Chain Chain Chain
Fewer national chains opened New York City locations between 2012 and 2013 than in any year since at least 2008 according to a report by the nonprofit research group Center for an Urban Future.
The slight 0.5 percent increase in the number of chain retail locations paled in comparison to the 2.4 percent spike between 2011 and 2012. In fact, there are currently fewer chains in Queens and Manhattan than last year, perhaps giving hope to critics of the city’s supposed transformation into an outdoor mall.
On the Market
Just seventh months after word spread that a frozen yogurt spot would replace the venerable Bleecker Bob’s record store, it seems that the Village retail space is back on the market.
Bleecker Bob’s closed in April after 46 years in business. Now, the store is speaking from beyond the grave–via Facebook–about the dissolution of Forever Yogurt‘s lease at 118 West 3rd Street.
Data center provider New York Internet Co. has reportedly signed a 10-year lease for the 22,000-square-foot top floor at 100 William Street that the firm had previously subleased from Level 3 Communications.
Crain’s characterized the new lease as one of several, recent, new leases at the building that helped CBRE retain its role as landlord Read More
Command Financial Press has signed a new 28,484-square-foot lease at Trinity Real Estate’s 345 Hudson Street in Hudson Square – a relocation from its current offices located just blocks away at one of Trinity’s other properties.
The provider of financial printing solutions signed a 15-year lease for half of the fourth floor of the building Read More
Starbucks will expand into new territory with the opening of a 1,700-square-foot “tea bar” on the Upper East Side.
Teavana Fine Teas + Teavana Tea Bar opens tomorrow at 1142 Madison Avenue. The 11,000-store coffee giant bought the 300-store strong tea emporium brand last year. The Manhattan location will sell drinks priced between $3 and $6 and snacks and small plates between $3 and $15.
On the Market
A four-story mixed-use Upper East Side building is on the market for $9.8 million, The Commercial Observer has learned.
The 5,309-square-foot property at 1128 Third Avenue (aka 168 East 66th Street) is anchored by a ground-floor Starbucks. Current commercial tenants also include Tao Yoga & Tai Chai and a third-floor office user. In addition to the three commercial spaces, the building holds one residential apartment on the fourth floor.
In a blog post last week, Google announced that it will be wiring all 7,000 company-operated Starbucks locations in the United States with Wifi.
The service will be free and rolled out to every location within the next 18 months.
Google claims that for most locations, the connection will be up to 10 times quicker than before. However, for those who live in a Google Fiber city, speeds will reach 100 times current speeds.
In 2009 and 2010 “you could have rolled a bowling ball down the aisle” at the International Council of Shopping Centers’ RECon conference “and it wouldn’t have hit anybody,” Massey Knakal executive vice president of retail leasing Benjamin Fox told The Commercial Observer.
But when an estimated 33,000 real estate professionals converged upon one million Read More
A 4,000-square-foot Bank of America branch location under construction at 6601 18th Avenue in Bensonhurst, Brooklyn has changed hands for $8.45 million, city records show.
The property sits on the corner of 66th Street and 18th Avenue, which is also known as Cristoforo Colombo Boulevard and is one of the neighborhood’s most heavily-trafficked thoroughfares.
Massey Knakal marketed the property, originally for $9.75 million, as offering “a high yield, management free investment opportunity in the heart of one of Brooklyn’s fastest growing middle-class neighborhoods.”
Law firm Goetz Fitzpatrick has signed 12-year renewal and expansion at 1 Penn Plaza, The Commercial Observer has learned.
The construction and commercial litigation firm moves from its 13,000-square-foot space on the 44th floor to 17,600 square feet on the 31st floor as part of the firm’s ongoing growth plan.
The firm has been in the building, owned and operated by New York-based real estate investment trust Vornado Realty Trust, since the 1970’s, brokers said.
“The Firm’s practice areas are all doing well, which supports their recent growth,” said Newmark Grubb Knight Frank’s Mark Weiss, who represented the law firm with Robert Eisenberg. “It’s a great building and there’s a long history there between the tenant and the landlord.”
Food & Drink
A new report from the New York City Economic Development Corporation reveals that 42.7 percent of the city’s 1,700 coffee shops and cafes are either Dunkin Donuts or Starbucks branches.
There are 454 Dunkin Donuts locations and 272 Starbucks stores across the five boroughs, according to findings that the E.D.C.’s StatsBee’s blog published on Friday. The East Village’s 10003 zip code was the most caffeinated in the city, with 49 cafes. Midtown and Hell’s Kitchen’s 10019 zip code followed, with 47 shops. Outside Manhattan, Park Slope (11215) and Glendale (11385) each had 32 coffee shops. Both narrowly edged out Williamsburg (11211), which had 31 joe-providing freelancer magnets.
Starbucks signed a 10 year lease renewal and expansion at 55 Broad Street in Lower Manhattan.
The coffee behemoth took an additional 1,000 square feet at the Rudin Family Holdings-owned office building, bringing its total footprint there to over 3,500 square feet, making it the largest Starbucks downtown and among the biggest in the city.
Michael Rudin, vice president of Rudin Management Company, represented the landlord. David Firestein of The Shopping Center Group represented the tenant.
Gloria Jewel, the Hamptons-based apparel and accessories line, signed a 10-year lease for 600 square feet of retail space at 180 West Broadway in Tribeca. It is the company’s first Manhattan retail outlet. Gloria Jewel has stores in Westhampton Beach, Bridgehampton and Amagansett.
Trend Setter Real Estate‘s Cheryl Cohen represented the tenant. SRS Real Estate Partners‘ Mark Kapnick represented the landlord, Queenwood 34 LLC. Asking rents were $9,000 per square foot.
Capstone Equities has scooped up a prominent retail corner location at 1-9 Flatbush Avenue in Brooklyn, with plans to reposition the retail and potentially use the air rights on the current structure to tack on a residential component, sources tell The Commercial Observer.
City records confirm that the firm paid $14.25 million for the two-story property, and a source familiar with the company said the plan is to draw in a stable retailer then assess the options to use the 50,000 square feet of air rights to build residential units – and possibly dormitories.
The owner of the old Lenox Lounge in Harlem has signed a 15-year lease on a new beginning at 333 Lenox Avenue.
The renowned Harlem jazz club, founded in 1939, is set to reopen sometime this summer after owner Alvin Reed was forced to move from the club’s neighborhood staple just two blocks away at 288 Lenox Avenue, due to an insurmountable rent increase.
The original location was host to performances by jazz greats including Billie Holiday, Miles Davis, and John Coltrane.