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‘You May Be Right’ About Bedford-Stuyvesant

A young Billy Joel sports a switchblade.

In Billy Joel’s 1980 hit, “You May Be Right,” the singer boasted of his “crazy” antics crashing parties, riding his motorcycle in the rain and even walking  “through Bedford-Stuy alone.” 

Neighborhoods like Park Slope and Williamsburg have long been the headline-grabbers when it comes to booming Brooklyn neighborhoods. But the Bedford-Stuyvesant neighborhood is quickly losing the rough-and-tumble reputation Mr. Joel alluded to, and is now considered a prime candidate as Brooklyn’s next up-and-coming real estate frontier. Read More

Lease Beat

Gluten-Free Bakery Opens in Midtown

Courtesy of Pip's Place

Midtown will be welcoming its first gluten-free bakery.

Pip’s Place, an upscale gluten-free bakery, will open its second location in the city in the heart of Midtown near Grand Central. The bakery, which currently operates out of a shop on the Upper East Side at 1729-31 1st Avenue between 89th and 90th Street, will add Read More

Sales Beat

Out-of-state Buyer to Build Hotel After Scooping Up West Village Parking Lot for $10.25M

Hudson River Park's Pier 40, pre-Sandy (HRP Trust)

A commercial development site at 152-154 Leroy Street in the West Village was sold in an all-cash transaction to a first-time New York City buyer for $10.25 million, and the new owner plans to build a hotel on the property, The Commercial Observer has learned.

Located between West and Washington Streets, the site currently functions as a parking lot, approximately 55 feet wide, with roughly 27,980 gross buildable square feet. Read More

Lease Beat

Historic Lenox Lounge in Harlem Set to Reopen at 333 Lenox Avenue

Lenoxlounge

The owner of the old Lenox Lounge in Harlem has signed a 15-year lease on a new beginning at 333 Lenox Avenue.

The renowned Harlem jazz club, founded in 1939, is set to reopen sometime this summer after owner Alvin Reed was forced to move from the club’s neighborhood staple just two blocks away at 288 Lenox Avenue, due to an insurmountable rent increase.

The original location was host to performances by jazz greats including Billie HolidayMiles Davis, and John Coltrane. Read More

Postings

Real Estate Leaders Give Thanks

The Thanksgiving Turkey float  during th

Scanning the papers and business web-sites, you’d assume the economy—and, perhaps, the real estate industry in general—was approaching a quagmire, what with employment rates still lower than expected and leasing sluggish.

Nonetheless, with Thanksgiving approaching we asked some of the commercial real estate industry’s biggest names what they were thankful for this year,and their answers were far more positive than expected.

After the jump, a brief sampling of the responses, as told to Commercial Observer staff reporters Al Barbarino and Billy Gray.
Read More

Lease Beat

Halstead Moves Flagship to 59th and Park

499 Park Avenue

A group of residential brokers hardly needs schooling on the importance of location. Now Halstead will move its flagship office to a prime spot at Park Avenue and 59th Street.

Access to public transportation was a key consideration, according to an internal memo sent to staffers.

In addition to the more utilitarian Read More