The Lobby

Former Thor, RFR Exec Jumps to Handler

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Handler Real Estate Organization has named Richard Farley executive vice president and chief operating officer of the firm’s brokerage division, The Commercial Observer has learned.

Mr. Farley will be charged with spearheading Handler’s third-party brokerage efforts, on which the firm has placed increased emphasis.

Read More

Lease Beat

Makeshift Society Opens New York Location

Courtesy of Brownstoner

Makeshift Society is opening its first New York outpost.

The San Francisco-based Makeshift Society will open its first co-working space in Brooklyn. The society generally attracts creative professionals that thrive in a collaborative and community-minded environment under the objective goal to “make, learn, teach, and think.”

The new space will span 5,775 square feet on the Read More

Market Reports

Commercial Space Tight as Tech Continues to Surge in Flatiron: Report

One Madison

Buoyed by the area’s burgeoning tech scene and growing residential market, the Flatiron/23rd Street Partnership Business Improvement District this morning presented its third annual report to a room of brokers and indicated available commercial space in the district is sparse.

With more than 200 commercial office buildings offering upwards of 22 million square feet of rentable space, Flatiron’s overall vacancy rate sits at just 6.96 percent, with only 1.55 million square feet available for lease. The average price per square foot of that space hovers just below $50 at $49.10. Read More

Lease Beat

Creutzfeldt-Jakob Foundation Relocates to New York

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The Creutzfeldt-Jakob Disease Foundation, a non-profit organization supporting Creutzfeldt-Jakob Disease patients and their families, has arranged a lease to relocate its headquarters from Akron, Ohio to New York, The Commercial Observer has learned.

The foundation closed a 2,205-square-foot deal at 341 West 38th Street, Scott Galin, principal at Handler Real Estate, said yesterday.

The foundation moved into the new space in mid-January, according to Florence Kranitz, president of the Creutzfeldt-Jakob Disease Foundation. Read More

Midtown South

Midtown South Submarket May Have Peaked

A view of lower Manhattan

With rents on a high and vacancy rates inching upward, the Midtown South commercial market may have reached its healthiest point.

Both Midtown and Midtown South – perhaps the tightest market in the country –experienced an increase in vacancy rates this past year, according to numbers released Monday by Cushman and Wakefield, rising to 10.3 Read More

Sales Beat

More Luxury Condos Coming to Greenwich Village

12 East 13th Street will be converted to luxury condos.

East 13th Street, LLC., – a partnership of DHA Capital and Continental Properties – has closed on the purchase of a 45,000+ square foot parking garage in Greenwich Village. The property, which sold Dec. 5 for $32 million at slightly more than $700 per square foot, is located at 12 East 13th Street and will Read More

Lease Beat

Avantus Renal Therapy Leases 23,000 Square Feet in Harlem

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Avantus Renal Therapy has signed a 15-year, 23,000-square-foot at 1361 Amsterdam Avenue, a 130,000-square-foot, 5-story office building in the Manhattanville section of Harlem.

The kidney dialysis company — part of largest kidney dialysis corporation in the country — is building out the entire 2nd floor and a portion of the ground floor, where a separate entrance and reception area will be located, said Arthur Draznin, an executive managing director with Newmark Grubb Knight Frank who represented owner Janus Properties. Read More

Lease Beat

S&N Opens in East Harlem

Courtesy of Google

S&N Discount Inc has inked a deal to open in East Harlem.

The new discount store will occupy 6,000 square feet in the single-story building at 2033 Third Avenue between 111th and 112th Street. The space is split between 5,000 square feet on the ground level and 1,000 square feet of basement space.

S&N Discount will Read More

Lease Beat

Law360 Grows In Union Square

200 Park Avenue South

Portfolio Media Inc., owner of the popular law industry news site Law360, is expanding into almost 8,400 square feet at 200 Park Avenue South.

The company is based out of 860 Broadway and is subleasing the new office from William Grant & Sons, a tenant in 200 Park Avenue South. Portfolio Media is taking the Read More