Lease Beat

Miami Ad School Leaving Brooklyn for Queens

35-37 36th Street (Photo: CoStar).

A prominent advertising school has settled on new 11,820-square-foot digs in Long Island City, saying goodbye to Brooklyn, Commercial Observer has learned.

Miami Ad School, founded in 1993 and including a network of 14 ad schools in nine countries, signed a 10-year lease for the entire third floor at Offices at the Square at 35-37 36th Street, according to information provided by JRT Realty Group and Cushman & Wakefield. The lease was signed on March 17 with asking rents in the $40s per square foot. Miami Ad School will move in in July, according to Greg Smith, the president of JRT. Read More

Lease Beat

Female-Focused Website Expanding from BK to Midtown South

158 West 27th Street

Female-oriented website Bustle will move its headquarters from a townhouse in Williamsburg to a 9,661-square-foot space on the whole 11th floor of Emmes Asset Management‘s 12-floor building in Midtown South at 158 West 27th Street through a 10-year lease on the property, the Wall Street Journal reported this morning.

The site that features news, entertainment, fashion and lifestyle reporting for women will now operate out of a building between Avenue of the Americas and Seventh Avenue where the owners ask rents running for $60 per square foot and offered up an available floor to the prospective tenants, said Ethan Silverstein of Cushman & Wakfield. Read More

Lease Beat

Peloton Interactive Signs Lease at 158 West 27th Street

158 West 27th Street. (ProeprtyShark)

Peloton Interactive has signed a long-term lease for the entire 9,661-square-foot fourth floor at Emmes Asset Management’s 158 West 27th Street.

The company, founded in 2011, makes exercise bikes with sweat-resistant video screens and will relocate its headquarters from 227 West 29th Street. Peloton also operates a studio location in Chelsea at 140 West 23rd Street. Read More

Sales Beat

Emmes Pays $151 M. for 180 Water Street


Emmes Asset Management has purchased 180 Water Street for $151 million, where the firm said it may reposition the asset.

The city’s Human Resources Administration plans to move out of the 24-story, 453,857-square-foot office tower and into 4 World Trade Center in 2015.

“We’re trying to evaluate the property’s highest and best use,” Richard Coles, Read More

Sales Beat

Harbor Group International Takes Two Manhattan Properties for $20.3M Amid Emmes Asset Management Selloff

1420 Broadway

Harbor Group International has closed on the acquisition of 1420 Broadway and 246-248 West 125th Street for a combined $20.3 million.

The first building is located adjacent to the firm’s New York headquarters at 1412 Broadway, owned by an HGI affiliate, and the latter lies amid Harlem’s burgeoning retail sector.

The property at 1420 Broadway is a three-story, 7,200-square-foot building constructed in 1911 and located between the Times Square and 34th Street retail corridors. Read More

Mortgage Beat

Meridian Arranges $13 Million Loan for Flatbush Retail

1875-1925 Nostrand Avenue.

Meridian Capital Group has arranged a $13 million loan for a 35,000-square-foot strip of retail buildings at 1875-1925 Nostrand Avenue in the Flatbush section of Brooklyn. The loan, financed by a local community bank, permitted an entity controlled by real estate investors Isaac and Billy Shalom to close the purchase of the property, The Mortgage Observer has learned. Read More