Lease Beat

Guessing Game is Over: Apple Takes Bite Out of Bedford

247 Bedford Avenue.

After much speculation, Apple has settled on a location for its first Brooklyn store, and as anticipated, it will be at 247 Bedford Avenue at North 3rd Street, the New York Post reported.

Lee NYC‘s Peter Braus led the team that represented the landlords, Red Sky Capital and Waterbridge, in the 20,000-square-foot deal at the two-story brick building. Apple was represented by Chris DeCrosta of Crown Retail Services and Open Realty. Mr. Braus declined to comment and Mr. DeCrosta didn’t immediately respond to a request for comment. Read More

Lease Beat

Yelp Expands at 100-104 Fifth Avenue


Ratings and reviews website Yelp has reportedly added 10,500 square feet to its space at 100-104 Fifth Avenue with a 10-year lease covering a total of roughly 70,000 square feet at rents in the $70s per square foot. 

The additional space covers the entire seventh floor of the 17-story, 277,412-square-foot building, which is made up of two contiguous buildings, built in 1906 and 1911. As it did previously, elsewhere in the building, Yelp enjoys the option of “being able to knock down the wall and join two groups together,” Grant Greenspan, a principal with building manager Kaufman Organization told Crain’s, which first broke news of the lease. Read More

Wired City

Conrad Hotel Creates App, Offers Wi-Fi for High-End Guests

The Conrad New York

The Conrad New York, a lower Manhattan luxury hotel, is using technology and beefing up its Wi-Fi service to enhance its reputation among contemporary travelers. The Hilton-branded hotel, located off the Hudson River in Battery Park City, is giving guests the power to request hotel services without dialing the front desk from a traditional phone.

Guests at the Conrad can request hotel services from their iPhone and iPad during their stay at the property on- and off-site once the room is booked. The new-age spin on luxury hotel services is packaged in its concierge application. Guests can request towels, make spa appointments and order breakfast, airport pickup and other services from the app. Read More

Lease Beat

Banco Itaú Takes Most of the GM Building’s 50th Floor in an Unprecedented Deal

Courtesy of Panoramio

In an unprecedented deal that reached upwards of $200 per square foot, Itaú BBA USA Securities Inc., a branch of the Brazilian Banco Itaú, will increase its operation from 25,000 square feet to 35,000 square feet on the prized 50th floor of 767 Fifth Avenue.

With outstanding views of the Central Park and Midtown, the floor plates at the 50-story tower, otherwise known as the General Motors Building, span 40,000 square feet, leaving a mere 5,000-square-foot office to share the view, brokers said. Read More


Up, Up and Away: Retailers Pushing Boundaries on Upper East Side


National retailers are pushing north from 72nd Street on the Upper East Side, chasing changing demographics and searching for value, according to several brokers active in the market. Both 86th Street between Third and Lexington Avenues and Madison Avenue north of 72nd Street have seen strong activity and booming lease prices.

“I did deals up there 10 or 15 years ago and was hard-pressed to push $110 to $120 per square foot,” said Patrick Breslin, executive vice president of global retail at Studley. “Today, if you can find good real estate on Lex on 82nd to 85th, you’re looking at $400, $500, $600 per square foot.” Read More

Lower Manhattan 2013

Cornered: So Far No Takers for 150,000-Square-Foot Retail at 23 Wall, But Repositioning in the Works

23 Wall Street

A onetime citadel of finance is proving to be a complicated sell.

The former J.P. Morgan headquarters at 23 Wall Street has been without a tenant for about seven years. And ambitious plans to woo a large retailer are being reconsidered.

Built in 1914, 23 Wall Street—also known as The Corner—has had a dramatic and occasionally fraught history. It was bombed in 1920, possibly by an Italian anarchist. The blast killed 38 people. The New York Stock Exchange is across the street, but despite the foot traffic its location generates, the property’s fortified address is a major reason why retailers—and large department stores in particular—have been reluctant to move in. Read More

Lease Beat

Springs Global Signs Lease at 100-104 Fifth Avenue

100-104 fifth

Brazil-based Springs Global, a company that manufactures home furnishings, has signed a 10-year lease for a 10,666-square-foot showroom at 100-104 Fifth Avenue. Asking rent was $60 per square foot.

Springs Global is moving from a neighboring building where it will sublease its space. 100-104 Fifth Avenue is jointly owned by the Kaufman Organization, also the landlord, and Invesco Real Estate. The lease was reported yesterday by Crain’s. Read More

In Transit

A Grand Century: 100 Years of Grand Central Terminal

To 42nd Street

The December 2011 opening of the Grand Central Terminal Apple store was another in a long line of developments that bolstered the station’s status after years of sooty neglect not only as a thriving, glimmering transportation hub, but also as a destination for people with no plans to board a train.

“It’s a fantastic place to manage, and it’s a great place for any kind of commercial activity,” said former Metropolitan Transportation Authority chairman and New York mayoral hopeful Joe Lhota. “Apple moved in and was another transformation that led to more and more people coming through.”

Apple arrived 35 years after the campaign to save Grand Central accelerated under the stewardship of Jacqueline Onassis. When the grand old Pennsylvania Station was demolished in 1963 to make way for today’s Penn Station, it jolted Ms. Onassis and others in New York’s incipient landmark preservation movement.

iPad kiosks and a genius bar attest to Grand Central’s general comeback and emergence as a retail destination. But its central function as a railroad station hasn’t budged over the course of 100 years that have seen the advent of commercial air travel and spiffy, modernized transit centers around the world. Read More

Sales Beat

Apartment Building, Former Church, Music Legend Hangout Nets $42.5M

309 West 57th Street

A property at 309 West 57th Street in Midtown West that once housed a Victorian Gothic church and later saw the likes of John Lennon and Frank Sinatra pass through its doors has changed hands for $42.5 million.

The 16-story, 75,600-square-foot rental property with 102 apartments and nearly 14,000 square feet of commercial space – currently home to night club Providence NYC – was purchased by New York City-based real estate investment firms Imperium Capital and Bronstein Properties.

The property, site of a former church and later a prominent recording studio, is located near a number of popular amenities and development projects, and it’s the latest in a string of high-profile acquisitions made by Imperium Capital. Read More


Fulton Maul: Culture Clash Ensues in Downtown Brooklyn

Armani Exchange at the City Point Development

With the long-awaited Barclays Center open and new residential and mixed-use development projects popping up across Downtown Brooklyn, a retail conundrum is growing along the 17-block Fulton Mall.

The national and in some cases high-end retailers moving onto the strip paint a stark contrast to the long list of mom-and-pops, local discounters and jewelry shops that once almost exclusively lined the street. Read More

Warby Parker Inks First Brick-And-Mortar Lease

121 Greene Street

Eyeglass maker Warby Parker has signed a lease for its first permanent retail location, taking about 2,500 square feet at 121 Greene Street in Soho.

Warby Parker rose to prominence successfully selling prescription eyeglasses online, a product many shoppers had preferred to buy in person even well into the age of Internet commerce. Read More