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Last-mile fashion distributor leases 400,000 s/f in New Jersey

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Order fulfillment provider Bergen Logistics has signed the biggest industrial deal in the Meadowlands  in over a year.

The company  – a last-mile fashion and life style specialist – has leased 404,000 s/f to open a  fully automated distribution center at 299 Thomas E. Dunn Memorial Highway, in Rutherford, NJ.

Based in North Bergen, NJ, Bergen Logistics uses automation and robotics to service consumer products brands in the fashion, apparel, cosmetics and other lifestyle sectors.“This transaction, which will result in the creation of about 200 new jobs, enables us to further expand our operations with a well-suited building that is close to our other distribution facilities,” said Ron Roman, president and CEO of Bergen Logistics. “The building’s proximity and ease of access to rail, air and other transportation also makes it a desirable enhancement to our assets.”

The long-term lease of the recently renovated Murray Metro Distribution Center was handled by Cushman & Wakefield Director Bonni Heller from the East Rutherford office. Landlord Murray Construction Company, Inc. was represented in house by Michael Nachtome, COO, and by CBRE Executive Vice President and lead broker Thomas Monahan and his team.

“Bergen Logistics professionals are known for their customer-first approach, and the company has a reputation for deploying facilities that are on the forefront in technology and automation,” said Heller. “This kind of attention to customer detail has helped drive the company’s growth and fueled the need for more space.

“General distribution, consumer goods, apparel, e-commerce companies and others have found the Meadowlands, in particular, to be a very attractive location thanks to the easy access it offers to the New York market and convenience to air, road and shipping. Further, the influx of companies here has increased demand for facilities like the Murray Metro Distribution Center, which has been enhanced by upgrades like new rooftop HVAC units, new loading dock doors and levelers, and T5 energy-efficient fixtures.”

Located off exit 16W of the New Jersey Turnpike, the 25.5-acre property is about 15 minutes from Newark Liberty International Airport. New York’s La Guardia Airport and John F. Kennedy International Airport are about 30 and 40 minutes away, respectively. The facility features 24-foot ceiling height; with 39 tailboard doors, ample trailer parking and space for more than 315 cars, in addition to 30,000 square feet of office space.

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Silverstein enters home stretch at 3 WTC

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There are six men standing in the lobby of 3 World Trade Center, each between 12 and 15 feet off the ground.

Poised atop a trio of Kelly green scissors lifts, four of them hold a sheet of rubber spanning the width of the cavernous entryway while the other two blast it with hot air so it will stick to the ceiling and diffuse the glow of the LED lights above. The 50,000-s/f atrium is awash with work site pounding and whirring; the floor is half gleaming white tile, half trampled plywood.

Come this summer, though, it will be a high-tech respite from the sounds of construction, commuting and commerce at a newly-minted retail district.

“The idea is that you walk into the lobby and it’s a filter for New York City,” Silverstein Properties Vice President Carlos Valverde said. “You walk in here and all of a sudden you’re transported into a futuristic, digital world where you’re going to be able to … really have a sense of calmness.”

The 1,079-foot tower is three months from its grand opening. The largest tenant, media investment company GroupM, has begun building out its 700,000 s/f of office space and is targeting a July move-in date.

As the fourth of five glass skyscrapers called for by Daniel Libeskind’s 2002 redevelopment plan, completion of 3 World Trade will mark a significant milestone in the resurrection of the site, which could be wrapped up as early as 2021.

Silverstein Properties, the developer tasked with rebuilding the area in the wake of the September 11, 2001 terrorist attacks, broke ground on 3 World Trade in 2009 but had to battle through setbacks to begin construction in earnest in 2014.
The 2.5 million s/f office tower was built on speculation and, despite commitments from several media companies, more than half of the building remains unleased. To fill out its remaining floors, it must go head to head with another rising office district nearing completion three miles to the north in Hudson Yards.

However, Silverstein brass is not concerned with local competition.

“[Three World Trade Center] is the most advanced office building in America and it’s very exciting to me, personally, to open this building in June and welcome in our first tenant, GroupM, in July,” Jeremy Moss, the company’s executive vice president, said. “We have had such great success with 7 [World Trade Center] and 4 [World Trade Center], and I have no doubt this new building will be just as successful.”

Positioned between Building 4, which was finished in 2013, and the Oculus transportation hub, which opened two years ago, 3 World Trade holds a central location on the site and serves as an axis for the memorial plaza, Valverde said.

With zig-zagging brackets of stainless steel on the east and west sides of the building and three prominent terraces, Building 3 also is also the most architecturally distinct of the World Trade Center structures built to date.

The architect, Pritzker Prize winner Richard Rogers of Rogers, Stirk, Harbour & Partners, also employed subtler touches to make the building stand out, such as placing mullions between the windows on the north and south sides of the building while packing the east- and west-facing plates closer together.

“If you think of most skyscrapers, you look at Hudson Yards, you look at 7 [World Trade], you look at 1 [World Trade], they’re just sheets of glass, flat sheets of glass,” Valverde said. “Here, we said we don’t want that, we want the building to have an animated façade.”

Tishman Construction also took a non-traditional approach to building the tower, opting for a core-first build instead of beginning with the steel frame, as is customary in the city.

Core-first construction has an established track record around the world and has been used on a few New York projects, but most avoid it out of deference to the city’s ironworkers, Valverde explained. Silverstein sold the union on the construction method’s potential to boost efficiency.

“They said yes,” Valverde said, “and now I think the union is more open to doing similar sort of core-first buildings in New York City.”

Loading docks are below grade, meaning on all four sides of the building will offer some type of public access, either through the lobby or retail storefronts. Courtland Way, a pedestrian-only path between buildings 3 and 4, will be a shopping corridor, Valverde said, complete with cafes, restaurants, an H&M and other stores.

Building 3 will be accessible from the sprawling underground transit hub — with its 11 subway lines and PATH train platforms — via escalators that connect directly to the lobby. Once inside, visitors are greeted by a three-tiered ceiling and 60-foot glass walls.

When tenants swipe their access cards at the security checkpoint, the building automatically calls an elevator to take them to their designated floors. Sardinian granite and red glass decorate the elevator banks and each set of doors is framed by LED door jambs that can be color coordinated with the lobby lights, Valverde said.

Targeting a LEED Gold certification, the tower comes with a building automation and temperature control system that centralizes information about temperatures inside and out. Building engineers can then adjust settings accordingly. Building 3, which shares a smart electrical grid with the other World Trade Center buildings, also uses regenerative energy for hot water and electricity.

With Building 3 nearing completion, Silverstein is able to shift more of its focus toward finding an anchor tenant for its final office, 2 World Trade Center, and constructing the area’s performing arts center, which just secured funding from Albany last month.

Both projects could be finished as early as 2021, bringing the historic site’s two-decade-long renovation to a close.
“When we set about rebuilding the World Trade Center, our goal was to create a place full of life and creativity that would reflect who we are as New Yorkers,” Moss said. “At the end of the day, our vision was to create a better version of New York. That vision is now a reality.”

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Data expert taking the lead in bringing real estate information to the world

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Paula Gafitescu was fresh out of college with a Computer Science degree when Property Shark opened an office in Romania.
Her studies prepared her with a foundational understanding of programming languages and she was able to land her first gig out of school as a data analyst with Property Shark.

Her initial responsibilities at the firm — which provides real estate research tools to agents, brokers, and investors — included combing through thousands of columns of data to be compiled into consumer reports.

It’s now been more than 11 years and Gafitescu has since worked her way up to become Property Shark’s lead programmer. She is still based in the company’s office in Clug, Romania.

During a recent visit to New York City, she told Real Estate Weekly that while she was never really involved in the real estate world, she’s learned the important connection between her skills as a programmer and the need for digestible real estate data.

“We are not making real estate, but we are very close,” Gafitescu said of her tech-centric job. “There’s something that connects those separate parts; the data. The agents need the data, but sometimes they do not know how to get the data and how to use the data.”

“That’s why we are building websites for them, to show them the data, to develop tools for the agents, so they can easily navigate through our data and find whatever they need so that their business is successful.”

Gafitescu’s first major project with Property Shark was helping to design their Comparables tool which, like the name suggests, offers recent sales numbers for comparable properties to help users value a home.

But she had to learn that it was not all about the data behind the tools and there needed to be room to consider the tool’s functionality and accessibility for those who use them.

Gafitescu explained the process of creating these property research tools begins with identifying its function. Once the tool is ready, there is a lot of consideration for the user interface where a designer will consider the client’s perspective and tweak the product’s features, Gafitescu said. And the process never really ends as Gafitescu said they are often looking at how to improve the tool’s effectiveness and functionality.

As an accomplished baker in her spare time, Gafitescu said her attention to detail in her baking skills has helped her focus more on the aesthetics and features in the presentation of the data.

And now as lead programmer, Gafitescu is in charge of a major overhaul of most of Property Shark’s features, including the Comparables tool and the recently-launched Real Owners tool that identifies the owners behind property-owning LLCs, and Advanced Search, which allows users to digitally canvass neighborhoods to find properties.

“After nine years, we are redesigning the Comparables tool,” Gafitescu said. “It’s another big project because we need to make sure we have a pretty interface, a good user experience, and that we offer our clients all the data they need to make a good evaluation of the property.”

The first step includes better understanding their data offerings, Gafitescu said. She said Property Shark has conducted outreach through their research, marketing, and customer support teams to accurately gauge what their client’s data needs are. And while the data is being revamped, Gafitescu said the Comparables tool also has to have solid backend architecture to avoid performance issues and bugs. Alongside the tweaks to the Comparables tool, Property Shark has also launched the Advanced Search to their clients. The tool allows clients to put in specific criteria for a neighborhood to create a list of matching properties as possible future portfolio additions. The Advanced Search also allows users to create offers customer resource management software, so that they can put notes on properties and organize them into different folders.

And the one tool that separates Property Shark from its competitors is the Real Owners feature. Gafitescu said the tool helps users identify the actual owner of a property, as they are often hidden behind LLCs. She added that Property Shark has a research team that is tasked with calling listed numbers to verify the property’s ownership.

But the secret ingredient to the company’s success is the team’s commitment to providing accurate and tailored data to their clients, Gafitescu said. With their various departments, Gafitescu said there are teams working on sifting through the vast amounts of data and others who interact with clients to better understand their needs.

And as lead programmer, she feels comfortable in her role leading the team into the future with all the new features.
“I think with all these changes, Property Shark is going to be a really great website to go to and find your data,” Gafitescu said.

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Liebman kicking things up a notch during retail revolution

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Don’t call it a retail apocalypse, call it a retail revolution.

That’s the mantra that Nicole Liebman lives by as a broker working in retail in New York City.

Like most brokers and those in the retail industry, she takes an optimistic view of the sector and thinks that talk of traditional retail’s demise are way overblown. In fact, she said the current state of the industry is long overdue.

“We see and hear that [retail] is dying and there are so many vacancies,” Liebman told Real Estate Weekly. “I really take the opposite approach. It is in transition. Change brings innovation and brings new life to an industry that was a bit stale and stagnant.”

A broker at Hudson Real Estate, Liebman focuses her business on youthful brands and tenants that are modern, sustainable, and have a smaller roster of stores.

Many of her projects have been in trending areas of Brooklyn, like 1 Hotel, Gowanus Inn & Yard, and Arlo Hotel. She has worked with fitness brands Poe Yoga and CorePower Yoga, as well as Greenpoint Brewery. Recently, Liebman arranged leases in Downtown Brooklyn for Sanpanino, an Italian sandwich shop, and About Coffee, a coffee shop born out of SoHo. “I work with less famous ‘cool’ brands. I think that with the 1 Hotel, their values align with what I do, and the same with Arlo Hotel,” said Liebman.

“We’ve been going after interesting tenants. Even nail salons can be elevated.” As the industry adapts to the sea change of online retailers and shifting shopping habits, long-running brands will need to get hip to survive, said Liebman.

Nicole Liebman

“Older brands lost brand identity,” she said. “They didn’t have good customer experience and didn’t integrate online, made it uncomfortable to walk into the store and didn’t keep it fresh and interesting. It’s a baby you have to constantly change. And if you don’t change, you better have a really, really great product and great customer service, or have prices be the lowest of the low.”

Before landing in real estate, Liebman worked in advertising and marketing with clients like Nike and Google. The aspects that she loved about the industry turned out to align perfectly with retail real estate.

“I was basically running a lot of events around the country,” she said. “I loved negotiating, I loved really understanding what people’s needs are.”
When she took the leap into real estate, she started in retail leasing at Massey Knakal, the commercial real estate firm led by Bob Knakal and Paul Massey that was later purchased by Cushman & Wakefield.

Growing up, real estate was always in Liebman’s orbit. Born and raised in New York, she later lived for a time in France and Philadelphia. Her uncle is a developer and landlord in the Washington, D.C. area, and one of her biggest mentors.

“In your family, you always have a few people you want to emulate,” said Liebman. “He is such a mensch and a good soul, works hard but has a good work/life balance. I think subconsciously you gravitate toward those people you want to become when you get older.”

In the current New York retail market, Liebman has seen traditionally downtown tenants looking more closely at the Upper East Side and the Upper West Side.

“They like the captive audience,” she said. “Flatiron is still hot. Even Tribeca with all those new condos, all that retail is going to get gobbled up.”
Meanwhile, in Downtown Brooklyn, retail is being dramatically overhauled.

“Cooler tenants are coming to Livingston Street,” said Liebman. Retailers like Devotion Coffee, Chelsea Piers, Apple, and Whole Foods 365 have all signed on to the neighborhood. “This was an area literally left in the dust. It’s been fun to watch that evolution.”

Liebman said she was just recently hired on a few “big” assignments, but couldn’t talk about the details yet. In the future, she looks to some day own her own real estate in NYC.
“I love buildings and bricks and the tangibility of everything,” she said. “People say don’t fall in love with the bricks, but I do.”

The post Liebman kicking things up a notch during retail revolution appeared first on Real Estate Weekly.

AROUND TOWN: Events, meetings, seminars & talks

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LIREG Breakfast

Ellen Rudin

March 22: Long Isleand Real Estate Group will host “Metro New York Real Estate Shaping Long Island,” featuring Ellen Rudin, managing director of the Melville office of commercial real estate brokers CBRE, and Jennifer Steig and Susan Hewitt, partners in The Cheshire Group. From 8-10:30 a.m. at Old Westbury Golf & Country Club, 270 Wheatley Road, Old Westbury. COST: Free for members of LIREG W, others $40. INFO and RSVP: 631-721-7400 or info@LIREG.org

 

ABNY Breakfast

March 23: The Association for a Better New York is hosting a conversation about the 2020 Census at the Sheraton New York, 811 7th Avenue from 8.30-10 a.m.. The meeting will feature Chief Demographer of the NYC Department of City Planning, Joseph Salvo, to discuss what’s at stake, New York’s history with census counts, and the federal process going forward. There will be a presentation followed by a Q&A.

IOREBA Developer’s Night

March 26: The Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area (IOREBA), will host its 255th annual Developer’s Night event at the Marriott at Glenpointe Hotel in Teaneck, N.J. A panel will discuss the state of today’s marketplace in New Jersey, as well as new trends and development projects. The event begins with cocktails and networking from 5:00 p.m. to 6:30 p.m., followed by a buffet dinner and panel presentation. Speakers include David Simpson, NewmarkKnight Frank, Kevin Welsh, Newmark Knight Frank; Ben Rosen, Duke Realty; Jeff Milanaik, Bridge Development Partners; and John Saraceno, Onyx Equities. Pre-register for at www.ioreba.com

CIBS Seminar

March 27: Commercial Industrial Brokers Society (CIBS) of Long Island Educational Program: Newly installed Nassau County Executive Laura Curran discusses her plans and their potential impact on commercial real estate. 8 -9:45 a.m at Lower Level Auditorium, 58 S. Service Road, Melville. Free to CIBS broker members and associate members. RSVP to Cmajid@cibs-li.com

BID Breakfast

JENNIFER BROWN

March 29: Union Square Partnership and Flatiron/23rd Street Partnership will co-host Breakfast with New York City Councilmember Carlina Rivera at Almond Restaurant, 12 East 22nd Street. Registration at 8:00 a.m. Opening remarks from Jennifer Brown, of the Flatiron/23rd Street Partnership, and Jennifer Falk, of the Union Square Partnership. Michael Scotto of NY1 will moderate. RSVP by calling 212-741-2323.

NY Real Estate Expo

April 18: Real Estate Weekly’s Kyle Campbell will moderate a panel on Raising Capital with the EB-5 Program during this year’s Expo at the NY Hilton – Midtown, 1335 Ave or the . Speakers include Michael F. Fitzpatrick CPA, Baker Tilly Virchow Krause; Marcelo Salas, NES Financial; Sam Newbold , Barst Mukamel & Kliener; Clem Turner, Barst Mukamel & Kliener; Mona Shah, Mona Shah & Associates and; Joanne C. Chiu CPA, China Desk, Marks Paneth. Guests include Jeff Gural, Francis Greenburger, Bruce Mosler, Peter Riguardi, Stephen Siegel and other. For full details go to www. nycnetworkgroup.com

She Builds Series

April 25: The Fordham Real Estate Institute She Builds will highlight the women of NYC real estate. The inaugural event will take place from 8:00am-10:00am at Fordham’s Lincoln Center campus. The panel includes MaryAnne Gilmartin CEO at L&L, Kathleen Donovan, UBS; Jacky Teplitzky, Douglas Elliman; Joan Sapinsley, former Head of Capital Markets Resource Real Estate Funding, and, Christina A. Smyth, Esq., Smyth Law P.C. Registration is $25 at www.fordham.edu

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Ripco sets stage for leasing to begin at former theater building

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Ripco Real Estate announced that the firm has been retained by Joe Dushey, principal of Jenel Management, to lease 215 East Fordham Road in the Bronx, a 54,000 s/f building that was once home to the RKO Fordham Theater.

Peter Ripka, Andrew Clemens, Chris Walther and Ben Weiner will serve as the exclusive leasing agents for the property, which sits on the northwest corner of Valentine and East Fordham roads.

“215 East Fordham Road is ideal for retail thanks in large part to its excellent ceiling heights, large floorplates and high-visibility location,” said Dushey.

“The property sits on the best corner of Fordham Road, which is the most highly-trafficked retail corridor in the Bronx.

According to Ripco, ideal users for the space include apparel, soft goods, home furnishings, educational concepts such as day-care centers and medical offices for the second and lower levels.

“Fordham Road is the Herald Square of the Bronx and one of the premier shopping destinations in all the outer boroughs especially for children specific stores including clothing and toys. Families flock to the area throughout the week,” said Peter Ripka, co-founder and partner of Ripco Real Estate.

“This is a seven-day-a-week retail corridor that attracts a high-volume of pedestrian traffic and is easily accessible via mass transportation.

“We are eager to leverage our local market expertise and national reach to secure leases with notable tenants.”

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Aerie to open permanent Spring Street store after pop-up popularity

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Aerie, the trend setting division and darling of NYSE-traded American Eagle Outfitters, has secured a retail space at 75 Spring Street to replace its successful pop-up store across the street at 72 Spring Street.

Steve Asch of City Connections Realty represented Aerie, while Karen Bellantoni and Jackie Totolo of RKF represented the landlord.

The new space, formerly occupied by Sur La Table, is situated on the NW corner of Crosby Street and encompasses some 6,500 s/f of space with tremendous presence in the district.

Asch, who placed Aerie in its pop-up store a year ago, said that sales were brisk throughout 2017, and provided the brand with the confidence and encouragement to commit to the busy intersection on a long-term basis.

“Aerie’s presence in SoHo was a success and warmly received from day one,” said Asch. “Moving directly across the street to a great corner location augurs well for the future of the popular brand. They are going to build out a spectacular space.”

The broker also placed Aerie in a first class location on the 900 block of Lincoln Road in Miami Beach last year where sales and performance have met expectations and the introduction of its swimwear line has been encouraging.

“The brand is white hot right now and future expansion in 2018 and beyond is very much in the cards,” added Asch.

The new store in SoHo is slated to open in June of this year. “We are beyond excited to stay in SoHo and call this vibrant neighborhood our new home,” said Jen Foyle, Aerie Global Brand President.

“The AerieREAL movement continues to grow. Aerie is thrilled to begin construction for our new space at 75 Spring Street, a beautiful landmark building on the corner of Crosby and Spring Streets. This new permanent location will be across from Aerie’s incredibly successful pop-up location that closed in January.”

The store will be designed in the “market” concept and deliver special events, meet and greets and the entire collection of Aerie product.

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Gay sports bar opens location in Washington Heights

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Boxers NYC, America’s gay sports bar, is set to open its newest location at 3820 Broadway in Washington Heights.

Richard Kave, Executive Managing Director, and Barclay Smyly, Associate, of Lee & Associates NYC negotiated a 15-year, 2,400 s/f lease on the ground floor of the building. The space also includes a full basement.

“Working with Boxers NYC has been a rewarding and enlightening experience,” explained Kave, who represented the tenant.

“The owners, Bob Fluet and Rob Hynds, are true professionals who understand the needs of their clientele and pay attention to the smallest of details. Barclay and I look forward to representing them as they continue their expansion.”

With locations in Chelsea, Hell’s Kitchen, and the Upper East Side featuring pool tables, outdoor terraces, brick oven pizza, beer on tap, and plenty of flat screens, Boxers NYC is the premier location for the ultimate sports viewing experience, regardless of your orientation.

Boxers NYC is often a place for gay sports leagues to meet up or hang out with fellow fans.

The renaissance in Washington Heights is naturally attracting a large gay and lesbian population, and, in a press release, the brokers said they were proud to have been able to secure the space for the chain’s next New York City location.

The landlord, Broadway 3820 LLC and Washington Heights Two Partners LLC, was represented by Ken Hochhauser and Zach Diamond of Winick Realty Corp.

Boxers NYC plans to open in the fall of 2018. Asking rents in the area are approximately $150 per square foot.

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ABC building right for Shakespeare

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SCG Retail, a division of The Shopping Center Group, announced the signing of a 2,550 s/f lease for Shakespeare & Co at 2020 Broadway, between 69th and 70th Streets.

Seth Kessler and Ian Rice of SCG Retail represented the landlord in the transaction.

“We are seeing a big resurgence of bookstore-coffee shop hybrids,” said Kessler. ”People love browsing through books while sipping a latte or eating a scone, and the new Shakespeare & Co.’s Upper West Side location offers a centrally located spot for just that in the neighborhood.”

Shakespeare & Co has operated on the Upper East Side since the 80’s and introduced Espresso Book Machine technology, an on-demand express book printing and binding machine that can deliver over seven million books in-store.

The retails space at 2020 Broadway is one of three new locations signed by Shakespeare & Co. this year (the others were: 450 Sixth Avenue in the Village and another on Walnut Street in Philadelphia).

“It is a great location in the heart of the Upper West Side with thousands of young families and school-age children passing this space seven days a week,” said Kessler. “Everyone who passes by, will recognize the new bookstore with its’ sprawling 50 ft. of retail frontage on Broadway.”

Albertina’s Fine Foods occupied the space previously, which is housed in an eight-story residential building that was built in 1900 and is owned by ABC Properties & Fisher Associates.

“We have another 1,000 s/f of retail space next to Shakespeare that’s available now,” added Rice. “Formerly, Barcibo Enoteca the space has 22 ft. of frontage on Broadway and is fully vented with a small kitchen currently in place.”

Caleb Peterson from RKF represented Shakespeare in the transaction.

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CoolVines to open 5,000 s/f JC store

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RKF has arranged a 5,000 s/f lease with CoolVines in the Modera Lofts at 350 Warren Street in Jersey City.

This will be the upscale chain’s second store in Jersey City.

RKF Senior Managing Director Glenn Beyer and Senior Associate Robert Mackowski arranged the lease and represented both the tenant and the landlord, Millcreek Residential, in the transaction.

Situated a few blocks from the Grove Street PATH Station and the Harborside Light Rail station, CoolVines’ wine and spirits store will be within the newly renovated Modera Lofts, a 500,000 s/f former warehouse originally built in 1904 and converted to a residential building comprising 366 units.

The Powerhouse Arts District has experienced tremendous revitalization in recent years. Former industrial structures are undergoing extensive redevelopment, attracting residents who want to be near the Hudson River Waterfront Walkway and enjoy astounding views of the New York City skyline.

Retailers are relocating here to cater to downtown Jersey City’s growing residential population, including, Club Metro USA, Ample Hills Creamery, Jimmy John’s Cycle Bar, Sprout Market and Powerflow Yoga.

“Jersey City is a thriving hub of dining, culture and retail in the New York metropolitan area,” explained Mackowski.

“CoolVines expanded into this market because of the success of its first Jersey City location, which is winning rave reviews for its selection of high-quality wines and spirits. CoolVines will thrive in the Powerhouse Arts District among the neighborhood’s ongoing redevelopment.”

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Samsonite joins Empire Outlets

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Samsonite will open its first Staten Island location at Empire Outlets, New York City’s first retail outlet center.

The new outlet will be located alongside 100 other designer retailers and steps from the Staten Island Ferry.

The 1,924 s/f spot will offer shoppers travel bags, luggage, and associated accessories.

“We’re excited to have Samsonite join our vibrant, diverse and growing roster of incredible retail partners,” said Joseph Ferrara, principal of BFC Partners, developer of Empire Outlets. “This is just the latest step toward making Empire Outlets one of New York City’s top shopping and dining destinations.”

The majority of Empire Outlets’ retail and restaurant spaces are already leased and BFC Partners is actively in discussions with several prominent tenants for the balance of the lifestyle center. Empire Outlets is expected to open in Fall 2018.

“I continue to try and deliver best in class brands to Empire Outlets that currently do not exist on the borough,” said James Prendamano, of Casandra Properties, leasing broker for Empire Outlets.

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Lotus taps Cushman to lease nation’s largest timber office building

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Cushman & Wakefield has been named leasing agent for the country’s largest planned mass timber office building.

The 500,000 s/f, 11-story tower will anchor Phase I of Lotus Equity Group’s mixed-use project proposed in Newark, named Riverfront Square.

BRUCE MOSLER

A team based in New York and New Jersey – including John Picco, Peter Van Duyne, Sean Brady, Christian Politan, Alex Lachmund and Bruce Mosler – is marketing the up to two million-square-foot commercial component of this live/play/work development.

Riverfront Square will occupy the 11.8-acre site, which includes the former Newark Bears and Eagles Stadium and the site of the former Lincoln Motel.

The mixed-use project, estimated at $1.7 billion, is expected to provide up to 2,000 residential units, large and small-scale retail, cultural and public open spaces, a hotel and parking spaces in the heart of Newark’s downtown, adjacent to the Broad Street Station.

“This project is exciting on so many levels,” Picco noted. “It will introduce the first, mass timber building built on the East Coast, so we truly are bringing a new concept to the market.

“Beyond its innovative nature, this skyscraper will set the stage for a transformative development that will change the very character of the Broad Street corridor.

“And the timing is right – the City of Newark has been enjoying a wave of development over the past five years with several new major projects completed. Newark is a hot spot with a bright future, as evidenced by the proposed Riverfront Square project and Amazon’s recent announcement listing Newark as one of its top 20 choices in the country for its second HQ.”

Designed by Michael Green Architecture, the Class A building has been crafted to enhance environmental sustainability and tenant wellness.

The leasing team expects Riverfront Square to draw interest from tenants currently based in New York City and the New Jersey suburbs alike.

In addition to being 11 miles from Newark Liberty International Airport, which is undergoing a multi-billion dollar renovation of Terminal A, the site is just steps from NJ Transit’s Broad Street station and Newark Light Rail. “Here’s a place that is less than 20 minutes from New York Penn Station at a time when tenants seeking large blocks of space in new buildings are facing historically high rental rates in Manhattan and the outer boroughs,” Picco said.

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Colliers logistics team quarterbacks transit giant relocation

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Global Transport Logistics, Inc. has leased 253,575 s/f of newly constructed warehouse/distribution space in Piscataway, announced Colliers International NJ.

Their relocation to 276 Old New Brunswick Road from Fair Lawn, NJ, will nearly double the third-party logistics company’s regional warehouse footprint.

Colliers’ Logistics and Transportation Group chartered members, Noah Balanoff, based in the global commercial real estate services firm’s Parsippany, NJ, office, and Chuck Littell, of its Los Angeles, Calif., office, headed the long-term transaction on behalf of Global.

Ontario, Calif.-based Gregory Healy, who leads Colliers’ Supply Chain and Logistics Consulting group, were instrumental in developing Global’s relocation strategy.

Global Transport Logistics is a licensed air, ground and ocean freight forwarding company, specializing in the consolidation and transport of less-than-truckload and truckload freight.

“Our client was near capacity and continues to grow their customer base, so this was an opportune time to optimize their distribution and transportation to drive delivery costs down and increase service levels,” Balanoff said.

“Gregg and his team examined Global Transport Logistics’ customer and delivery locations to identify the best location,” Balanoff added.

“Within the local market, 276 Old New Brunswick Road offers all the efficiencies and functionality of new industrial construction. The property is an ideal fit.”

Balanoff also noted, “The landlord, Industrial Property Trust, Inc., was extremely helpful and creative in its efforts to bring Global Transport Logistics to its new development project.” JLL served as landlord representative for Industrial Property Trust, Inc.

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DONE DEALS: No more waiting for Gavin, Doyle in West Village

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Compass agents Nick Gavin and Josh Doyle have sold the West Village townhouse belonging to restaurateur Keith McNally for $10.3 million.

NICK GAVIN

105 West 11th Street is a 4,600 s/f five bedroom, 5.5-bath originally built in 1842.

According to Gavin, the house was “exceptionally restoredˮ and features a “one-of-a-kind kitchen.ˮ

It has five wood-burning fireplaces and is loaded with timber beams, reclaimed oak floors and rustic Venetian plaster walls. The basement has a walk-in wine cellar “fit for an extensive collector.ˮ

Gavin and Doyle listed the house at $13.95 million in February 2016. According to public records, the three story property was purchased by an LLC.

The records show McNally bought the house from the estate of the previous owners in 2000, but not how much he paid for it.

The brasserie boss has been trying to sell the house for several years, Congrats to Gavin and Doyle for getting the check.

MANHATTAN

Upper East Side
1623 Third Ave. #39A
$1,765,000
Three bedroom, 2-bath home in Yorkville Tower 1. Wide-plank Brazilian cherry floors, custom lighting and window treatments. Open kitchen with Quartzite breakfast bar, Sub-Zero and Bosch appliances.Master bedroom with ensuite bath and custom walk-in closet. Five inch baseboard molding, crown moldings, decorative radiator enclosures and custom closets throughout. Full-time doormen, concierge, valet, garage, bike room, laundry, patio and playground. Asking price: $1.825. CC: $1,847. Time on market: 23 days. Agent: Lorraine Ding, AKAM Sales & Brokerage (pictured).

300 E71st St. #6D
$430,000
Corner studio co-op in luxury building. Separate kitchen with dishwasher and microwave. Main living area features picture window and parquet flooring. Fully-tiled bath with modern tub and vanity. Generous closet space throughout. Building amenities include a furnished rooftop garden and deck, on-site garage, bicycle room and laundry. Asking Price: $430,000. CC: $763.33. Days on the Market: 6 weeks. Agents: Feng Tian & Lihong Jin, Winzone Realty; Cyla Klein & Bob Vesce, Citi Habitats.

450 E83rd St. #21BC
$5,000,000
Corner three bedroom, 3.5-bath condo at the Cielo. Located on the 21st floor, 11 ft. ceilings, floor-to-ceiling windows, chef’s windowed kitchen with marble countertops and Miele appliances. Master suite. A Creston system controls lighting, music and blinds. In-unit washer/dryer and central A/C. Full-service building with doorman, fitness center and children’s playroom. Asking Price: $5,500,000. CC: $3,795. Days on the Market: 21 weeks. Agents: Ryan Serhant, NestSeekers; Sam Dahdal, Citi Habitats.

Carnegie Hill
160 E91st St. #G
$320,000
Studio apartment in established pre-war co-op. 9 ft. ceilings, double-width closet in the entryway, new Friedrich through-wall air conditioner, and a ceiling fan with light. Newly refinished oak hardwood floors. The building has a part-time doorman, live-in super, laundry, private storage and bike room. Asking Price: $329,000. CC: $519. Time on Market: 168 Days. Agents: Avril Levinsohn, Level Group; Bridget Harvey, Douglas Elliman.

Murray Hill
591 Third Ave. #11A
$2,130,000
Two bedroom, 2-bath 1,077 s/f apartment with central air in the new Lindley condominium. 74-unit building with amenity package that includes a bike room, concierge, laundry, live-in super, package room and roof deck. Sponsor unit. Asking Price $2,130,000. CC: $1,533. Time on Market: 184 Days. Agents: Martin Brady, Marketing Directors; Wendy Fu, Rutenberg NYC.

East Village
438 E12th St. #2S
$1,975,000
1,164 s/f two-bedroom, 2-bath home designed by Paris Forino. Casement windows framed in statuary bronze, 10.7 ft. ceilings and courtyard views. Seven-inch-wide plank European white oak flooring, 8 ft. interior doors with burnished brass hardware and custom architectural millwork throughout. Custom Italian cabinetry, limestone and Calacatta marble countertops and blackened metal hardware in the open kitchen. Master suite with walk in closet, en-suite five fixture bath, radiant heat. Utility closet with washer/dryer. Asking price: $1,975,000. CC: $1,223. Time on Market: 53 days. Agents: Chloe Rosen, Douglas Elliman; Philip Cardone, Rutenberg NYC.

BROOKLYN

Carroll Gardens
259 Carroll Street
$3,200,000
Classic three-family Brownstone townhouse in the landmark district of Carroll Gardens. Currently configured as a duplex and two floor-through apartments each with one bedroom and side room. Parlor floor features living room with tin ceilings and separated by french doors from dining room and open kitchen with deck overlooking garden. Asking price: $3,200,000. Time on the market: 64 days. Agents: Steven Gerber and Stan Gerasimczyk, Corcoran; Bezad Amiri, Corcoran.

BRONX

Middletown
2829 Maitland Ave.
$427,000
Two bedroom, 2-bath single family home built in 1901. Offering 1,197 s/f of living space across two floors plus basement. Eat-in kitchen with updated cabinets, formal dining room, hardwood floors, Finished basement, attic, back and front yard. Asking price: $425,000. Time on Market: 133 Days. Agent: Dennis Cotto, Level Group.

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Little Italy retail condo sells for $8.8 million

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Real estate firm Ultimate Realty just purchased a retail condo in the heart of Little Italy for $8.8 million.

Along with partner in the deal Regal Acquisitions, the company purchased the ground-floor retail condo unit at 133 Mulberry, a six-story, 18-unit boutique condo building.The closing price was a huge chop, after originally being marketed for $13 million, said Ultimate Realty principal Michael Sabbagh, whose family-owned firm has been buying and developing property in the New York City area for 30 years.

“In part because retail is so soft today, it was on the market for a while,” said Sabbagh. He added that the sellers are mainly multifamily owners and eager to offload the property, and that his company’s reputation helped seal the deal.

The condo was vacant when purchased, but the company has signed a tenant for a 2,777 s/f ground floor retail space. The tenant, which they would not disclose, is expected to open shop in about a month. Ultimate Realty is currently marketing the other retail space available, which has 3,630 s/f and also includes a 5,000 s/f cellar.

“We think a restaurant use would be really ideal, given the neighborhood and what’s going on,” said Sabbagh. “We have the full permission to do so from the condo board, and we think that’s the best use.”

MICHAEL SABBAGH

Sabbagh said his firm is an active middle-market player with a focus on value-add acquisitions, and though they usually focus on multifamily and office, his team is bullish on retail.

“We see great opportunity in the local neighborhood,” he said. “It’s prime, prime Little Italy, which has kind of been shrinking its footprint over the last 20 years.”

While many longtime businesses have left and newer restaurant concepts and retail has come into the area, Sabbagh said many local establishments in the historic neighborhood have survived, due to strong tourist traffic in seasonal months.

“We’re believers in retail in places where businesses can survive and where businesses can actually do well,” said Sabbagh.

Compared to Soho where there is  “a lot of speculation on High Street,” Sabbagh’s firm likes to stick to tenants with service uses that have sustainable business plans.

“That’s why we like Little Italy, because it’s an extension of Soho, but prices are merely a fraction of what they are in Soho on a square foot basis.”

In a time when uncertainty in the retail industry is widespread, Sabbagh and his firm see the bright spots.

“There will always be demand for retail in Manhattan, it’s just a function of pricing,” he said. “We see it evolving. Yes, there has been a lot of downward pressure from e-commerce and online, but we have seen uses continue to stay.”

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Newark apartment complex sells for $50M

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The $50 million sale of 452 multi-family units at Forest Hill Terrace Apartments, a critical-mass garden-apartment community in Newark, N.J., has been finalized today, according to Gebroe-Hammer Associates. Executive Vice President David Jarvis, the firm’s Newark market specialist, exclusively represented the seller Kamson Corporation, the decades-long owner, and procured the buyer, a private family-office entity with numerous holdings citywide. Allen Popowitz, Esq., of Brach Eichler LLC in Roseland, provided legal counsel on behalf of the seller.

“High-density apartment properties like Forest Hill Terrace are at the core of Newark’s transformation. These types of properties present a rare investment acquisition opportunity and are therefore considered premium product among experienced multi-family investors who are familiar with the city’s past, its present and its future potential,” Jarvis said. “This property mirrors Newark’s rebirth and promise. Forest Hill Terrace is an iconic, 1940s-era property with boundless value-add potential, which is what interested the buyer, who is a long-time client of Gebroe-Hammer.”

According to Jarvis, the residential population of Newark is comprised of almost 80 percent renters. The architectural landscape of historic and modern apartment buildings account for almost the same percentage when it comes to the city’s overall building stock.

“Growth and development bode well for existing apartment properties such as Forest Hill Terrace,” added Jarvis. “Even if a portion of the current tenant base finds homeownership affordable, the millennial/young professional pipeline will continue to feed demand for well-located, transit-accessible apartment rentals.”

Located at 325 Grafton Ave., Forest Hill Terrace is nestled within the suburban tree-lined Forest Hill neighborhood of Newark’s North Ward. The garden-apartment community is strategically situated directly across from Branch Brook Park, the city’s symbol of green open space and outdoor recreation featuring tennis courts, hiking/biking/jogging trails, sport courts and fields. Like its four counterparts, the North Ward has its own distinct charisma. In addition to the 360-acre Branch Brook Park, it is home to the captivating Cathedral Basilica of the Sacred Heart. NJPAC, Riverfront Stadium, Newark Symphony Hall and Prudential Center are minutes away.

Comprised of 452 total units, Forest Hill Terrace features 94 studios, 297 one-bedroom and 60 two-bedroom layouts. The sale also included a four-bedroom home that is on the property. Apartment amenities consist of modern kitchens and refurbished bathrooms, air conditioning, washers/dryers, professionally landscaped courtyards and on-premises paved-surface parking and garages. The complex is within one block of city subway and bus links to downtown, easily accessible to the Garden State Parkway/New Jersey Turnpike and I-280, and close to shops and schools, including the top-rated Science High School and Technology High School.

“Newark really stands out for its high population density, in terms of permanent residents and commuters; transit epicenters where a vast highway, rail, bus and light rail network converge; and a multi-family housing stock where for-sale product is in short supply, yet high demand,” Jarvis said. “The city has garnered the attention of powerhouses like Amazon, Whole Foods and renowned chefs thanks to an extensive master plan that is feeding a development pipeline of over $4 billion. In turn, this progress is feeding multi-performance and investment at a renewed pace.”

Since 1975, Gebroe-Hammer’s brokerage activities have concentrated on suburban and urban high-rise and garden-apartment properties. The firm’s client base includes private owners, REITs, private equity firms and other institutional investors. While initially focusing on New Jersey, the firm has evolved during the past 43 years to also dominate the northeastern Pennsylvania and New York State submarkets as well as represent client interests nationally. In addition, Gebroe-Hammer markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is a 14-time CoStar Power Broker.

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Law firm renews at 900 Third Avenue

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CBRE announced that Littler, the world’s largest employment and labor law practice representing management, renewed its lease for 34,708 s/f at 900 Third Avenue.

The firm will continue to occupy the entire seventh and eighth floors at the property in Midtown East.

CBRE’s Anthony Dattoma, an executive vice president, Ken Rapp, a vice chairman, and Kevin Bender, an executive vice president, represented the tenant in the transaction, while Peter Brindley, Doug Neye and Sean Kirk represented the landlord, Paramount Group, in-house.

“We are excited to have helped guide Littler through the lease renewal process at 900 Third Avenue. The property offers easy accessibility and is an ideal location for Littler’s clients and employees,” said Rapp.

Built in 1983, 900 Third Avenue is a 36-story office building that sits on the corner of Third Avenue and East 54th Street in Manhattan’s Midtown East neighborhood. The LEED-certified, Class-A property features 24/7 access, a newly renovated lobby, 12 passenger elevators and is in close proximity to several public transportation options.

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Savanna welcomes Carver Bank to repositioned Lee Building

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Following the recent $20 million sale of the historic headquarters building of Carver Federal Savings Bank in Harlem, Madison Square Realty (MSR) has negotiated a new 20,000 s/f lease for Carver at Savanna’s 1825 Park Avenue, also known as the Lee Building.

The transaction enables Carver to maintain its presence in Harlem, where the bank was founded 70 years ago.
Carver has leased the top floor of the building, with views of Harlem and Manhattan, and part of the seventh floor to provide its employees with an efficient, modern space with great access to transportation.

MSR Founder & CEO Eric Yarbro, who shepherded both the building sale and the new lease on behalf of Carver, said the successful relocation was especially significant as the nation’s largest African and Caribbean-owned bank not only hired MSR, a full-service Minority Business Enterprise commercial real estate firm, but also engaged one of the largest African-American-owned architectural firms to handle the design of its new office space.

Savanna has engaged one of New York State’s largest African-American-owned construction firms to build the space.

“We’re extremely pleased that Carver decided to relocate to 1825 Park,” added Kerry Powers, Senior Associate at Savanna. “There has been a shortage of high-quality office space in Harlem relative to demand. Our strategy for the property is to cater to local tenants by offering a quality product at a good price, allowing them to enjoy modernized office space in the neighborhood.

“We believe that following Savanna’s improvements to the property, we are offering the best office space in Harlem, a fitting home for a deeply rooted institution like Carver Federal Savings Bank, which has been serving the local community for 70 years.”

Savanna recently completed façade and sidewalk repairs at the property, replacement of the sidewalk vault and retail storefront, a newly designed lobby and entrance, refurbished bathrooms, new windows and HVAC and electrical upgrades.

Upgrades to tech infrastructure also resulted in 1825 Park Avenue becoming the first-ever Wired Certified Gold building in Harlem.

The 12-story property vaulted 10- to 12-foot ceilings, unobstructed southern views of the Manhattan skyline, and 11,500 s/f floor plates. Approximately 30,000 s/f of availability remains following steady leasing activity, including a recent 8,000 s/f lease to NADAP, a nonprofit corporation.

Carver’s previous administrative offices on 125th Street pwere fully occupied by the bank since 1958, and sold for $19.45 million, or $924 psf, the highest price ever achieved for an office building with ground floor retail in Harlem. Carver will continue to maintain its presence on the ground floor retail space with its branch to continue to serve its customers.

Savanna was represented in the lease transaction by Mitch Arkin of Cushman & Wakefield and Ellen Israel of JRT Realty.

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Fintech firm on the move

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Fast-growing fintech company Noble Markets has inked a deal for 10,000 s/f of office space at 632 Broadway.

Dennis Someck, executive managing director and principal, and Justin Myers, managing director and principal, of Lee & Associates NYC arranged the sublease for the entire fifth floor of the building.

“Financial technology is hot right now and Noble Markets needed a larger office to accommodate its growing business,” explains Myers, who represented the tenant for the four-year lease.

“Formerly at 30 Vesey Street in TriBeca, the new space in Noho will further the company’s goal of attracting quality talent. In addition, the neighborhood has much to offer including convenient access to a variety of transportation options.”

The landlord is Renaissance Properties. The sublandlord, IRIS.TV, was represented by Jack Cohen and Brandon Swift of Spaces Commercial Real Estate. Noble Markets moved into the space in January 2018 and the asking rent was in the high-50s.

Located on a section of Broadway between Bleecker and Houston Streets, Noble Markets is located blocks away from the Angelika Film Center and Café, Apple Soho, The Mercer Kitchen, REI and Cherche Midi.

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Fisher Brothers signs 30,000 s/f deal at 299 Park Avenue

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Fisher Brothers announced that it has signed a new 29,173 s/f lease with B. Riley Financial at 299 Park Avenue, one of the firm’s signature Midtown Manhattan office towers.

Headquartered in Los Angeles, B. Riley provides financial and business advisory services and has offices in major financial markets across the US, Europe and Australia.

In June 2017, the company acquired FBR & Co., which had been a subtenant at 299 Park Avenue since April 2004. Under the new 10-year lease, B. Riley will occupy the entire 21st floor of the tower, moving from the seventh floor in August 2018.

“B. Riley inherited a sublease at 299 Park Avenue and, after considering other alternatives in the area, determined this location provided the level of quality and service best suited for their needs,” said Fisher Brothers partner Winston Fisher.
“We are thrilled we were able to accommodate B. Riley’s need for a long-term home in Manhattan and view this lease signing as a validation of our efforts to position 299 Park as best-in-class in the Plaza District.”

“B. Riley not only continually strives to provide our clients with leading solutions, but also aims to ensure the client experience meets our standards, and that includes the environment we provide them as well as our employees,” said

Bryant Riley, Chairman and CEO of B. Riley Financial. “299 Park Avenue proved to be the right fit for us in order to meet that level of quality service.”

With the signing of B. Riley, Fisher Brothers has leased nearly 180,000 s/f of space since May 2017, bringing 299 Park Avenue to over 90 percent leased.

Among other financial services companies to sign a long-term lease at the iconic tower are Capital One, UBS, Carlyle, and American Securities.

Recent leases secured by Fisher Brothers at the tower include Traxys Group, which signed a 29,771 s/f lease to occupy the entire 38th floor, and Varagon Capital Partners, which signed a 28,316 s/f lease to occupy the entire third floor of the building.

The company is set to initiate a major capital improvement program at the Plaza District tower in 2018.

The project, which is being designed by David Rockwell and the Rockwell Group, will include a new lobby with a high-end design and more open feel, a transformation of the entrance that will allow natural light to fill the lobby, and an illuminated plaza backed by a new exterior lighting system.

B. Riley was represented by Jared Horowitz and Justin Pollner of Newmark Knight Frank. Fisher Brothers was represented in-house by Marc Packman and Charles P. Laginestra.

Designed by Emery Roth & Sons and built by Fisher Brothers, 299 Park Avenue is a 42-story, 1.2 million square foot office tower which opened in 1967.

The long-time corporate headquarters for the Fisher Brothers organization is widely regarded as one of the top Class A office buildings in New York City.

Occupying the full block front between 48th and 49th Streets, 299 Park’s neighbors include the Waldorf-Astoria and Grand Central Terminal.

Originally built over primary tracks serving the New Haven Railroad, it was considered a marvel of modern engineering at the time of its construction.

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