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

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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

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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

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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

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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

Lease Beat

Epiq Bankruptcy Leads Trio of New Leases at 757 Third Avenue

757 Third Avenue

Epiq Bankruptcy Solutions, a case management and consulting firm specializing in Chapter 11 cases, has signed a 28,036-square-foot lease on the third and seventh floors of 757 Third Avenue, the largest of three recently announced leases at the RFR Realty property. Asking rents in the building range from the low $50s to low $60s per square foot.

Additionally, real estate developer Omni Development and Astoria Federal Savings and Loan Association have signed lease for 5,700 square feet and 5,284 square feet, respectively.

“The RFR team works tirelessly to provide an unsurpassed office environment for our tenants – from the upscale building amenities and thoughtfully crafted interiors to the assiduous attention to architectural detail,” said Aby Rosen, co-Founder and principal of RFR, in a statement. “The recent leases at 757 Third Avenue are further testament to the quality of our portfolio and attention to tenant services.” Read More

ICSC 2013

Minute By Minute: The First Day and a Half at the International Council of Shopping Centers RECon Expo

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On Sunday night at the MGM Grand Garden Arena in Las Vegas, Taylor Swift and Justin Bieber made the fans squeal and the paparazzi snap. But just off the strip, at the Las Vegas Convention Center, the real action got underway with the start of RECon. Below, The Commercial Observer’s
reconnaissance work at The Global Real Estate Convention, where 35,000 registered attendees are helping to shape the future of retail real estate. Read More

Lease Beat

345 Adams Street 100 Percent Occupied After Orange Leaf’s Cool 1,000-Square-Foot Deal

345 Adams Street

Orange Leaf signed a long-term, 1,000-square-foot lease at 345 Adams Street, giving the Downtown Brooklyn retail condo 100 percent occupancy.

Ariel Schuster and Brian Segall of RKF represented the landlord, Muss Development LLC. Henry Goldfarb, Stanley Lindenfeld and Adam Frisch of Lee & Associates represented the tenant.

This will be Orange Leaf’s first Brooklyn location. The fro-yo chain has six stores throughout Manhattan and Staten Island. The retailer will count other fast food outlets including Panera Bread and Potbelly as neighbors. The Texas barbecue joint Hill Country, which originated in Murray Hill, announced an 11,000-square-foot lease at 345 Adams earlier this month. Read More

Lease Beat

TGI Friday’s Relocates in Times Square

Courtesy of Waiterpay

TGI Friday’s will be relocating its Times Square restaurant.

The popular chain restaurant will be moving to a 10,872-square-foot space at 147-149 West 46th Street from its current outpost less than a block away on the corner of Broadway and 46th Street, officials said.

“Their previous location at 1552 Broadway was sold and they were Read More

Year in Real Estate

In 2012, Hospitals Expand Real Estate Footprints, from Brooklyn to Harlem

New York City Exteriors And Landmarks

The city’s aging population, a drive for state-of-the-art facilities and strong hiring across the health care industry prompted unprecedented growth in leasing activity in the health care sector across the five boroughs in 2012.

Memorial Sloan-Kettering, Mt. Sinai, Montefiore Hospital and Inventa Health were among the dozens of hospitals and medical companies to announce bold new initiatives to expand their footprints in the city in 2012, and those developments are only a sign of what’s to come, brokers and analysts predict. Read More

Lease Beat

D. Brock Stays at 12 East 44th Street

Courtesy of Emporis

D. Brock Inc. has renewed their lease in Midtown.

The company will continue to occupy the entire sixth floor that spans 2,500 square feet at 12 East 44th Street between Fifth and Madison avenues.

“Tenants that want rent under $50 per square foot and like exposed ceilings” are attracted to the building, said Mitchell Kunikoff, Read More

Lease Beat

Shah Diamond Inks Deal at Fifth Avenue Gem

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Shah Diamonds has inked a deal for an office at 590 Fifth Avenue.

The diamond and jewelry store will take 6,185 square feet of the ninth floor of 590 Fifth Avenue. The company has been in business since the 1970s and has expanded to employ more than 700 workers in three manufacturing facilities in the Read More