Lorenzo of NAI Friedland handles two leases totaling $7.5m and 8,700 s/f

NAI Friedland Realty completed two lease deals totaling $7.5 million and 8,700 s/f. The first deal, a $4.5 million aggregate lease transaction, was for 5,000 s/f at the Cross Bronx Plaza at 961 East 174th St. Steve Lorenzo of NAI Friedland represented the tenant, The International House of Pancakes (IHOP), and Jon Colombraro of Ripco represented the Cross Bronx Plaza and Ashkenazy Acquisition Corp. Lorenzo also represented the tenant, regional seafood restaurant Marisco Centro, in a $3 million aggregate lease transaction for 3,700 s/f at the new Gateway Center at the Bronx Terminal Market. Colombraro represented the Gateway Center and developer The Related Companies. IHOP joins Pathmark, Cablevision, and other co-tenants at Cross Bronx Plaza, a long-standing shopping center. Lorenzo matched the specific site requirements of IHOP, including square footage, parking, and proximity to other IHOPs, to available and potentially available properties. Cross Bronx Plaza management was looking for high impact tenants like IHOP that could increase customer traffic to the center. The deal was completed in nine months. "Steve Lorenzo worked hard to make this deal viable for IHOP and for the shopping center," said Dominic Broccoli, Bronx franchisee for IHOP. "Initially I was not interested in the property, but Steve negotiated on my behalf for the lease terms that I required. The final deal was good for me, the landlord, and the community. It would not have happened without Steve." "Our expertise and in-depth knowledge of the Bronx enabled us to identify trade and future target areas for IHOP," said Lorenzo. "Once IHOP decided on the property, we worked with both IHOP and the landlord to structure the most advantageous deal for both sides." The Gateway Center, situated along the Harlem River and in the shadow of the new Yankee Stadium, will play an important role in the revitalization of the south Bronx. The complex includes one million s/f of retail space in four buildings, with a fifth building for a multi-level parking garage. The Related Companies became interested in the story of Marisco Centro, which is well-known in the Latin community and has roots in the Dominican Republic, and offered highly favorable terms in order to attract the restaurant to the property. "I chose to work with Friedland to get the deal done. They made sure that everything went smoothly - even beyond the lease signing," said Marisco Centro owner Chelo Ramirez. "Friedland's high level of service enabled Marisco Centro to be a part of this major shopping and dining destination in The Bronx." Ramirez looks forward to serving his signature Caribbean fare to shoppers and Gateway Center employees alike. "Marisco Centro benefited from our extensive expertise in construction requirements, lease terms, and legal matters," said Lorenzo, executive VP of NAI Friedland. "We served as the liaison with the trades and professionals, including contractors, unions, insurance brokers, attorneys, and community activists." "With these and other commercial transactions, NAI Friedland Realty continues to play an important role in the revitalization of The Bronx," said Stephen Oder, CEO of NAI Friedland. NAI Friedland Realty Inc. is located at 656 Central Park Ave. in Yonkers and can be reached at (914) 968-8500, www.friedlandrealty.com.