New York City
Chicago-based Spotlight Business Affairs, Inc. has leased the entire 6,667-square- foot 20th floor at Jack Resnick & Sons' 8 W. 40th St. for its New York office. The firm is relocating from 494 Eighth Ave. CB Richard Ellis' Ramsey Feher and Jared Silverman of CB Richard Ellis represented the tenant in the long-term lease; Dennis Brady and Fran Delgorio provided in-house representation for Jack Resnick & Sons.
The Kaufman Organization recently secured a five-year, 6,000-square-foot expansion lease for Zelda at 260 W. 39th St. The women's apparel manufacturer will use the space for showrooms, offices, a design room, and a warehouse. Asking rent for the space was $35 per square foot. Michael Heaner and Grant Greenspan of Kaufman represented the tenant; Heaner also represented the landlord. Before its expansion, Zelda occupied 4,500 square feet at 499 Seventh Ave.
Storage Deluxe has closed on a purchase and development deal for a 37,475-square-foot parcel of land at 124-16 31st Ave. in the College Point section of Queens. Law firm Cohen & Perfetto LLP provided legal representation for Storage Deluxe, which bought the 0.75-acre plot from Home Depot USA; brokers in the transaction were not identified. The buyer plans to build a self-storage facility to open at year's end. The deal involves nearly $8.2 million worth of financing from M&T Bank, a $2.1-million purchase price and an estimated $3 million in project costs.
In the largest of seven Garment District leases recently arranged by Adams & Co., Scissors Design has signed a five-year, 4,270-square-foot retail renewal. at 48 W. 37th St. for Scissors Design, Ltd. David Levy and Joseph Friedman of Adams & Co. represented the broker and landlord in the transaction. Asking rents were $95 per square foot. Rents for the other six deals were in the high $30s per square foot. Together, the leases total 11,700 square feet. "Children's wear and women's apparel are particularly active right now in the market and helping them find space among like-minded organizations is really helping to drive business in the Garment District," David Levy, principal of Adams & Co., says in a release.
Time Equities Inc. has signed a three-year extension for the 7,000 square feet occupied by Perfect Studios, the first tenant to lease space at TEI's 7-24 24th St. when the redeveloped property opened in 2005. TEI's Francis Greenburger and Robert Singer worked directly with the tenant, which subleases studios to professional artists to use for their work space and showings. Also known as the Silks Building, the 110,000-square-foot loft building is 98% occupied.
Marcus & Millichap Real Estate Investment Services has brokered the sale of a 7,264-square foot Walgreens drugstore at 2191 Richmond Ave. in Staten Island. The $9.5-million sales price represents a cap rate of 7.25%. Marcus & Millichap's Steven Siegel and Scott Plasky represented the seller, a Walgreens preferred developer. The buyer was not disclosed.
Westchester County
Fifth Street Capital and its investment advisory, fund management and administrative affiliates have added 4,818 square feet at Ten Bank Street in downtown White Plains. The tenant relocated its headquarters to Ten Bank this past August, and now occupies a total of 18,286 square feet of headquarters space. A Malkin Properties team of Jeffrey Newman and Kimberly Zaccagnino represented the building ownership; the tenant was self-representing.
Long Island
Ajoint venture of Glen Cove-based General Anesthesia Services, LLP and Lake Success-based CPA and business advisory firm Lion & Co. CPAs, has bought a 13,000-square-foot office property at 75 Jackson Ave. in Syosset for $2.55 million. Newmark Knight Frank's Scott Berfas and Michael Silver represented both groups in the transaction. Real Estate Strategies, Ltd. represented the seller, SJS Realty, LLC.
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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.
