Seattle’s tenacious Cinnamon Dolce Latte mongers are at it again, bringing the “Starbucks Experience” to two of the world’s last remaining regions yet underserved by the ubiquitous coffee company.
“Recognizing a void in the West Village market,” in the words of retail broker Marc Finkel, Starbucks will be taking up 1,800 square feet at 518 Hudson Street, in a deal announced late last week.
The company is also expanding its presence in Upper Manhattan, signing a 10-year lease at the corner of West 145th Street and Bradhurst Avenue, in a deal announced on Wednesday.
The Central Harlem location is part of the Gotham Organization’s mixed-use development, The Langston, which will also include a brand-spankin’ new New York Sports Club–thus providing a one-stop shop for local folks looking to get fully razzed up for 30-minutes on the elliptical.
One tall- and one grande-sized press release comin’ up after the jump.
– Chris Shott
RKF LEASES 1,800 SQUARE FEET AT 518 HUDSON STREET
Firm brings Starbucks to prime retail corner in New York City’s West Village
New York, January 12, 2007 — Robert K. Futterman & Associates, LLC (RKF), the nation’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services leased 1,800 square feet to Starbucks. The coffee retailer’s new location will be at 518 Hudson Street on the southeast corner of West 10th Street in the heart of Manhattan’s West Village.
RKF Director Marc Finkel represented building ownership RA Cohen and Associates. David Firestein of Northwest Atlantic represented Starbucks in the transaction.
“Recognizing a void in the West Village market, 518 Hudson Street offered Starbucks the perfect location for its entry into this primarily residential neighborhood. Starbucks will benefit tremendously from the heavy foot traffic the area generates.” said Finkel.
The new store, which will feature a newly remodeled and elegant storefront, is slated to open in January 2007.
About Robert K. Futterman & Associates:
The country’s leading independent real estate firm specializing in retail leasing and investment sales, Robert K. Futterman & Associates (RKF) serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and disposition. With over $4 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Las Vegas, Los Angeles and San Francisco.
Robert K. Futterman & Associates is located at 521 Fifth Avenue, 7th Floor, New York, New York 10175, telephone: 212.599.3700. www.rkf.com
FOR IMMEDIATE RELEASE
TWO LANDMARK DEALS CHANGE WEST 145TH STREET’S RETAIL LANDSCAPE. GOTHAM ORGANIZATION AND THE RICHMAN GROUP DEVELOPMENT CORPORATION SIGN NEW YORK SPORTS CLUBS AND STARBUCKS COFFEE TO THE LANGSTON, ITS NEWLY-COMPLETED MIXED-USE HARLEM RESIDENTIAL DEVELOPMENT
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NYSC 16,200 SF Facility To Be First Major Health Club Above 125th Street;
Starbucks To Occupy 1,500 SF, Expanding Presence in Upper Manhattan
NEW YORK, NEW YORK – January 17, 2007 – Gotham Organization and The Richman Group have recently signed a 15-year lease with New York Sports Clubs (NYSC) at The Langston, its new 180-unit mixed-use luxury condominium, at 68 Bradhurst Avenue between West 145th and 146th Streets. The new 16,200 square foot facility, scheduled to open in the summer of 2007, will be the first major health club above West 125th Street. It is also NYSC’s second Harlem facility — the first is located in the Harlem USA retail complex on West 125th Street, also developed and built by Gotham. Scott Auster, a broker with Ripco Real Estate Corp., represented Gotham and The Richman Group in this leasing transaction. John Epifanio, Development Manager, handled the lease negotiations for NYSC.
NYSC, a division of Town Sports International, will occupy a portion of two floors at The Langston, with its entrance located on the street level of 145th Street, between Frederick Douglass Boulevard and Bradhurst Avenue. The club, which will offer full-fitness, sauna, spin and aerobics studios, plans to take possession in February 2007, and will immediately commence a build-out scheduled to take between 5 and 6 months. The architect, Gensler, will design the space.
In a second landmark deal, Gotham and Richman signed a 10-year lease with Starbucks Coffee at The Langston for 1,500 square feet of space. The store is scheduled to open spring 2007 on the prime corner of West 145th Street and Bradhurst Avenue. The new location is part of Starbucks commitment to expanding its presence in Upper Manhattan. Auster also represented Gotham and Richman in this deal.
“NYSC’s and Starbucks presence will greatly impact the retail landscape of central Harlem, specifically along the West 145th Street corridor, accelerating the retail transformation that is already underway there,” says David Picket, President of Gotham Organization. NYSC and Starbucks will join other prominent retailers already operating along 145th Street such as Pathmark, Duane Reade and Chase. In addition, Bank of America is scheduled to open on the corner of Frederick Douglass Boulevard and 145th Street this summer.
“There is explosive growth of new residential development in Harlem and both NYSC and Starbucks have recognized the need for their respective services,” says Ripco’s Auster. “When thinking of retail in Upper Manhattan, 125th Street has traditionally come to mind due to mass transit and chain stores in the area. But West 145th Street is quickly becoming the next big retail corridor in Harlem, in part due to the new wave of residential development, as well as an existing infrastructure that includes parks and convenience to transportation.”
In a span of just five (5) years, the West 145th Street corridor has experienced a tremendous influx of new residential development, providing luxury living in the form of full service amenities and apartment finishes. The Langston is the second development along the corridor by the Gotham/Richman joint venture; the first was The Hamilton, completed in 2002 at the corner of Edgecombe Avenue. The Langston, which will begin occupancy in the next couple of weeks, features two and three bedroom homes and Penthouse duplexes.
About Gotham Organization, Inc.
Established in 1931, Gotham Organization, Inc. and Gotham Construction Company, LLC is a fourth-generation New York City real estate and construction firm, with portfolio operations of over 1.7 million square feet of residential and retail properties. Joel I. Picket and David L. Picket have overseen Gotham’s expansion into the full-service builder and developer it is known as today. A recognized leader in the New York real estate and construction industry, Gotham has implemented a host of subsidized and tax-abatement housing programs. In recent years, Gotham has developed five 80/20 buildings in Manhattan through the utilization if triple tax-exempt bond financing, low income housing tax credits, and 421(a) real estate tax abatements.
As an active participant in the redevelopment of Harlem, Gotham co-developed and constructed Harlem USA on West 125th Street, one of the country’s pioneering urban entertainment and retail complexes The Langston is Gotham’s second joint venture with The Richman Group, having recently completed The Hamilton, a 77-unit residential cooperative located at West 145th Street and Edgecombe Avenue.
About The Richman Group Development Corporation
The Richman Group Development Corporation is one of the nation’s largest developers of multifamily housing and is the 10th largest apartment owner in the country. Their staff of professionals has extensive expertise in investment banking, development, and asset and property management. Richman sponsored programs have raised over $3.3 billion in equity capital and have invested in approximately 800 rental properties with a development value of nearly $4 billion.
The Richman Group has developed over 10,200 rental and owner-occupied units throughout the country, with a combined total development of over $1 billion. Founded in 1979 by Richard Paul Richman, The Richman Group is recognized as a leading full real estate firm and has grown to 7 regional offices located in New York City, California, Virginia, Massachusetts, Illinois, Florida and Oregon. Its corporate headquarters is located in Greenwich, CT.
About Town Sports International Holdings, Inc.
New York-based Town Sports International Holdings, Inc. is a leading owner and operator of fitness clubs in the Northeast and mid-Atlantic regions of the United States. In addition to New York Sports Clubs, TSI operates under the brand names of Boston Sports Clubs, Washington Sports Clubs and Philadelphia Sports Clubs, with 144 clubs and more than 446,000 members in the U.S. In addition, the Company operates three facilities in Switzerland. For more information on TSI visit http://www.mysportsclubs.com.
About Starbucks Coffee Company
Through the dedication of our passionate partners (employees), Starbucks Coffee Company has transformed the way people in 37 countries enjoy their coffee, one cup at a time. Starbucks is the premier purveyor of the finest coffee in the world, with nearly 12,000 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim. The Company is committed to offering its customers the highest quality coffee and human connection through the Starbucks Experience, while striving to improve the social, environmental and economic well being of its partners, coffee farmers, countries of coffee origin, and the communities which it serves. Through Ethos