Having lost its 800-square-foot space in Grand Central Terminal’s Lexington Passage, Starbucks will be moving across the street. The coffee purveyor has signed a 15-year lease for a 1,300-square-foot retail space at 425 Lexington Avenue, Commercial Observer has learned.
Starbucks closed its Lexington Passage location earlier this month after losing out to Cafe Grumpy in the Metropolitan Transit Authority’s RFP process. The MTA has shifted its focus away from national chains and toward locally-owned businesses.
During one of his infamous Power Juicer infomercials from the early 1990s, a stunningly fit-for-his-age Jack LaLanne declared, “That’s the power of the juice!”
Mr. LaLanne, known as the Godfather of Fitness, lived to be 96 and swore that juicing had transformed him from an ill and frail teenager into the fitness extremist who, well into his golden years, took a liking to towing boats while swimming shackled and handcuffed.
On the Market
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.
Chain Chain Chain
Winick Realty Group is bringing a retail space at 2056 Broadway, between West 70th and West 71st Streets, to the market on behalf of the Brodsky Organization.
The retail at 2056 Broadway consists of a 900-square-foot ground floor and a 1,900-square-foot storage basement with 25 feet of frontage along Broadway. Read More
On the Market
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.
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
On the Market
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.
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.”
Food & Drink
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.”
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.