Urban Space, the food hall manager behind Mad. Sq. Eats, Broadway Bites and Dekalb Market, has signed a long-term lease for 10,000 square feet of retail space at 230 Park Avenue.
The tenant is expected to transform 230 Park Avenue’s pedestrian passageway into a showcase for between 20 and 30 chefs and food purveyors. Eldon Scott, president of Urban Space, told The New York Times the food hall will open in approximately one year.
Burger chain phenom Danny Meyer is opening a second Shake Shack in the Grand Central area.
The burger joint will open in the 4,774-square-foot, ground- and lower-level spaces formerly occupied by Qdoba Mexican Grill at 600 Third Avenue, between 39th and 40th Streets, in a 15-year lease. The eatery is slated to open in the fall.
It has been just brutal outside, a mess of snow, sleet, rain, ice and slush, requiring acrobatic skills to jump from snow mound to snow mound.
While surfaces are icy, subway service has been interrupted, states of emergency have been declared and people are cold, has the wintry mix impacted the business of real estate in New York City?
Commercial Observer checked in with some real estate folks to find out.
Business Insider, master of the slideshow, has signed a 20,646-square-foot sublease of the entire eighth floor at 150 Fifth Avenue, The Commercial Observer has learned.
The subtenant will pay rent in the low-$50s per square foot in a deal expiring in early 2018, according to data from CompStak.
Last Monday, CBRE’s Eric Gelber showed up for work weighing 10 pounds lighter than he had the previous week. After the physical feat he had completed over the weekend, it was a wonder he even made it through the door.
“They all looked at me like, ‘Are you crazy?’” he said of his CBRE colleagues.
Just months after taking over 120,000 square feet Downtown at 222 Broadway, WeWork is reportedly taking another 86,000 square feet down the street in a 20-year lease at 25 Broadway.
After a one-year period of free rent, the collaborative work space provider will begin paying in the low-$30s per square foot for the 9th and Read More
Shortly after a Chinese business tapped Studley’s newly opened Shanghai office to help it expand beyond the city and country and procure space in New York earlier this year, Yin Li, head of the brokerage firm’s China operations, hit a roadblock.
In line with standards in China, Ms. Li’s client was looking to sign a short-term two- or three-year lease, which New York landlords were reluctant to accommodate. Instead, Ms. Li convinced her client to seek out an alternative—a sublease deal.
The Albert Ellis Institute, a psychotherapy training institute established in 1959, has relocated from the Upper East Side to Midtown South after completing the sale of its headquarters at 45 East 65th Street to a private buyer for $20 million. In a simultaneous transaction, the nonprofit organization signed an 8,000-square-foot sublease at 145 East 32nd Street.
“Albert Ellis is a prominent nonprofit organization that was presented with an opportunity to monetize its real estate while moving to a more centrally located base of operations,” said Steve Chasanoff, executive managing director with Colliers International, who arranged both the sale and sublease, in a prepared statement. “The organization also wanted to consolidate its entire team onto one floor, with a more efficient layout and use of space.”
All the shame that James Frey endured when his non-fiction memoir on addiction was revealed to be largely manufactured may have hurt his byline, but his bottom line is doing just fine: he and wife Maya have unloaded their third-floor combination condo at 505 Greenwich Street for $3.9 million according to city records (a trustworthy source).
The couple picked up the two units in 2005 and 2008 for a combined total of a bit more than $3.5 million, combining them into one enormous 2,800-square foot four-bedroom.
The condo contains an obscenely large 40-foot by 23-foot living room, more than big enough to gather your closest friends and family and break the news to them that your memoir was mostly fabricated. But then, they probably already knew that.
A self-described car guy, Woody Heller, executive managing director and head of the Capital Transactions Group at Studley, sees parallels between automobiles as hard assets and commercial real estate investment sales velocity in New York. Apart from the obvious luxury to be found in cars and Class A buildings alike—his 33-million-square-foot transaction volume likely doesn’t include a jalopy—both markets have also lately been bolstered by similar factors.
“With debt available and with interest rates so incredibly low, it encourages one to buy because money is so cheap,” he said. “If the asset class is in favor compared with what much of the alternatives are—if borrowing costs are incredibly low—it continues to steer people to want to invest in hard assets like real estate.”