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Prologis buys TF Cornerstone’s Astoria development site for $35M

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.

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Brookfield picks up Clifton industrial complex

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.

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Manhattan skyscraper snags its own builder as a tenant

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.

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Pollan and Kassin of Kassin Sabbath Realty broker $37.5 million sale

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.

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SL Green sells Sitt’s 590 Fifth for $103M

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.”

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SL Green sells 590 Fifth Avenue for $103M

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.

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SL Green Announces Sale of 590 Fifth Avenue

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.”

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Deals of the Day: Oct. 28

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

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SL Green sells Midtown office building to Hematian family in $103M deal

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.

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Italian Fashion Brand Calzedonia Opening Flatiron Outpost

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.

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Kassin Sabbagh Realty brokers deal for $27,000,000 in El Paso, TX

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

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Rapid-delivery startups gobble up space in NYC

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.’”

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Retail leases are getting padded with pandemic protections

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.

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Delivery Startup Jokr Opening Micro-Warehouse in Bed-Stuy

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.

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Harlem Shake opens Brooklyn location; three new Manhattan retail leases

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.

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Stonehenge NYC Welcomes Two New Tenants to Chelsea

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.

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Orangetheory Fitness Inks Deal for New Greenwich Village Studio

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.

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Regal Acquisitions Buys Boulan South Beach Retail for $34M

Regal Acquisitions bought the CVS-anchored retail at the Boulan South Beach hotel for $34 million from PGIM Real Estate and Madison Capital.

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Regal expanding retail footprint with Miami condo buy

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.

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Puerto Rican Coffee Purveyor 787 Doubles NYC Footprint During COVID

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.

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Delivery startup Jokr plans huge NYC expansion

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.

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Storefront-Vacancy Rates Drop in These Manhattan Neighborhoods

“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.

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Chef Behind Indian Spot Dhamaka to Open MasalaWala in Park Slope

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.

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RFR leases 28,000 s/f at 17 State Street

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.

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L+M brings soul food virtuoso to new Harlem location

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.

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RFR lines up 6 new tenants at lower Manhattan office tower

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.

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Pedal House Replaces SoulCycle in Union Square

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).

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Food Operators Flock to East 23rd Street By Madison Square Park

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.

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Elion Partners buys $30M industrial property in Elizabeth

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.

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Investment group acquires 207,000 sq. ft. Elizabeth warehouse for $30 million

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.

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NJ industrial building trades for $30M

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.

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It’s a ghost town

“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.”

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Discount retailers are pandemic winners, as big chains shutter

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.

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Brooklyn medical buildings sell for $40M

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.

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Parking boss acquires $40M Brooklyn office portfolio

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.

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Former Delancey Street Sneaker Store Becomes PPE Dispensary

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.

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Dough Pizza Takes Over from ‘Champion’ at Ludlow Residence Dorm

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.

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Luxe Hot Pot Chain the Dolar Shop Plots Manhattan Expansion with East Village Debut

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.

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This Week's N.Y. Deal Sheet

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.

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Beyond Sushi, Upside Pizza to Open New Locations in Manhattan

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.

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Two Medical Tenants Lease Space at Hell’s Kitchen’s Target Building

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.

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This Week's N.Y. Deal Sheet

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.

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Amid the real estate downturn, 
some stores are aiming to expand

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.

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One pandemic bright spot: Small retailers can finally get their foot in the door

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."

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Furniture Designer Stellar Works Relocates SoHo Showroom

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.

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Pepper Palace to Open First Location in Manhattan

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.

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Winick helps Sophie serve up more Cuban Cuisine

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.

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Snipes to open Staten Island store

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.

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Snipes sneaker chain plans expansion in NYC

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.

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Sneaker Chain Snipes Continues Expansion with Leases in Brooklyn and Staten Island

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.

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Kyuramen Opens First Manhattan Location Near Union Square

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.

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Two Retailers Replace Kitchenette in Morningside Heights

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.

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Closed Lower East Side Bookstore Bluestockings Gets a New Home

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.

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Chetrit firm pays $119 psf for Sheepshead Bay site

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.

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Chetrit firm to acquire Sheepshead Bay development site

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.

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Brooklyn apartment building trades for $17M

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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Bay Ridge Apartments Trade After Nearly 70-Year Hold

The multifamily division of Kassin Sabbagh Realty LLC (KSR) completed the sale of 515 Ovington Ave, in the Bay Ridge neighborhood of Brooklyn, on behalf of seller Lang Development Corp., and the buyer, Brooklyn developer Albert Srour.

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$17M Brooklyn Multifamily Trades Hands

Located 515 Ovington Ave. in Brooklyn’s Bay Ridge neighborhood, the residential property sold for $240 per square foot in a C corporation transaction.

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Kassin Sabbagh Realty Sells 515 Ovington Avenue in Bay Ridge, Brooklyn, NY, for $17.1M

The multifamily division of Kassin Sabbagh Realty LLC completed the sale of 515 Ovington Avenue in the Bay Ridge neighborhood of Brooklyn, N.Y., for the seller, Lang Development Corp., and the buyer, Albert Srour, a local Brooklyn developer. The 72,000-square-foot residential property was sold for $17.1 million, or approximately $240 per square foot.

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Fat Albert Owner Picks Up Bay Ridge Apartments for $17M

Lang Development Corp. sold the 72,000-square-foot 515 Ovington Avenue to Albert Srour — who owns several multifamily buildings around the borough along with the Fat Albert department store in Bedford Stuyvesant — this week, according to Jeffrey Znaty of Kassin Sabbagh Realty, who represented both sides in the sale.

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Contiguous Mixed-Use Properties Trade to Cofinance

JLL Capital Markets completed the sale of 219-221 E. 59th St., two contiguous, mixed-use properties in Midtown East, for GAK Properties LLC. Cofinance Inc., the U.S. subsidiary of Cofinance Group SA, acquired the 10,560-square-foot asset for $10.85 million.

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Jones Lang LaSalle Incorporated : JLL sells 219-221 East 59th Street in Midtown East for GAK Properties

NEW YORK, April 14, 2020 -JLL Capital Markets announced today it has completed the sale of 219-221 East 59th Street, two contiguous, mixed-use properties in New York's Midtown East submarket, for GAK Properties LLC. Cofinance Inc., the U.S. subsidiary of Cofinance Group SA, acquired the 10,560-square-foot asset for $10.85 million.

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Midtown East mixed-use buildings with air rights sell for nearly $11 million

The buildings have a combined 7,000 square feet of air rights, which would allow the new owner to add floors.

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JLL sells 219-221 East 59th Street for GAK Properties

Cofinance Group acquires contiguous, mixed-use properties totaling 10,560 square feet for $10.85M

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JLL Brokers $10.8M Sale of Adjacent Multifamily Properties in Midtown Manhattan

NEW YORK CITY — JLL has brokered the $10.8 million sale of 219-221 East 59th Street, two adjacent multifamily properties with ground-floor retail space in Midtown Manhattan. Each three-story building spans 10,560 square feet of space, including four residential units and 3,900 square feet of ground-floor retail space that were occupied by separate retail tenants at the time of sale. Tom Gammino and Clint Olsen led a JLL team that represented the seller, Gak Properties, in the transaction. Jeffrey Znaty of Kassin Sabbagh Realty represented the buyer, Cofinance Inc., the U.S. subsidiary of Cofinance Group SA.

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This Week's N.Y. Deal Sheet

Cofinance Group SA's U.S subsidiary, Cofinance Inc., paid $10.9M for two neighboring properties in Midtown East, JLL announced. GAK Properties sold the buildings at 219-221 East 59th St., which are both three-story, free-market properties with residential and retail space. JLL’s Tom Gammino, Clint Olsen, Albert Mamiye, Connor Murphy, Jeremy Simon and Chris Skitch represented the seller. Kassin Sabbagh Realty’s Jeffrey Znaty represented the buyer. Read more at: https://www.bisnow.com/new-york/news/deal-sheet/this-weeks-ny-deal-sheet-103916?utm_source=CopyShare&utm_medium=Browser

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Kassin Sabbagh Realty brokers $28.5 million sale of 39,000 s/f building

New York, NY According to Kassin Sabbagh Realty, it has closed the sale of 207 East 94th St., a five-story 39,000 s/f commercial office building for $28.5 million.

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Storage Deluxe acquires 74 Bogart St., 80,000 s/f warehouse for $45.5 million; Kassin Sabbagh Realty and Cohen & Perfetto act for purchaser

Brooklyn, NY Storage Deluxe, a Manhattan-based owner and developer, has acquired 74 Bogart St. for $45.5 million. The 80,000 s/f vacant warehouse will be redeveloped into a 200,000 s/f, multi-story storage facility containing 4,000 rentable units and will be managed by CubeSmart.

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Zar Property NY completes five leases at 250 West 54th St.: 18,750 s/f

Zar Property NY has completed five leases totaling 18,750 at 250 West 54th St.: Black Iron Burger signed a 15 year lease for a 3,600 s/f retail space. This will be the burger chain’s 5th NYC location. Albert Manopla and Carolina Aziz of Kassin Sabbagh Realty (KSR) represented the tenant.

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Female forward beer co. opening tap room

Women-owned Talea Beer & Brewery is opening a taproom in Williamsburg. Joshua Berkun and David Green at Kassin Sabbagh Realty brokered the 10,000 s/f lease at 87 Richardson Street.

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Glenwood Management makes rare sale with Upper East Side deal

Hirschfeld Properties is buying 207 East 94th Street for $29M

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Real Deal Top Leasing Firms in Manhattan 2019

Kassin Sabbagh Realty maintains their spot at #2 in top leasing firms in Manhattan.

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NYC's Biggest Retail Leases in November 2019 - The Real Deal

Talea Beer, 87 Richardson Street, Greenpoint – 10,000 square feet

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Zar Property NY has completed five leases totaling 18,750 s/f at 250 West 54th Street

Black Iron Burger signed a 15 year lease for the 3,600 s/f retail space. This will be the burger chain’s 5th New York City location. Albert Manopla and Carolina Aziz of Kassin Sabbagh Realty represented the tenant.

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Lash Loft opens new salon

High-end eyelash extension salon, The Lash Loft, will open its second Manhattan location in Midtown. Dorel Melloul and Marc Sitt of Kassin Sabbagh Realty brokered them a new 10-year lease for 1,450 s/f on the second floor at 40 East 58th Street.

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Kassin Sabbagh Realty completes six apartment building portfolio sale in Ohio - $35 million

Southwest, OH Kassin Sabbagh Realty, LLC through its Ohio brokerage affiliate, Windsor International Realty, has completed the sale of a portfolio of six apartment communities of over 700 units in the Southwest, Ohio area for $35 million.

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Who's News - Real Estate Weekly

Kassin Sabbagh Realty (KSR) announced that Ronnie Shaban has joined the company as a managing director. The veteran dealmaker will be focusing in acquisition and dispositions of investment real estate and retail and office leasing in the NYC metropolitan area.

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SALE: 1665 JEROME AVENUE

John Joseph Rivera of KSR broker the sale of 1665 Jerome Avenue for $3,000,000.

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Here’s what the $10M-$30M NYC investment sales market looked like last week

Avery Hall Investments picked up a Gowanus development site for $15 million, according to Kassin Sabbagh Realty, whose Isaac Shabot and David Marciano brokered the deal. The site contains a 19,000-square-foot auto body shop located at 272 4th Avenue on Carroll Street. The city is planning to rezone Gowanus, a move that could allow the site to yield up to 90,000 buildable square feet, according to Kassin Sabbagh, Avery Hall also is planning a 200,000-square-foot rental development at 204 Fourth Avenue, a plan that also hinges on the council’s rezoning.

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LEASE: 301 West 145th Street

Solomon Sharaby & Sholom Kanevsky of KSR broker the lease of 301 West 145th Street for $40/SF - 10,600 SF.

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SALE: 272 4TH AVENUE

David Marciano & Isaac Shabot of KSR broker the sale of 272 4th Avenue for $15,000,000.

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Pollan of Kassin Sabbagh Realty handles sale of Queens development site – $6 million

Queens, NY Kassin Sabbagh Realty, LLC has completed the sale of a 216,000 s/f as of right development site in the downtown area of the Far Rockaway neighborhood. Radson Development purchased the site at 19-38 Cornaga Ave. and 10-18 Beach 20th St. for $6 million.

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SALE: 19-38 CORNAGA AVE, 10-18 BEACH 20TH ST

Steven Pollan of KSR broker the sale of 19-38 Cornaga Ave, 10-18 Beach 20th St for $6,000,000.

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Kushner buys Soho retail

Kassin Sabbagh Realty announced the sale of a retail condo at 285 Lafayette Street in Soho for $39.75 million. Ralph Tawil and Ben Ashkenazi sold the condo — which they bought for $36.25 million in 2015 — to Kushner Companies. Isaac Setton, Bunny Escava and Ally Dayon of KSA represented the sellers.

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This Week's N.Y. Deal Sheet - TOP SALES

Kushner Cos. paid $39.8M for a retail condo at 285 Lafayette St., according to the brokerage on the deal, Kassin Sabbagh Realty. The building spans 31K SF, and the price per SF works out to be $1,282. The sellers were Ralph Tawil’s Centurion Realty and Ashkenazy Acquisition Corp. The brokers on the deal were Isaac Setton, Bunny Escava and Ally Dayon of Kassin Sabbagh Realty. Read more at: https://www.bisnow.com/new-york/news/deal-sheet/this-weeks-ny-deal-sheet-99383?utm_source=CopyShare&utm_medium=Browser

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French group buys historic East Village office building

A team from Kassin Sabbagh Realty led by Bunny Escava, vice president, along with Jeff Znaty and Ally Dayon, brokered the sale of 137 Second Avenue by a JV that includes investor Joel Schreiber, Jenny Haim and Josh Smith.

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Kushner Cos. pays $39M for Soho retail condo, continuing buying spree

Kushner Companies has acquired a Soho retail condominium, continuing a buying spree that includes a major residential portfolio last month.

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Kushner Companies purchases $39M retail condo in Soho

Bunny Escava, Ally Dayon and Isaac Setton of Kassin Sabbagh Realty marketed the offering, and they didn’t have to look far to find a buyer.

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Top 10 NYC retail leases in May 2019

Oiji, 11 West 19th Street, Flatiron – 7,423 square feet & Dim Sum Palace Group, 28 West 56th Street, Plaza District – 6,000 square feet

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Storage Deluxe buys Bushwick site

Storage Deluxe, a Manhattan-based owner and developer, has acquired 74 Bogart Street in Bushwick, Brooklyn, for $45.5 million. The 80,000 s/f vacant warehouse will be redeveloped into a 200,000 s/f multi-story storage facility containing 4,000 rentable units.

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Storage Deluxe to bring new 220K sf facility to East Williamsburg

Storage Deluxe has purchased an East Williamsburg development site for $45.5 million, where it plans to build a facility spanning about 220,000 square feet. A Kassin Sabbagh Realty team of Dan Myers, Steven Pollan, and Rachael Brook brokered the deal.

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Former Naftali exec Victor Sigoura plans 19-story condo at UES assemblage

Kassin Sabbagh Realty’s Ceasar Salama and Joseph Ash brokered the sales of 113, 115 and 117 East 79th Street. Salama declined to comment on the status of the deals with the other two parcels.

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CIM Group acquires resi portion of UES luxury rental for $200M

CIM Group has picked up a luxury rental tower on the Upper East Side. Well, most of it at least. The Los Angeles-based investment firm paid $200 million for the residential portion of the property at 165 East 66th Street at the corner of Third Avenue, according to city property records filed Friday.

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RECENT SALE: 799 LEXINGTON AVENUE (between East 61st and 62nd Streets)

A 5,700-square-foot walk-up, center, in the Lenox Hill neighborhood of Manhattan sold for $7.5 million.

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SALE: 1299 JEROME AVENUE

John Joseph Rivera of KSR and Alexander Galvez of Galvez Properties Realty Corp broker the sale of 1299 Jerome Ave for $5,400,000.

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RECENT LEASE: 1500 Second Avenue (between East 78th and 79th Streets)

Iken Academy, a preschool, has signed a 15½-year lease for a 2,340-square-foot ground-floor space in this 17-story mixed-use Upper East Side co-op building. The residential address for the building, built in 1963, is 301 East 78th Street. The academy, which is moving from 351 East 74th Street, will open at its new location in September and received a six-month rent concession for its build-out. Each year, the rent is to go up 3 percent. The previous tenant was Bond NY Realty.

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SALE: 799 Lexington Avenue

Isaac Setton & Bunny Escava from KSR broker the sale of 799 Lexington Ave for $7,500,000.

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PNC lends art storage company $57M for Bushwick buy

PNC Bank is helping Steven Guttman’s fine art storage company with its acquisition and renovation of a Brooklyn warehouse.

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Pollan and Myers of Kassin Sabbagh Realty broker $47 million sale on behalf of UOVO

According to Kassin Sabbagh Realty, LLC, (KSR) UOVO, a provider of art, fashion and collections storage and services, has closed on the off-market sale of 105 Evergreen Ave. Totaling 150,000 s/f, the building is on a 77,000 s/f parcel in the Bushwick neighborhood.

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Mays of The Durst Org. brokers 2,862 s/f; Kassin Sabbagh and NKF assist

Dill & Parsley was represented by vice president of retail leasing Marc Sitt and vice president Albert Manopla of Kassin Sabbagh Realty.Dig Inn was represented by director Michael Cohen and managing director Neal Ohm of RKF. The Durst Org. was represented in-house by managing director Ashley Mays.

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