Lease Beat

Chipotle Opening Interior Design Testing Center at Industry City

Industry City.

Chipotle Mexican Grill will be opening a 9,197-square-foot space at Sunset Park’s Industry City to create and test interior designs for its restaurants, Commercial Observer has learned.

The burrito and taco chain with more than 1,500 restaurants in the U.S. and abroad took a 10-year deal on the fourth floor in Building 4 of the 6-million-square-foot, 16-building manufacturing complex on the South Brooklyn waterfront. Taking rents range from $15 to $35 per square foot. Read More


Industry City Unveils $1 Billion Plan

Industry City.

Industry City stakeholders announced today details for the redevelopment of its 6-million-square-foot waterfront complex in Sunset Park, a reinvigoration that is being sparked by $1 billion worth of investment and the growing demand for space for the “innovation economy” that has taken root in Brooklyn. Read More

Lease Beat

Angelo Gordon Adds 34K at 245 Park Avenue

Courtesy of Patrick Daniels

Angelo Gordon has tacked on a 34,000-square-foot addition to its office at 245 Park AvenueThe Commercial Observer has learned.

The deal is the firm’s second expansion in the last year. Angelo Gordon initially added about 20,000-square-feet to its 55,000-square-foot occupancy last June bringing them to a total of 74,000-square-feet. Read More

Mortgage Observer

Development Projects Abound, But Boroughs Still Under-Retailed

Throggs Neck Shopping Center.

New York City is the number one retail location in the world. Retailers from around the world flock to open flagship stores throughout the Big Apple. Apple’s store on Fifth Avenue, with its familiar cube, has the highest revenue of all Apple stores. Then there are the flagships of Uniqlo, Zara, Tiffany & Co., Bergdorf Goodman and a cast of others. Nevertheless, when you ask prominent owners of commercial real estate as well as local and national retailers, the general consensus is that the outer boroughs of New York City are severely under-retailed.

Eastern Consolidated’s Barbara Byrne Denham reported in May 2012 that retail sales per capita ratios for the outer boroughs were far below the national average. Brooklyn was 39 percent below, Queens was 40 percent below and the Bronx came in a whopping 60 percent below. Read More

Lease Beat

Petco Joins Riverdale Crossing

Courtesy of Black Friday

Petco has inked a deal for a new location in the Bronx.

The pet supply store will be located in the Riverdale Crossing retail center and will occupy 9,556 square feet of ground floor space in the freestanding building next to the crossing’s 118,000-square-foot anchor tenant, BJ’s Wholesale Club. Read More


Angelo Gordon Renews At 245 Park Avenue

245 Park Avenue

The real estate investment firm Angelo Gordon has renewed its office lease at 245 Park Avenue The Commercial Observer has learned.

The company renewed its hold on two floors at the 1.6-million-square-foot Midtown tower, which is owned by the office REIT Brookfield Properties.

Angelo Gordon extended its lease for the entire 22nd and 26th floor, Read More

Power 100

“We’re Like The Avis Guys:” An Afternoon With Gary Barnett

Gary Barnett, No. 2.

In the world of Gary Barnett, everything is the best.

The president of Extell Development, a company he launched in the 1990s following a stint as a diamond trader in Belgium, made this plainly clear during a recent tour of One57, his 1,005-foot-tall tower near Carnegie Hall on West 57th Street. When completed, the building will rank not only among the city’s tallest properties, but, with its views of Central Park, among its most luxurious as well. In other words, the best.

On the One57 amenities: “This will be the best amenities package in the entire city. All the others are good. But they don’t have everything.”

On the One57 finishes: “Look at this kitchen. Where will you find a kitchen anywhere like this? It’s the best, and we have two of them.”

On the One57 floor plans: “We have the best floor plans on the market.” Read More

Power Broker

The Recycler

Mr. Farkas started Metropolitan Realty Associates in 2001.

In its heyday, the manufacturing plant in Garden City, Long Island, housed laboratories for DuPont Pharmaceuticals before it went on to harbor chemists with a competing drug maker, Bristol Myers Squibb. But by 2004, the 188,500-square-foot complex of two buildings on Stewart Avenue and Endo Boulevard—a street named for the pharmaceutical firm that originally occupied the plant in 1964—had become a casualty of new compliancy standards by the F.D.A. In other words, the cost of upgrading the complex to conform was no longer in the best interest of the owner or even Bristol Myers Squibb, which relocated.

Enter Joe Farkas, a former CB Richard Ellis broker who, as president of the Jericho-based Metropolitan Realty Associates, has mined real estate gold from older assets, like the Garden City site, that have outlived their original use. Read More