NEW YORK CITY—Eastern Consolidated has arranged the sale of a Midtown as-of-right development site, 4-6 West 37th St., for $20 million or $427 per buildable-square-foot. David Schechtman, a principal and executive managing director at Eastern Consolidated, and associate director Steven Zimmerman, exclusively represented the buyer, a New York- and Texas-based hotel developer. John Cirualo, of Massey Knakal Realty Services, represented the seller, the Franco Family.
The site is comprised of two, 43.75-foot wide and 100-foot deep, six-story commercial loft buildings that will be delivered vacant, totaling 46,659 buildable square feet. The property at 4 West 37th St. is 12,120 square feet and 6 West 37th Street is 11,798 square feet. The property is zoned for commercial, hotel, and residential use with the potential for some light manufacturing and community facility use.
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Savitt Partners arranged a 25,000-square-foot relocation and expansion transaction at 525 Seventh Ave. for Fashion Avenue Sweater Knits, a clothing company. The company is relocating from two locations: 1400 Broadway, where it had 12,000 square feet; and 225 W. 37th St. where it had 11,900 square feet. Veteran fashion industry executive Marc Schoen of Savitt represented Fashion Avenue in the lease negotiations. The Savitt Partners team of Brian Neugeboren and Bob Savitt, along with Steven Marvin of Olmstead Properties, acted on behalf of ownership in this transaction.
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Argo Real Estate has signed a 10-year, 5,000 square-foot lease for ground-level space with retailer, Adorama at 50 W. 17th St., which the company owns and manages. Jason Pennington and Zach Nathan of Ripco Real Estate represented Argo Real Estate, while David Tricarico and Lindsay Anapol of Cushman & Wakefield represented the tenant in the transaction. Although details of the transaction were not disclosed, asking rent was $118 per sq. ft.
Jason Pennington and Zach Nathan of Ripco Real Estate represented Argo, while David Tricarico and Lindsay Anapol of Cushman & Wakefield represented the tenant in the transaction. Although details of the transaction were not disclosed, asking rent was $118 per square foot. Adorama plans to use the street level space for photo and video equipment rental.
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Fitness studio SLT has signed a 10-year, 3,250-square-foot lease on the fourth floor at 1151 Third Ave. SLT joins Flywheel, Equinox, LA Fitness, Soul Cycle, Nike, Reebok, Runners World and Lululemon in an area with a high concentration of fitness-related tenants, between 59th and 63rd Streets along Lexington and Third avenues. John Brod and Jennifer Bernstein of ABS Partners represented the tenant in the transaction. The landlord, Acadia Strategic Opportunity Fund IV LLC, was represented in-house by Meghan Kruger.
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Celebrity chef restaurateur Charlie Palmer is scheduled to open an eatery in the northern lobby of the iconic Lipstick Building at 885 Third Ave., between 53rd and 54th Streets. The approximately 2,500-square-foot space will be called Crimson & Rye and features indoor seating to accommodate approximately 70 guests. In addition, there will be a wraparound covered sidewalk café underneath the building's columns. The property is jointly owned by IRSA and Marciano Investment Group. Representing the landlord for the transaction were Newmark Grubb Knight Frank's Jeffrey Roseman, EVP and Gerard Nocera, principal, Herald Square Properties, co-asset manager of the building.
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Kalmon Dolgin Affiliates (KDA) has arranged a 2,000 square-foot lease expansion for Buy It Here Now, a retail store, at 4916 Ave. K in the Flatlands section of Brooklyn, NY. Jeffrey Unger of Kalmon Dolgin Affiliates arranged the lease on behalf of the owner, 4916-4924 Ave K Realty, and the tenant, Buy It Here Now. The tenant is expanding to 4916 Avenue K from its former location, where the tenant occupied approximately 500 square feet.
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Stonehenge Partners has brokered a 10-year lease 1,300-square-foot lease with FIKA, a Swedish espresso and chocolate bar, at 555 Sixth Ave. FIKA joins the ranks of the just-opened BFX Studio, a new fitness boutique by Town Sports International—the company behind New York Sports Clubs—which occupies a 10,000-square-foot space.Andrew Mandell, Richard Skulnik and Jason Maurer of Ripco Real Estate represented Stonehenge Partners in the deal and are marketing the remaining space at 555 Sixth Avenue.
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Stonehenge Partners has brokered a 10-year lease 1,300-square-foot lease with FIKA, a Swedish espresso and chocolate bar, at 555 Sixth Ave. FIKA joins the ranks of the just-opened BFX Studio, a new fitness boutique by Town Sports International—the company behind New York Sports Clubs—which occupies a 10,000-square-foot space.Andrew Mandell, Richard Skulnik and Jason Maurer of Ripco Real Estate represented Stonehenge Partners in the deal and are marketing the remaining space at 555 Sixth Avenue.
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Harlem specialists Faith Hope Consolo, chairman, and Joseph Aquino, EVP, along with Arthur Maglio of Douglas Elliman's Retail Group are bringing a Midwest-based structural engineering firms, Infrastructure Engineering Inc. to 233 W.135th St., between Adam Clayton Powell and Frederick Douglass Boulevards. The Elliman brokers represented both the landlord and tenant for the transaction. The previous tenant in the Consolo, Mr. Aquino and Mr. Maglio represented both the landlord and tenant for the transaction. The previous tenant in the 1,275-square-foot space was District Council 37. The space was priced at $32-per-square-foot.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
