Retail Lease Beat
The old Lafayette Smoke Shop space at 63 Spring Street was snagged this morning for $15 million.
“We’re planning to lease the entire 5,000-square-foot building to one tenant with flagship opportunities,” the buyer, Jack Terzi, CEO of JTRE, said. “There aren’t many spaces in Soho where you can get that corner asset so we jumped on it.”
Equity Office has signed the first two retail leases at its repositioned 5 Bryant Park property.
In the larger of the two long-term deals, Blink Fitness, an Equinox Fitness brand, has signed an 18,765-square-foot lease on the ground and basement levels of the property.
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].”
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
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.
New Jersey-based Retro Fitness has its expansion set on New York.
The fitness gym has inked a deal for a new location in Gravesend at 325 Avenue Y for a 15,000-square-foot center.
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