Late last year, when the education publishing company Scholastic offered up about 60,000 square feet of sublease space at the top of the Soho office building 568 Broadway, the firm quickly found it wouldn’t be difficult to fill.
Within weeks, a host of tenants were competing for it, including several tech firms, one of the most active sectors of the leasing market in Manhattan right now. Tumblr, foursquare and AppNexus, all well-known names in the industry, moved to the front of the pack.
On the face of it, such a decision would seem easy. Of the three, only AppNexus, a firm that specializes in online advertising and is backed by the software giant Microsoft, is known to be profitable. But in a tech boom in which riches don’t always flow from the most likely sources, the deal for the space took a different turn.
The competition soon boiled down not to AppNexus but to Tumblr and foursquare, two companies that have become top brands in the new internet boom and have raised tens of millions of dollars in venture capital between them, but have yet to find income-producing platforms for their services.
Moda Operandi, an online retailer of ready-to-wear goods, is moving into its own Hudson Square area office space.
The firm will be moving from its current offices at 72 Madison Avenue to 315 Hudson Street, where it will take a 24,882 square foot space for a portion of the fifth floor.
In the nebulous realm of the World Wide Web, tech entities like Google and Amazon have the reach, the customer base and the income that have helped transform them from plucky start-ups into virtual mega-Wal-Marts—too big to fail, and omnipresent in practically every state, city, town and household.
But when it comes to an actual brick-and-mortar storefront, the tech titans pale in comparison.
Google, as seemingly inseparable as it has become from one’s daily life, doesn’t sell tangible products. It offers Android, an operating system for smartphones, which is then sold off by third-party retailers like Verizon and Best Buy. But beyond that, its inventory is unknown.
Amazon’s ascendance in the virtual marketplace has spelled the eventual death of bookstores like Borders and electriconics retailers like Circuit City.
The fast-growing e-commerce sensation Fab.com is moving to lower Manhattan and doubling its space, The Commercial Observer has learned.
Fab.com is taking 23,500 square feet at 95 Morton Street, a 200,000-square-foot office building owned by the real estate company Brickman Associates.
Whether it’s revitalizing an old property with hip new tenants, or reassuring an established firm that its current address is the right fit, David E. Green showcases the kind of commercial real estate savvy that has earned him trust among an eclectic portfolio of clients.
Mr. Green’s peers recognize it, too, and that’s why the Cushman & Wakefield executive director has been named this year’s Real Estate Board of New York “Young Real Estate Man of the Year” recipient.