Sales Beat

312 Leonard Street Gets Highest Price East of B.Q.E.

312 Leonard east of the B.Q.E.

The sales record for the highest price per square foot for a Williamsburg property east of the Brooklyn-Queens Expressway was set earlier this month at 312 Leonard Street, Commercial Observer has learned. The property on the corner of Conselyea Street includes a 1,580 square foot restaurant, a 420-square foot two car garage and a 1,264 square foot apartment. It sold for $3.1 million ($950 per square foot).

“This was a mutually beneficial transaction in a highly desirable location,” said Peter Levitan of Lee & Associates NYC, in a prepared statement. The broker-owned company has 51 locations in the U.S. Read More

The Lobby

Lee & Associates and Affiliate Add Third Firm to Partnership

James Wacht

Lee & Associates and its Sierra Real Estate affiliate have recruited Cogswell Realty into a three-way partnership for management of a vast property portfolio and potential future acquisitions called Cogswell Lee Development Group, Commercial Observer has learned.

Sierra and Cogswell have worked together in joint property and construction management arrangements since 2012, but the new partnership will allow the companies to offer superior products and services to their clients, said James Wacht, the president of Lee & Associates and Sierra. Read More

Lease Beat

Success Academy Sublets Harlem Office

310 Lenox Avenue

The YAI Network, a nonprofit service provider helping individuals with intellectual and developmental disabilities, has opened an 8,449-square-foot location for one of the nonprofit’s pre-employment and community service programs in a second-floor office space the nonprofit subleased from Success Academy Charter Schools at the NBA Player Association‘s building at 310 Lenox Avenue in Central Harlem, ABS Partners Real Estate announced last week.

The 57-year-old organization with eight affiliates in the New York metropolitan area, Puerto Rico and the U.S. Virgin Islands has occupied the space between West 1125th and West 126th Streets where it helps adults learn job-related skills, said Sandy Speiser, YAI Network’s director of program development. Read More

Lease Beat

DataVision Inks Flagship Retail Lease at Two Trees’ 50 West 23rd Street

Retail rendering for 50 West 23rd Street. (Two Trees)

Computer and consumer electronics retailer DataVision has signed a 10-year, 5,523-square-foot flagship retail lease at Two Trees Management’s 50 West 23rd Street, the landlord announced today.

The tenant will relocate to the property, also known as the Jewelcor Building, from Fifth Avenue and 39th Street and is expected to offer same day delivery in New York City for 40,000 items. Read More


Minute by Minute at the REBNY Deal of the Year Awards

Richard B. Hodos

The Real Estate Board of New York doled out prizes for the Most Ingenious and Most Significant Retail Deals of 2013 in a ceremony at Club 101 at 101 Park Avenue last Tuesday night, and Commercial Observer came out to sample the open bar, scope the 18 nominees and gather snippets from the 250 brokers and insiders who showed up for the event. Read More

Power Broker

Lee & Associates’ Harlem Shakers

Stan Lindenfeld and Henry Goldfarb

Mr. Goldfarb grew up on Rivington Street on the Lower East Side back when people sat on their stoops for entertainment, when you knew everyone in the neighborhood by name, and before the cramped, railroad-style tenements stretching from South to 15th Streets were razed and turned into projects. Read More

Health care

Modern Medicine: How Fundamental Health Care Changes are Reshaping the Medical Real Estate Game

Doctors at Memorial Sloan-Kettering. (Credit: abcnews)

Several months ago, I unearthed a clock radio from an old box of belongings and set it up in my bathroom so I could rock out to some tunes as I showered before work. 

At times, I was slightly amused by the segues of deejay banter, but the in-your-face commercials slinging everything from car insurance to pet food were less charming. 

An ad about a cancer survivor who had achieved her dream of having children after receiving the best, most convenient care at a particular outpatient cancer treatment facility at first struck a chord, but by the fifth or sixth iteration, it admittedly grew tiresome, and I retired that particular station altogether. Read More

Lease Beat

Motorcycle Dealer Signs Direct Lease in Hudson Square


Mototainment, LLC has signed a 15-year, 8,300-square-foot lease at Trinity Real Estate’s 155 Avenue of the Americas.

The tenant, also known as Ducati Triumph NYC, is  an authorized dealer and service provider of Ducati, Triumph and Mission motorcycles. The dealer has signed a direct lease with the landlord after previously subleasing ground floor retail space at the Hudson Square property. 

Read More

Lease Beat

Brause Realty Welcomes Two New Tenants to 254 West 31st Street


In a sign that the landlord’s capital improvement plan is paying dividends, Brause Realty has signed two new tenants at its 254 West 31st Street property.

In the larger of the two deals, Concepts in Staffing, an IT consulting and executive search firm, has leased 5,240 square feet on the sixth floor of the building. The company is currently located at 9 East 37th Street.

On the 12th floor, Universum has signed a 4,110-square-foot lease. The employer branding services firm currently operates from nearby 129 West 29th Street. Read More

Lease Beat

Three New Tenants Sign on at 20 West 37th Street


Landlord Neuss Real Estate has signed three new tenants to long-term deals at 20 West 37th Street, The Commercial Observer has learned. Asking rent for the building—now 100 percent leased–is $38 per square foot.

“This location is really picking up a lot of steam because Midtown South has become very pricey,” said Paul Walker of CBRE, who represented ownership in the transactions. “This neighborhood is great for transportation and the product is very similar to that of Midtown South.” Read More

Lease Beat

Sprinkles Cupcakes Dips into Ice Cream Biz


Sprinkles Cupcakes has signed a 7,000-square-foot lease extension and expansion at 780-782 Lexington Avenue, giving the shop an additional 1,000 square feet for the launch of an ice cream undertaking next to its existing Manhattan cupcake operation.

An “ATM machine” outside the shop will allow customers to order cupcakes 24 hours a day, according to Read More