The Plan

The Plan: 315 Madison Avenue

315 Madison Avenue

Occupied for 20 years by a video post-production company, the third and fourth floors have become available at Abramson Brothers’ 315 Madison Avenue. Part of the company’s portfolio for half a century, 315 Madison Avenue offers both unique proximity to Grand Central Terminal and relative value compared to neighboring Midtown South, with asking rents of $48 per square foot. Ideally suited for a new media company searching for value compared to the surging submarket to the south, 315 Madison Avenue also offers unique opportunities for any general office user. Adam Abramson, the vice president of Abramson Brothers, spoke to The Commercial Observer last week about the unique vacancy. Read More

REBNY 2014

The Plan: The Posts of REBNY Past

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While Real Estate Board of New York chairpersons come and go—often after a brief, two-year stint—their names live on in the organization’s boardroom at 570 Lexington Avenue. Here are a few of the chairs, current and former, whose names grace seats around the conference table. Read More

The Plan

The Plan: 135 Seventh Avenue South/163 West 10th Street

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Vacant for more than a year, two adjacent West Village retail spaces have hit the market at 135 Seventh Avenue South and 163 West 10th Street. Formerly the home of an Italian bakery, Landbrot Bakery & Bar, that “thrived for 15 years,” according to the listing’s broker, and a barbershop, each space has the opportunity to be reinvented by tenants, including possible restaurants. Initially envisioned for a single tenant, the individual spaces have since been subdivided to accommodate separate occupants. Tom Brady of Town spoke to The Commercial Observer last week about the opportunities. Read More

The Plan

Check Out 5 Bryant Park Retail Space

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Variously utilized in the past at a bank and a Staples location, the 40,000-square-foot, two-level retail space at 1065 Avenue of the Americas—rebranded 5 Bryant Park—has been subdivided into seven separate retail spaces.

Ranging in size from approximately 2,000 square feet to nearly 19,000 square feet, the spaces are suited to a number of different uses, from restaurants to financial services. Patrick Smith of SRS Real Estate, who is marketing the retail space on behalf of Equity Office, spoke with The Commercial Observer last week about the repositioning of retail at the property and how each space suits the market.

“Equity Office came up with a scheme with architect Dan Shannon to re-skin the retail and reposition the retail in sizes and configurations that were reflective of market demand,” Mr. Smith said.

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The Plan

Retail at 585 Fifth Avenue Hits the Market in Big Way

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Having been occupied by smaller-scale retailers for nearly 40 years, space at 585 Fifth Avenue is back on the market with more than 6,000 square feet available across the basement, ground, second and third floors.

A smaller building, 585 Fifth Avenue, presents a unique opportunity for retailers looking for a presence on one of New York’s most prominent shopping corridors. With flexible ownership, potential tenants will have plenty of opportunity to place their own mark on the area, and with Karen Millen and H&M set to appear on the same block, the property will benefit from tremendous foot traffic.

Perfectly suited for apparel, shoe, cosmetic and jewelry retailers, the space at 585 Fifth Avenue is asking $2.25 million per year in rent. “One block north, [rent] doubles, yet you are still pulling in the same customers—this is actually a bargain,” said Joseph Isa of Winick, who is marketing the space. Mr. Isa spoke with The Commercial Observer last week about ownership’s flexibility and the unique opportunities available to tenants.

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The Plan

Empire State Realty Trust Launches New Pre-Builts (Check Them Out Here)

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With Midtown South pricing out tenants in search of smaller blocks of space, the Empire State Realty Trust has designed prebuilt office space on the 16th floor of 501 Seventh Avenue to harness the demand spilling over to other parts of the market.

Considering two types of prebuilds—office and creative—ESRT opted for creative, targeting media, tech and advertising firms. “We don’t cater to the garment industry anymore,” said Fred Posniak, senior vice president, frankly. Built for immediate occupancy, the four prebuilt spaces at 501 Seventh Avenue range in size from 2,641 square feet to 5,810 square feet.

Mr. Posniak spoke to The Commercial Observer last week about benefits and unique features offered on the 16th floor.

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The Plan

Flatiron District Retail Space Up for Grabs at 41 West 24th Street

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After sitting vacant for two years in the heart of the Flatiron District, the new ownership group of 41 West 24th Street has elected to gut-renovate the building’s retail space in order to capitalize on the neighborhood’s growing popularity with office users and residents.

Previously occupied by a deli, the 2,300-square-foot space sits between Fifth and Sixth Avenues and enjoys close proximity to both Eataly and one of the area’s hottest residential developments, 10 Madison Square. Envisioned as the new home for a local or regional purveyor, the retail space at 41 West 24th Street is being marketed by Cushman & Wakefield to a number of potential tenants, including coffee shops.

“We’d love to do coffee, but we have got total flexibility” Steven Soutendijk told The Commercial Observer. Mr. Soutendijk, who is marketing the space alongside Stephanie Katona and Jesse Hutcher, discussed the gut renovation of the disused space.

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The Plan

Check Out Jamestown’s Long Island City Project

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With Long Island City quickly becoming a popular alternative to Manhattan, both for work and play, Jamestown Properties last year acquired the Falchi Building, a 640,000-square-foot office and manufacturing facility at 31-00 47th Avenue.

Envisioned by Jamestown as a mixed-use property with retail, office and light manufacturing components, Mitch Arkin, executive director
at Cushman & Wakefield, is preparing to market space in the building as existing tenants move out and space becomes vacant.

Though Jamestown has employed similar formats elsewhere, the developer is at pains to stress that the Falchi Building is not Chelsea Market and is, in fact, its own unique opportunity. “We think we can develop this into something that is aligned with the Jamestown brand,” Mr. Arkin told The Commercial Observer.

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The Plan

Check Out Available Space at 1051 Third Avenue

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Previously the home of apparel retailer Searle, the entire ground floor of co-op building 1051 Third Avenue has become available in recent years, with parcels divided among new tenants Alice NYC, a Searle offshoot, and Intimacy, a lingerie store. Now, a 4,200-square-foot parcel at the address is being marketed by Winick to retailers looking for a piece of Third Avenue’s surge in popularity. Split between a 3,000-square-foot ground-floor space and a 1,200-square-foot lower level, the early interest has come from accessories companies.

The possibilities do not end there, however, because the landlord is considering pop-up and short-term deals through the holidays. Melinda Miller of Winick spoke to The Commercial Observer last week about the space, which carries an asking rent of $225 per square foot.

[Note: A version of the floor plan that ran in print incorrectly displayed the available space. The version below is accurate. The Commercial Observer regrets the error.]

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The Plan

Marketing 95 Trinity, Home of the Heisman Trophy

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The lower Manhattan property known as 95 Trinity that’s home to the Heisman Trophy is also offering 13,000 square feet of ground-level retail space inside its two 22-story landmarked towers. Located near the 9/11 Memorial, the space stands to attract foot traffic not only from the attraction’s estimated 5 million annual visitors but also commuters walking south from the World Trade Center transportation hub.

“Standing at a site almost directly across from the 9/11 memorial is just awesome,” said Lori Shabtai of Winick Realty, who is part of the team marketing the space. “The amount of people that will be viewing this retail or restaurant site is profound.”

Last week, Ms. Shabati and brokers Monica Kass and Jeremy Schwartz spoke with The Commercial Observer about the space and the unique opportunities it presents potential retail tenants. Read More

Postings

Updating a Lower Manhattan Landmark: Restaurant and Apparel Included

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Completed in 1923, 195 Broadway served as the headquarters for American Telephone and Telegraph and Western Union, and it currently boasts Thomson Reuters as a major tenant. Acquired by L&L Holdings in 2005, the Financial District property has been repositioned to capitalize on retail opportunities on the ground floor.

Marketed by Cushman & Wakefield, the majestic space will be divided for up to three tenants, including a restaurant, with whom brokers are now in discussions with to open an upscale eatery with access to a 30th floor rooftop deck. Located across from the Fulton Street transit hub, 195 Broadway’s retail space is ideally suited for apparel and jewelry retailers. Alan Schmerzler, executive director at C&W, spoke with The Commercial Observer last week about the building’s unique challenges and potential opportunities. Read More

The Plan

The Modernization of the WPIX Building

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Founded in 1948, WPIX is the New York flagship of the CW Network, the former television station of the Daily News and the broadcast home of the New York Mets. Owned by the Tribune Company, WPIX has occupied the same space at 220 East 42nd Street since its founding 65 years ago.

Seriously in need of renovation, floors one and 10 of the building have been repositioned ahead of potential upgrades to the station’s newsroom on the second floor. “Part of the Tribune’s concept is not only to make it more valuable for their clients, but as well to make it a special place for their employees, to want to retain and bring in new employees,” said Mike Mazeika, architect and director of the media and entertainment division at Luckett and Farley.

Mr. Mazeika and Chris Zerafa, vice president of technology at WPIX, spoke with The Commercial Observer about the recently completed repositioning of its state-of-the art, 32,000-squarefoot 10th floor. Read More

The Plan

Check Out Options Group’s State-of-the-Art Floor Plan

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Options Group, a global executive search firm for the financial services industry with offices in California, London and Hong Kong, recently enlisted architecture firm Tirmizi Campbell to redesign the 2,200-square-foot first floor of the approximately 10,000-squarefoot building it owns at 121 18th Street. The redesign is the first step in what will eventually be a reconfiguration of the entire building.

“They’re progressive, and they all have a very good sense of design, because they travel and they deal with very high-end executives,” Asifa Tirmizi of Tirmizi Campbell, told The Commercial Observer. “They have this palette; they want it to be very high-end, so when people come, they feel very comfortable it’s up to par with what they’re used to.”

Ms. Tirmizi reviewed furniture plans last week and discussed what, exactly, drew Options Group to the new design choices. Read More

The Plan

Tour 23 Wall Street, Otherwise Known as The Corner

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The former J.P. Morgan headquarters at 23 Wall Street continues to be a hard sell. For nearly seven years, the property, which has been marketed to retailers and restaurants, has remained vacant.

Complicated by its location—across from the New York Stock Exchange—and its poor loading facilities, the property, along with the connected 35 Wall Street and 15 Broad Street, has drawn interest but no commitments. Originally marketing the property specifically toward retail, the Cushman & Wakefield brokerage team has begun to open up to the possibility of entertainment or financial services firms.

Joanne Podell, vice chairman, and Ian Lerner, senior associate, spoke with The Commercial Observer about the unique challenges and possibilities the properties present. Read More

The Plan

Check Out Restaurant Space Hitting the Market Near Flatiron District

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When Winick Realty quietly began marketing a pair of high-end retail spaces at 28 West 20th Street eight months ago, potential suitors lined up quickly with hefty offers.

The properties, which can be combined for a total of 12,000 square feet, once housed a nightclub and are packed with lounge and amenity spaces. It’s been used as the backdrop for several big-screen productions, but while the sleek interior is fit for a range of high-end uses, with ceiling heights hitting 16 feet, the ownership group is waiting for a tenant who is not only willing to hit the competitive asking rents but carry a reputation that will brand the building and prosper for years.

“We have the luxury of not only looking for the dollar, but we want the experience,”
Winick broker Ross Burack told The Commercial Observer last week, confirming that “big name restaurants” have put in offers, but also that he’s “marketing to fitness use, health club use… really everyone,” as long as they fit the bill.

Mr. Burack sat down with The Commercial Observer for a sneak peak on the lay of the sprawling retail condo. Read More