Category: Brokerage

The distressed commercial real estate market is all hyperbole.  Tenants are not paying rent–mainly retailers–as well as some office occupants. People are not running in the streets to sell their properties at a discount or at a loss.

Manhattan, NY According to Edison Properties and Gottesman Real Estate Partners, Quantcast, a leader in machine learning technology and its application for brands, agencies and publishers, has signed a five-year, 23,000 s/f lease, and BBC Studios, the commercial arm of the British Broadcasting Corp., has renewed a five-year 36,000 s/f lease, both with The Hippodrome (1120 Avenue of the Americas). After previously subleasing a portion of BBC Studios’ space, Quantcast has made its own direct lease. These deals comprise the entire fifth floor.

Manhattan, NY Transwestern Real Estate Services (TRS) announces it represented Sheltering Arms Children and Family Services in the $7.5 million sale of a condominium at 305 Seventh Ave. in Midtown Manhattan to the American Guild of Music Artists (AGMA). The 9,476 s/f condominium comprises the entire second floor of the building, which formerly served as Sheltering Arms’ local foster care program headquarters.

Brooklyn, NY Madison Capital and Salmar Properties completed the lease expansion of Prime Clerk at Liberty Bklyn in Sunset Park. Prime Clerk, a division of Duff & Phelps, provides third-party legal administrative services and expanded from its current 18,940 s/f space on the fourth floor to an additional and adjacent 11,761 s/f unit on the same floor and 21,000 s/f on the third floor, which will be used for commercial printing and mailing. 

New York, NY Adelaide Polsinelli, vice chair of Compass has sold 207 East 32nd St., the beaux-arts headquarters of celebrated graphic artist, Milton Glaser. The property is located between 2nd and 3rd Aves. It is a 9,000 s/f boutique office building, which was the clubhouse for Tammany Hall Central Association in 1920, and later became the home of New York Magazine.  

New York, NY Meridian Capital Group and Silver Eagle Advisory Group, a newly formed commercial real estate advisory firm, have launched an advisory practice to provide a range of workout and restructuring services to clients. The partnership will bring together the experienced industry leaders at Meridian and Silver Eagle to serve clients coping with challenges in the commercial real estate industry.

Manhattan, NY Friedman-Roth Realty Services has completed the following: • The sale of an Upper East Side apartment building at 319 East 75th St. The six-story elevator building, located between First and Second Aves., contains 20 apartments and 2 retail stores. The 25 ft. wide building contains a total of 11,105 s/f and was constructed in 1910. This is the first sale of this property in over 40 years and the selling price for this transaction was $5.25 million.

The declining retail market coupled with the COVID-19 pandemic has left many real estate investors in limbo. Buyers are uncertain what the future may bring and are thus not inclined to buy in this market. This leaves cash strapped owners no other option but to continue to let their property “bleed” or alternatively for owners who want to sell to keep their properties since they cannot find a replacement property via a 1031 transaction. Ground leases may prove to be a valuable alternative to a sale of the property.

Brooklyn, NY TerraCRG has closed on the sale of the development site at 348 Van Brunt St. for $750,000. Peter Matheos and Mike Rafter exclusively represented the seller. 348 Van Brunt St. is a residential development site in the Red Hook neighborhood. The property is zoned R5/C1-3 which is well-suited for a user or investor looking to develop a condo or townhouse project in one of the city’s fastest growing submarkets.

Manhattan, NY According to The Blumenfeld Development Group, (BDG) Marshall’s department store has extended its lease with East River Plaza for another 10 years, active from 2021 to 2031.  The retailer occupies 34,000 s/f in the East Harlem complex and has been an original tenant of the space since East River Plaza opened its doors to the public in 2009. In addition to Marshall’s, East River Plaza houses such national brands as:  Costco, Target, Burlington Coat Factory, Aldi, Bob’s Discount Furniture, Planet Fitness, Applebee’s and more. 

This week we dive into what was The Bottom Line, a historic music venue formerly located at 15 West 4th St. in the Greenwich Village section of Manhattan.  It was located on the ground floor of a classic looking turn-of-the century loft style office building owned by New York University, at the northwest corner of West 4th and Mercer Sts. The venue which opened in 1974 had a seating capacity of 400 and hosted major musical acts and was a showcase for up and coming artists.

Westbury, NY IREON welcomes James Pirot, managing principal, project management NY Office of Cresa to jointly hold the exclusive commercial real estate brokerage tenant representative firm category