Lease Beat

Salon Inks Central Harlem Lease

2520 Frederick Douglass Blvd. (Credit:PropertyShark)

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. Read More

Five-year anniversary

Five Years Post-Stock Market Crash, How are CRE Pros Faring?

NYSE And Deutsche Boerse To Possibly Merge

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.  Read More

Assignments

Douglas Elliman Tapped to Market 412 Columbus Avenue Retail Space

412 Columbus Avenue

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.” Read More

Renderings

Revealed: Images, Prices of Retail Space Next to Whitney

Rendering of the retail space at 935 Madison Avenue

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. Read More

Winter Storm

Are Winter Storms Disrupting Real Estate Business in NYC? [Updated]

Another Winter Storm Bears Down On Northeast

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.  Read More

Cover Story

Times Square Marches On

New York''s Times Square

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.   Read More

ICSC 2013

The Walmart Conundrum: Four Brokers Weigh In on Behemoth’s NYC Struggle

R_Futterman

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.

Read More