Scottish University Opens its NY Satellite Campus

64 Wooster Street

Glasgow Caledonian University, one of the largest universities in Scotland, opened its first New York City campus at 64-68 Wooster Street in Soho yesterday, Commercial Observer has learned, to coincide with Scotland Week.

As Commercial Observer reported last October, the school signed a 15-year, 13,500-square-foot lease for the entire ground floor and lower level. The school has been doing construction ever since, landlord Zar PropertiesDavid Zar said. Read More

Lease Beat

Gudrun Sjödén Set to Open First United States Location

50 Greene Street

Clothing store Gudrun Sjödén will open its first United States location on Friday at 50 Greene Street in south SoHo after the women’s apparel store signed a 10-year, 3,600-square-foot lease with landlord Zar Property NY.

The lease, along with a string of others to hit within a two block radius, indicates that prime SoHo’s apparel retail explosion may be pushing outward, as the types of retailers typical along Prince and Spring streets pop up further south.

“It’s an interesting trend,” said Dario Zar of Zar Property NY, the landlord at the property.  “Our retail vacancies in the past were primarily targeted towards furniture and home retailers, but it’s definitely shifting towards apparel now.” Read More


Ballroom Waltz: A Minute-By-Minute Account of Last Night’s REBNY Gala

REBNY Ballroom final

Thursday’s Real Estate Board of New York gala packed an estimated 2,400 guests into the Hilton New York’s overstuffed Grand Ballroom—an increase from last year by about 200. The Commercial Observer walked the room, hobnobbed with brokers and landlords and taste-tested a dinner of steak and potatoes while washing it all down with a few stiff drinks. Staff Reporters Karsten Strauss and Al Barbarino get the inside dish.

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On the Market

Mixed-Use Building Between BankNote Building and Hunts Point Produce Market


A 15,000-square-foot mixed-use building at 647 Bryant Avenue in the Bronx – located roughly half a mile from The BankNote building in one direction and the same distance from the Hunts Point Terminal Market in the other direction – is on the market for $1.5 million.

The property features an 8,500-square-foot ground floor commercial space with 75 feet of frontage, currently occupied by job placement and training non-profit FEDCAP, and a second floor featuring three market rate apartments that could be converted to office or additional commercial space. Read More


The Big Squeeze: How Technology Start-Ups Found Midtown South, and What Happens When the Bubble Bursts

Midtown South.

If Don Draper still ran an advertising agency, he’d have a very different Manhattan life. Instead of a dozen martinis and oysters at Grand Central every night after work, it’d probably be a quick Peroni and antipasti at Eataly before hitting the gym.

He might even be home early enough to kiss Betty and read a book to his kids. And, of course, he’d work in a fabulous open-plan office in Manhattan’s most desired commercial real estate market, Midtown South. Read More