Sales Beat

Brack Sells Three Commercial Condos at Element for $23M

555 West 59th Street

Brack Capital Real Estate has sold three commercial condominium units on the ground floor of the 35-story Element residential condo to Cohen Equities for $23 million, according to property records.

Brack, which co-developed the 365,000-square-foot, nearly 200-unit condo at 555 West 59th Street, closed on the sale on March 20. It appeared in public records yesterday. Read More

Food For Thought

Cooking up the Formula for a Perfect Hotel

New York City’s latest construction boom has led to a rise in sexy, boutique hotels—not your usual generic flagships but cool new concepts like the Viceroy, the Virgin Hotel and upcoming SLS Hotel on Park Avenue South. Along with these new hotel flags come equally exciting food concepts, as restaurants have become an essential component Read More

Food For Thought

Finding Value Below and Above Grade

As ground-floor market rents continue to climb back toward the heights of 2007, retailers are beginning to set their sights higher, and lower, as demand and interest have steadily increased for above- and below-grade retail. 

This is hardly a groundbreaking concept, as restaurants like Scalinatella and Serafina have occupied a basement and second-floor space, respectively, Read More

The Plan

Check Out Available Space at 1051 Third Avenue

NEW PLAN FOR WEB

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.]

Read More

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

Food For Thought

Seeing Past the Words “Side Street”

In New York City real estate, “side street” is often a dirty word. Retailers associate side streets with being off the beaten path and generally out of the way. While that perception may hold true for apparel and dry retail, the fact is that boutique dining restaurant concepts can find some real diamonds in the Read More

Lease Beat

Times Square Welcomes Buffalo Wild Wings

Courtesy of REW Online

Despite a string of chain restaurants expanding into Brooklyn in recent years, Buffalo Wild Wings, the Minneapolis-based barbecue spot, has chosen to stay on the west side of the East River.

The casual dining chain will be taking over the entire building at 253 West 47th Street to serve up some of its famous buffalo wings and beer in a 15,000-square-foot space smack in the heart of Times Square. This location marks the latest of its New York metro region expansion, headed by the White Plains-based investment firm and franchisee Four M Capital LLC. In total, the firm owns and operates over a dozen Buffalo Wild Wings in the area. Read More

The Plan

Check Out Former Comix Comedy Club Space Hitting Market in Meatpacking

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Ideal for a flagship retail tenant, the dual-level space at 353 West 14th Street was recently vacated by Comix Comedy Club. Featuring 50 feet of frontage and soaring ceilings, the space enjoys visibility from both Ninth Avenue and 14th Street.

“Its exposure and visibility is unparalleled to anything else, because even if you’re on the other side of Ninth Avenue, your visibility is limited,” Melinda Miller of Winick Realty told The Commercial Observer last week.

After the jump, Ms. Miller points out some of the more unique features of Meatpacking District space, which Winick began marketing last week. Read More

Lease Beat

AT&T Wireless to Open “World Store” at 250 West 57th Street

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AT&T Wireless has signed a 10-year lease for 3,797 square feet on the ground floor of W&H Properties250 West 57th Street. The space has been earmarked for the wireless telecommunications company’s “World Store.” Starting rent for the lease is $350 per square foot.

“There aren’t very many boxes like this, it’s a terrific configuration for [AT&T Wireless],” Anthony Malkin, president of Malkin Holdings LLC, which supervises W&H Properties, told The Commercial Observer. Read More

Cover Story

Long Island City’s Renaissance

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Miami native Rick Rosa stuffed a few bags with his belongings in 1999 and headed for New York City.

Though not the postcard image he envisioned, he stumbled upon the industrial waterfront neighborhood of Long Island City, where he found an affordable pad, close to Manhattan, with a yard for his dog, Benny.

“The neighborhood Read More

Lease Beat

Revolve Fitness Comes to Union Square

Revolve Fitness, Union Square

Revolve Fitness has opened its first New York City fitness facility at 52 East 13th Street in Union Square after inking a 10-year lease for the 2,500-square-foot space earlier this year.

The fitness concept, which “revolves” around classes that last up to one hour and geared towards both the beginner and cycling enthusiast, has one other location in Washington D.C., and the second location marks its first foray into New York City. Read More

Lease Beat

Brooklyn Fixture Khim’s Millennium Market Coming to Downtown Brooklyn High-Rise

A glance inside Khim's 324 Graham Avenue location (Credit: The Best New York)

Khim’s Millennium Market – until now a fixture only in Williamsburg – has signed on to occupy the ground floor retail space at the base of Brooklyn’s tallest residential building, The Brooklyner at 111 Lawrence Street, The Commercial Observer has learned.

The organic grocery inked the deal for the roughly 7,000 square feet of space and roughly 70 feet of frontage with Equity Residential following an intensive polling and vetting process by the building manager to find the right tenant, brokers involved with the deal said. Read More