The Plan

The Plan: New York Marriott at the Brooklyn Bridge

New York Marriott at the Brooklyn Bridge.

As Brooklyn continues to become the destination of choice for New York’s 56.4 million annual visitors, there has been unprecedented demand for hotel space in the borough. With 667 rooms, the 27-story New York Marriott at the Brooklyn Bridge is Kings County’s largest hotel. The Downtown Brooklyn chain, which sits at 333 Adams Street, opened in 1998 and doubled its size in a 2006 expansion. However, in order to remain competitive, its owners, Muss Development, Marriott International and Homefed Corporation, felt that it needed to be reconfigured.

“We needed to reposition it as the leader in Brooklyn,” said Jeff Kay, the chief operating officer of Muss Development, which built the property. “We consider ourselves at the center of Downtown Brooklyn.” Read More

Lease Beat

Eltingville Shopping Center on SI Adds Three New Tenants to Roster

The Eltingville Shopping Center.

Smashburger, the Staten Island Behavioral Network and Ivy Urgent Care Center have all signed long-term leases at Muss Development’s Eltingville Shopping Center at 4310-4370 Amboy Road in Staten Island, Commercial Observer has learned. These transactions bring the retail component of the 100,000-square-foot complex, which also includes office space, to 100 percent occupancy.

“We’re thrilled to bring in Smashburger,” said Jason Muss, the principal of Muss Development. “It adds another food choice to the center. The Urgent Care Center will be a good service to the area and the Staten Island Behavioral Center is going to be within the office component of the center. We think ultimately, all these tenants work very well together. We’re very pleased to be able to [bring occupancy to 100 percent].” Read More

Lease Beat

City Agency, Office Space Provider Ink Forest Hills Leases

Forest Hills Tower

The New York City Board of Elections and office suite provider Regus signed respective leases totaling almost 50,000 square feet at Muss Development’s Forest Hills Tower at 118-35 Queens Boulevard in Forest Hills, Queens, The Wall Street Journal reported yesterday.

The city agency will move into a 36,103-square-foot space on three different floors of the 17-story building by the fourth quarter of 2015 and the real and virtual office space finders will occupy 13,317 square feet on the fourth floor of the 1981 structure with asking rents in the high $30s, Jason Muss, a Muss principal, told Commercial Observer. Read More

New Developments

Muss, AvalonBay Plan Sheepshead Bay Development

A joint venture between Muss Development and AvalonBay Communities is planning a residential development on a recently acquired site in Sheepshead Bay, Brooklyn, Commercial Observer has learned.

The partners are planning a split condominium and rental building on the vacant 83,000-square-foot site at 1501 Voorhies Avenue, Jason Muss of Muss Development confirmed. Read More

Demolition Derby

DDG Seeks to Raze UES Buildings

1558 Third Avenue.

Real estate investment and development company DDG is looking to demolish two buildings on the corner of East 88th Street.

DDG picked up the properties, 1558-1560 Third Avenue and 180 East 88th Street, which have rear lots that connect with one another, from Muss Development for nearly $70 million in the last quarter of 2013. The site houses two vacant five-story apartment buildings. Read More

Lease Beat

Muss Development Buys Retail Condo, Simultaneously Lands Le Pain Quotidien

(Credit: Toll Brothers)

Muss Development has purchased a retail condominium at the base of Toll BrothersTouraine luxury residential building on the Upper East Side for $12 million, and construction is already underway to outfit the space for a new Le Pain Quotidien.

The build out of the 5,000-square-foot retail condominium at 865 Lexington Avenue (aka 132 East 65th Street) will take approximately three months to complete, at which point the European cafe chain will move into its 31st Manhattan location, Jason Muss of Muss Development told Commercial Observer. Read More

Lease Beat

Bank, Engineering Firm Take Space in Forest Hills Tower

Forest Hills Tower at 118-35 Queens Boulevard

Signature Bank and Tectonic Engineering & Surveying Consultants have each signed a 10-year lease for space at Muss Development‘s Forest Hills Tower, a 375,000-square-foot office tower in the Forest Hills area of Queens.

Tectonics, a civil and structural engineering firm, and the bank will take a combined 17,782 square feet in the building, at 118-35 Queens Boulevard, which used to be JetBlue’s headquarters, Crain’s first reported. Read More

Lease Beat

CVS Renews Whitestone Lease

CVS Pharmacy at Francis Lewis Boulevard Shopping Center (Credit: Muss Development)

CVS Pharmacy has signed a long-term renewal for its 13,500-square-foot space at Muss Development’s Francis Lewis Boulevard Shopping Center in Whitestone, Queens, Commercial Observer has learned.

The nation’s largest pharmacy chain has operated a branch at the Queens shopping center since 2002 and may soon have a new neighbor there. Muss Development has plans to upgrade the tenancy of a 4,000-square-foot space adjacent to the CVS location once it becomes available in the second quarter, according to a press release. Read More

Brooklyn Issue

South Brooklyn’s Time to Shine

The sun sets over the Coney Island Boardwalk. (Credit: New York Habitat)

South Brooklyn’s waterfront neighborhoods have long fostered considerable charm and affluence despite being overshadowed by the explosion of “brownstone Brooklyn,” Williamsburg and Bushwick.

A few isolated incidents—take the 2011 Brighton Beach boardwalk shooting—and Superstorm Sandy didn’t help with image improvement, but recent developments point to South Brooklyn’s waterfront communities as the next Kings County neighborhoods to catch fire.

Read More

Lease Beat

Men’s Wearhouse Renews Forest Hills Lease

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Muss Development has signed Men’s Wearhouse to a long-term, 6,300-square-foot renewal at 7000 Austin Street in Forest Hills, Queens, The Commercial Observer has learned.

The men’s retailer occupies retail space alongside Starbucks, Barnes & Noble, Eddie Bauer and T.G.I Friday’s at the 78,939-square-foot mixed-use property. Allen Health Care and Bilinguals Inc. both occupy office space in the building.

Read More

Mortgage Observer

Outlook for 2014: Early Indications Positive

It’s a new year, and experts in the commercial real estate sector are assessing how factors like New York City’s newly inaugurated mayor and elements of financial reform coming online may impact business. Here, Mortgage Observer spoke to several to get their takes on what the year ahead holds for the economy, banking, financing and New York City as a whole. Read More

Lease Beat

Plaza College Inks 40,000-SF Relocation Deal at Forest Hills Tower

Forest Hills Tower

Plaza College signed a 15-year, 40,000-square-foot lease at 118-35 Queens Boulevard (aka Forest Hills Tower) and will relocate its main campus from Jackson Heights by the start of the 2014-2015 school year.

The private, specialized school will take part of the ground floor and all of the second floor at the 17-story, 375,000-square-foot property. Asking rent was $30 a foot. Read More

Casinos

Muss Development Rolls Dice on Foxwoods Resort Casino

craps1

Just days after Governor Andrew Cuomo introduced legislation that would authorize three new Upstate New York resort casinos, Foxwoods Resort Casino and Muss Development have signed a partnership agreement to build a destination resort style casino and hotel in Liberty, New York.

The presidents of the respective companies, Scott Butera and Joshua Muss, have been Read More