Sales Beat

Sitt Asset Management Buys Two Pink Soho Buildings for $30M

161 Prince Street.

Family-owned real estate investment firm Sitt Asset Management has snagged a pair of pink Soho buildings on Prince Street for a combined $30 million.

Sitt spent $15.9 million for 161 Prince Street and $14.1 million for the adjacent 159 Prince Street, both between West Broadway and Thompson Street. The deal closed on Aug. 31 and appeared in public records today. The seller is listed as Hewitt, N.J.-based MRM Equity LLC. Read More

Tech Beat

Honest Buildings Launches iPad App

Screenshot of the new Honest Buildings app

Connection engine Honest Buildings has launched a free iPad app for real estate service pros who have submitted projects on the website so they can share their work in real-time on-the-go to prospective clients, Commercial Observer has learned.

“We kept getting examples of people’s work in the PDF two-page document that every vendor in the real estate industry has to showcase what they have,” said Riggs Kubiak, the company’s CEO. “We thought we could drastically improve that experience.” Read More

Sales Beat

Sitt and Ashkenazy Team Pays $48 M. for 711 Madison

711 Madison Avenue

Sitt Asset Management and Ashkenazy Acquisition have purchased a mixed-use, five-story property at 711 Madison Avenue for $48 million.

The property is anchored by international women’s retailer Roberto Cavalli, which is in the midst of capital improvement program that is nearing completion and will double its space across the ground and second floors to 3,200 square Read More

Lease Beat

Victoria’s Secret Moves Upstairs After Kylie Bisutti Finds God

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One week ago Victoria’s Secret Model Kylie Bisutti opened up about her decision to quit modeling in order to make amends with The Man Upstairs – now her former employer is moving upstairs.

The lingerie retailer has signed a 3.5-year lease for an additional 60,000 square feet across floors four and five at its 2 Herald Square retail flagship location, David Sitt, a principal with landlord Sitt Asset Management, told The Real Deal. Read More

Lease Beat

DKNY’s Midtown Headquarters On The Market For $65 Million, Investor Doubts Swirl

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Fashion label DKNY has put its 150,000-square-foot Midtown headquarters on the market for $65 million. A partnership led by Sitt Asset Management owns the property at 240 West 40th Street, between Seventh and Eighth Avenues. Sitt enlisted Jones Lang LaSalle to handle the sale. Richard Baxter, Scott Latham and Glenn Tolchin will lead the JLL team.

DKNY fully occupies the 12-story building in a lease that expires in 2016. Those details could either encourage investors or steer them away from the property, reports Crain’s. Given the lackluster leasing market, there’s a fair chance that the company–a subsidiary of international luxury goods behemoth LVMH–will exit the buiding when the lease is up, leaving 240 West 40th Street with full vacancy. Read More