Lease Beat

Askan Menswear Takes Retail Space at 151 Orchard

151 Orchard Street

Askan, the menswear brand established in New York City in 2013, is opening a retail store at 151 Orchard Street. According to Tom Brady of Town Real Estate, who represented the landlord in the deal, the company signed a three-year lease for a vacant 400 square feet space (adjacent to clothing and accessories boutique Reed Space) last week.

Askan is expected to move in on April 1. The asking price was $120 per square foot. Central Brooklyn Realty owns the Lower East Side building, a mixed use residential building on a well know and well visited retail corridor with shopping for everyone. Read More

The Plan

Town Markets 153-Year-Old LES Synagogue


Sold for nearly $4 million late last year, 70 Hester Street on the Lower East Side is currently being marketed to retail tenants by Town. With a history stretching back to the mid-1800s, when the property served as a synagogue for the First Roumanian-American Congregation, 70 Hester Street has served a variety of purposes over the years.

As reported by The New York Times, after ceasing to be a house of worship in the late 19th century, the space housed a still during Prohibition and was later a raincoat and shower curtain factory following World War II. The building’s ground-floor space has been earmarked for a high-end café, but the 2,320-square-foot second floor is still available at a rate of $14,500 per month. Well suited to a gallery or fashion showroom, the space features a wraparound mezzanine, skylights and a stained-glass window.

Tom Brady, broker at Town, and Amy Delson, publicist for the brokerage firm, spoke with The Commercial Observer last week about the property and some of its unique features. Read More

Lease Beat

Press Tea Opens Second Location in West Village

Courtesy of Press Tea on Twitter

Press Tea will be opening another location at 167 Seventh Avenue South.

The tea shop will be taking a 550-square-foot retail space in the West Village on the corner of Seventh Avenue South and Perry Street. Press Tea offers a variety of products, pastries, and teas with popular drinks including the cold cream green tea, Read More

The Party Circuit

The CO’s Big Night Hanging With Scott Rechler and The New York Giants

Justin Tuck and Scott Rechler

On Thursday night, New York Giants star defensive lineman and two time Super Bowl champion Justin Tuck hosted his annual celebrity billiards tournament at the Flatiron pool lounge Slate, a charity event he holds to raise money to fight illiteracy. The event was co-sponsored by RXR Realty, whose chief executive Scott Rechler (who was ranked a lofty number four on The Commercial Observer’s Power 100 list) is one of the city’s most prolific and successful investors. The night featured a collection of celebrities, real estate executives and of course, pro athletes, including more than a few stars from the Super Bowl champion Giants. Read More