Lease Beat

Internet Clothing Company Moves to The Factory

30-30 47th Avenue (Photo: CoStar).

An online clothier is moving across Sunnyside Yards to a new office in Long Island City, Commercial Observer has learned.

Gwynnie Bee, a women’s apparel company that lets customers rent clothes, inked a deal for 12,700 square feet at 30-30 47th Avenue between 30th Place and 31st Street, according to landlord Atlas Capital Group. The company is moving into the fifth floor of the 1-million-square-foot building, also known as The Factory. Read More

Construction Finance

NGKF Secures Financing for Portland Senior Housing Development

Rendering of The Ackerly at Timberland.

Newmark Grubb Knight Frank’s capital markets group arranged $37.2 million in construction financing and preferred equity for a 147-unit senior housing development in Portland, Ore., Commercial Observer has first learned.

BBVA Compass provided a $27.5 million construction loan and an institutional investor provided $10 million of preferred equity, the proceeds of which Portland-based Rembold Companies will use to build The Ackerly at Timberland. Read More

On the Market

Potential LIC Hotel Site Hits Market With $12.5M Price Tag

11-01 38th Avenue and 37-37 11th Street.

Two connected lots in Long Island City have hit the sales market with the potential to build a hotel for $12.5 million, Commercial Observer has learned.

More than 86,000 square feet can be built at 11-01 38th Avenue and 37-37 11th Street, according to marketing materials provided by Newmark Grubb Knight Frank. That comes out to about 15 floors of commercial space, in addition to a 5,000-square-foot unattached parking garage. Read More


Silicon Bowery: Does the Bowery Own the Future of Manhattan Creatives?

Artist Shepard Fairey Puts New Mural Up In Manhattan's Little Italy Neighborhood

Adrian Hopkins likes the Bowery so much as a work neighborhood that he organizes area walks for new staff and colleagues at peer companies in the area. He likes to take people out and show them the spots that represent the spirit that, he believes, makes it the right part of Manhattan for a technology-oriented, entrepreneurial company to be based. Mr. Hopkins is the director of strategy for Bureau Blank, a creative agency that’s focused on organizations and government more than media and industry.

Bureau Blank operates out of 273 Grand Street, a building between Forsyth and Eldridge, that’s so old school it actually still has an elevator operator manually running people up and down the floors. The building is home to everything from a public relations firm to a Chinese men’s club.  Read More

Lease Beat

Real Estate Publisher Relocates East to Lexington Avenue [Updated]

205 Lexington Avenue.

Real estate trade publisher Yale Robbins is relocating to Kips Bay, Commercial Observer has learned.

The company will move from its current location at 102 Madison Avenue between East 29th and East 30th Streets to a 7,318-square-foot space at 205 Lexington Avenue between East 32nd and East 33rd Streets. It has leased the entire 12th floor in a 10-year lease. Asking rents were in the high-$50s per square foot. Read More

Lease Beat

Manhattan Beachwear Doubles Space in Garment District

1411 Broadway

Manhattan Beachwear renewed its lease and took additional space at 1411 Broadway, according to a representative for Callahan Capital Properties, asset manager of the property for the ownership venture: The Swig Company and Ivanhoé Cambridge.

Manhattan Beachwear will move from the 32nd to the 31st floor to occupy 12,768 square feet in the next month, according to a spokeswoman for Newmark Grubb Knight Frank. Through predecessor companies it acquired, the company has been a tenant since 1985, having grown from about 3,000 square feet, said Bernard Weitzman of NGKF. Mr. Weitzman represented Manhattan Beachwear in the deal. Read More

Lease Beat

Elevator Maintenance Company Heads to LIC

The Factory at 30-30 47th Avenue in Long Island City.

Elevator construction company TEI Group is moving from West 34th Street to The Factory, a creative office loft building at 30-30 47th Avenue in Long Island City, according to a press release issued by Newmark Grubb Knight Frank.

With its new lease, TEI Group will have 22,725 square feet on part of the sixth floor for its corporate headquarters. Built in 1926, The Factory is a 1-million-square foot creative office loft property that was once home to a Macy’s furniture warehouse. The company will likely move into the space this June. Read More

Mortgage Observer

Bank of the Ozarks Finances Midtown South Office Buy

12 East 33rd Street.

Dalan Management paid $36 million for two Midtown South office properties, as part of a 1031 exchange, with a $25 million mortgage from Bank of the Ozarks, according to HKS Capital Partners, which brokered the loan.

The four-year loan has a rate of 375 over Libor with a floor of 4 percent, according to a representative for the broker. HKS principals Jerry Swartz and Ayush Kapahi worked on the deal. Read More


NGKF Rivals Ready to Poach Top Brokers

Newmark Grubb Knight Frank logo.

The city’s biggest and most established commercial real estate firms are looking to woo top Newmark Grubb Knight Frank brokers who face individual contract expirations come the end of 2015, Commercial Observer has learned.

Firms like CBRE, JLLSavills Studley and Colliers International have approached the brokers “trying to find out what our intention is and express the weaknesses in [NGKF]’s platform in contrast to [theirs],” said one source on the condition of anonymity. Read More

Mortgage Observer

Brokers and Lenders on the Rise

25 Photos

25 under 35 MO26

What is an industry without a promising crop of rising stars? While commercial real estate lending is often cast as a rigid establishment of older gentlemen, a number of dynamic young brokers are making their name across the East Coast—and giving their more senior counterparts a run for their money. Read More

Lease Beat

Architecture Firm Inks Flatiron District Sublease

250 Park Avenue South

Architecture and design firm ODA Architecture has moved north to the Flatiron District through a three-year, 11,666-square-foot lease at the Feil Organization‘s 250 Park Avenue South between 19th Street and 20th Streets, Commercial Observer has learned.

The firm that’s designing both the interiors and exteriors of the 1,193-unit twin Hunter’s Point South towers in Long Island City previously occupied space at 494 Broadway. But the firm has now transitioned to offices with asking rents in the high $50s formerly occupied by Hudson Realty Capital, said Jared Sternberg of the Kaufman Organization. Read More

Lease Beat

Deutsch Leaves Google Building, Signs Penn Plaza Lease

330 West 34th Street.

Advertising agency Deutsch has signed a new lease for 74,346 square feet on the 13th and 14th floors at 330 West 34th Street, between Eighth and Ninth Avenues at Penn Plaza, the New York Post reported.

The new lease marks the planned relocation of the New York branch of Donny Deutsch’s bicoastal agency from Google’s building at 111 Eighth Avenue between 15th and 16th Streets, the Post said. Deutsch’s current space is 134,830 square feet spanning the 14th and 15th floors of the building. Read More

Lease Beat

Two New Deals Signed at 105 Madison Avenue

105 Madison Avenue.

Structural engineering firm GACE Consulting Engineers has signed the larger of two new leases at 105 Madison Avenue, Commercial Observer has learned.

The tenant has signed a 14.5-year deal for the entire, 13,350-square-foot sixth floor of the building. The firm will relocate from its current headquarters at 31 West 27th Street between late October and mid-November of this year, according to Paul Davidson of Newmark Grubb Knight Frank, who represented the landlord, A&R Real Estate. Read More