The asking rent at the BankNote building, a 420,000-sfloft-style office and retail complex, is $25 per sf. The aggregaterent for the expansion is approximately $1 million. Lars Neubohn,president of the Wine Cellarage, represented himself in theseven-year lease transaction. Paul Wolf, president of Denham WolfReal Estate Services, represented the landlord, co-developers,Taconic Investment Partners and Denham Wolf Real Estate ServicesInc.

|

"The property is undergoing a $25-million redevelopmentincluding new windows, lobbies, bathrooms, elevators and mechanicalsystems, and improved parking and amenities," Wolf, president ofDenham Wolf Real Estate Services, tells GlobeSt.com. "The buildingis about 50% occupied now that we are in the middle of constructionand we are actively leasing up this fall."

|

The BankNote complex, which was formerly the home of theAmerican Bank Note Co., has housed the Wine Cellarage since 2005.The company has since grown its core business and expandedservices, Wolf says, adding that the company was "happy to havefound affordable space in the BankNote and is now eager to stay andgrow… ." The BankNote offers the Wine Cellarage "the ability togrow in a customized space at an affordable rate--one of the lastfew affordable commercial areas in New York City," Wolf says.

|

Neubohn of the Wine Cellarage, says that Taconic and Denham Wolfhave accommodated its needs when it has outgrown its initial space.He explains that "we have big plans for the add-on space."

|

Wolf explains that tenants are initially attracted to thebuilding because of the architecture, Manhattan views and"exceptional lighting." However, he says that "tenants stay becausethere is no other commercial space like this in New York City andbecause of a sense of community and belief that Hunts Point ispoised for change and growth."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.