Heart and Sole
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.
On the Market
The shop, which was opened in 1932 by Vito Rocco, is being pushed off the block by an extension of its neighboring Duane Read. Read More
Winick Realty Group is bringing a retail space at 2056 Broadway, between West 70th and West 71st Streets, to the market on behalf of the Brodsky Organization.
The retail at 2056 Broadway consists of a 900-square-foot ground floor and a 1,900-square-foot storage basement with 25 feet of frontage along Broadway. Read More
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
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.”
First Investors Management Company has inked a deal for office space in the Trump Organization‘s 40 Wall Street.
The financial services firm will relocate its headquarters from 110 Wall Street to 40 Wall Street in favor of a 36,490 square foot space. Firm officials will spend the summer gutting and renovating the place, slating to move in in the middle of September.
Green Ivy Schools has signed a 25-year lease for 80,000 square feet in The Trump Building at 40 Wall Street, the New York Post reported this week. Asking rents were in the mid-$30s per square foot, according to the report.
The school, which will house pre-K through 8th grade, will open in fall 2014, while an additional preschool location will open in Battery Park City in fall 2013, according to Green Ivy’s website.
“We’re very excited about the space,” Donald Trump, Jr. told the Post. “The use will be great for the area and will revitalize the Pine Street entrance.” The Pine Street entrance will be used exclusively by the school, the Post reported.
TD Ameritrade has signed a 10-year, 9,509-square-foot lease for the ground floor and lower level at 100 Broadway, The Commercial Observer has learned.
The corner retail space in the 24-story office building features more than 170 feet of frontage along Broadway and Pine Streets.
“It’s a great corner space in the heart of the Financial District and steps from Wall Street, which lends itself well to a prominent financial institution like TD Ameritrade,” said Cushman & Wakefield’s Gene Spiegelman, who represented the landlord Madison Capital with Michael O’Neill.
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.
First it was the hipsters. Then it was China. And now the city’s largest office landlord, SL Green Realty Corp., is finally seeing promise in the residential development of Williamsburg, Brooklyn.
The real estate investment trust and commercial real estate giant announced this morning that it has agreed to purchase a newly completed, vacant residential building in the hip-turned-posh Brooklyn neighborhood — the company’s first foray into Brooklyn’s residential market.
Information in a prepared statement sent by the company suggests that the address is 250 Bedford Avenue, though it was not specified.
N+S Wines is set to open up shop in Queens.
The newly established liquor store will be opening a location in the shopping plaza at 5850 Francis Lewis Boulevard in Flushings, brokers told The Commercial Observer.
“It’s a great location with a lot of residential customers,” said Grant Dolgin, a broker at Kalmon Dolgin Affiliates. Read More
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.
Cold medicine is set to be replaced with party supplies near Penn Station.
Party City will be taking over Duane Reade at 223 West 34th Street and opening shop in the second quarter of 2012.
The Winick Realty Group retail duo of Jeff Winick and Darrell Rubens has been brought on to handle retail leasing for 100 Broadway, a building previously represented by Cushman & Wakefield, The Commercial Observer has learned.
Demand for space at 40 Wall Street continues to grow with news yesterday that the Trump Organization-owned building’s leasing agency signed financial advisory group PFM Management to a ten-year lease on the 49th floor of the office tower.
Public Financial Management, which does business as PFM Asset Management, is taking 9,263 square feet of turnkey space on the entire 49th floor of 40 Wall Street, brokers involved with the transaction exclusively told The Commercial Observer yesterday. Asking rents were in the low $40s.