Sales Beat

Old Dallas BBQ Home on UWS Sells for $9.5M

27 West 72nd Street, the former home of Dallas BBQ.

The former location of Dallas BBQ, a 9,600-square-foot retail condominium unit on the Upper West Side, has sold for $9.5 million to Jack Terzi of JTRE Holdings, Commercial Observer has learned.

The retail condominium is located at 27 West 72nd Street between Columbus Avenue and Central Park West and features 7,200 square feet on the ground floor and 2,400 square feet on the lower level. The retail condo is outfitted as a restaurant and sits at the base of the Alcott, a 16-story, pre-war residential condo building. Read More

Power Broker

Jack Terzi of JTRE on Growing, Organically

Photo by Amanda Cohen

Shortly after launching his eponymously named real estate business, Jack Terzi was approached by Apogee, a thrift store chain that operated 18 branches in Minnesota and Maryland, about opening in New York and New Jersey, which, compared with the chain’s traditional markets, were a “totally different animal.”

To facilitate the process, JTRE conducted traffic reports and demographic studies to identify the right markets to pinpoint across the region.

“We explained to them, go to Fulton Street in Brooklyn and pay the big rent,” said Mr. Terzi, chief executive officer of Jack Terzi Real Estate. “Pay over $1 million in rent, because you’re going to make three times as much as you did outside [New York].” Read More

Fifth Avenue Still on Top, Despite What Study Shows

Joe Sitt, of Thor Equities.

Fifth Avenue’s drop from the top spot of Cushman & Wakefield’s list of the world’s most valuable shopping destination has more to do with surging rental rates in Hong Kong than it does a loss of value here in New York. That city’s Causeway Bay now holds the distinction of being the most expensive strip Read More

The Plan

Retro Fitness’ New Brooklyn Gym

CO Page 30 - The Plan

Since 2010, when Retro Fitness opened its first New York area location in Staten Island, the low-cost fitness center has been making major inroads on the East Coast.

Now boasting six locations within the five boroughs, Retro’s low $19.99-a-month fee has been giving its closest competitor, Planet Fitness, a run for its money.

With a new lease on Avenue Y in Brooklyn signed earlier this month, and a projected 30 locations throughout the five boroughs in the next three years, Jack Terzi, a tenant rep for Retro Fitness and president of the brokerage firm JTRE, reviewed the floor plans of its soon-to-open gym at 1623 Flatbush Avenue with The Commercial Observer and explained why the rapidly expanding company chose to open in the Flatlands section of Brooklyn.
Read More

Lease Beat

Meatball Shop Set to Open on the Upper East Side

Courtesy of Immaculate Infatuation

The popular New York-based restaurant chain Meatball Shop is set to open a new location in Manhattan.

The new restaurant located at 1462 Second Avenue will become the fifth location in the city. The space was previously occupied by a hardware store and features 2,000 square feet of open space divided between the basement and Read More