With 100 tenants either moved out or in the process of moving out of 2 West 47th Street in Midtown’s Diamond District, business owners and brokers in the area are speculating about what will become of the building with few definitive answers available.
As whispers swirl around the district about a potential hotel on the building’s footprint via a lot assemblage by Extell Development Company, nobody seems to know for sure what will become of the building that once housed ABS Partners Real Estate’s jewelry exchange on the ground floor and top jewelry designers like Sasha Primak in the floors above.
The founder of a network of tech-savvy real estate websites is leaving his current post as the director of the creative and start-up advisory division at ABS Partners Real Estate, Commercial Observer has learned.
Ashkán Zandieh, 31, who has spent more than two years at ABS Partners told Commercial Observer he’s elected to focus full-time on Re:Tech, which connects real estate tech start-ups with potential investors and advice for growing as companies while also holding interactive demonstrations and networking events.
Art in Real Estate
Ira Fishman is walking around his office with carpet and base molding samples in his hand. EVO Real Estate Group President Dana Moskowitz wants his input on the color scheme for the company’s new offices. He says Ms. Moskowitz has better taste than him, but she wants him to weigh in on the color scheme anyway. He is her father after all.
In the end, he agrees with Ms. Moskowitz: White walls and light gray tones (including gray base) with blue accents are the way to go. Read More
ABS Partners Real Estate has kicked off a curated, rotating pop art program for the lobbies of its commercial buildings, Commercial Observer has learned.
Techonomy Media, a digital publisher and conference producer operating out of a co-working space with its investor, Simulmedia, has opened its own offices on West 22nd Street.
As a result of its recent growth and future strategic plans, Techonomy was looking for a space in the heart of Silicon Alley, which the company said that it found at ABS Partners Real Estate‘s 20 West 22nd Street.
Even as the construction process commences on a marquee Roosevelt Island technology project, some tech companies are uncertain about how the industry will fare now that Mayor Michael Bloomberg, a staunch advocate for tech, is out of office.
As Cornell NYC Tech, the engineering school slated for Roosevelt Island, makes its way through the development process and the city welcomes a new administration, it prompts a question: Will the sustainable applied science and engineering campus—and tech in general—get the same level of attention from Mayor Bill de Blasio as it did from his predecessor, Mr. Bloomberg?
2013 Owners Magazine
Before he got involved with a nascent industry on the upswing, Ashkán Zandieh gave a boost to a business in its death throes.
Mr. Zandieh, 30, worked for Universal Republic, at the time an imprint of the giant Universal Music Group label. His role in a band while an undergraduate at Hofstra sparked his interest in the music biz even as digital piracy upended it.
“I went to school full-time and worked at Universal full-time,” Mr. Zandieh said in an interview outside of a Williamsburg coffee shop. “I didn’t sleep a lot.”
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
Mergers and Acquisitions
Alan Friedman has joined ABS Partners Real Estate as senior managing director of the brokerage division. Mr. Friedman comes to the firm from CBRE, where he spent 12 years as an office tenant representative.
The new hire comes two months after ABS merged with PBS Real Estate.
ABS Partners Real Estate and PBS Real Estate have merged, it was announced yesterday. The news follows the announcement earlier this week that Laura Pomerantz, founding partner of PBS Real Estate, has launched her own eponymous firm.
The two parties began talking about a potential merger in early February, Gregg Schenker, co-managing partner and president of ABS Partners, told The Commercial Observer. PBS Real Estate employees moved to ABS Partners’ Union Square office yesterday.
“The ability to socialize and collaborate is one of the founding blocks of creating a tech community,” writes Ashkán Zandieh, director of the creative and start-up advisory division at ABS Partners Real Estate, in the latest edition of his quarter TechStarter report. Mr. Zandieh has been involved with the technology sector for seven years. He created and sold a start-up, has advised several fledgling companies and tracked the field’s real estate activity for the past year. From ABS Partner’s Union Square area office, Mr. Zandieh is well-positioned to observe and dissect the red hot Midtown South tech real estate market and, if he looks south, the growth of the Financial District as a tech and new media contender.
Mr Zandieh spoke by phone with The Commercial Observer.
The Commercial Observer: How is the tech-fueled Midtown South commercial real estate market holding up?
Mr. Zandieh: The average asking rental price per square foot increased from an estimated $38 per-square-foot in 2011 and 2012 to nearly $60 per square foot for Class B buildings in Midtown South in the first quarter of 2013. What’s pretty interesting is that we’re seeing a Class B transition–there’s a fuzzy line between Class B and Class C.
So young companies are still drawn to, and able to afford, the neighborhood?
A lot of the start-ups I’m working with now are down in Soho and expanding by 20 or 30 employees. They’re moving out of Soho and to NoMad, where they can get larger floor plates. By NoMad, I mean 23rd Street to 28th Street between Park and Seventh Avenues.
GNC signed a 10-year lease (with a five-year option) for 2,100 square feet at 302 Canal Street, The Commercial Observer has learned.
It will be the health and wellness retailer’s 47th Manhattan location. The store will be evenly divided between a ground floor and basement space. The previous tenant was a local shoe and apparel store.
RKF‘s Ariel Schuster and Greg Covey represented the tenant. ABS Partners Real Estate‘s Mark Tergesen represented the landlord, Charbern Management Group. GNC’s Rory McCutcheon worked in-house on the deal.
The East Side fabric and furniture staple Baranzelli Silk Surplus is on the move from 938 Third Avenue after signing a lease for 417 square feet at 238 East 58th Street.
Dean Valentino, a managing director at ABS Partners Real Estate, LLC represented the tenant and landlord.
“The owner made the decision to consolidate from the old space–which was a couple thousand square feet–and build its internet business as well as a more comfortable showroom for highlighted fabrics,” Mr. Valentino said.
Vanguard Wine Bar has signed a 12-year lease for an 850-square-foot space at 530 Second Avenue in Kips Bay, between East 29th and East 30th Streets, The Commercial Observer has learned.
The bar and restaurant, which features a full liquor license and menu, quietly opened its doors late last week to friends and family.
TechLaw Solutions has inked a deal at 270 Madison Avenue.
The law solutions firm will be moving their New York office down the street from 400 Madison Avenue to the ABS Partners Real Estate-owned 270 Madison Avenue. The new lease is set to span 6,106 square feet on the fourth floor of the building, approximately 500 square feet larger than the firm’s previous office.