Lease Beat

Lebenthal Wealth Advisors Inks Helmsley Building Sublease

230 Park Avenue.

Lebenthal Wealth Advisors has signed a six-year, 43,295-square-foot sublease from HSH Nordbank at the Helmsley Building at 230 Park Avenue, Commercial Observer has learned.

The subtenant will sublease the 31st and 32nd floors of the building while HSH Nordbank consolidates and relocates to the 34th floor. The sublandlord, a northern European commercial bank headquartered in Hamburg, Germany, operates its capital markets, shipping and restructuring business units in New York. Read More

Sales Beat

Florida Pension to Buy 1370 Broadway from Normandy

1370 Broadway

The Florida Retirement System Pension Plan is in contract to acquire 1370 Broadway from Normandy Real Estate Partners for $186 million in cash, a source familiar with the deal confirmed with Commercial Observer. The sale went to contract in February and is expected to close within weeks.

The seller acquired the Midtown property in 2012 for $123 million and promptly hired architects MKDA to spearhead renovations, including a new glass entry, new revolving doors and new elevator cabs. Read More

Lease Beat

The Art of Shaving Edges on to Third Avenue


The Art of Shaving has signed a new 10-year lease for a 752-square-foot ground-floor space at 1140 Third Avenue, Commercial Observer has learned. The asking rent was $325 per square foot.

The Third Avenue store will be The Art of Shaving’s eighth in New York and is listed on the company website as a “Barber Spa” location. An official opening date for the location could not immediately be confirmed. Read More

Food & Drink

Chef Prodigy, Food Market Chain Owner Hook Up for Hudson Food Hall [Updated]

Gregg Grossman. (Credit: Culinaria Group)

Teen chef Greg Grossman is teaming up with the founder of the eatery chain Bread & Butter to create Hudson Food Hall, Commercial Observer has learned.

“I wanted to do a different concept taking some of the Bread & Butter infrastructure, wearing different colors and schemes and create a true New York food experience,” said Terence Park, the founder, president and owner of Bread & Butter. Read More

Competitive Market

Lightstone Group Launching Contest at 1407 Bway

Lightstone Group's eye popping scaffolding bridge around 1407 Broadway. (Credit: Evan Joseph)

As The Lightstone Group continues its repositioning of the Garment Center building, 1407 Broadway, the owner will be holding an ideas competition starting April 2, Commercial Observer has learned. The prizes: $14,000 for the winner and $3,000 for the three runners-up.

Space Forward: Ideas Competition calls for designers and any other creative folks to create the ideal work environment in the office tower between 38th and 39th Streets. The idea behind the competition is to “foster an environment that sparks creativity and collaboration through the building’s new office spaces, amenities and creative tenant mix,” according to information from Lightstone. 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

Lease Beat

Starbucks Leaves Grand Central for 425 Lexington

Getty Images

Having lost its 800-square-foot space in Grand Central Terminal’s Lexington Passage, Starbucks will be moving across the street. The coffee purveyor has signed a 15-year lease for a 1,300-square-foot retail space at 425 Lexington Avenue, Commercial Observer has learned.

Starbucks closed its Lexington Passage location earlier this month after losing out to Cafe Grumpy in the Metropolitan Transit Authority’s RFP process. The MTA has shifted its focus away from national chains and toward locally-owned businesses. Read More

Lease Beat

Platinum Partners Inks 250 West 55th Street Lease

250 West 55th Street. (Credit: Boston Properties)

Platinum Partners, a hedge fund with more than $1 billion in assets under management, has signed a 10-year lease for the entire 23,274-square-foot 14th floor of Boston Properties250 West 55th Street, Commercial Observer has learned.

The tenant, currently headquartered at Carnegie Hall Tower, will pay rent starting in the mid-$70s per square foot, according to data from CompStak. The terms are similar to the recent deal for Modern Bank, which Commercial Observer first reported last month. Read More

Lease Beat

Library Journal Signs Lease at 123 William Street

123 William Street. (Credit:

Library Journal, a trade publication for library professionals, reportedly signed a 10-year, 11,521-square-foot lease for a portion of the 10th floor at East End Capital’s 123 William Street

East End Capital acquired the building last year and plans to update the 27-story, 500,000-square-foot downtown property, but asking rents still came in at just $36 per square foot. Read More

Health care

New York’s Life Sciences Industry Grows

Alexandria Center for Life Science

As collaboration between academic research facilities and the life sciences industry increases, New York is quickly becoming a viable alternative to more established lab hubs in San Francisco, San Diego and Cambridge, Mass. But there are still hurdles to overcome.

The issue isn’t talent. New York has the highest concentration of medical research facilities in the country. Nor is it money. In December, the New York Economic Development Corporation established a $100 million early-stage life sciences funding initiative alongside Celgene, GE Ventures and Eli Lilly.

It’s lack of space. Read More

Health care

Health Care Goes One-Stop Shop

7 Mott Street

This year is likely to revolutionize the health care industry as 3 million to 4 million previously uninsured Americans have access to medical coverage due to the Affordable Care Act. Between the increasing number of patients, the high prices of real estate and greater demands for efficiency, health care pros are shrinking and altering their work spaces to get patients in and out with ease and speed.

Perhaps the most significant change to affect the real estate industry is the move away from overnight stays in hospitals to shorter-term stays in ambulatory care facilities. Treating patients in these facilities costs less, and with the advent of technology, surgeries that previously had to be done in a hospital can now be done in an ambulatory setting.

Read More

Lease Beat

Lincoln International Moving to 444 Madison Avenue

444 Madison Avenue.

Independent investment bank Lincoln International has signed a 10-year lease for an 11,869-square-foot portion of the third floor of 444 Madison Avenue, Commercial Observer has learned.

The Chicago-based tenant will relocate its New York office from nearby 360 Madison Avenue and pay rent starting in the mid-$60s per square foot, according to data from CompStak. Read More

Lease Beat

Revlon Relocates to 1 New York Plaza


Revlon has reportedly signed a 15-year lease for the top two floors at Brookfield Office Properties1 New York Plaza in a relocation from 237 Park Avenue, joining a flight of value-seeking firms to recently head Downtown.

The 91,194-square-foot lease covers floors 49 and 50, the latter of which is a glass box-style penthouse with 15-foot ceilings, according to the New York Post, which first reported the deal earlier this week and noted that former occupant Goldman Sachs removed columns from the space to accommodate their trading floor. Read More