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Sunset Park Library/affordable housing project breaks ground in Brooklyn; Designed by MAP
March 19, 2019
Brooklyn, NY According to the architects for the redevelopment of the Sunset Park Library, Magnusson Architecture and Planning (MAP) a ground breaking was held for the new mixed-use building. The new development will be completed in December 2020
CTA-designed 54 Bond Street project receives SARA National Award; Project team includes D+DS
March 19, 2019
Manhattan, NY A façade preservation and restoration project at 54 Bond St. received the Society of American Registered Architects’ National Award of Excellence. The international project team for this complex exterior restoration included architect CTA Architects P.C.
Twena and Akiva of Tri State Commercial negotiate 800 s/f lease
March 19, 2019
Brooklyn, NY Yummy Extensions has signed 800 s/f lease for a newly renovated retail space at 675 Grand St. in East Williamsburg. Jacob Twena, a director at Tri State Commercial, represented the tenant. Avi Akiva, vice president at Tri State Commercial represented the landlord, Nate Dweck, FSMR, LLC.
Kapnick and Watson of Lee NYC broker 1,700 s/f lease
March 19, 2019
Manhattan, NY Mark Kapnick, executive vice president/principal, and Michael Watson, associate director, of Lee & Associates NYC (Lee NYC)have negotiated a ground-floor, 1,700 s/f lease at 820 Broadway, between 11th and 12th Sts., for Bite Food & Coffee Co. The tenant has been known as Mirage Café for the past 27 years at Tishman Speyer’s 11 West 42nd St. building, on the 43rd St. side.
Zar of Zar Property NY arranges 4,000 s/f lease to Motion P/T; Doetsch of Cresa New York represents ...
March 19, 2019
Manhattan, NY Motion P/T, a national physical therapy chain has signed a 4,000 s/f commercial lease at 250 West 54th St., Midtown.
Schubert and Cheng of TerraCRG represent HANA MAKGEOLLI in 2,500 s/f lease
March 19, 2019
Brooklyn, NY TerraCRG has completed a long-term commercial lease with HANA MAKGEOLLI, a producer of Korean rice wine called makgeolli, that uses traditional methods for its hand-crafted brews. HANA MAKGEOLL will occupy 2,500 s/f at 201 Dupont St.
Welkis of Welco Realty leases 10,400 s/f to MadRag
March 19, 2019
Queens, NY MadRag has signed a lease for 10,400 s/f space, the former Annie Sez space at 92-10 Rockaway Blvd., Ozone Park. 618 Main Clothing Corp., doing business as 10 Spot/MadRag stores, owns and operates stores that offer women’s clothes and shoes. It offers runway sportswear, lingerie, and accessories.
Neugeboren and Goetz of Savitt Partners renews 27,450 s/f lease for Crunch Fitness at 1385 Broadway ...
March 19, 2019
Manhattan, NY Known for fusing fitness and entertainment and pioneering a philosophy of “No Judgments,” Crunch Fitness has renewed its multi-level retail 27,450 s/f lease at 1385 Broadway. The long-term renewal encompasses 1,911 s/f on the ground floor, 1,170 s/f on the mezzanine, 23,500 s/f on the second floor, and 900 s/f in the lower level. Savitt Partners serves as the exclusive leasing and managing agent for the property and negotiated the transaction on behalf of the building ownership.
Kadosh and Rubackin of CBRE arrange 20,000 s/f retail lease to Lululemon; Ezra of RKF represents ten...
March 19, 2019
Manhattan, NY According to CBRE, Lululemon signed a 20,000 s/f lease at 592 Fifth Ave., a newly renovated, boutique building located on 48th St. and Fifth Ave. in Midtown. The athleisure retailer will double its flagship footprint on this coveted corner of Fifth Ave. when it relocates to the building from the Scribner Building across the street.
Why have the retail rents fallen, and why do they continue to decline? - by Joseph Aquino
March 19, 2019
Why have retail rents fallen, and why do they continue to decline? It can’t be because sales are off. Young people’s closets are still full of designer shirts, khakis, and sneakers—for which they’re still paying top dollar. However, the way they buy their merchandise has changed dramatically.
The Queens multifamily market: 2019 proposed rent laws, transactions and insight - by Rubin Isak an...
March 19, 2019
In June on this year, the current rent laws will expire. Given the current political climate in the state senate, a complete overhaul of these regulations appears to be on the horizon. The passage of any combination of the proposals on the table will lead to greater difficulty in managing multifamily properties, to what degree remains to be seen.
NYC development – 10 years after the Great Recession’s bottom: How will NYC look in 2029 - by Mi...
March 19, 2019
It’s hard to fathom, but on March 6th we mark the 10-year anniversary of the Great Recession’s stock market bottom and the subsequent plunge in New York City’s investment property prices and sales volume. This anniversary is a unique point in time to recognize where the market for New York City
Weissleder joins Meringoff as senior vice president
March 19, 2019
New York, NY According to Himmel + Meringoff Properties, Adam Weissleder has joined Meringoff Properties, Inc. as senior vice president and director of leasing. In his new role, Weissleder will report to president and CEO, Jason Vacker, and will be responsible for overseeing and implementing leasing strategy across the portfolio.
Allen of CTA Architects leads panel discussion on façade safety during fundraising event for GGMSF ...
March 19, 2019
New York, NY Daniel Allen, AIA, a partner at CTA Architects, P.C. and the firm’s historic preservation specialist, led the panel discussion on façade safety during a fundraising event for the Grace Gold Memorial Scholarship Fund (GGMSF), held at Barnard College’s Barnard Hall.
Zegen of MRC negotiates $21.4m first mortgage for AB Capstone; To refinance debt and support lease-u...
March 19, 2019
Queens, NY Madison Realty Capital (MRC) closed a $21.4 million first mortgage loan collateralized by a 78,313 s/f, class A commercial building in the Bellerose neighborhood. AB Capstone, a repeat borrower with MRC, will utilize the funds to refinance previous debt and support final leaseup and stabilization of the asset.
Berkadia acquires Central Park Capital Partners
March 19, 2019
New York, NY Berkadia has acquired Central Park Capital Partners (CPCP), a boutique real estate capital advisory firm focused on arranging joint venture investments and structured capital from international
Cushman & Wakefield arranges $13.4 million for Jamaica development site
March 19, 2019
Queens, NY Cushman & Wakefield served as the exclusive advisor to Great Atlantic Construction Inc. in the procurement of $13.4 million in financing for two adjacent development sites, totaling 237,000 buildable s/f, located at 89-25 and 89-26 162nd St. in Jamaica. The bridge loan was provided by Lightstone Capital Markets.
HFF hires Tonnessen as director in New York office
March 19, 2019
New York, NY Holliday Fenoglio Fowler, L.P. (HFF) has hired Bob Tonnessen as a director focused on debt and equity placement transactions in its New York office.
Katz of GCP arranges $17.975 million mortgage
March 19, 2019
Brooklyn, NY Stephen Katz, managing director of GCP Capital Group LLC has arranged a $17.975 million mortgage. The loan was placed for a six-story multifamily apartment building containing 107 units, located in the Gravesend neighborhood.
Cotsalas of NorthMarq secures $4.5 million for 20,000 s/f medical office; Refinanced Montefiore Medi...
March 19, 2019
Bronx, NY Charles Cotsalas, senior vice president/senior director of NorthMarq’s Long Island-based regional office secured the $4.5 million refinance for Montefiore Medical Center, a 20,000 s/f class A medical office property located at 3316 Rochambeau Ave.