Sales Beat

TIAA-CREF Acquires Chelsea Retail Condo for $42M

636 Avenue of the Americas.

TIAA-CREF picked up an 18,280-square-foot retail condominium in Chelsea for $42 million yesterday, according to a source with intimate knowledge of the deal.

The space, at 636 Avenue of the Americas on the northeast corner of West 19th Street, is comprised of 9,465 on the ground floor with the remainder functioning as a selling basement. CVS recently opened in the entire condo on a new long-term lease, the source said. Read More

On the Market

Winick Realty Markets Fort Greene Retail Opportunity

180 Myrtle Avenue Rendering.

Winick Realty Group is marketing more than 43,000 square feet of retail space in the Fort Greene section of Brooklyn, Commercial Observer has learned. The units are located within luxury mixed-use buildings being developed by John CatsimatidisRed Apple Group.

“Together with Winick Realty Group, Red Apple embraces the opportunity to create a synergy of development in the neighborhood and bring this groundbreaking retail opportunity to market, further complementing the new residential and office uses in the immediate vicinity,” Diana Boutross of Winick said in a prepared statement. 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

Sales Beat

Massey Knakal Arranges $8.9M Retail Sale Along Flatbush Avenue

357-365 Flatbush Avenue

Massey Knakal has arranged the $8.9 million sale of a 10,400-square-foot mixed-use building at 357-365 Flatbush Avenue, located between Sterling and Park Places in Brooklyn’s Prospect Heights neighborhood.

The new owner purchased the property as a retail play, with hopes of bringing in a major retailer in the vein of a CVS or Duane Reade—if not a fashion boutique Read More

Wired City

Duane Reade Boasts 1 Million Twitter Followers


New York City drug store giant Duane Reade is connecting with more customers via social media.

Its Twitter fan base surpassed 1 million followers, a major milestone for the Walgreen-operated drug store chain among the drug, food and mass-arena segment. Duane Reade has raised its presence on Twitter more than 6,000 percent in the past year.

Calvin Peters, digital communications manager for Duane Reade, credited its loyal customers for the increase. The company has also run social media awareness campaigns for the brand within the past year.

“This social milestone is all about our customers and represents the ability and focus we have to seamlessly reach them whenever and wherever they are with useful content they crave and now have come to expect via effective two-way communications,” Mr. Peters said. “Our goal has been social community building and expanding relevant engagement to enhance our overall customer experience. achieving this while also creating social communication vehicles that can generate tangible ROI results for both corporate and vendor initiatives have proven successful.”

Read More

Sales Beat

New Bank of America Building in Bensonhurst, Brooklyn Sells for $8.45 M.


A 4,000-square-foot Bank of America branch location under construction at 6601 18th Avenue in Bensonhurst, Brooklyn has changed hands for $8.45 million, city records show.

The property sits on the corner of 66th Street and 18th Avenue, which is also known as Cristoforo Colombo Boulevard and is one of the neighborhood’s most heavily-trafficked thoroughfares.

Massey Knakal marketed the property, originally for $9.75 million, as offering “a high yield, management free investment opportunity in the heart of one of Brooklyn’s fastest growing middle-class neighborhoods.” Read More

Sales Beat

Capstone Equities Pays $14.25 M for Retail Development and Potential Air Rights Play


Capstone Equities has scooped up a prominent retail corner location at 1-9 Flatbush Avenue in Brooklyn, with plans to reposition the retail and potentially use the air rights on the current structure to tack on a residential component, sources tell The Commercial Observer.

City records confirm that the firm paid $14.25 million for the two-story property, and a source familiar with the company said the plan is to draw in a stable retailer then assess the options to use the 50,000 square feet of air rights to build residential units – and possibly dormitories. Read More

Lease Beat

Historic Lenox Lounge in Harlem Set to Reopen at 333 Lenox Avenue


The owner of the old Lenox Lounge in Harlem has signed a 15-year lease on a new beginning at 333 Lenox Avenue.

The renowned Harlem jazz club, founded in 1939, is set to reopen sometime this summer after owner Alvin Reed was forced to move from the club’s neighborhood staple just two blocks away at 288 Lenox Avenue, due to an insurmountable rent increase.

The original location was host to performances by jazz greats including Billie HolidayMiles Davis, and John Coltrane. Read More

Lease Beat

Winick Realty Group Selected to Lease One New York Plaza Retail Concourse

One New York Plaza

Winick Realty Group has been selected by Brookfield Office Properties to exclusively market 40,000 square feet of vacant sub-level retail space at One New York Plaza.

The space, damaged during Hurricane Sandy and slated to be rebuilt and repositioned, makes up the concourse level of the 2.6-million-square-foot Class A tower, with entryways on Whitehall, Broad and Water Streets. Read More

Sales Beat

Equity One Acquires Shopping Centers

1225 Second Avenue.

Equity One Inc., the Miami shopping-center owner, developer and operator, has just acquired five properties in the New York metropolitan area and is in the process of acquiring a sixth property in Bethesda, Md., for a total investment of $302.5 million.

“These acquisitions are consistent with our strategy of owning retail properties in urban markets with visible growth through contractual rent increases, below-market rents and redevelopment opportunities,” said Jeff Olson, CEO of Equity One. Read More

Power Broker

Chasing Manhattan: Westchester’s Own Chase Welles on Big Plans for Big Apple

Chase Welles.

Chase Welles never needed a Manhattan office address to execute big deals. But now he has one, and a new firm too.

For years, Mr. Welles has been one of the city’s top retail brokers despite being based in White Plains—an unusual headquarters for such a prolific and successful deal-maker in Manhattan, well-known for its clubby retail industry.

Recently, however, Mr. Welles relocated to an office overlooking Columbus Circle. Meanwhile, the firm where he is a principal, Northwest Atlantic, merged with the Shopping Center Group, a national retail services company in Atlanta. Read More

Cushman & Wakefield and Hall & Oates: “Private Eyes/They’re Watching You”

Private eyes/They're watching you/They see your every move

Brokerage firms Cushman & Wakefield and Colliers International are said to be testing out a new technology that tracks the amount of foot traffic and automobile traffic around their buildings.

The technology, Motionloft, is backed by eccentric NBA owner and billionaire Mark Cuban and employs sensors to track the number of people entering a building, as was first reported by The Real Deal

The San Francisco-based company has reportedly already put sensors along Broadway while also planning to add ones in Times Square and “another Midtown location.” Read More

Lease Beat

CVS Takes 10,000 SF on West 23rd St.


The American drug retail company, CVS, will be opening a new retail location in Chelsea.

The company will take a 10,000 square foot unit at 500 West 23rd Street on the corner of 10th Avenue.

Ross Kaplan, a senior managing director at Newmark Grubb Knight Frank and broker for the tenant, noted that the “expanding Read More