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.
It’s been mostly quiet on the Walmart front since plans for a Brooklyn behemoth collapsed last fall, but prominent New York brokers insist that the world’s largest retailer is in active negotiations for a spot in the five boroughs.
In 2009 and 2010 “you could have rolled a bowling ball down the aisle” at the International Council of Shopping Centers’ RECon conference “and it wouldn’t have hit anybody,” Massey Knakal executive vice president of retail leasing Benjamin Fox told The Commercial Observer.
But when an estimated 33,000 real estate professionals converged upon one million Read More
On Sunday night at the MGM Grand Garden Arena in Las Vegas, Taylor Swift and Justin Bieber made the fans squeal and the paparazzi snap. But just off the strip, at the Las Vegas Convention Center, the real action got underway with the start of RECon. Below, The Commercial Observer’s
reconnaissance work at The Global Real Estate Convention, where 35,000 registered attendees are helping to shape the future of retail real estate.
Members of Douglas Elliman’s retail group have secured a new 1,750-square-foot location and 10-year lease for Sunshine Day Care at 1325 Fifth Avenue, between 111th and 112th Streets in Harlem, The Commercial Observer has learned.
It is an expansion of their program, which opened three years ago directly across the street at 1330 Fifth Avenue, where the group occupies an additional 5,000 square feet. In addition, a three-year extension of that lease has been arranged.
“The expansion of this well-respected day care provider speaks volumes about the demand for quality neighborhood services,” said Faith Hope Consolo, who represented the tenant and the landlord, Tahl Propp Equities, with Joseph Aquino and Arthur Maglio. “Having introduced them to Harlem a few years ago, we are thrilled to see the tremendous amount of success they are having at this location.”
Just a few years ago, the NoMad district was more like a no-man’s land, made up of a less-than-pretty arrangement of gritty wholesalers, hair salons and counterfeiters.
Some of that persists, but the before-and-after contrast with the new wave of retailers and clientele in the neighborhood couldn’t be starker, as its boundaries with the similarly much-improved Flatiron District begin to blur.
“They’re starting to blend into each other,” said Michael Azarian, director of retail leasing at Massey Knakal. “The neighborhood has seen a flood of new boutique office tenants, [and] new residential and hotel developments that have been catalysts for change.”
Manhattan Business Interiors, Inc. is taking a greater stake in the Garment District.
The general contracting and construction management group has expanded at 48 West 37th Street in an effort that has helped fill approximately 25 percent of existing space at the 57,750-square-foot building.
“[The] space became vacant and I knew Manhattan Business Interiors wanted Read More
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.”
Miami native Rick Rosa stuffed a few bags with his belongings in 1999 and headed for New York City.
Though not the postcard image he envisioned, he stumbled upon the industrial waterfront neighborhood of Long Island City, where he found an affordable pad, close to Manhattan, with a yard for his dog, Benny.
“The neighborhood Read More
The progressive children’s medical facility Tribeca Pediatrics has signed a 10-year, 2,500-square-foot lease at 2111 Frederick Douglass Boulevard in Harlem.
It will be the organization’s 10th New York City facility. Tribeca Pediatrics also has a location in Jersey City, New Jersey.
Douglas Elliman retail group Chairman Faith Hope Consolo and Executive Vice President Joseph Aquino, along with Arthur Maglio, represented the tenant and landlord, Tahl-Propp Equities. Asking rents were $80 per square foot, “a very nice number for Frederick Douglass Boulevard and 114th Street,” Ms. Consolo said.
Real estate investment firm Newcastle Realty Services purchased neighboring apartment buildings at 656 and 759 St. Nicholas Avenue in Harlem for a combined $5.6 million from Colorado-based real estate firm Aimco late last year, city records posted yesterday show.
Sellers sought to unload properties before looming capital gains tax hikes as December wound down, a main reason why the fourth quarter was the strongest investment sales quarter in two and a half decades.
The firm paid $4.4 million for the six-story, 20,640-square-foot property at 656 St. Nicholas Avenue, which features 30 residential units; and $1.2 million for the building at 759 — a 5,666-square-foot, four-story building with nine units.