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Articles Archive for July 2011

Brokers Weekly, Featured »

[25 Jul 2011 | One Comment | ]
Wave of new development gains momentum

By Roland Li

On the west side of Union Square, a glass box stands out from the historic streetscape. The building, 15 Union Square West, was the original cast-iron Tiffany & Co. headquarters. It was later acquired by Amalgamated Bank, which covered the façade with white brick after a piece of iron fell and killed a pedestrian. After Brack Capital acquired the site, with intentions of converting to residential, it began stripping away the façade, unveiling the original arches. The developers sought to preserve the original structure, encasing the original walls in glass, and adding additional upper floors.

Deals & Dealmakers »

[25 Jul 2011 | Comments Off | ]
Photo Gallery: Savanna and Monday Properties Improvement Plan Celebration

Summer cocktail event hosted by Savanna and Monday Properties at 386 Park Avenue South, a 20-story, 260,000-square-foot office building located on the northwest corner of Park Avenue South and 27th Street in the Midtown South district of Manhattan. The event celebrated the launch of a $30 million capital improvement plan at the building and a newly completed 8,600-square-foot prebuilt office space on the 8th floor.

Brokers Weekly »

[25 Jul 2011 | One Comment | ]
Photo Gallery: Carriage House Launch

200 brokers and guests turned out for a launch party held in the parking garage of the new Chelsea boutique condo, Carriage House. Parked up were some very special automobiles, including a 1965 AC Shelby Cobra and a 1969 Jaguar E-type displayed courtesy of the Classic Car Club (CCC) of Manhattan, a private club which gives its members the keys to a remarkable fleet of rare automobiles.

Opinion »

[22 Jul 2011 | 2 Comments | ]
New rent guidelines won’t dim demand for multifamily

Demand for rent stabilized multifamily buildings in New York City has generally been unaffected by the new rules issued by the Rent Guidelines Board.

A quick study of the demographics affecting stabilized apartments shows just how insignificant the guidelines are when it comes to the value of multi-family buildings to those who specialize in that segment of the commercial real estate market.

Most of the people who buy stabilized buildings are not looking for quick conversions. They are attracted by the virtual guarantee of stable and steady. But the right building in the right location at the right time can sometimes offer the potential of a big pay day.

Deals & Dealmakers, Featured »

[21 Jul 2011 | 5 Comments | ]
Borders liquidation brings two prime Manhattan retail sites to market

By Roland Li

With Borders’ liquidation imminent, Long Island-based real estate firm DJM Realty has begun marketing the book company’s remaining 259 stores across the country. “We’re doing a broad-based marketing approach,” said Andy Graiser, co-president of DJM. “We’re really going after every type of retailer.” Prospective tenants have included big-box chain stores, supermarkets and even local municipalities.

Deals & Dealmakers, Featured »

[20 Jul 2011 | No Comment | ]
Giggle me: Retail just for kids on the rise

By Liana Grey
Several months ago, Brooks Brothers opened its first children’s store in Manhattan, on Madison Avenue and 86th Street. With Catimini, a trendy boutique for school kids, and Baby Cottons, a sleepwear shop, all within the span of several blocks, Madison Avenue has fast become a shopping destination for affluent parents. “Normally people move to the suburbs, but people are tending to stay,” said Gary Alterman, a senior vice president at RKF.

Construction & Design »

[20 Jul 2011 | 4 Comments | ]
ACC builds bank a ‘wow’ factor

ACC Construction has completed the build-out of a significant corporate office space at 810 Seventh Avenue, a Class A building owned and managed by SL Green. SL Green and the tenant, Raine Group, retained LB Architects to design the 18,000 s/f space, and LB hit the right design notes in their dramatic, modern and very functional office design. Raine Group is an unusual merchant bank in that they are focused on entertainment, digital media and sports; given their market position, they wanted an office that is high style and polished, yet with a hint of unpredictability.

Deals & Dealmakers »

[20 Jul 2011 | One Comment | ]
J.Crew in talks to renew at 770 Broadway

By Daniel Geiger

J.Crew is in talks to renew its lease at 770 Broadway in what would be a roughly 300,000 s/f deal, sources say. The firm occupies several floors in the 1.1 million s/f building, including part of the 10th floor and all of the 11th, 12th and 13th. The clothing company, which opened its first retail store in Manhattan in 1989 before expanding to become a popular nationwide chain and one of Manhattan’s most prolific retailers, had been exploring its options whether to renew or relocate elsewhere, sources said. The company was rumored to be considering other spaces in recent months according to brokers who had observed the company’s search process, including a potential deal at 100 Church Street, an office building in Lower Manhattan whose owner SL Green had priced its rents aggressively to lure large tenants.

Deals & Dealmakers, Featured »

[20 Jul 2011 | No Comment | ]
Direct approach leads to record breakers for Cushman’s Helen Hwang

By Roland Li

When Helen Hwang moved from South Korea to New Jersey as a teenager, she had to learn a new language. Undaunted, Hwang spoke until she overcame mistakes, eventually taking honors English in high school. The fearless approach led to her admission to Cornell University, where she first majored in chemistry, with plans to become a doctor.

Deals & Dealmakers, Featured »

[20 Jul 2011 | No Comment | ]
Record label takes 1,860 s/f at Colliers’ 1140 Broadway

By Roland Li

Record label Mom + Pop Music has signed a two-year lease for 1,860 s/f at 1140 Broadway. Rent was $38 per s/f, with a yearly rent of around $70,680. Mom + Pop is home to bands such as Sleigh Bells, Neon Indian and Tokyo Police Club. It was founded in 2008 as an affiliate of Q Prime, a music management company, by Peter Mensch, Cliff Bernstein and Michael Goldstone.

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