Lease Beat

Zazoom Signs 55 Broadway Sublease

55 Broadway

Zazoom, an internet-based media company, has signed a 5,521-square-foot sublease from Galen Technology Solutions at 55 Broadway, Commercial Observer has learned. The tenant will relocate from 277 Broadway on a 28-month deal.  

Former WNBC reporters Tim Minton and Jay DeDapper launched Zazoom in 2011 after receiving $125,000 in partial close funding, according to CrunchBase. The company specializes in producing short, topical videos distributed through various partners such as YouTube, AOL and Dailymotion. Read More

Lease Beat

Publisher Signs Sublease at 1412 Broadway

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Davler Media Group has signed a 17,500-square-foot sublease from Escada at 1412 Broadway, The Commercial Observer has learned. The publisher has committed to the entire ninth floor for six years and three months.

The tenant will pay rent in the low-$40s per square foot, according to data from CompStak. Davler Media Group is expected to relocate from 1440 Broadway during the second quarter. Read More

Sales Beat

Harbor Group International Acquires UES Residential Building for $16.15M

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Norfolk, Va.-based real estate investment firm Harbor Group International has acquired 162-164 East 82nd Street, a 37-unit apartment building, for $16.15 million.

The buyer will invest an additional $950,000 in the Upper East Side building for structural, mechanical and façade improvements. Capital will also be used to renovate rent-stabilized apartments as they become vacant, the company said in a statement.

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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

Lease Beat

1412 Anchor One Step Up Renews Lease

Courtesy of Murray Hill

One Step Up has renewed their lease in Midtown.

The apparel company is set to maintain their 52,805-square-foot lease at Harbor Group International‘s 1412 Broadway for the next ten years. The firm, with the help of Jesse Rubens, a senior executive managing director of Murray Hill Properties, the firm initially moved into the building in Read More

The Sit-Down

Cushman’s Michelle Walker Knows Difference Between Agency and Tenant Reps. But Which Does She Prefer?

Michelle Walker. (Photo by Shravan Vidyarthi)

Michelle Walker has stayed busy at Cushman & Wakefield, schooling herself on both landlord and tenant representation. It’s given her unique insight into the Manhattan markets that she covers, where dwindling supply can leave smaller tenants out in the cold and larger tech firms swallowing hard while reimagining their must-have lists. On the tenant side, she’s represented Sugar Publishing in its lease at Monday Properties’ 386 Park Avenue South. In fact, when The Commercial Observer caught up with her last week, she was rushing in from showing Sugar’s available sublease space at the building. Meanwhile, her landlord representation started with Harbor Group International’s 1412 Broadway, an assignment that taught her a lot about how landlords are leveraging their space in Times Square South. Hint: It takes guts. Read More

Sales Beat

HSBC Buys 4 New York Plaza, Home of The NY Daily News

4 New York Plaza (photo courtesy of CoStar)

HSBC Alternative Investments, along with Edge Fund Advisors, have reportedly paid $270 Million for 4 New York Plaza, the Lower Manhattan home of the New York Daily News and JP Morgan Chase & Co.

The partnership between an HSBC entity, HSBC Club Programme, and the Washington D.C.-based Edge Fund Advisors will take control of the 1,084,528-square-foot, 22-story property, which also counts OK! Magazine and American Media, Inc. as tenants.

“Our purchase of 4 New York Plaza is testament to the value we envision from the rebirth of the downtown market,” Mark Keller, the CEO of Edge Fund Advisors, said in a statement.

Harbor Group International, a Norfolk, Virgnia-based real estate investment firm, had sold the building after it purchased 4 New York Plaza at the “bottom of the cycle.”

“At the time we bought the building, I don’t think investors were as bullish on downtown as they are now,” Jordan Slone, CEO of Harbor Group International, told Bloomberg. Mr. Slone cited Conde Nast’s 1 million-square-foot lease deal at 1 World Trade Center as a pivotal moment in the market that transformed Downtown as a “focus for investors, which 2 1/2 years ago, it wasn’t.”

Harbor Group was represented by a CBRE team lead by Darcy Stacom and William Shanahan. They did not return phone calls requesting comment.   Read More