Front Section

Transwestern facilitates $7.5m for Sheltering Arms

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.

Madison Cap., Salmar Props. expand Prime Clerk lease

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. 

Polsinelli of Compass sells Manhattan property for $7.5 million

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.  

Meridian Cap. and Silver Eagle launch partnership

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.

Lupo of Friedman-Roth brokers sales totaling $9.775m

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.

Is the ground lease a COVID-19 savior? - by Daniel Shirazi

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.

TerraCRG sells development site in Brooklyn for $750,000

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.

Blumenfeld Development Group extends lease with Marshalls at East River Plaza – 34,000 s/f

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. 

Rock the Bricks: The Bottom Line/Greenwich Village - by Larry Ross

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.

IREON welcomes James Pirot of Cresa to its roster

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