News: Brokerage

Isa of Winick leases Fifth Avenue flagship to International Jeweler

Lao Feng Xiang Jewelry, a world-renowned Chinese jewelry company, has signed a long-term lease for its first North American retail store and showroom at 585 Fifth Ave. When the store opens in Fall 2014, the company will occupy 6,100 s/f over three floors, plus basement, and they will brand the entire six-story building to fully announce their presence to New York and to the United States. "Fifth Avenue is the most dynamic retail stretch in the world and only the cream of the crop populates this retail strip," said Winick Realty Group's Joseph Isa, who represented owner TSW 33 Realty Corp. in the transaction. "Lao Feng Xiang Jewelry knew the value of having a Fifth Avenue presence, not to mention one in such close proximity to the Diamond District. This lease catapults them to immediate brand awareness." This was the first time that the retail at 585 Fifth Avenue had been available in more than 40 years. Through his marketing efforts, Isa was able to lease the space quickly and bring tremendous value to the landlord, achieving a record rent that edged close to the record asking price of $2.25 million per year. "Ownership was also happy to have Lao Feng Xiang Jewelry as a tenant," Isa continued, "because of their incredible history, dating back to 1848. The company is revered in China and ownership not only knew the brand but also understood its value." Lao Feng Xiang Jewelry was represented by Stephen Sjurset, Cassie Durand and David LaPierre of CBRE.
MORE FROM Brokerage

AmTrustRE secures 5,754 s/f lease with GKV Architects at 360 Lexington Avenue

Manhattan, NY AmTrustRE has executed a 5,754 s/f lease at its premier boutique Midtown East office tower, 360 Lexington Ave., with longtime partner GKV Architects. The award-winning firm will occupy a portion of the 14th floor. >“GKV Architects has been a trusted partner to AmTrustRE for over two decades, playing an integral role in shaping and elevating several
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking