Lease Beat

Lease Beat

GFI Insurance Expands to Borough Park Without Broker

3900 12th Avenue. (PropertyShark)

GFI Insurance Brokerage last month opened a new office in Borough Park, Brooklyn, Commercial Observer has learned.

GFI’s other divisions include mortgage banking and commercial real estate sales and finance. GFI’s background in real estate has increased its ability to attract clients in commercial and residential development, according to Brian Gross, the president of the insurance division.  The new office is the firm’s first in the borough. Read More

Lease Beat

Patent Litigation Firm Signing Lease at Empire State Building [Updated]

Empire State Building.

Year-old patent litigation firm Radulescu today is signing a deal to move from temporary digs at a Regus to permanent space at the Empire State Building, Commercial Observer has learned.

The firm is taking 12,200 square feet of prebuilt space on the 69th floor of the building at 350 Fifth Avenue, between 33rd and 34th Streets. The asking rent is $62 per square foot, according to Empire State Realty Trust, a real estate investment trust that counts the Empire State Building among its assets. The lease will be for 10 years and Radulescu will move in on Sept. 1, said Jonathan Anapol, president of Prime Manhattan Realty, who is representing the law firm along with Prime’s William McCollum. Radulescu’s current office is at Regus at 136 Madison Avenue off of 31st Street. Read More

Lease Beat

Midwest Structural Engineering Firm Takes Space in Harlem

233 West 135th Street.

Chicago-based Infrastructure Engineering, Inc. is heading to Harlem to establish its first New York City offices.

The firm, which was established in 1986, has signed a lease for 1,275 square feet on the ground floor at 233 West 135th Street, between Adam Clayton Powell and Frederick Douglass Boulevard. The asking rent was $32 per square foot and the lease is for three years. Read More

Lease Beat

Bulova Moving to Empire State Building

Empire State Building

Luxury watch and clockmaker the Bulova Corporation will move its corporate headquarters from Woodside, Queens into a 33,214-square-foot space on the 29th floor of the Empire State Building at 350 Fifth Avenue by early next year, the New York Post reported this morning.

The 15-year lease at an average asking rent in the $60s will shift the company’s footprint back to the borough where Joseph Bulova founded the firm in 1875. Read More

Lease Beat

Fashion Avenue Sweater Knits Relocating in Midtown

525 7th Ave

Clothing supplier Fashion Avenue Sweater Knits signed a 10-year, 25,000-square-foot lease to move into a showroom and office lease at Olmstead Properties525 Seventh AvenueCommercial Observer has learned.

The company that specializes in importing women’s and children’s wear will expand from collectively smaller locations at 1400 Broadway and 225 West 37th Street and pay an average asking rent of $55 per square foot, said Marc Schoen of Savitt Partners, the broker who represented the company in the transaction. Read More

Lease Beat

Securities Training Corporation Leads New Deals at 123 William Street

123 William Street. 123 William Street. (

Securities Training Corporation has signed a long-term, 32,356-square-foot lease at 123 William Street, Commercial Observer has learned.

The tenant, which provides securities licensing preparation courses, will relocate from 17 Battery Place and occupy a portion of sixth and the entire seventh floor of the Lower Manhattan building. The company, founded in 1969, also operates locations in Chicago, Boston, San Francisco, South Florida and London. Read More

Lease Beat

Winick Leases Three Spaces at 400 Broome Street


Winick Realty Group has leased three spaces to fill the repositioned retail space at 400 Broome Street, Commercial Observer has learned.

Asking rent for all three spaces was $150 per square foot, and lease terms are 10 years, according to Aaron Fishbein of Winick, who, along with Executive Vice President Darrell Rubens, represented building owner Coral Broome Street LLC in the transactions. Read More

Lease Beat

Navigant Moving to TIAA-CREF’s 685 Third Avenue

685 Third Avenue. (CoStar)

Global professional services firm Navigant has signed a 10-year, 72,060-square-foot lease at TIAA-CREF’s 685 Third Avenue.

The tenant currently occupies 52,000 square feet at 90 Park Avenue on a sublease deal, according to The New York Post, which first reported the lease. Navigant also occupies a single floor at 119 West 40th Street, which the company picked up with its acquisition of Easton Associates in 2012. Read More

Lease Beat

Apparel Business Moves to 231 West 39th Street

231 West 39th Street.

GMC Mercantile Corp. has signed a new seven-year lease for a 9,153-square-foot portion of the sixth floor of 231 West 39th Street, Commercial Observer has learned.

The apparel business has relocated from 148 West 37th Street, according to Jeff Buslik of Adam & Co., who represented both the tenant and the landlord, 231/249 West 39 Street Associates, alongside his father, James Buslik. Asking rent for the space was $40 per square foot. Read More

Lease Beat

Jacobs Asset Management Renews, Expands at 11 East 26th Street

11 East 26th Street

Jacobs Asset Management has signed a six-year-four-month renewal and expansion at 11 East 26th Street, Commercial Observer has learned.

The financial services firm has renewed its existing 3,865-square-foot space on the 19th floor and expanded into a newly vacant and contiguous 2,137-square-foot space. Jacobs Asset Management has been a tenant in the building since 2010 and now occupies approximately half of the 19th floor. Read More

Lease Beat

First Nationwide Expands in Midtown East

220 East 42nd Street

Commercial real estate insurance company First Nationwide Title Agency will double its space to 6,465 square feet by the end of the year at SL Green Realty Corp.’s 220 East 42nd Street in Midtown East, SL Green announced yesterday.

The build-out on the 31st floor of the 37-story News Building for the company that has expanded from 12 staff members to 34 since its founding in August 2012 will be coupled with an expansion in the firm’s Uniondale office in Nassau County, said the firm’s CEO, Steve Napolitano. Read More

Lease Beat

Creative Agency Relocates to 42 West 39th Street

42 West 39th Street. (PropertyShark)

Creative agency 87AM has signed a two-year-10-month sublease from Perry Ellis at 42 West 39th Street, Commercial Observer has learned.

The tenant moved in to its new 10,092-square-foot space on the fourth floor of the building in April. 87AM had previously been based at 321 West 44th Street and in addition to New York, operates offices in Chicago, Las Vegas and Los Angeles. Read More

Lease Beat

Ellen DeGeneres’ New Brand Inks Lease at 121 East 24th Street

121 East 24th Street. (PropertyShark)

E.D., the newly launched lifestyle brand, has signed a five-year lease for the entire 5,186-square-foot 11th floor of 121 East 24th Street, Commercial Observer has learned.

The brand is a joint partnership between entertainer Ellen DeGeneres and J. Christopher Burch, the founder of C. Wonder and chief executive of Burch Creative Capital. E.D. will offer products in a number of categories, including home, ready-to-wear, accessories and pets, according to a press release announcing the brand’s launch. Read More

Lease Beat

Egg Sandwich Shop Slated for Nolita

151 Elizabeth Street.

A restaurant serving up classic and creative versions of egg sandwiches will be opening in Nolita, Commercial Observer has learned.

Egg Shop signed a 10-year lease for a 600-square-foot ground-floor space at 151 Elizabeth Street, which abuts the Nolitan Hotel, at 30 Kenmare Street. The asking rent was $6,400 per month plus $300,000 in key money. Read More

Lease Beat

APF Properties Leases Over 13,000 Square Feet at New York Gallery Building

24 West 57th Street. (PropertyShark)

APF Properties has signed four leases totaling over 13,000 square feet at 24 West 57th Street, also known as the New York Gallery Building, Commercial Observer has learned.

Asking rent for all of the spaces is in the mid-$60s per square foot, with lease terms longer than five years, Kenneth Aschendorf, a principal of APF Properties, told CO. The Gallery Building is now more than 95 percent leased. Read More