The top Manhattan retail brokerages cranked out more deals, despite seeing their square footage totals drop, while Brooklyn firms rallied.
The one-time home of Crumbs Bake Shop on the Upper East Side has been sold in an off-market transaction. Currently home to a chocolate shop and a dry cleaner, the 5,000 s/f space at 1410-1418 Lexington Avenue traded hands for $6.2 million. JBL Associates, which developed the site in the 1990s, sold the ground-floor retail condo to the Zar Group. Bunny Escava and Jeffrey Znaty or Kassin Sabbagh Realty brokered the sale.
A rooftop bar coming to a new Midtown hotel should offer its patrons plenty of martinis—shaken, not stirred. Interior of 310 West 40th Street The bar from YJR Group at Abraham Noy’s 297-key Aliz Hotel on 310 West 40th Street will be 1960s-era James Bond themed, according to broker Yoni Hadar. It has signed a 10-year lease for 4,200 square feet and $27,500 per month at the location. Hadar and his colleague Albert Manopla, both of Kassin Sabbagh Realty, brokered the deal. The bar is expected to open in early January to hotel guests and members of the public. The hotel was designed by Fischer Makooi Architects and spans about 90,000 square feet.
Victor Sigoura’s Legion Investment Group has put together an assemblage on the Upper East Side for a ground-up residential condominium project, The Real Deal has learned. Sigoura’s firm paid more than $62 million total for the sites, in three separate transactions that give the developer about 72,000 buildable square feet. One of its investors on the project is Gindi Capital, the investment arm of the Gindi family.
FitHouse, 20 West 14th Street, Greenwich Village – 6,800 square feet The gym inked a 10-year lease for 6,800 square feet at 20 West 14th Street. Cushman & Wakefield represented the tenant, while Solomon Sharaby and Albert Manopla of Kassin Sabbagh Realty represented the landlord, Alan Jemal.
Gotham Foods, a franchisee of the Philadelphia-based chain, recently inked 10-year deals for 3,270 square feet in a former hair braiding shop at 4-14 West 125th Street and 300 square feet at Aion Partners’ 86 Chambers Street, according to Dan Myers, a managing director at Kassin Sabbagh Realty. Myers represented the tenant in both deals as well as the landlord, The Renatus Group, in Harlem.
Oxido inked a deal last week for 1,300 square feet on the ground floor at Zar Group’s 1450 Broadway between West 40th and West 41st Streets, according to Dan Myers, a managing director at Kassin Sabbagh Realty, who represented Oxido in the deal. Asking rent for the space was $350 per square foot.
Maui Onion Poke Bar plans to open its second location in the city with a new outpost in the Garment District, Commercial Observer has learned. The poké eatery inked a deal to open a 1,000-square-foot spot on the ground floor of Empire State Realty Trust‘s 501 Seventh Avenue between West 37th and West 38th Streets, a spokeswoman for ESRT said.
Empire State Realty Trust, Inc. (NYSE: ESRT) has signed long-term leases with Maui Onion Poke Bar at 501 Seventh Avenue and Made Man Barbershop at 1400 Broadway. Maui Onion delivers authentic Hawaiian dishes crafted with fresh ingredients to customers on-the-go. Made Man Barbershop, the trendy men's hairstylist recently featured in GQ, Vanity Fair, New York Times, and Men's Health, blends the classic comforts of the past with the contemporary hairstyling of today.
Made Man Barbershop—which Time Out has called one of the best salons for men’s haircuts—has inked a deal to open a new location in the Garment District, its first outside of Chelsea, Commercial Observer has learned. The antique-filled barbershop signed a 10-year lease for a 1,131-square-foot space on the ground floor of Empire State Realty Trust’s 1400 Broadway between West 38th and West 39th Streets, according to a spokeswoman for ESRT. The asking rent, as per the spokeswoman, was $130 per square foot. The shop is slated to open in September.
Fitness concept FitHouse is opening two new locations in Manhattan after launching its first one three months ago, Commercial Observer has learned. The boutique workout chain has signed a 6,800-square-foot deal at 20 West 14th Street, according to information provided by the tenant’s broker, Cushman & Wakefield. FitHouse will occupy the entire ground floor of the building, which is located between Fifth Avenue and Avenue of the Americas in the Union Square area. The asking rent in the deal was $200 per square foot, according to a C&W spokeswoman. The deal is for 10 years, according to Albert Manopla of Kassin Sabbagh Realty, who represented landlord Jem Realty Management.
A Soho penthouse owned by celebrity photographer Ken Nahoum is heading for bankruptcy auction. The four-bedroom, 7,000-square-foot condominium at 95 Greene Street was initially listed for sale with a $20 million price tag in October through Luxury Property Group’s Joseph Ash and Douglas Elliman’s Ariel Cohen, Ash told The Real Deal. Matthew Bordwin of Keen-Summit Capital Partners is handling the auction.
Dollar Zone, 600 East 138th Street, North New York – 18,000 square feet The deep-discount retailer signed a lease for 18,000 square feet at 600 East 138th Street. Avi Akiva and Solomon Sharaby of Kassin Sabbagh Realty represented the tenant...
Muses 35 Bar, 248 West 35th Street, Midtown South – 8,000 square feet The karaoke bar signed a lease for 8,000 square feet of retail space at 248 West 35th Street. Richard Smith of Winick Realty Group represented the tenant. Albert Manopla of Kassin Sabbagh Realty represented the landlord, 248 West 35th Street LLC.
“They wanted to make a big splash in New York and this is the way to do it,” said Albert Manopla of Kassin Sabbagh Realty, who represented the tenant along with KSR’s Avi Akkiva. “Seventh Avenue and 34th Street is one of the most heavily trafficked intersections in New York City...."
Two local CVS Pharmacy locations have each been sold for $3.25 million. Montgomery County property records show CVS stores at 1410 E. Dorothy Lane and 2801 Far Hills Avenue were sold Dec. 21. The Dorothy Lane location was sold to 1410 E Dorothy Owner LLC, and the Far Hills location was sold to 2801 Far Hills Owner LLC. Both limited liability companies have a mailing address in New York City. The address is affiliated with Kassin Sabbagh Realty, a real estate firm that is "actively engaged in real estate acquisition, financing, property management, development, and construction management," according to its website. The deals continue a string of investors gobbling up Dayton-area retail properties. This has been seen at local retail centers, as well as individual properties, showing the returns on Dayton investments are promising. Both properties were last sold in 2000. The 12,108-square-foot Far Hills location was built the same year, and the 10,318-square-foot Dorothy Lane location was built in 1999. There are 25 CVS Pharmacy locations in the greater Dayton area. Nationwide, the company has more than 9,600 stores.
Nightingale Properties acquired a retail condominium in Chinatown for $23.6 million, sources told The Real Deal. The 7,000-square-foot condo occupies the ground floor and lower levels of a six-story, 48,200-square-foot building at 208 Canal Street. A branch of East West Bank is the sole tenant in the space, and the seller is Dean Fong and…
A London-based private equity firm paid $45.5 million for a 179,000 square-foot development site to just to the south of the Greenpoint Landing site in northern Brooklyn — and has plans to build even bigger. Quadrum Global purchased the property at 161 West Street from a group of owners led by Brooklyn-based investor Miriam Chan,…
NEW YORK CITY — GFI Realty Services has brokered the sale of 1 East 124th Street, a five-story walk-up apartment building located in the East Harlem section of Manhattan. Built in 1910, the 10-unit property sold for $2.15 million or $215,000 per unit. Roni Abudi of GFI represented the seller, while Ohad Bado, also GFI,…
A fast-growing Middle Eastern food chain is heading Downtown among a cluster of other chains aimed at the lunchtime crowd, Commercial Observer has learned. Naya Express inked a 10-year deal earlier this week for a 1,620-square-foot site at the redeveloped 1 New York Plaza, according to brokers in the lease agreement. Its neighbors include Chipotle…
Gregorys Coffee, the bustling artisanal java shop with a dozen locations in Manhattan, has inked a 15-year deal for a lobby spot at 16 Court Street—its first Brooklyn location, Commercial Observer has learned. The lease is for roughly 1,000 square feet in the lobby of the building, which is currently undergoing redevelopment, said tenant representative…
An expanding smoothie joint is heading downtown with a new store within walking distance from New York University, Commercial Observer has learned. Pure Green, a health food restaurant that sells smoothies, juices and bowls of açaí, has inked a 10-year deal for 1,000 square feet at 60 East Eighth Street between Broadway and Mercer Street,…
Commercial Observer has learned that Kassin Sabbagh Realty has taken about 8,000 square feet of subleased space at 1385 Broadway between West 37th and West 38th Streets. They’ll be moving into part of the offices used by the Richline Group, a subsidiary of Warren Buffet’s Berkshire Hathaway in the five-year deal.
Medical marijuana is taking root in Manhattan. The first cannabis dispensary will be on East 14th Street between Second and Third avenues in the base of a residential building near Stuyvesant Town Michael Dubin of Savitt Partners represented the pharmaceutical pot grower in the dispensary deal, along with colleague Hector Rodriguez. Abraham Dwek of Kassin…
New York’s medical marijuana industry has cleared all legal hurdles and dispensaries are officially setting up shop. Details emerged on a lease signed by Columbia Care NY, one of five permitted growers in the state. The company will occupy 3,500 square feet on the ground floor and basement of the residential building at 212 East…
A new fitness studio, Infinite Cross-training Experience, referred to as I.C.E. NYC, is opening its first-ever studio at 93 Worth Street in Tribeca, Commercial Observer has learned. The cross-training company signed a 10-year deal for 250 feet at street level, for cold-pressed juices and healthy food, and 4,150 square feet below-grade for the fitness studio, according…
Caffe Bené is college-bound in Brooklyn. Commercial Observer has learned that the South Korean coffee shop is opening a new location in the first week of September at 150 Campus Road—across the street from Brooklyn College. Caffé Bene will be in 4,200 square feet, split evenly between the ground floor and the basement, according to Kassin Sabbagh Realty, which represented…https://commercialobserver.com/2015/08/caffe-bene-targets-starbucks-crowd-with-opening-near-brooklyn-college/
New York, NY According to IGI-USA, a New York-based development company, a new group fitness studio, Infinite Cross-training Experience (I.C.E. NYC) has leased both basement and street-level retail space at 93 Worth St. (totaling 4,400 s/f), providing a new specialized workout space for the neighborhood. Albert Manopla and Morris Sabbagh of Kassin Sabbagh Realty represented I.C.E. NYC while Michael…
Caffé Bene continues its push to grab a following amongst New York City’s java junkies. Commercial Observer has learned that the South Korean coffee house has inked a 1,175-square-foot deal for a two-level retail space at 33 Barrow Street in Greenwich Village. Caffé Bene, which also sells waffles, macaroons and other baked goods, will be in…
Take for instance ABC Imaging, which inked a 15-year deal for ground-floor retail space at 336 West 37th Street between Eighth and Ninth Avenues, according to the tenant’s brokers. The printing shop will be in 9,000 square feet at the base of the 150,000-square-foot building, per the brokers. Asking rent in the deal was $66 per square foot.…
Less than a year after launching, celebrity chef David Chang’s food delivery app is already opening its fourth location. Maple, which prepares and delivers top chef-curated meals that can be ordered online, has inked a 4,200-square-foot deal at 196 Stanton Street. The company, which officially started cooking in April, signed a 10-year lease for a commissary kitchen…
Epidermis Cosmetics, which sells beauty and skincare products made from Dead Sea minerals, is taking 1,200 square feet at 743 Avenue of the Americas between West 24th and West 25th Streets, according to brokers on both sides of the deal. The lease is for 10 years, and asking rent in the deal was $18,000 per…
A department store has signed a lease for a new location in the Soundview section of the Bronx, Commercial Observer has learned. XNY Stores, which sells items like clothing, furniture and home appliances, inked an 8,000-square-foot deal of ground-floor space at 1636 Westchester Avenue between Harrod and Morrison Avenues, according to Albert Manopla of Kassin…
Blue Dog Kitchen has inked a deal to open a new café near Bryant Park, marking its fifth Manhattan location, Commercial Observer has learned. The eatery will open in 1,700 square feet at 37 West 43rd Street between Avenue of the Americas and Fifth Avenue, according to a source familiar with the deal. The café,…
A Taiwanese-style bubble tea store has signed a deal for a new location at 111-115 Court Street in Brooklyn Heights, brokers in the deal told Commercial Observer. Last week, Vivi Bubble Tea inked a 1,000 square foot lease at the building between State and Schermerhorn Streets, according to brokers with Kassin Sabbagh Realty, which represented…
Sophie’s Cuban Cuisine is coming to Avenue of the Americas. Jordan Raphan of Kassin Sabbagh Realtyrepresented the New York City-based eatery, while colleague Albert Manopla represented landlord Helm Management. Raphan said in an email that “lunch is king” on this stretch of Avenue of the Americas, citing the Chick-fil-A at 1000 Avenue of the Americas at…
A crossfit gym whose director of programing is the “fittest woman on Earth” has inked a deal to open its second location, Commercial Observer has learned. ICE NYC has signed a 7,000-square-foot deal at 330 East 59th Street between First and Second Avenues, according to brokers in the deal. The fitness center will occupy 3,500…
The poké trend is upon New York City, and we’re not just talking about Pokémon Go, but the restaurants serving raw fish and vegetable over rice, which have been popping up all over the place. One of those is Sweetcatch Poké Bar—a Hawaiian-style eatery curated by chefsDeuki Hong and Lee Anne Wong (a former Top…
It’s a tough time to be a retail broker in Manhattan — especially for those at smaller shops. As the borough’s leasing market continues to slow after its red-hot streak in 2015, fewer deals are being signed. And many of the big leases that make headlines are taking longer to close and are often clocking…
Investor Gary Vinbaytel has closed on the $8.3 million purchase of a mixed-use building in Chelsea from The Jemstone Group, Commercial Observer has learned. The sale of the 5,148-square-foot property at 192 Eighth Avenue between West 19th and West 20th Streets closed on Dec. 19, according to the seller’s broker Marcus & Millichap. The property…
Albert Manopla has been named a 2016 CoStar Power Broker TM by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. This annual industry award recognizes distinguished professionals in commercial real estate brokerage by highlighting the achievements of the firms and individual brokers who closed the highest…
RECENT LEASE $96/SQ. FT. $240,000 approximate annual rent 112 East 23rd Street (between Park Avenue South and Lexington Avenue) Manhattan Blue Dog Cafe has signed a two-year lease, with an option for an eight-year extension, for a 2,500-square-foot ground floor space in this five-story commercial building, built around 1900 in Gramercy Park. The space, to…
Dollar store chain 99 Cent Deals has inked a lease for 10,000 square feet at 66 West Fordham Road between University and Grand Avenues in the University Heights section of the Bronx. The store signed a 10-year deal with owner Grand Ford Associates for the basement and first floor of the single-story, 1920s retail building,…
Hubb NYC Properties, a Midtown-based real estate investment firm, has purchased a 16-unit rental apartment building at 714 Ninth Avenue for $12.1 million from Waltjoyvan LLC, which has owned it since Gerald Ford was president, Commercial Observer has learned. Waltjoyvan LLC is company owned by private investors Walter and JoyceSteckman, to CoStar Group. Waltjoyvan has…
Silverstein Properties has acquired a majority interest of 619 West 54th St.. The company partnered with Taconic, which purchased the Hell’s Kitchen asset five years ago. Taconic Investment Partners and Silverstein Properties recently announced the closing of a $200 million recapitalization of 619 West 54th St., a 330,000-square-foot Art Deco commercial building located in Manhattan’s…
SL Development bought the former umbrella factory at 722 Metropolitan Avenue in Williamsburg for $23 million, where it plans to convert the building into 69 condominiums. The Midtown South-based firm headed by principals Ray Steffen and Page Leidy bought the building from longtime owner Barnett Brickner. The site comes with about 70,000 square feet of development…
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