New York City
Rizzo Group, a building code, zoning and land use consulting firm, has signed on for 10 years in an 8,790-square-foot space on the fifth floor at W&H Properties' 1333 Broadway. The space was among the last remaining availabilities at the 358,240-square-foot office property, which recently completed a $71-million upgrade. Newmark Knight Frank's William Cohen and Steve Renbaum spoke for Rizzo, while the firm's Brian Waterman, Jonathan Fanuzzi and Brandl Frey represented W&H. Asking rent was reportedly $45 per square foot.
While development sites have been among the slower sales categories during the current downturn, Massey Knakal Realty Services has arranged an all-cash sale of a site at 74-21 Queens Blvd. for $3.57 million. Buyer and seller were not disclosed. The site has 237 feet of frontage along Queens Boulevard and houses a single-story automobile repair shop. Massey Knakal's Thomas Donovan, who was the sole broker in the transaction, says in a release that the site went for about $150 per square foot.
Home furnishings retailer Milan Luxury has signed a 4,600-square-foot, 10-year lease at 482 Broome St. With 2,300 square feet on each of two levels, the new location replaces the retailer's temporary Soho flagship location at 57 Greene St. Newmark's Amira Yunis and Lyle Trued represented Milan Luxury; Michelle Ball of Rudd Realty represented 482 Broome's landlord, T.F. Halom Ltd.
Swig Equities arranged a new three-year lease with financial planning firm Montecito Advisors, Inc. at 5 Hanover Sq. Todd Korren of Swig represented the landlord in the 3,200-square-foot deal.
Long Island
In what's reportedly the largest transaction in Fire Island history, investment group FIP Ventures has bought the majority of the commercial property assets within Fire Island Pines, the world-renowned gay community. The purchase price in the off-market transaction was $17 million. The FIP team consists of Blesso Properties' Matthew Blesso, Madison Fire Island Pines owner Andrew Kirtzman and Weissman Equities' Seth Weissman. Among other things, they plan a complete renovation of the Hotel Ciel, with re-opening slated for May 2011.
Connecticut
The Massage Envy franchise has secured its sixth location in Connecticut and its third in Fairfield County. The franchisor has signed a long-term lease for 2,600 square feet of space at HB Nitkin's Playhouse Square, a shopping center located at 275 Post Rd. E. in Westport. Jason Wuchiski of RHYS Commercial's retail leasing division was the sole broker in the transaction.
New Jersey
The Goldstein Group inked a lease with Capital One Bank for a new free-standing bank location along Browertown Road in West Paterson. "This was a deal that took several years to complete," says the Goldstein Group's Chuck Lanyard. "The new location will afford Capital One greater visibility plus the addition of a drive-thru, which they didn't have in their previous location at the Pathmark Shopping Center, also in WestPaterson." The property is owned by Albert J. Weite. BrianPall of Insight Development represented Capital One.
Jones Lang LaSalle has been appointed the exclusive leasing agent of CenterPointe at Bridgewater, a four-building, Normandy Real Estate Partners-owned corporate park in Bridgewater. JLL's Susan Mason and Shawn Straka will lead the leasing initiative at CenterPointe, along with the firm;'s Chris Conklin and associate John Buckley. Current lease opportunities available in the park range from 2,000 to 83,000 contiguous square feet, including an entire building of 83,000 square feet that can be used as a headquarters location.
Additional reporting by Alyson Grala.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
