NEW YORK CITY—Two outer boroughs and varying parts of Manhattan have gained either new tenants leasing space—in both the office and retail sectors—or new investors in the wake of investment sales deals, as showcased in this latest wrap up of deals.
Citizen Watch Company of America has signed a long-term lease for 22,818 square feet of space at the Hippodrome building at 1120 Ave. of the Americas. Located between 43rd and 44th streets, the Edison Properties asset features 617,000 square feet of space. Cushman & Wakefield's Gus Field, Michael Burgio and David Berke brokered the deal on behalf of the landlord. Citizen was represented in the transaction by William Iacovelli and Mark Ravesloot of CBRE.
Kalbridge Associates, LLC, a joint venture of the Kalikow Group and Waterbridge Capital, has sold three adjoining five-story multifamily buildings located at 113-117 Elizabeth St., in Nolita, to the Daniels brothers of A.D. Real Estate Investors for $26 million. Alex Heydt of TOWN Residential represented the seller in the deal. The buyers were represented by Joe Messina and Stephen Ferrara of TOWN Residential.
Avison Young has completed an 18,500-square-foot sublease for Civic Hall, a project of Personal Democracy Media, at 156 Fifth Ave. in the Flatiron District. AY principal Martin Cottingham, SVP Anthony LoPresti and associate James Lizmi represented Personal Democracy Media in the transaction. The 220,000-square-foot building, located between 20th and 21st streets in Midtown South, is owned by HRC Corp.
A long-term net lease of an 8,500-square-foot, mixed-use building at 1220 Lexington Ave. The lease was executed at a gross rental rate of $4 million over the course of the 10-year term, with the lessee having the option to buy the 8,500-square-foot, mixed-use building, which sits between 82nd and 83rd streets. The lessee only has been identified as 1220 Lexington SM Lessee, LLC while the property's owner is 1220 Lexington LLC. Avison Young principal Charles Kingsley and associate Eric Karmitz completed the transaction on behalf of the both the occupier and the landlord.
RKF has arranged the nearly $16 million sale of a 9,200-square-foot multi-tenant property situated in the heart of Cobble Hill at 260 Court St., on the corner of Court and Kane streets. The buyer was Sterling Equities. RKF president of investment sales Jeffrey Fishman and a team of RKF associates Andrew Jacobs, Alex Beard and Eddie Mamiye represented both the seller, La Kane Realty, and the buyer.
In the Bronx, the Feil Organization has brought a combined Burger King and Popeye's restaurant to its Concourse Plaza Shopping Center. Nicholas Forelli, director of leasing at Feil, represented the landlord in the 4,088-square-foot-lease while the restaurant chains also were represented in house. The 311,650-square-foot Concourse Plaza is also adjacent to a 1,883-unit residential housing community.
“This area is, pun intended, starved for good food options,” says Nicholas Forelli, director of leasing for the Feil Organization. “Burger King and Popeye's are a perfect fit to meet the needs of those working at and visiting the Bronx County Courthouses across the street, Yankees Stadium up the block and the 210,000 people living within one mile of the center.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
