Brokerage firm Kassin Sabbagh Realty has named three industry veterans, including a former Newmark vice chairman, to expand its retail leasing. The brokerage firm said it’s also expanded its Manhattan office footprint as it leased over 1 billion square feet last year. Barry Fishbach, formerly a vice chairman at Newmark, joined KSR also as vice chairman, the brokerage firm said in a statement this week. With over 25 years of industry experience, Fishbach specializes in retail leasing throughout New York, New Jersey and Long Island where he represents institutional landlords, developers and national retailers, as well as investment sales in the greater New York City area, KSR said. He’s completed over 100 transactions with financial institution tenants such as Capital One, Bank of America, JPMorgan Chase and Citibank, KSR said. Zach Nathan joined as managing director from Colliers. His over-a-decade experience includes working with Ripco Real Estate. He’s represented owners and developers and has leased space to financial institutions, fitness operators, fashion brands, telecommunications giants, cultural institutions, international restaurant conglomerates and healthcare providers, KSR said, without specifying. Brandon Berger, with more than 13 years of industry experience, joined as a managing director from an in-house position overseeing retail leasing for a New York landlord, KSR said. Before that, among his duties was overseeing the Northeast expansion of the Mediterranean fast-casual restaurant chain Cava, which evolved to include the management of East Coast real estate for Cava and Zoe’s Kitchen following Cava’s 2018 acquisition of its rival, KSR said.
Kassin Sabbagh Realty (KSR) expanded its retail leasing division, welcoming Barry Fishbach as vice chairman, along with Brandon Berger and Zach Nathan as managing directors. Fishbach, previously at Newmark, brings 25 years of retail leasing proficiency, specializing in tenant expansions for financial institutions. Nathan, from Colliers and Ripco Real Estate Corp, praised KSR’s growth amidst uncertainty and focuses on diverse brand leasing. Berger, with a decade’s experience, joins from managing NYC retail portfolios and looks forward to contributing to KSR’s dynamic team. “I am thrilled to welcome Barry, Brandon, and Zach on board and for the wealth of knowledge, leadership, and expertise they bring to our multiple lines of business as we look to expand our tenant representation offerings,” said Morris Sabbagh, president of KSR.
Kassin Sabbagh Realty (KSR) is stacking its retail leasing bench with new hires from the likes of Newmark (NMRK), Colliers (CIGI) and an in-house broker from JTRE Holdings, Commercial Observer has learned. Barry Fishbach is joining KSR from Newmark as vice chairman while Zach Nathan and Brandon Berger are starting as managing directors, according to KSR. Nathan arrives from Colliers and Berger from JTRE Holdings.
But 40 Wall Street has its own unique problems. Tenant departures meant occupancy slid to 77% in June, down from 98% in 2015. Its net operating income is only 61% of what was projected by underwriters. “There’s not a lot of leasing velocity down there,” said Albert Sultan, a broker at Kassin Sabbagh Realty. The Financial District used to offer a lower cost for tenants, but with Midtown rents declining, “there’s no reason to go downtown.”
Prominent retail leases signed by Pedro Zamora, Brandy Melville and Tommy Bahama negotiated by top dealmakers from Isa Realty Group and Kassin Sabbagh Realty are among the third-quarter retail leases recognized by CoStar.
The owner of the Michelin-starred restaurants Kochi and Mari has a new Korean barbecue spot. WhenWhen was the last time you were quoted a half-hour wait after 8 p.m. in Bryant Park? It happened to me on Thursday evening at Don Don, a three-week-old Korean barbecue restaurant that serves lots of pork and not much else. From the door, I saw servers carting around trays of belly and jowl. Further back, customers mixed soju with beer, then violently combined them with metal spoons. For the first time in my life, Bryant Park was exactly where I wanted to be.
A South Korean media conglomerate has partnered with a New York investor to purchase a commercial building in Koreatown—and the duo is much more excited about the retail space than the office space, according to a broker on the deal. MediaWill and Tony Park are buying the blockthrough property at 110 W. 32nd St., also addressed at 115 W. 31st St., from RJF Realty for $37 million. The 10-story building between Sixth and Seventh avenues spans 113,000 square feet. Its tenants include a 99-cent store and a media firm, according to the real estate research firm CoStar. KSR's Albert Sultan and Sophia Gaines represented the seller in the deal, and PD Properties' Elad Dror represented the buyer. Park is partners with Dror at PD Properties, but he did not buy this property through the brokerage, Dror said.
A grocery chain with locations aroundNew York City plans to open its fourth outpost in Ridgewood, Queens, Commercial Observer has learned. Met Fresh signed a 20-year lease for 14,000 square feet at 67-09 Fresh Pond Road, a stand-alone property owned by an entity known as YYY Realty, which shares an address with Sang Kung Realty at 110 Bowery in Manhattan, according to property records and brokers on the deal.
A Korean media company dropped $37 million to buy a 113,000-square-foot office building near Midtown Manhattan’s Koreatown, Commercial Observer has learned. RJF Realty unloaded the property at 110 West 32nd Street, with an alternative address of 115 West 31st Street, to a partnership led by MediaWill, a Korean media company, and Tony Park, according to one of the brokers on the deal. “The sale demonstrates the continued demand for well-located office product with proximity to major transportation hubs such as Penn Station,” Albert Sultan of Kassin Sabbagh Realty (KSR) said in a statement. Sultan and Sophia Gaines of KSR represented RJF Realty in the sale while Elad Dror of PD Properties negotiated on behalf of MediaWill.
A joint venture has acquired a truck facility and industrial outdoor storage property in Sayreville for more than $23 million, in a deal arranged by Kassin Sabbagh Realty. The buyers, Ridgecut Road and Brennan Investment Group, are now seeking tenants for the site at 700 Jernee Mill Road after completing the deal with American Truck & Trailer, which had owned and occupied the parcel for some 30 years. In the process, the investment team hopes to capture demand for industrial outdoor storage space near Port Newark-Elizabeth and the surrounding area, as it markets a property that includes just a 28,500-square-foot service building on 6.5 acres. “We see this as a trophy low coverage/IOS asset given its location and scale in a supply diminishing market,” said Scott Shalek, who leads Ridgecut alongside Eric Shalek. Kassin Sabbagh Realty’s Bunny Escava, Isaac R. Setton and Richard Ades brokered the $23.45 million deal. Dean Brody of JLL is marketing the property for lease alongside Gregg Brody, noting that the site has 14 overhead drive-in doors.
Landlords might be willing to negotiate with the members who worked there, said Albert Sultan, a vice president at Kassin Sabbagh Realty, a commercial real estate firm. But, Sultan said, that’s more likely to happen with large companies that occupy a lot of space than with smaller organizations. “If a landlord has a Fortune 500 company in their space, they’re going to make a direct deal with the tenant,” he said. Amazon, for example, uses WeWork, and that’s a company landlords would be happy to host. For smaller companies or individual workers with WeWork memberships, deals for short-term leases would likely happen on a case-by-case basis, Sultan told Fortune. WeWork rents from a variety of landlords, all with different resources. And creating co-working spaces isn’t the business they are in.
Manhattan Skyline Management Corp., one of New York’s leading real estate organizations, is pleased to announce that independent New York City coffee shop Madame Bonté Café has opened its third location at 205 East 66th Street on Manhattan’s Upper East Side.
In a significant deal in the commercial real estate market, Newmark and Kassin Sabbagh Realty have successfully brokered the sale of a prime office building located at 147 Madison Avenue for a staggering 77 million. The 127,000 square foot property was sold at a price of 606 per square foot, making it an attractive investment opportunity for the buyer.
Ali Ahmed’s 8-Bit Bites has three locations in Brooklyn, and two new outposts are opening in Manhattan soon.
Lee & Associates NYC announced today that it has represented the Landlord in a new 10-year, 3,000 ground-floor retail lease with MakeInspires, the organization that produces STEAM educational programs, at 1642 York Avenue, located on the corner of East 87th Street and York Avenue in the Upper East Side of Manhattan. Brad Schwarz and Olivia Hwang from Lee & Associates NYC represented the landlord while Joshua Berkun and Eli Yadid from Kassin Sabbagh Realty represented MakeInspires.
Puerto Rican coffee chain 787 Coffee signed a 3,500-square-foot lease for two floors in the retail component of the building. Asking rent for 787’s storefront was $95 per square foot. “251 West 30th Street has tremendous cachet thanks to a central location in a thriving mixed-use district,” Resolution’s Barry Bernstein, who represented both sides of the Veyl lease with Michael Adler, said in a statement. “In addition, it is Silver LEED certified with a strong e-commerce tenant base, both of which support Veyl Ventures’ forward-focused business model.” In 787’s lease, Albert Halawani of Kassin Sabbagh Realty (KSR) represented the tenant while Newmark’s Jeffrey Roseman and Drew Weiss handled it for Resolution.
KSR signs 3 of the top 9 deals in NYC of the month of April 2023.
A new CTown Supermarkets will open up 21,263 square feet in the Bronx later this year. A franchisee of CTown inked a 15-year deal for the entire single-story building at 1612 Westchester Avenue, said Kassin Sabbagh Realty’s Miles Sabbagh, who represented the tenant and landlord Omar Holdings in the lease with Marc Sitt.
Discounted goods seller Daily Deals Bins will open its first New York City store in 29,318 square feet at 485 Fulton Street in Downtown Brooklyn. Daily Deals, which buys overstocked merchandise and returned goods then sells it on the cheap, inked a deal for the ground floor and lower level of the five-story retail building between Lawrence and Bridge streets, according to tenant broker Kassin Sabbagh Realty’s David Green. Asking rent was $200 per square foot for the 2,500-square-foot ground floor and $50 per square foot for the 26,818-square-foot basement, said KSR’s Solomon Sharaby, who represented landlord Icer Properties with Nathan Aballi.
A new Antillana SuperFood market is headed to the Longwood neighborhood of the Bronx this year. The supermarket inked a 20-year deal for 5,100 square feet on the ground floor of 1000 Westchester Avenue, a 120,000-square-foot retail development, said landlord Peter Fine. Asking rent was $50 per square foot.
A NY-based boutique that offers a unique selection of jewelry, accessories, clothing, gifts and more has expanded and plans to open it is sixth store at 155 Spring Street. Greg Kraut Greg Kraut 155 Spring 155 Spring "We are thrilled to have Mure+Grand open their 6th location at KPG's 155 Spring," said Greg Kraut, KPG's CEO. "SOHO foot traffic has now surpassed pre-covid levels, and Mure+Grand seized the opportunity to join an unbelievably curated group of retail tenants at 155 Spring." "We have established an exceptionally high-quality asset on Spring Street in Soho, so it was a perfect fit for Mure+Grand's sixth location."
If New York Bone & Joint Specialists have a bone to pick, it’s not with the practice’s new offices at 1198 Third Avenue. The orthopedic and sports medicine firm inked a 10-year deal for 3,816 square feet on the ground floor and basement of the 20-story building, said Kassin Sabbagh Realty’s Eli Yadid, who brokered the lease for the tenant with colleague Joshua Berkun. The medical practice plans to open in a few months, Yadid said.
A new early childhood educational center is headed to Hamilton Heights. Round The Clock Nursery signed a 15-year lease for 15,512 square feet on the ground floor and lower level of the Jay Group’s newly completed residential building at 620 West 153rd Street, said Kassin Sabbagh Realty’s Eli Yadid, who along with Sholom Kanevsky represented both the tenant and landlord in the deal.
Primary care provider Community Healthcare Network will nearly double its South Bronx outpost in a move to the under-construction 1000 Westchester Avenue — and all it had to do was cross the street. Community Healthcare signed a 35-year deal to relocate from 975 Westchester Avenue to 9,069 square feet at 1000 Westchester, said Christopher Turner of tenant broker Denham Wolf. Turner declined to comment on the asking rent.
Australian fashion brand Cotton On is opening its first Manhattan store in the base of a six-story Soho loft building that appeared in “The Devil Wears Prada.” The 20,000-square-foot space at 512 Broadway has 7,000 square feet on the ground floor, 6,800 square feet on the lower level and another 6,100 square feet in a sublevel. Newmark’s Ariel Schuster and Ross Berkowitz represented landlord Invesco, which was asking $275 per square foot to rent the retail condo. Ike Bibi, Carolina Aziz and David Green of Kassin Sabbagh Realty represented Cotton On, which has a few city locations in Queens and Staten Island malls, but none in Manhattan.
A pair of college buddies from Italy have taken their love for a Mexican staple, the humble avocado, and grown it into a burgeoning restaurant empire in the Big Apple. Alessandro Biggi and Francesco Brachetti, who had never even tried the fruit (yes, fruit) when they met nearly two decades ago at a university in Milan, recently opened their fourth – and largest – Avocaderia in the city. “Our dream was to be on Fifth Avenue by the Empire State Building and the Flatiron Building,” Biggi, 35, told Side Dish.
Columbia Property Trust has offloaded the vacant 149 Madison Avenue at an $11 million loss after losing WeWork as its main tenant and repositioning the property. The 12-story, 127,000-square-foot office building sold for $77 Million to Enchanté Accessories, a company that produces jewelry and home decor, according to property records, a loss compared to the $87.7 million Columbia paid for the dirt beneath the property in 2017.
Columbia Property Trust is taking a haircut on one of its Manhattan office buildings. The REIT sold the 12-floor, 121,000-square-foot property at 147-149 Madison Avenue in Midtown South for $77 million to the consumer products company Enchanté Accessories, according to city records filed Wednesday. The sale price was nearly $11 million less than when Columbia paid $87.7 million for the land beneath the office building in 2017. The REIT took full control of the building in 2018 when the 60-year leasehold expired. Newmark’s Brett Siegel and Evan Layne represented Columbia in the latest transaction, while Kassin Sabbagh Realty’s Albert Sultan and Ike Bibi represented Enchanté, according Columbia. Sultan, Bibi and Enchanté did not immediately respond to requests for comment.
Columbia Property Trust, at the time an Atlanta-based REIT, paid $87.7M for the 127K SF Midtown South building in 2017. Less than a year later, it signed WeWork to occupy the entire 115K SF, 11-story office space and executed an eight-figure redevelopment. “The sale of 149 Madison is a product of our team’s creativity, vision and ability to execute within the markets where we invest,” Columbia President and CEO Adam Frazier said in a statement. “We are very pleased to complete this transaction and fulfill our business plan for this asset.” Kassin Sabbagh Realty's Albert Sultan and Ike Bibi represented the buyer in the deal, and Newmark's Brett Siegel and Evan Layne represented Columbia Property.
The restaurateur behind Little Italy’s Zia Maria and Casa D’Angelo is adding a third eatery to the neighborhood. Iyad Hamsho signed a 12-year lease to open his new restaurant, Osteria Barocca, in 5,000 square feet at 133 Mulberry Street in the spring, according to Tower Brokerage’s Haz Aliessa, who represented Hamsho in the deal. Asking rent was $120 per square foot. KSR’s Albert Manopla, Jack Khaski and Dorel Melloul represented Regal in the deal. Manopla, Khaski, Melloul and representatives for Hamsho did not immediately respond to requests for comment.
Brookfield Asset Management has acquired the site of a nearly 57,000-square-foot industrial building in Kearny, in a deal reportedly valued at $67.25 million. According to Kassin Sabbagh Realty, which brokered the sale at 1100 Newark Turnpike, rail operator CSX sold the parcel to the global investment manager. The site reportedly is home to a 56,700-square-foot transloading facility for transferring freight between trucks and railcars, although Brookfield’s plans for the property were not immediately clear. Kassin Sabbagh’s Isaac R. Setton and Bunny Escava brokered the sale, which was previously reported by Traded New Jersey. The building underwent a significant renovation in 2020, according to BLDUP.com, resulting in a new roof and siding materials, a repaved parking lot and the demolition of a former CSX maintenance garage.
Sitex Group has purchased a nearly 85,000-square-foot industrial property in Mahwah for $20 million, in a recent transaction by Kassin Sabbagh Realty. The deal at 800 Corporate Drive, which sits less than a mile west of Route 17, marks the second trade of the property since summer 2021. Kassin Sabbagh’s Isaac R. Setton and Bunny Escava brokered the most recent sale, they said, in which Sitex acquire the 84,240-square-foot building from an international seller.
Live By The Sword — which offers tattoos starting at $50 — started as a small, 200-square-foot shop inside the Williamsburg Mini Mall at 218 Bedford Avenue and later opened a SoHo outpost at 454 Broadway. “I think it is a great deal for the neighborhood and will add a lot of value to the block given how successful their SoHo and Williamsburg locations are,” Gabe Icikson of Kassin Sabbagh Realty, who represented the tenant with colleague David Green, said in a statement. “[The tenants] attract a very nice clientele for their industry.”
Brookfield Asset Management bought an industrial and rail facility in Northern New Jersey from CSX for $67.3 million as the investment giant continues its spree of tri-state industrial acquisitions. Brookfield bought a 9.3-acre site at 1100 Newark Turnpike that includes a 58,500-square-foot industrial facility. The property sits just off the New Jersey Turnpike and has 54 dock doors, 12 rail doors and three rail tracks.
New York City continues to see more food halls opening, including recent Manhattan newcomers, Tin Building by Jean-Georges and Urban Hawker. This time, Brooklyn is the recipient of the latest venue that is within its Williamsburg neighborhood. Scheduled to open on Friday, Nov. 4, the Williamsburg Market will consist of 15,000 square feet and have its location on North Third Street between Wythe Avenue and Berry Street.
Williamsburg Market will be home to Alidoro, Harlem Seafood Soul, Urbanbelly and more culinary greats. This time around, what is by many considered to be Brooklyn's buzziest (and most Manhattan-like) neighborhood will become home to the aptly dubbed Williamsburg Market, a 15,000-square-foot culinary extravaganza set to officially open on November 3 at 103 North 3rd Street between Wythe Avenue and Berry Street.
The used sneaker trade went bigtime a while ago. Now one of the retailers it spawned will try to make a similar leap. Legacy, a consignment shop with a 7,200-square-foot store in Willow Grove, Pennsylvania, has signed a long-term lease for 8,000 square feet at 1 West 34th Street. The location, at the corner of Fifth Avenue and opposite the Empire State Building, will give it a high-profile venue to sell such brands as Yeezys, Kith and Supreme. Asking rent for the space — 4,000 square feet on the ground and 4,000 on a storage level — was $350 a foot. The store will only sell new merchandise. One draw for Legacy was that every major sneaker brand has a presence in the Herald Square shopping corridor.
Philips International is pleased to announce that Chai Urgent Care, an urgent care company with 23 locations across New York, New Jersey and Pennsylvania, has signed a 12-year lease for 4,200 square feet at 800 Second Ave. “Chai Urgent Care has quickly grown to become a major provider of urgent care services in the region. As it begins to expand its presence in Manhattan, the company wanted a prime corner location providing easy access to its clientele,” said Philip Pilevsky, Chairman of Philips International. Located between 42nd and 43rd Streets in Midtown Manhattan, the new location will be the company’s second in Manhattan; Chai Urgent Care currently has eight locations across New York City. The space was previously occupied by McFadden’s Saloon, which closed in 2020, and comprises 3,200 square feet of ground floor retail space and 1,000 square feet of basement/storage space. Albert Manopla and Jack Khaski of Kassin Sabbagh Realty represented the tenant in the transaction; Michael Robbins of Philips International represented the landlord, Philips International.
The wild side of life is in the past at 800 Second Avenue now that Chai Urgent Care is slated to replace the shuttered McFadden’s Saloon. Chai signed a 12-year lease for 4,200 square feet on the ground floor of the Turtle Bay building after the popular hangout for Buffalo Bills fans permanently shut its doors in March 2020, about the time its lease was set to expire and three years after the 2017 death of its proprietor, Steve McFadden.
A former food hall in Williamsburg is set to get new life late in the summer, after new operators renovate and sign on tenants for its kiosks. The project, Williamsburg Market, will take over the former North 3rd Street Market at 103 N. Third St., said Cameron Schur, principal of Moonrise Ventures. Schur is spearheading the reopening and rebranding of the food hall, which is 9,000 square feet. The asking rent was $150 per square foot, or about $112,500 per month.
The Michelin-starred mind that brought you Laut and Wau is planning something special for 13th Street. Malaysian Food has been seeing a serious resurgence in New York lately, and it seems like more and more people are catching on to the cuisine’s wonderful flavor profiles. Now, one of the city’s best Malaysian chefs is plotting an exciting new concept.
New Jersey is known for many things. Tony Soprano. Bruce Springsteen. Political graft. And now, industrial real estate dealmaking. In the past week, two of the largest institutional industrial buyers closed on two sites in the Garden State, paying a combined $72.2 million. Bunny Escava and Isaac Setton at Kassin Sabbagh Realty brokered both transactions.
OAK BROOK, IL – CenterPoint Properties has closed on a low-coverage industrial facility in a highly coveted pocket of the premier Exit 8A submarket: 6 Wheeling Road in Dayton, New Jersey. The 198,000 Class A building covers just 28 percent of the nearly 14-acre property. Bunny Escava and Isaac Setton at Kassin Sabbagh Realty brokered the transaction.
The nation's largest commercial real estate convention resumed in Las Vegas this week for the first time since the start of the pandemic and the red-hot Texas real estate market was on full display. “It's great to be back. It’s definitely something to be appreciative of because facetime in person is better than a video or Zoom to make deals,” said Joseph Ash, an investment sales broker with New York City-based Kassin Sabbagh Realty.
Prologis picked up another Queens industrial site, this one for $35 million, adding to its New York City portfolio. Prior to this, the San Francisco-based logistics company had spent $265 million acquiring properties through nine transactions over the past two years in the city. In this latest acquisition, the company purchased a 70,200 square feet development site at 38-21 12th Street in Astoria which has 351,000 square feet of development rights. The deal closed on November 3, 2021 and was recorded on November 16, 2021. This follows Prologis’s $42.7 million purchase of 46-81 Metropolitan Avenue in June as well as the $37.6 million purchase of 18-51 Flushing Avenue in January 2020, and the $51 million purchase of 48-00 Grand Avenue the previous November. TF Cornerstone bought the site in 2018 for $25.5 million. At that time it had a one-story industrial building but according to a recent Pinnacle Realty of New York listing for the site, the buildings have been demolished. Bunny Escava and Isaac Setton of Kassin Sabbagh Realty represented the buyer and seller on the transaction. The Real Deal reported in 2018 that a 152-key hotel was previously rumored as planned for the site, but TF Cornerstone released a statement at the time saying the company has no plans to change the zoning from industrial use. The property has 0 square feet of built space and 351,000 square feet of additional air rights for a total buildable of 351,000 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $99 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.) Plans for a 42,555 square-foot storage (S-2) were filed on September 7, 2018. Within a 400-foot radius of 38-21 12th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on August 5, 2020 for the $1.9 million renovation of 19,669-square-foot S-1 building with no residential units at 38-50 21st Street. Of those three items, two were loans above $5 million totaling $24.2 million. The most recent of the two was United Construction & Development Group which borrowed $15.4 million from Amerant Bank secured by the 19,669-square-foot, one-unit retail building (K1) on 38-50 21st Street on October 9, 2020.
The two-building complex is more than 90 percent leased and generates about $1.45 million in annual rent, according to marketing materials. Verizon is among the largest tenants. Kassin Sabbagh Realty’s Isaac Setton, Bunny Escava and Richard Ades brokered the deal, along with NAI Hanson’s Andrew Somple.
The newest arrival will be Italian menswear maker Kiton at currently vacant 692 Madison Ave. between East 62nd and 63rd streets. Kiton just signed a lease for a three-level, 3,400-square-foot boutique next door to scarf and bag emporium Hermès — which will soon move into a much larger space at 702 Madison. “This deal is a true testament to luxury retail in the city,” said broker Marc Sitt of Kassin Sabbagh Realty, who with Dorel Melloul represented the landlord at 692 Madison, the Ezair family. “With Hermès opening their new flagship, this corridor will be more vibrant than it was in previous years. We’re happy we structured a lease which made sense for everyone,” Sitt added.
Lawrence, MA Steven Pollan, senior executive vice president, and Joseph Kassin of Kassin Sabbath Realty (KSR) brokered the sale of 94 Glenn St. for $37.5 million. The 208,000 s/f industrial property is located on 12.24 acres. The seller was Brook Properties.
SL Green Realty Corp. announced the sale of 590 Fifth Avenue for a gross sale price of $103.0 million. “Closing on the sale of 590 Fifth Avenue at a price of $1,000 per square foot demonstrates the continued demand for well-located New York City office and retail properties,” said Harrison Sitomer, Senior Vice President of SL Green. “This profitable transaction is the latest step in the successful execution of our 2021 business plan as we remain on track to meet or exceed our stated goals for the year.”
One year after gaining control of 590 Fifth Avenue, SL Green has sold the Midtown office building for $103 million. The real estate investment trust on Thursday announced the sale, which valued the building at $1,000 per square foot. The office and retail building located between 47th and 48th streets is 103,000-square-feet and 19 stories.
SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced the sale of 590 Fifth Avenue for a gross sale price of $103.0 million. “Closing on the sale of 590 Fifth Avenue at a price of $1,000 per square foot demonstrates the continued demand for well-located New York City office and retail properties,” said Harrison Sitomer, Senior Vice President of SL Green. “This profitable transaction is the latest step in the successful execution of our 2021 business plan as we remain on track to meet or exceed our stated goals for the year.”
Sales SL Green sells Midtown office building to Hematian family Address: 590 Fifth Ave., Manhattan Seller: SL Green Buyer: Hematian family Sales price: $103 million Asset type: Office Brokers: Morris Sabbagh and Albert Sultan of Kassin Sabbagh Realty brokered the deal for the buyer
SL Green has parted with one of its marquee Midtown office properties for $103 million, the company announced Thursday. The real estate investment trust, which bills itself as Manhattan’s largest office landlord, has sold the 19-story, 103,000-square-foot office building at 590 Fifth Ave. to the Hematians, the family behind Effy Jewelry, according to sources familiar with the deal. The building, which includes retail space at the base, is located between 47th and 48th streets. SL Green took ownership of it last October. Morris Sabbagh and Albert Sultan of Kassin Sabbagh Realty represented the buyer in the deal, according to SL Green.
Italian fashion brand Calzedonia will open its third Manhattan outpost in the Flatiron District, Commercial Observer has learned. Calzedonia signed a 10-year lease for 5,500 square feet — 2,500 square feet on the ground floor and 3,000 square feet in the basement — at 97 Fifth Avenue, according to a source with knowledge of the deal. Asking rent was $300 per square foot.
The Industrial property located in New York that spans 276,360 square feet sold for $27,000,000. The deal closed 6 days ago. The brokers of the deal were Joseph Ash
Morris Sabbagh, president of Kassin Sabbagh Realty, which represents Jokr in its search for 2,500- to 5,000-square-foot U.S. storefronts, begs to differ. “I think that Amazon is most likely aware and would have to drastically shift their business model in order to properly compete,” Sabbagh said. “However, at the rate that Jokr is growing, it would be almost an impossibility for them to be ‘crushed.’”
Nearly 80% of the new retail leases signed by Kassin Sabbagh Realty contain a pandemic clause that they never had before. It specifically outlines what happens if the pandemic comes back, what discount the tenant gets and at what point is the tenant not paying rent if there’s a shutdown, said company president Morris Sabbagh.
Logo Delivery Startup Jokr Opening Micro-Warehouse in Bed-Stuy BY NICHOLAS RIZZI JULY 27, 2021 5:00 PM 1190 Fulton Street1190 FULTON STREET. PHOTO COURTESY AUGENBAUM REALTY CORP. Jokr, a delivery startup that turns storefronts into small fulfillment centers, plans to open a location in a new mixed-use development in Bedford-Stuyvesant, Brooklyn, Commercial Observer has learned. The startup signed a 10-year lease for 3,200 square feet on the ground floor of 1190 Fulton Street on the corner of Bedford Avenue, according to landlord broker Josh Augenbaum of Augenbaum Realty Corp. Asking rent was $70 per square foot.
Dan and John’s Wings, a fast-casual restaurant specializing in chicken wings, has secured a lease for its third Manhattan restaurant in a 1,600 foot retail space at 103 W. 14th St. in Chelsea. Marc Sitt of Kassin Sabbagh Realty (KSR) represented Dan and John's Wings and the landlord, Stonehenge NYC. The asking rent was $135 per square foot. The new location will open in early fall.
Marc Sitt of Kassin Sabbagh Realty (KSR) represented the landlord (Stonehenge NYC). The asking rent for both spaces was $135 per square foot. The space that was formerly Good Stuff Diner, located at 109 West 14th Street, is available and boasts a 3,150 square foot ground floor and a 3,100 square foot lower level.
Orangetheory Fitness, the popular fitness chain focused on high-intensity interval training, leased 6,600 square feet for a new outpost near New York University in Greenwich Village, according to brokers involved in the deal.
Regal Acquisitions bought the CVS-anchored retail at the Boulan South Beach hotel for $34 million from PGIM Real Estate and Madison Capital.
Regal Acquisitions, a real estate investment firm headquartered in New York City, has acquired the 35,482 s/f retail component of 2000 Collins Avenue in South Beach, Miami, from Madison Capital. Situated between 20th and 21st streets and between Collins Ave and Liberty Avenue, the site is located across the street from the Setai hotel.
Brandon Pena and Sam Sepulveda opened their first coffee shop in the East Village with a mission: to bring Puerto Rican coffee to the city. They called it 787 Coffee, after Puerto Rico’s area code, and the coffee was supplied by their own farm in Maricao.
A new delivery startup believes it can rival Amazon or Instacart when it comes to cheap, fast delivery — thanks, in part, to an ambitious plan to turn as many as 100 storefront locations in New York into micro-fulfillment centers.
“There’s a lot of activity,” says Claude Kolb, director of retail leasing for Kassin Sabbagh Realty. The broker received eight offers on one Second Avenue restaurant space he recently leased, and four offers on another. The biggest factor might be the Second Avenue subway, Mr. Kolb says. The awful construction period leading up to its 2017 opening kept the street’s storefront rents low at a time when rates were doubling in other parts of Manhattan. Asking rents now start at $140 a square foot, he says. On nearby Third Avenue, meanwhile, many landlords are holding out for $200 a square foot or more. “That’s why Third Ave. is still empty,” says Mr. Kolb of its 26% vacancy rate.
The duo behind some of New York’s hottest Indian restaurants are bringing their original concept to Park Slope, Brooklyn, Commercial Observer has learned. Unapologetic Foods, the restaurant group behind Indian eateries Rahi, Adda and Dhamaka, will open a third branch of The MasalaWala, the predecessor to the group’s more recent concepts. The group signed a 10-year lease for 2,500-square-foot at 365 Fifth Avenue, with an additional 700 square feet of outdoor space, tenant brokers at Kassin Sabbagh Realty said.
Additional leases include asset management firm, SHS Asset Management L.P., which signed a 5,138 s/f lease, and healthcare-focused import and export company Edward Roberts LLC, which took 5,548 s/f in a deal brokered by Richard J. Bailey of Kassin Sabbagh Realty. Protax Services Corp, and independent attorney Robert Wisniewski P.C. also secured space at 17 State Street, moving from 101 Greenwich Street and 40 Wall Street, respectively.
L+M Development Partners (L+M) announced that Harlem soul food institution Charles Pan-Fried Chicken has signed a lease for approximately 750 s/f on the ground floor of 340 W 145th Street. The new space (pictured top) expected to open this summer, will be the restaurant’s largest location to date, in addition to a 555 s/f cellar for food storage. L+M’s leasing team brokered the deal in-house, while Albert Halawani for Kassin Sabbagh Realty represented the restaurant.
Real estate investment firm RFR has inked deals with six new tenants at 17 State St. in lower Manhattan. Health care-focused import and export firm Edward Roberts LLC grabbed 5,500 square feet. Richard Bailey of Kassin Sabbagh Realty represented the company.
The pandemic may have led to an increase in cycling, and it appears to be both the outdoor and indoor versions. Indoor cycling gym Pedal House NYC opened a location in Union Square, replacing spin class competitor SoulCycle, according to information from brokers Kassin Sabbagh Realty (KSR).
The southern side of East 23rd Street between Broadway and Park Avenue has seen an uptick in food tenant leases over the last few months, as retailers stakeout spots for both the locals and in anticipation of SL Green Realty Corp.’s redevelopment of the office building at 1 Madison Avenue. One of the newest leases is for a co-branded Dippin’ Dots and Doc Popcorn at 24 East 23rd Street, across from Madison Square Park.
Elion Partners has expanded its East Coast portfolio by scooping up a 8.6 acre industrial property for $29.7 million. The 202,000-square-foot building, at 1000 Jefferson Ave in Elizabeth, New Jersey, was sold by Seyon Group and Wheelock Street Capital. Seyon had paid $24 million for it in 2019.
A private equity firm has acquired a 207,000-square-foot industrial building in Elizabeth, expanding its footprint in the last-mile logistics sector. The buyer, Elion Partners, paid $29.7 million for the asset at 1000 Jefferson Ave., in a transaction brokered by Kassin Sabbagh Realty. Elion noted that the building is less than two miles from Newark Liberty International Airport, making it an attractive addition to a portfolio that also stretches to the Southeast and the West Coast.
Kassin Sabbagh Realty has brokered the trade of a 202,000 s/f industrial building in Elizabeth, NJ, for $29.7 million. Real estate investment firm Elion Partners acquired the property at 1000 Jefferson Avenue from Seyon Group/ Wheelock Street Capital Kassin Sabbagh’s Bunny Escava and Isaac Setton represented both parties in the transaction.
“We are leasing six to eight per week,” said Morris Sabbagh of Kassin Sabbagh Realty, noting that small food markets are also booming. “A lot of consumers are cooking for themselves and buying stuff for the kids to keep busy while staying home.”
Rents around Times Square are “the lowest in years,” said Morris Sabbagh, president of Kassin Sabbagh Realty. Yet tourists are still making their way to the international hot spot, in part lured by vast discounts by airlines and hotels.
A set of three medical buildings in Bay Ridge recently traded hands for more than $40 million, in what was reportedly a 1031 exchange transaction. The three buildings, totaling about 61,400 square feet, are located at 7601 Fourth Avenue, 9020 Fifth Avenue, and 7115-21 13th Avenue and are fully occupied by medical tenants such as ProHealth, Quest Diagnostics, and ENT & Allergy Associates, according to marketing materials reviewed by The Real Deal.
Billy Lerner, the president and CEO of iPark, New York City’s second biggest private parking-garage operator, has acquired an 11-building portfolio of medical office buildings for $40 million. Kassin Sabbagh Realty announced that Lerner acquired 9020-9024 5th Avenue (pictured top) 7601-7607 7th Avenue, 7115-7121 13th Avenue from Brooklyn-based radiologist Dr. Shahrok Abiri in a 1031 transaction.
The narrative at 162 Delancey Street just shifted from foot to face coverings. Eleven-year-old sneaker store, Get Set, permanently closed shop earlier this year, leaving a void only now filled. The appearance of a banner straddling the marquee announces the latest business – a brick-and-mortar dispensary dedicated solely to selling Personal Protective Equipment. Which is an appropriate location. After all, this corner has maintained similar offerings since the outset of the pandemic, when a wall of face mask vending machines appeared. It turns out, the same company is behind both ventures, RapidMask2Go. The store opens this week at Delancey Street, and will offer a “wide variety of masks, gloves, and hand sanitizer” for purchase.
Dough Pizza, a new pizza business, just signed a lease for the 475 square-foot spot in the base of the School of Visual Arts skyscraper dormitory (aka Ludlow Residence). The restaurant opened its first outpost in Syosset, Long Island last month; the Lower East Side is its first in Manhattan.
International, upscale hot pot chain the Dolar Shop — which debuted in Flushing about six years ago and has 55 locations worldwide — is set to open its second NYC outpost in the East Village, at 5 Third Avenue, at St. Marks Place, on Monday.
Upside Pizza signed a 1K SF lease at Dom Ben Realty’s 20 East 40th St. for an asking rent of $13K per month, Commercial Observer reports. Kassin Sabbagh Realty’s Albert Manopla and Jack Khaski negotiated the lease for the tenant. Gregorys Coffee also takes up space in the building, according to the coffee company’s website.
Upside Pizza, a slice joint from the same two brothers behind the 99-cent slices at 2 Bros Pizza, is opening its second location in Midtown. The siblings leased a 1,000-square-foot space at 20 East 40th Street, also referred to as 280 Madison Avenue, the company confirmed. Albert Manopla and Jack Khaski of Kassin Sabbagh Realty represented the tenant, and asking rent was $13,000 a month, according to information from KSR. It was not immediately clear who repped the landlord, Peter Benedetto’s Dom Ben Realty.
Orthodontist office Diamond Braces and veterinarian Bond Vet have both signed retail leases at Hudson Garden, a residential development anchored by Target. Diamond Braces signed a 15-year lease for 1,785 square feet at the mixed-use property at 615 10th Avenue, which stretches along the avenue between West 45th and West 45th streets. The dental practice has over 30 locations in the tri-state area, including two other offices in Manhattan.
Stellar Works inked a 4,243 SF lease for its showroom at Vornado’s 304 Canal St. in Soho, Commercial Observer reports. Kassin Sabbagh Realty’s David Green and Ike Bibi brokered the lease for the furniture designer. This will be a move from the company’s current home at 38 Walker St. in Tribeca.
Kassin Sabbagh Realty, a real estate firm in Manhattan that is focused on commercial properties, is back to brokering about seven leases per week—which is in line with the amount of business it was doing before the pandemic hit, co-founder Morris Sabbagh said.
Morris Sabbagh, co-founder of Kassin Sabbagh Realty, said that local business owners are really stepping in to fill the vacancies. "The tenancies may not be the prettiest," he said, with many of the storefronts being taken by bodegas. "But at the end of the day, there's activity."
Stellar Works has signed a 10-year lease for 4,243 square feet at 304 Canal Street, formerly home to the beloved Pearl Paint, according to information from Kassin Sabbagh Realty, who brokered the deal on behalf of the tenant.
The hot-sauce specialty shop signed a 10-year lease for 1,200 square feet at 877 Seventh Avenue, at the corner of West 56th Street, according to information from Kassin Sabbagh Realty.
Sophie’s Cuban Cuisine was represented by Jordan Raphan of Kassin Sabbagh Realty and Winick Realty Group president Steven E. Baker and director Thomas Galo proudly represented ownership. “We are extremely pleased to welcome Sophie’s Cuban Cuisine to the area. With NYU Medical Center directly across the street, we are confident Sophie’s will be a great amenity to the healthcare employees, office workers and residents in the neighborhood” said Galo.
STATEN ISLAND, N.Y. -- With many national department and chain stores folding and filling for bankruptcy during the coronavirus (COVID-19) pandemic, one German retailer is expanding, which includes a new store on Staten Island. Described as a young, hip brand of sneakers and athletic wear, Snipes has been expanding its operations in the U.S., and will open a new store in January at 965 Richmond Ave. in Graniteville according Albert Manopla of the Manhattan-based KSR, the Realtor representing the brand.
German retailer has about 100 US stores. Kassin Sabbagh Realty’s Albert Manopla, who represented the company on both deals, told CO that Snipes had experienced an uptick in sales during the pandemic after initially focusing its attention on online orders.
European sneaker chain Snipes is expanding in New York, with new stores in Brooklyn and Staten Island, Commercial Observer has learned. The German retailer acquired the East Coast brand KicksUSA in 2019, when it had 62 stores, giving it a foothold in the United States. Snipes has leased a 4,600-square-foot space at the Georgetown Shopping Center in Bergen Beach, at 2181 Ralph Avenue. Asking rent was $25,000 square feet, and Kassin Sabbagh Realty’s Albert Manopla and Jack Khaski represented the tenant.
Ramen shop Kyuramen will open its second New York City location near Union Square, Commercial Observer has learned. The Taiwan-based ramen chain has signed a 10-year lease for 1,700 square feet at 210 East 14th Street, between Second and Third avenues, according to information from Kassin Sabbagh Realty.
Two new retailers will open in the space formerly occupied by home-style diner Kitchenette in Morningside Heights, Commercial Observer has learned. Dragon Sushi and AM/PM Market signed leases at 1272 Amsterdam Avenue, between 122nd and 123rd Streets, according to information from Kassin Sabbagh Realty, which brokered the deal. KBS’ David Green and Daniel Kestenbaum represented both tenants as well as the landlord, the Dermot Company.
The radical bookstore Bluestockings, which closed its doors in June, is moving to a new home on the Lower East Side. The bookstore signed a lease for 5,000 square feet at 116 Suffolk Street, between Delancey and Rivington streets, according to information from Kassin Sabbagh Realty, which brokered the deal. The space includes 2,500 square feet of ground-floor space and a 2,500-square-foot basement. KSR’s Gary Lowitt represented the tenant, while Jordan Raphan and Samuel Chera, also of KSR, represented the landlord, Penn South Capital. Asking rent was $13,000 per month, according to KSR.
A Chetrit family firm paid $15.5 million for a Sheepshead Bay parcel with 130,000 square feet of development rights. That comes out to $119 per buildable square foot for 2870 Ocean Avenue, where sources say AB & Sons, a firm managed by the Chetrit family, plans a mixed-use apartment building.
A firm run by members of the Chetrit family is in contract to buy a Brooklyn site and plans a 200,000-square-foot project. AB & Sons envisions a mixed-use development in Sheepshead Bay at the site of a Staples store. The address, 2870 Ocean Avenue, is a 10-minute walk from the Neck Road subway station on the Q line. A team from KSR including Ceasar Salama, Joseph Kassin and Ike Bibi brokered the transaction.
The multifamily division of Kassin Sabbagh Realty LLC completed the sale of 515 Ovington Avenue in the Bay Ridge neighborhood of Brooklyn. Jeffrey Znaty, director of multifamily, represented the seller, Lang Development Corp., and the buyer, Albert Srour, a local Brooklyn developer. The 72,000 s/f residential property was sold for $17.1 million, or approximately $240 per square foot.
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