Changing of the Guard
In the world of real estate, as in life, perception is in the eye of the beholder.
The retail market in the West Village and Greenwich Village is no exception, as neighborhood staples close due to rising rents, leaving spaces vacant and landlords searching for high-rent-paying tenants. While neighbors may find the shuttered shops to be eyesores and longtime retail tenants may find the skyrocketing rents unfair, many brokers leasing those spaces are saying it’s due to a hot market and the changing nature of the neighborhood.
A former Greenwich Village branch of the beleaguered book chain Barnes & Noble is set to become a TD Bank, it was confirmed this week.
Rumors of the bank’s arrival began circulating among Villagers last week, nine months after the 396 Avenue of the Americas Barnes & Noble shuttered. The bookstore was pushed out of the prominent, highly-trafficked corner spot by, in the words of assistant manager Donald Kemp, “a HUGE rent hike.”
Wells Fargo outbid Bank of America, Capital One and TD Bank and reached an agreement to buy a portfolio of ING Real Estate Finance’s 29 U.S loans with a total outstanding balance of $1.6 billion.
It seems like the perfect storm: investors are paying record prices to acquire residential rental apartments in metropolitan areas. And at the same time, financial institutions—especially regional and local commercial and savings banks—are offering the lowest rates for long-term financing for this asset class. Ramping up the competition, Fannie Mae, Freddie Mac, insurance companies, CMBS and conduits are all offering borrowers low rates, with terms we have not experienced in decades.
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.”
A third wave of mourning for dear departed dive Mars Bar crested yesterday when news broke that TD Bank had signed a lease at the former site of the punk-drunk-artist-squatter-hanger on haunt whose closure and demolition in 2011 was seen by many as (yet another) nail in the once-scruffy East Village’s burnished coffin.
Now, a source familiar with the deal tells us that the lease includes a second retail space whose future tenant could assume the notorious Mars Bar’s trade name and liquor license. The development company BFC Partners reached an agreement with the Mars Bar crew that would allow the next commercial tenant to occupy a 4,456-square-foot basement and ground floor space under the proud, stubborn and–who knew?–business-minded Mars Bar auspices.
Pier One Imports has inked a deal in Staten Island.
The retailer that specialized in imported him furnishings and decor has grabbed a 12,000-square-foot location at 2385 Richmond Avenue in Staten Island.
The location will be its sixth in the city, following locations at 1110 Third Avenue and 71 Fifth Avenue in Manhattan and a Read More
Eastern Union’s Shaya Ackerman—a managing director in the firm’s Howell, N.J. office—racked up a massive $94 million in financings over the last 60 days for a variety of different property types and deals. He shared with The Mortgage Observer details on the deals, which he said are picking up thanks to a shift in the type of players in the market.
It may have been the kind of problem every tenant wishes it had, but for Wasserman Media Group it was a problem nonetheless.
Only a few months had elapsed since the firm had signed on at the start of the year to take roughly 7,000 square feet on the fourth floor of the midtown office tower 444 Madison Avenue, and already it was clear to Wasserman’s executives that they had significantly miscalculated the company’s needs.