Ofer Yardeni, the co-founder of Stonehenge Partners, said his firm’s 2010 acquisition of 555 Avenue of the Americas and subsequent $40 million renovation of the former St. Vincent’s Hospital building fills a “special place in [his] heart.” Read More
Last year, Brookfield Office Properties signed about 580,000 square feet of tenants at 250 Vesey Street, which is part of Brookfield Place. This is a data point that Brookfield is very proud of, said Matt Cherry, the company’s director of investor relations and communications. One of the contributing factors to the leasing success was that Brookfield built Read More
Taconic Investment Partners, the company behind the renovation of Google’s home at 111 Eighth Avenue, has undertaken a $25 million renovation of the BankNote building at 890 Garrison Avenue in the South Bronx. JRT Realty is marketing a newly redesigned 10,710-square-foot space on the fifth floor (a.k.a. the Lafayette Wing ) of the 400,000-square-foot Read More
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
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
Having opened up in Cobble Hill last year, aptsandlofts.com is expanding once again, this time into Bedford-Stuyvesant, where the brokerage has taken a 2,000-square-foot bi-level storefront space—with fully landscaped backyard no less—at 308 Malcolm X Boulevard.
The space is designed to be able to support 45 agents and support staff, though it’s expected to be occupied by 25 when it opens early next year. David Maundrell, the company’s founder and president, spoke to The Commercial Observer last week about expanding into Bed-Stuy and the unique features of the space.
“A lot more transactions are happening in Bed-Stuy and Crown Heights,” he said. “This will be a jumping off point for us in Bed-Stuy, Crown Heights, Clinton Hill, Bushwick and even Ridgewood, Queens.”
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.
Housed on the top floors of 30 West 22nd Street for nearly 20 years, the Van Alen Institute, an organization dedicated to advancing innovation in architecture and design, began to imagine a more accessible space on the 1,620-square-foot ground floor of its Chelsea location.
Earlier this year, the organization launched an international design competition, which was narrowed down to 24 and then three
teams. The jury settled on a plan proposed by Collective-LOK, which will allow the space to take on a variety of uses through a “screenplay” design. Construction is expected to begin in April of next year with a September 2014 opening planned.
David van der Leer, executive director of the Van Alen Institute, and Jon Lott, architect with CLOK, spoke to The Commercial Observer last week about the plan’s unique design components and flexibility.
Two weeks ago, the Metropolitan Transit Authority announced it had tapped Columbus Development to build, curate and manage Shop//Stop, an unprecedented 27,000-square-foot retail concourse at the 59th Street-Columbus Circle subway station.
As part of the plan, the developer will invest $6.5 million in capital improvements to the concourse, through which 21 million commuters pass each year. Columbus Development Principal Susan Fine, who previously worked on retail projects at the World Financial Center and Grand Central Terminal, spoke to The Commercial Observer last week about the unique challenges and opportunities presented by this public-private project.
“We’re trying to create a family of stores—a curated group of stores—which will both serve the transit rider and the population on the street,” she said.
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.
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.
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.
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.
Earlier this year, American Realty Capital acquired the 165,000-square-foot office building at 218 West 18th Street in Chelsea from the Atlas Capital Group and GreenOak Real Estate. Rather than appoint a new leasing agent at the building, new ownership retained the CBRE team led by Gregg Rothkin to lease up the vacant space in the building, which received a thorough renovation under previous ownership, including a new lobby and complete HVAC system.
Having inked deals for Red Bull, Yammer and SAE Institute at the space, the CBRE team now has two full-floors to market to potential tenants. The 13,504-square-foot sixth floor has been built out with the creative Midtown South tenant niche in mind and will offer a glimpse of what tenancy at 218 West 18th Street can look like.
“A prebuild in Midtown South is different than a prebuild in Midtown,” Mr. Rothkin told The Commercial Observer. “These are more creative tenants, and we responded to feedback we got and what we have seen from the build-out of other tenants.”
Last week, Mr. Rothkin discussed the build-out.
With an eye toward modernizing the office aesthetic at 555 Fifth Avenue, ATCO Properties & Management enlisted its construction division, Essential Design + Build, to implement a prebuilt office concept on the building’s ninth floor.
The 6,031-square-foot space was designed with flexibility in mind and will offer potential tenants a
vision of what space at the Midtown East office building can look like. The building’s tenant roster already includes a number of high-profile names, including Barnes & Noble, Harris Corporation, CW Financial Services and more, so new tenants enticed by the prebuilt space at the LEED Silver building will no doubt be in good company.
“We wanted to pique people’s interest and get them talking,” Rich Hiler, president of Essential Design + Build, said of the project. Mr. Hiler spoke with The Commercial Observer last week about the concept and
the unique touches he and his team added to the space.