Space Search

Soho Properties Shops for Temporary Park51 Space

44 Trinity Place. (Credit: CoStar)

More than three years after developer Sharif El-Gamal faced a firestorm over plans for an Islamic prayer and community center in lower Manhattan, the head of Soho Properties is searching for temporary space for Park51, Commercial Observer has learned.

Yesterday afternoon, Aziz Friedrich from Soho Properties was spotted touring a 2,000-square-foot second-floor space at 44 Trinity Place, being marketed by Eastern Consolidated’s James Famularo and Ravi Idnani. The asking rent for the Trinity Place space is $100 per square foot and the lease term is 10 years, according to the listing. It seems an unusual space for a center since it is above Wogies Bar & Grill. Messrs. Famularo and Idnani declined to comment. Read More

On the Market

Vornado Asking $650 M. for 1 Park Ave.

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Vornado Realty Trust is reportedly planning to sell 1 Park Avenue and is seeking roughly $650 million for the office tower.

The real estate investment trust, which has interests in more than 20 million square feet of Manhattan office space, has hired Douglas Harmon and Adam Spies of Eastdil Secured to market the 20-story, 925,000-square-foot Read More

Lease Beat

Financial Services Firm Relocates on Madison Avenue

295 Madison Avenue

Financial services firm Sontag Advisory has signed a 15,875-square-foot lease for the entire fifth floor at 295 Madison Avenue, relocating from its offices just two blocks away at 261 Madison.

The deal doubles the firm’s office space after a one-and-a-half year search focused on finding an existing built space rather than expanding at its previous location. Read More

The Sit-Down

Like Father, Like Son: Murray Hill Properties’ David Sturner

David Sturner (Credit: Mike Nagle)

David Sturner’s long tenure at Murray Hill Properties began in 1995, when the full services real estate company launched its asset and project management departments. But his roots at the firm go even deeper than that: Mr. Sturner’s father, Norman Sturner, is MHP’s president and chief executive. Since coming onboard, the younger Mr. Sturner, 46, has risen in the ranks. The onetime project management specialist now also oversees operations and asset management and two years ago was named chief operating officer. Mr. Sturner spoke to The Commercial Observer about the transformation of MHP, growing up in a real estate family and the quest for fortune over fame.  Read More

Lease Beat

Appboy Relocating to 263 West 38th Street

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Appboy, a mobile relationship management platform, has signed a five-year deal for the entire 6,500-square-foot 16th floor at Handler Real Estate’s 263 West 38th Street, The Commercial Observer has learned. Asking rent for the space was in the mid-$30s per square foot.

“Appboy was in expansion mode and we found a good deal on an efficient floor with solid light on three sides,” said Daniel Lolai of Murray Hill Properties, who represented the tenant. “It’s a solid deal for a tech company.” Read More

Lease Beat

Eurotech Signs Sublease at 135 West 50th Street

Courtesy of Honest Buildings

Eurotech Construction has signed a 14,387-square-foot sublease at 135 West 50th Street, also known as the Sports Illustrated Building. The deal, for a portion of the fifth floor, carries starting rent in the low-$30s per square foot, according to data from CompStak.

The deal is similar to that of Fareportal, an online travel group that signed a sublease for the remainder of the fifth floor last year. The company consolidated three offices into the 40,848-square-foot Midtown space. Read More

Wired City

No Broadband Is Ever Really “Free”

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One way or another, it’s going to cost New York City residents if the government provides “free” Internet.

Some people firmly believe that the government should provide pro bono broadband for all, but others can list numerous reasons why that would more likely be a big mistake. Read More

Lease Beat

Jay Suites Inks Another 21K at 1441 Broadway

Courtesy of Behance

Jay Suites has expanded its presence at its Times Square office, The Commercial Observer has learned.

The temporary office provider has been rapidly growing in recent years and the lease represents an expansion of a sixth office in the city. The company initially took a 21,711-square-foot office on the fifth floor of  LH Charney Associates‘ 1441 Broadway last summer and the new lease will take over the 3rd floor, adding 21,280 square feet. Read More

Postings

REBNY Retail Deal of the Year Awards, Minute By Minute

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About 200 retail real estate specialists gathered at 101 Park Avenue’s 101 Club last Tuesday for the Real Estate Board of New York’s 15th annual Retail Deal of the Year Awards cocktail party.

Brokers flocked to a bountiful buffet and an open bar with generous pours. In a lonely corner, an ignored PowerPoint presentation summarized the nominees. Here’s what went down as the assembled waited to hear which of the nine submitted transactions would take home the evening’s two big honors. Read More

Lease Beat

All in the Family: Construction Company Secures New York Office

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LPCiminelli Inc., a Buffalo-based construction company, has signed a 5-year lease for 5,836 square feet on the 35th floor of 1250 Broadway. Asking rents were in the mid-$50s per square foot.

The deal with brokered on the tenant side by Kyle Ciminelli, managing director at Newmark Grubb Knight Frank and nephew of the LPCiminelli’s owner, Louis Ciminelli.

“Representing a family member is always fun,” Mr. Ciminelli told The Commercial Observer. Read More

The Lobby

Murray Hill Properties Promotes Three Brokers to Partner in Hierarchical Shift

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Murray Hill Properties is turning over its brokerage to its brokers by promoting three veteran agents to partnership roles, The Commercial Observer has learned.

The move, spearheaded by principal and president of the firm David Greene, changes the hierarchical structure of the firm and evens the playing field for brokers who want a bigger role in the future of the Read More