The asking rent at the BankNote building, a 420,000-sf loft-style office and retail complex, is $25 per sf. The aggregate rent for the expansion is approximately $1 million. Lars Neubohn, president of the Wine Cellarage, represented himself in the seven-year lease transaction. Paul Wolf, president of Denham Wolf Real Estate Services, represented the landlord, co-developers, Taconic Investment Partners and Denham Wolf Real Estate Services Inc.
"The property is undergoing a $25-million redevelopment including new windows, lobbies, bathrooms, elevators and mechanical systems, and improved parking and amenities," Wolf, president of Denham Wolf Real Estate Services, tells GlobeSt.com. "The building is about 50% occupied now that we are in the middle of construction and we are actively leasing up this fall."
The BankNote complex, which was formerly the home of the American Bank Note Co., has housed the Wine Cellarage since 2005. The company has since grown its core business and expanded services, Wolf says, adding that the company was "happy to have found affordable space in the BankNote and is now eager to stay and grow… ." The BankNote offers the Wine Cellarage "the ability to grow in a customized space at an affordable rate--one of the last few affordable commercial areas in New York City," Wolf says.
Neubohn of the Wine Cellarage, says that Taconic and Denham Wolf have accommodated its needs when it has outgrown its initial space. He explains that "we have big plans for the add-on space."
Wolf explains that tenants are initially attracted to the building because of the architecture, Manhattan views and "exceptional lighting." However, he says that "tenants stay because there is no other commercial space like this in New York City and because of a sense of community and belief that Hunts Point is poised for change and growth."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
