Lease Beat

Shanghai-Based Bank Renews Lease at 55 Broadway

55 Broadway.

The Bank of Communications, a Shanghai-based institution and one of China’s largest banks, has re-signed its lease for its penthouse space at 55 Broadway in Lower Manhattan.

First reported by Crain’s New York Business, the Bank of Communications has secured a four-year lease that will allow the company to remain in its current 22,000-square-foot space. The bank now occupies the full 31st and 32nd floors. Read More

Sales Beat

Harbor Group Int’l Offloads Parking Garage

Parking garage at 500 West 43rd Street. (PropertyShark)

Norfolk, Va.-based real estate investment firm Harbor Group International has sold a parking garage located at 500 West 43rd Street to a private buyer for $13.6 million, the firm announced yesterday.

The garage, located between 10th and 11th Avenues, is leased to Hertz, which uses the three-level facility for car rental services. Harbor Group International had purchased the garage from Alliance Parking Services in 2011 for $10.5 million. Read More

Lease Beat

Zazoom Signs 55 Broadway Sublease

55 Broadway

Zazoom, an internet-based media company, has signed a 5,521-square-foot sublease from Galen Technology Solutions at 55 Broadway, Commercial Observer has learned. The tenant will relocate from 277 Broadway on a 28-month deal.  

Former WNBC reporters Tim Minton and Jay DeDapper launched Zazoom in 2011 after receiving $125,000 in partial close funding, according to CrunchBase. The company specializes in producing short, topical videos distributed through various partners such as YouTube, AOL and Dailymotion. Read More

Lease Beat

Covala Inks at 55 Broadway

Courtesy of Charles Holden

55 Broadway welcomes Covala as one of its latest tenants.

The administrator of supplemental disability benefits will be taking 5,081 square feet in Broad Street Development‘s downtown building. The office is located on seventh floor of the 32 story building. Read More

Lease Beat

Law Firm Follows Flock to Broad Street Development’s 61 Broadway


Law firm Rosner Nocera & Ragone, LLP’s signing of a 8,135-square-foot lease at 61 Broadway is the latest in a wave of leases at Broad Street Development’s properties.

Founded by Raymond Chalmé and Daniel Blanco, Broad Street Development has wrapped up 54,000 square feet of new leases and renewals at 55 and 61 Broadway, located in the heart of the Financial District, and which the firm bought in 2004 and 2006, according to the New York Post.

Three of the resent signings at 61 Broadway, including MT2 Network, Rosner Nocera & Ragone and Vincenti & Vincenti, left Sandy-damaged buildings for the property and Mr. Chalmé said asking rents are in the $30s at the building, according to the Post.

“You read a lot about the bigger deals, but the smaller-tenant market’s alive and well,” he said. Read More