By Al Barbarino 5/10 12:13pm

Barbie

(Credit: barbie.com)

Barbie Dreamhouse Experience Hits Florida: New York Could be Next

Three months after a prominent New York City appraiser suggested that Barbie’s oceanfront Malibu dollhouse should be bulldozed, a new Barbie Dreamhouse is being offered to the public — and this one actually exists, offering a chance to “show off your moves in the spotlight.”

Mattel and EMS Entertainment opened a 10,000-square-foot life-size touring Barbie Dreamhouse at the Sawgrass Mills mall in Sunrise, Florida this week to endless chatter and realized dreams after inking a summer lease agreement with real estate giant and mall owner Simon Property Group.  The best part: a similar house could be coming to New York City.

The Dreamhouse features a fashion runway, “Rockstar Stage,” Barbie café, living room, bedroom, an “endless” closet, bathroom, kitchen, balcony and entertainment room, with more than 350 Barbie dolls among other classic memorabilia. Read More

By Al Barbarino 3/20 7:45am

Sales Beat

Yeshiva

Ashkenazy Investments Pays $6 M. for Yeshiva Retail Property

Yeshiva University has sold off the final lot of a building portfolio that it received as a gift then aggressively marketed, pulling in $2 million more than the original asking price and demonstrating the heavy demand for retail in the Lower East Side.

The Commercial Observer has learned that Ben Ashkenazy of Ashkenazy Investments paid $6 million for the corner retail building at 156-164 Delancey Street, on the northwest corner of Delancey Street and Clinton Street, which was originally on the market by for $3.95 million.

The building currently consists of six commercial units, five of which are occupied with leases that expire between 2016 and 2021, and it was marketed based on its redevelopment potential.

“Retail properties like this are in extraordinarily high demand today,” said Massey Knakal Chairman Bob Knakal, who exclusively handled the transaction with Michael DeCheser. Read More

By Al Barbarino 3/19 7:30am

Sales Beat

bank_of_america

New Bank of America Building in Bensonhurst, Brooklyn Sells for $8.45 M.

A 4,000-square-foot Bank of America branch location under construction at 6601 18th Avenue in Bensonhurst, Brooklyn has changed hands for $8.45 million, city records show.

The property sits on the corner of 66th Street and 18th Avenue, which is also known as Cristoforo Colombo Boulevard and is one of the neighborhood’s most heavily-trafficked thoroughfares.

Massey Knakal marketed the property, originally for $9.75 million, as offering “a high yield, management free investment opportunity in the heart of one of Brooklyn’s fastest growing middle-class neighborhoods.” Read More

By Al Barbarino 3/05 7:30am

Lease Beat

750 Third Avenue

Accounting Firm EisnerAmper Amps Things Up at 750 Third Avenue

Accounting firm EisnerAmper has signed a lease renewal and expansion at 750 Third Avenue, The Commercial Observer has learned.

The eight-year lease solidified the firm’s existing 138,000 square feet across floors 13 through 17 and 21, while adding 12,000 square feet on the 22nd floor.

“They have a dynamic, growing practice,” said Newmark Grubb Knight Frank Vice Chairman Mark Weiss, who represented the tenant with Rob Eisenberg and Robert Emden.

“It’s a good building, near Grand Central and with great functionality – and the landlord has been very reliable,” he added, referring to SL Green Realty Corp. Read More

By Al Barbarino 3/04 11:31am

REIT Beat

SL Green CEO Marc Holliday

SL Green’s First Quarter Office Leasing Set to Blow Away 4Q 2012

SL Green Realty Corp. today announced that 35 office leases covering 457,677 square feet were signed in its Manhattan portfolio during the first two months of the year, already trumping its totals from the fourth quarter of 2012.

The year so far was highlighted by a 150,865 square foot lease signed with Eisner Amper at 750 Third Avenue, and the firm also said it has 600,000 more square feet in the pipeline

“Even though first-quarter leasing is typically slow, we entered 2013 with confidence, given our overall assessment of the New York commercial real estate market and knowing what we had in the pipeline at that point,” SL Green’s CEO Marc Holliday said, in a statement.  “Our results and activity since January have far outpaced our expectations.” Read More

By Al Barbarino 3/04 10:49am

The Lobby

AY_Logo

Adam Rappaport Joins Avison Young Amid Continued Hiring Spree

Office-leasing specialist Adam Rappaport has joined Avison Young as principal, leaving Cushman & Wakefield after 13 years to join a growing list of industry pros to be scooped by the Canadian firm.

A string of hires within the last few months highlights the firm’s mission to expand its footprint across New York City and the United States — and Mr. Rappaport cited that as a motivator for his move.

“I am excited to be part of an organization that is poised for such tremendous growth, and look forward to leveraging my relationships and expertise to establish new avenues for business development,” Mr. Rappaport said, in a statement announcing his hiring. Read More

By Al Barbarino 2/26 11:03am

Development

Rendering of 7 Bryant Park

Developers Break Ground at 7 Bryant Park

Developers broke ground at 7 Bryant Park yesterday, with a consortium of public officials including Mayor Michael Bloomberg gathering to pitch the trophy office tower as a boon for the city.

Politicians are touting the planned 28-story, 470,000-square-foot steel and glass tower, slated for completion in the first quarter of 2015, as a magnet for good jobs, talent and companies.

“The best days are still to come to Bryant Park – a place the city has worked hard to bring roaring back to life,” Mr. Bloomberg said at the ceremony, adding that the project will bring “more top-tier, cutting-edge commercial space, and more leading companies and their tax revenue to Midtown Manhattan.” Read More

By Al Barbarino 2/04 1:36pm

Sales Beat

131-137 Spring Street

SL Green $122 M. Retail Purchase Highlights Metered Q4 Growth

City records confirm real estate powerhouse SL Green Realty’s acquisition of a six-story retail, office and residential building at 131-137 Spring Street for $122.3 million late last year.

The acquisition of the prime retail location, adjacent to Chanel‘s Soho Flagship store, capped off what company executives lauded as a stellar fourth quarter given the economic uncertainty that permeated the industry in 2012.

“It was an excellent, excellent quarter as a standalone, and particularly in light of the headwinds,” SL Green CEO Marc Holliday said during the firm’s fourth quarter earnings call, referring specifically to the impacts of Hurricane Sandy, the uncertain election and the fiscal cliff crisis. Read More

By Al Barbarino 1/28 12:31pm

Sales Beat

(Credit: onacrew.com)

Boston-Based TA Associates Soars With $57.2 M. Pickup of Rare JFK Portfolio

TA Associates Realty has purchased a 12-building, 481,000-square-foot portfolio adjacent to JFK International Airport’s runway system in Queens, N.Y., known as the JFK Air Cargo Portfolio, for $57.2 million, The Commercial Observer has learned.  The portfolio includes eight land parcels.

“Opportunities to acquire portfolios in the JFK market occur every other decade,” said Gary Gabriel of Cushman & Wakefield in a statement. Read More

By Al Barbarino 1/10 9:00am

Sales Beat

Flatbush_Avenue_IMG_0665

Capstone Equities Pays $14.25 M for Retail Development and Potential Air Rights Play

Capstone Equities has scooped up a prominent retail corner location at 1-9 Flatbush Avenue in Brooklyn, with plans to reposition the retail and potentially use the air rights on the current structure to tack on a residential component, sources tell The Commercial Observer.

City records confirm that the firm paid $14.25 million for the two-story property, and a source familiar with the company said the plan is to draw in a stable retailer then assess the options to use the 50,000 square feet of air rights to build residential units – and possibly dormitories. Read More

By Al Barbarino 1/03 3:11pm

Sales Beat

25 West 31st Street

Global Export Marketing Co. Snags 5,800SF Office Cooperative at 25 West 31 Street

Global Export Marketing Co. has purchased a 5,800-square-foot office cooperative located at 25 West 31st Street for $2.775 million, sources tell The Commercial Observer.

The export and marketing organization bought the fully furnished 8th floor in the 12-story building, delivered in plug-and-play condition, with a loft-like feel, high ceilings and unobstructed southern views. Read More

By Billy Gray 12/24/12 7:30am

Lease Beat

450 parkimg_13_283x430

Fusion Learning Inc. Signs for 8,270 Square Feet at 450-460 Park Avenue South

Fusion Learning Inc. closed on 8,270 square feet at 450-460 Park Avenue South. It is the first Manhattan location for Fusion, the Western Association of Schools & Colleges-accredited tutoring facility.

Jovani Rampersad, the commercial leasing director for the Moinian Group, represented the owner while Deb van der Hayden and Noah Savage of Jones Lang LaSalle represented the tenant. Read More

By Billy Gray 12/11/12 7:45am

Lease Beat

1440broadwayext-med

Macy’s Expands, Renews For A Total 197,000 Square Feet At 1440 Broadway

Monday Properties announced the 31,700-square-feet expansion of Macy’s, Inc. at 1440 Broadway, the building Monday Properties owns and operates on the southern fringe of Times Square at 40th Street.

It was the storied 150-year old retailer’s third expansion in two years at the 25-floor office building, and gave it full occupancy of the 10th floor, which Advance Magazine Publishers had  subleased to Skadden Arps since 2006. CBRE Vice Chairmen Scott Gottlieb and Michael Laginestra represented the tenant, while Monday Properties Director Jordan Berger represented the owner. Read More

By Al Barbarino 12/10/12 10:56am

Lease Beat

Revolve Fitness, Union Square

Revolve Fitness Comes to Union Square

Revolve Fitness has opened its first New York City fitness facility at 52 East 13th Street in Union Square after inking a 10-year lease for the 2,500-square-foot space earlier this year.

The fitness concept, which “revolves” around classes that last up to one hour and geared towards both the beginner and cycling enthusiast, has one other location in Washington D.C., and the second location marks its first foray into New York City. Read More

By Al Barbarino 12/06/12 7:15am

On the Market

350 West Broadway

SoHo Retail Condominum at 350 West Broadway Could Rake in $30M

Jones Lang LaSalle has been retained as the exclusive leasing agent for the marketing and sale of the 11,115-square-foot retail condominium on the first two floors of a luxury residential building at 350 West Broadway in SoHo, The Commercial Observer has learned.

The two-story jewel box retail store is located in one of SoHo’s prime retail centers, between Grand and Broome Streets, with 80 feet of frontage along West Broadway.  The space also features an exclusive, 1,500-square-foot terrace area. Read More