Summit Business Media Takes 17,000 SF at 469 Seventh Avenue

(Credit: 42 Floors)

Summit Business Media has signed an eight-year relocation and expansion for the 17,000-square-foot 10th floor at 469 Seventh Avenue, where Colliers International continues to market several full floors that include a “building-within-a-building” option for a potential anchor tenant.

Summit, a media company that caters to the insurance, financial services, legal, and investment advisory markets, is relocating from Read More

The Sit-Down

The Moviegoer: Cohen Brothers Realty’s Charles Cohen Talks Real Estate, Predicts Oscar Winners

cohen

Charles Cohen is in the business of creating. As the president and chief executive officer of Cohen Brothers Realty Corporation, Mr. Cohen oversees a portfolio of properties and design centers in New York, Florida, Texas and California. He also executive produced the Academy Award-winning Frozen River and runs Cohen Media Group, a distributor and producer of foreign and independent films. Mr. Cohen’s father, Sherman Cohen, the developer who built CBRC into a powerhouse with his two brothers, died late last month at 91. And while Mr. Cohen politely declined to answer direct questions about his father, he did speak to The Commercial Observer about his legacy when discussing recent developments at the firm and in New York real estate. Mr. Cohen also spoke enthusiastically about the film industry and this year’s crop of new movies, which will be in the national spotlight when the Academy Awards airs this Sunday.

 

The Commercial Observer: In 2011, you told The Commercial Observer that you and the rest of the real estate industry were moving at 25 miles per hour. What was the speed in 2012?

Mr. Cohen: In New York, we’re going twice as fast as last year, but not fast enough. Read More

Obituaries

Sherman Cohen, Real Estate Developer Who Transformed Third Avenue Into Residential Destination, Dies at 91

Sherman Cohen

Sherman Cohen, the real estate developer who propelled Cohen Brothers Realty & Construction Corporation into the ranks of the city’s top development firms, has died.  He was 91.

Mr. Cohen, known for his quick wit and sharp dress, founded the company with his two brothers in 1959, later building it into a New York City mainstay along with his son, Charles Cohen.

“It’s the end of an era,” Charles Cohen said about his father.  “He pioneered new neighborhoods and improved the quality of life in so many communities across the city.  He built big residential buildings in areas where people at the time were not looking to build or live.” Read More