The Lease Beat
Shake Shack has expanded its office space at 24-32 Union Square East by 5,739 square feet, taking the entire 10,660-square-foot fifth floor of the building.
Danny Meyer, the restaurateur behind the popular burger chain, operates his Union Square Hospitality Group from the 12-story office building, which is located within walking distance of Shake Shack’s original location in Madison Square Park.
Since investing $161 million to take 28 West 44th Street off SL Green’s hands last summer, landlord APF Properties has wasted little time in making upgrades to the 370,000-square-foot asset.
APF Properties re-named the property “The Club Row Building,” a nod to the blue-blooded Ivy League clubs (Harvard, Yale, Princeton, et al) that inhabit the neighboring Club Row, and pledged $18 million in capital improvements, including the lobby and entrances designed by Moed de Armas & Shannon.
When the Elizabeth Foundation for the Arts sought to sell a block of space at its Midtown building in 2009, the nonprofit turned to a straight-talking broker at the Winoker Realty Company whose talent for converting condo space into offices had long ago cultivated her a reputation for success in the real estate industry.
The Elizabeth Foundation was looking to sell three floors and a retail space at 323 West 39th Street to raise money to pay off some of its mortgage while funding its thriving arts programs. The foundation had purchased the 52,573-square-foot building in 1999 under the assumption that owning, rather than renting, has its benefits.
“Our [message] is, why should you pay your landlord’s mortgage if you can pay your own,” said Jonata Dayan, the Israeli-born, Flatbush-bred broker who represented the Elizabeth Foundation in a 2009 transaction.
Hulu.com has expanded its space at 276 Fifth Avenue, adding 4,710 square feet on the fifth floor, the Commercial Observer has learned.
As the president of Winoker Realty, David Winoker has greatly expanded the firm from its relatively modest roots. Although the firm’s tenant rep, management and ownership can be seen across the city, its presence is most conspicuous in the garment center, where a majority of the company’s 32 properties stand. Mr. Winoker, 48, talks about that neighborhood’s present and what he has in mind for the firm’s future.
The Commercial Observer: Winoker has a large portfolio of assets in the garment center. Where is the neighborhood heading and where is it now, tenant-wise?
Mr. Winoker: It’s changed over the years and you have more office tenants continually signing leases in this neighborhood. It still has excellent transportation and subway access, and a lot of the buildings have undergone major renovations and redevelopment.
So it’s not purely garment anymore.
As president of Winoker Realty, David Winoker has greatly expanded the firm from its relatively modest roots under his father’s leadership. Its presence is most conspicuous in the Garment Center, where a majority of the firm’s 32 properties reside. Mr. Winoker, 48, spoke with to The Observer earlier this month about that neighborhood’s present and what he has in mind for its future.
The Observer: Winoker has a large portfolio of assets in the Garment Center. Where is the neighborhood heading and where is it at now, tenant-wise?
Mr. Winoker: It’s changed over the years and you have more office tenants continually signing leases in this neighborhood. It still has excellent transportation and subway access, and a lot of the buildings have undergone major renovations and redevelopment. So it’s not purely garment anymore.
Clearly, we still have buildings that will house showrooms and dress companies. They’re here and they’ll be here for a long time. But the world has changed, and it’s been changing for years.
David Simon has opinions about many things, not just commercial real estate: the Industrial Revolution, Democracy, capitalism, the government, and what he calls, simply, the New Order—even the American Civil War and its impact fail to avoid the agent’s deep thoughts.
But the subject that the newly minted director at Winoker Realty returns to most Read More
By now there is no better place than the Meatpacking District to oggle and be oggled. All the more reason, of course, to do so in some stylish eyewear.
High-end Maxim Eyes Optical is opening a 1,400-square-foot, ground-floor shop at 805 Washington Street, just across the street from Intermix’s new digs and not too far Read More