YSB Salon has signed a 10-year lease at 2520 Frederick Douglass Boulevard, between 134th and 135th Streets in Central Harlem, Commercial Observer has learned.
The lease includes 550 square feet of space on the ground floor and 450 square feet on the lower level. The tenant, a full-service hair and beauty salon, will pay rent in the mid-$80s per square foot.
Gleaming new skyscrapers. Swarms of young pedestrians. Cutting edge tech and creative office tenants. High-end retail. Sprouting condo towers. A new transportation hub.
This isn’t a city of the future—it’s the “New Downtown,” as Francis Greenburger of Time Equities described it to Commercial Observer last week.
On the Market
This past Sunday marked the five-year anniversary of the lowest point in the stock market crash which sent everyone, including New York City’s real estate market pros, reeling. In late 2010 and early 2011, New York City essentially recovered from the economic meltdown but business hasn’t always been rosy since. Commercial Observer checked in to see how the city’s commercial real estate brokers were doing five years ago and how they are faring today.
Seven retail spaces are available for lease at a six-story Lower East Side building that is home to the homey Eastwood Bar.
Douglas Elliman‘s Faith Hope Consolo, Joseph Aquino and Arthur Maglio have been tapped to market the building, at 221 East Broadway, at the southeast corner of Clinton Street.
Is there a clear-cut line between southern Chelsea and the Meatpacking District now that both are no longer gritty?
Not really, says a committee that is trying to launch a new Business Improvement District called Meatpacking Area BID that would treat the two areas as one in order to provide maintenance, development and promotional services.
Douglas Elliman is marketing the 1,409-square-foot retail space at 412 Columbus Avenue, Commercial Observer has learned. The firm’s leasing and sales team of Faith Hope Consolo and Joseph Aquino has been awarded the exclusive agency for the space, the duo’s third assignment on the block.
“We are redoing the entire block front,” Ms. Consolo said. “For a long time the Upper West Side was about sneakers and sweatpants. Now, it’s lululemon and lipstick.”
Hedge fund manager Mark Sonnino has reportedly purchased an office building at 555 West 25th Street in West Chelsea from Sharone Ben-Harosh of FlatRate Moving for $27 million just months after selling his home for $43 million.
The 40,856-square-foot building, between 10th and 11th Avenues, is occupied by creative tenants, including the Dillon Gallery, a Read More
Renderings have been unveiled for a roughly 14,000-square-foot Madison Avenue retail space next to the Whitney Museum of American Art.
The project, still under construction at 935 Madison Avenue, is part of a renovation of a historical 1876 property on 74th Street. The retail portion includes roughly 7,200 square feet on ground floor and 7,100 on the lower level, said Isaacs & Co.’s Joel Isaacs, who is marketing the retail space with colleague Josh Lewin. It will have over 100 feet of frontage on Madison Avenue.
A Harlem prewar residential condominium near Central Park will be the home of a new orthodontics practice.
Central Park North Orthodontics, will be setting up an office on the ground floor at 1851 Adam Clayton Powell Jr. Boulevard, between 112th and 113th Streets.
It has been just brutal outside, a mess of snow, sleet, rain, ice and slush requiring acrobatic skills to jump from snow mound to snow mound.
While surfaces are icy, subway service has been interrupted, states of emergency have been declared and people are cold, has the wintry mix impacted the business of real estate in New York City?
Commercial Observer checked in with some real estate folks to find out.
Real Estate and Politics
Waterbridge Capital is in contract to purchase three contiguous properties located at the southeast corner of 125th Street and Park Avenue in East Harlem for $36.8 million – across the street from Bruce Eichner’s planned 80/20 residential project at 1800 Park Avenue.
The properties, at 1815 Park Avenue, 1801 Park Avenue, and 110 East 125th Street, Read More
A report that appeared in Crain’s yesterday outlines the real estate and tech “heavyweights” who recently contributed to Bill de Blasio’s campaign, based on newly-released records.
Last week, Mr. de Blasio reported almost $50,000 in donations in a single day and on October 26 got more than $33,000, according to the report.
But, Read More
Lisa Steinberg was just a few months out of college when she was bound, gagged and stabbed to death in the office of a Gap store on West 57th Street near Broadway. It was January of 1992, halfway through David Dinkin’s only term as mayor of an increasingly anarchic and crime-plagued New York.
The murder rate had peaked at 2,245 in 1990. But the number of homicides climbed in the Midtown South precinct—which includes Times Square—reaching 11 in 1993. East New York’s 75th precinct broke the record that year for the most murders in a single precinct: 126.
Though the city lost hundreds of millions of dollars in tourism revenue following the terrorist attacks of Sept. 11, 2001, a steady rebound in tourism and the closely tied retail market has occurred, perhaps best personified by the rebirth of Lower Manhattan.
“There’s a lot going on Downtown that shows it is stronger and better Read More
If one hot-button retail issue has dominated the New York real estate landscape in recent years, it’s been Walmart. The giant discount retailer has been trying to find a suitable location in the city for nearly a decade, but resistance has been fierce. The reasons for this resistance range from the big-box store’s labor practices to the perceived threat to local retailers.
The conflict came to a climax last year when Christine Quinn, democratic candidate for mayor, snarled, “As long as Walmart’s behavior remains the same, they’re not welcome in New York City.” Last week, The Commercial Observer spoke with some of New York’s leading retail brokers about the role of politics in retail real estate, what Walmart can do to ingratiate itself and which locations, if any, are suited to its footprint.