New York City
The Hammacher Schlemmer Building at 145 E. 57th St. has sold to a Brazilian real estate developer for $34 million, or approximately $550 per square foot, CB Richard Ellis announced this week. The New York Post had reported last work that the developer was the Malzoni Group, based in Sao Paolo, Brazil; CBRE declined to comment on the Post report. Hammacher Schlemmer has net-leased the entire 62,000-square-foot property, which was built for the retailer in 1926. That lease, which includes the retailer’s flagship store, will expire later in the year, along with the remaining office subleases. Darcy Stacom and Paul Gillen of CBRE’s investment properties group, along with Robert Garrish of CBRE’s private client group, represented seller Jenel Management Corp. in the transaction. Malzoni was reportedly represented by Prudential Douglas Elliman’s Louis Puopolo, who told the Post that the acquisition was the buyer’s first in New York.
In another deal along the same east-west Midtown cross street, Ford Models has leased 11,239 square feet on the top three floors of 57 W. 57th St. Michael Thomas of Colliers International, who represented the modeling agency along with colleague David Libertson, says in a release that the 20-story property provides a hard-to-find amenity: “wrap-around terraces, giving Ford an unparalleled office environment.” Colliers’ Christel Engel represented the ownership of 57 W. 57th, a partnership that includes several Colliers executives. Lease terms were not disclosed.
Down the street from the Ford Models lease, Swiss watchmaker Breitling inked its first US retail lease at 5 E. 57th St. Stephanie L. Snyder of Crown Retail Services represented Breitling in the 8,500-square-foot deal, which includes space on the ground, mezzanine second and lower levels at the property. CBRE’s Annette Healey represented Nokia, the former occupants of the space. Asking rent was not disclosed; terms of the lease were negotiated directly with the building’s ownership, Duell Management.
CBRE has arranged a six-pack of deals totaling 48,181 square feet at 280 Park Ave. on behalf of the office tower’s ownership. Essex Woodlands Health Ventures took the entire 8,650-square-foot 27th floor, represented by Cushman & Wakefield’s Barry Zeller and Jeff Lovell. Danske Bank signed for 8,600 square feet on the 35th floor, and was represented by CBRE's Matthew McBride, while Viking Global Investors took a 6,100-square-foot space on the same floor and was represented by Michael Burgio of C&W. CBRE’s Scott Bogetti represented tenant ExlService Holdings in an 8,650-square-foot lease on the 38th floor in a deal that was handled by on the tenant side, while Anthony Stapelton of Cogswell Realty negotiated for Pacific Coast Capital Partners in a 5,613-square-foot lease. Private Export Funding Corp. renewed its 10,568-square-foot lease on the 43-story property’s fourth floor. The CBRE agency team of Peter Turchin, Paul Amrich, Gregg Rothkin and Sam Seiler represented landlord Investcorp International in all six leases.
Social network Foursquare will be moving to the entire 7,675-square-foot sixth floor at 36 Cooper Sq. in Manhattan’s East Village next month. The tenant had outgrown the space it currently shares with real estate blog Curbed on the fifth floor of the same building. Studley’s Jason Schwartzenberg and Marc Shapses represented Foursquare; Daniel Creighton of Tarter Stats O’Toole represented the landlord, Hartz Mountain. Asking rent at the building is $35 per square foot.
A walk-up apartment building at 36-52 35th St. in the Long Island City section of Queens has sold in an all cash transaction valued at $3.3 million. The purchase price equates to a capitalization rate of 6.0%, a gross rent multiple of 9.2 and $113,793 per unit. The buyer, who was not identified, received 53% financing. Massey Knakal’s Al Holloman says in a release that the property is the largest apartment building to trade in LIC over the past 18 months. Holloman and Massey Knakal’s Evan Daniel represented the unidentified seller.
Boston
A joint venture of Kennedy Associates and Corcoran Jennison has sold 75 Pleasant St., a 125,521-square-foot office building in Malden, MA, for $40.5 million. Holliday Fenoglio Fowler’s Coleman Benedict represented the JV and procured the buyer, who was not identified. According to published reports, the property, which is leased in its entirety to Massachusetts Department of Education on a long-term basis, went to HRPT Properties Trust and Government Properties Income Trust. Calls to HRPT for comment were not returned by deadline.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
