Lease Beat

Harris Publications Renews 48,000SF at 1115 Broadway

1115 Broadway

Harris Publications has signed a nine-year, 47,960-square-foot renewal lease at Eleven Fifteen Associates1115 Broadway, Commercial Observer has learned.

The lease covers two floors in the building, each measuring 23,980 square feet.

“They were longtime tenants and chose to renew early,” said Adams and Co.‘s James Buslik, who represented both parties with colleague and son Jeff Buslik. Read More

Cover Story

Midtown Caters to Hungry Office Workers, Shoppers with Proliferation of Gourmet Food Courts

Gotham West Market

Come next spring, Columbus Circle will be home to a 14,750-square-foot food market lined by 10- to 20-foot-wide open storefronts just outside of the busy subway station. On the East Side, Urban Space, the food hall manager behind Mad. Sq. Eats, Broadway Bites and Dekalb Market, recently signed a long-term lease for 10,000 square feet of retail space at the Helmsley Building at 230 Park Avenue. And late last year, Gotham Organization opened Gotham West Market, a 10,000-square-foot Chelsea Market-like food hall in Hell’s Kitchen, to considerable fanfare.

Why are so many food courts—once synonymous with suburban shopping malls and dreary office atriums—not only popping up in Midtown, but luring forward-thinking chefs and adventurous diners? Read More

Sales Beat

Savanna Pays $60M for Retail Space at 10 Madison Square West

10-madison-square-west

Private equity and asset management firm Savanna has purchased the 20,676 square foot retail condominium at 10 Madison Square West (1107 Broadway) from The Witkoff Group and Morgan Stanley Real Estate Investing for $60 million.

The Witkoff/Morgan Stanley team is currently redeveloping the 16-story building into a 23-story, 125-unit luxury condominium. The retail space will consist of roughly 12,000 square feet of prime corner ground floor space and an additional basement space.  

Read More

Grand Openings

Brookfield Place Entry Hall Pavilion Opens

WFC, Entry Pavilion3

Plaza Construction has announced the opening of a new entry pavilion at the recently renamed Brookfield Place (formerly the World Financial Center) that can hold an estimated 100,000 commuters each day.

The Entry Hall Pavilion, which is part of the first phase of landlord Brookfield Office Properties‘s $250 million renovation of the property, allows PATH and subway commuters easy access to Brookfield Place and Goldman Sachs headquarters. The ambitious renovation plans also include a marketplace and food vendors that have drawn comparisons to Mario Batali‘s Eataly. Read More

Cover Story

Downtown Manhattan, Uptown Chic

(Photo: lowermanhattan.info)

Burberry. Salvatore Ferragamo. Ermenegildo Zegna. Michael Kors. Scoop. Hermes. Judith & Charles. Calypso St. Barth.

It’s an impressive list of retailers. What’s more striking is that Brookfield Office Properties cut deals with all of them this year, and they’ll be sharing a home at the revamped Brookfield Place beginning next year, forming an unprecedented shopping destination Downtown. Read More

ICSC 2013

Courting the Foodies: These Aren’t Your Father’s Food Courts

Consumer Spending Aids In First Quarter Economic Growth In U.S.

In 2010, harried Manhattan office workers were hungry for new lunch options.

Food trucks were somewhat novel and all the rage. Puckish restaurateurs like David Chang (Momofuku) had dispensed with tablecloths and seatbacks and made barebones eateries the hottest tickets in town. Flea markets, with their quirky food vendors, had stormed Brooklyn and downtown Manhattan. Read More

Lease Beat

Brookfield Announces Leases With Eight Food Vendors At World Financial Center

world-financial-center

Brookfield Office Properties announced today that it has signed leases with eight fast casual restaurants at Brookfield Place (formerly World Financial Center) in the Financial District.

The on-trend restaurants are: Chop’t Creative Salad Company, Dig Inn Seasonal Market, Dos Toros, Little Muenster, Num Pang, Skinny Pizza, Sprinkles Cupcakes and Umami Burger. The locations will operate on a 600-seat dining terrace that is currently under construction at the complex, which is in the midst of a $250 million overhaul.

The Commercial Observer reported last summer that Brookfield was in negotiations with several retail tenants they’d hoped would fill a 200,000-square-foot portion of the four-building, eight-million-square-foot compound at the edge of Battery Park City. The dining terrace will go above a 24,000-square-foot marketplace reminiscent of Eataly. Read More

Lease Beat

Lego Signs Lease For Flagship At 200 Fifth Avenue, Store Will Cozy Up To Eataly

2005th

LEGO Systems has inked a 10-year lease for 7,703 square feet of retail space at 200 Fifth Avenue. The company behind the beloved children’s building blocks projects that the new flagship will open in January 2014, and in a building that for 75 years was known as the International Toy Center before L&L Holdings bought it in 2009, the New York Post reported.

L&L’s David C. Berkey and Andrew Wiener represented the building in-house, while Cushman & Wakefield‘s Jonathan Scibilia and Andrew Kahn represented the toy tenant. Read More

The Sit-Down

David Berkey on How 200 Fifth Avenue Became a Template for Midtown South

David Berkey.

The success of 200 Fifth Avenue has served in many ways as the template for 28-40 West 23rd Street, and no doubt many other buildings in Midtown South. The building’s developer, L&L Holding Co., guessed the popularity of the neighborhood and bet a big reinvention of the property would draw top-shelf tenants, a gamble that paid off when it landed Grey Advertising and Tiffany & Co. Now the landlord of 28-40 West 23rd Street is in the middle of a similar kind of makeover. The Cohen, Roos and Carmel families, who together own the 600,000-square-foot tower, have plans to create a roof deck and have done deals with tech companies that are invading the neighborhood in droves. After the jump, The Commercial Observer talks to Andrew Roos, a Colliers International leasing executive and an owner of 28-40 West 23rd Street. Return at 10:30 today for a second installment with David Berkey, L&L’s director of leasing. Read More

Marketwatch

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

Lease Beat

Famed Bronx Pizza Joint Opening Near Eataly

If you’ve ever craved some of Eataly’s Neapolitan pizza with a dollop of creamy mozzarella and had your hopes dashed by a mob of wannabe gourmands and tourists, now comes good news. 

Zero Otto Nove Trattoria, owned by Bronx patriarch of pizza Robert Paciullo, is opening a 5,500-square-foot restaurant just around the corner at 15 West Read More