In New Jersey, property owner Jaclyn Handbags of West New York, NJ was represented by Jay Opper and Scott Kupersmith of Strategic Alliance Partners of Rochelle Park, NJ. In Manhattan, owner HLM Properties of Bronxville, NY was represented in-house.
Preferred Media provides storage services to companies in the entertainment and advertising fields, with a client list that includes Viacom, Sony Entertainment, Columbia, AOL/Time Warner, 20th Century Fox and others.
"They provide environmentally safe storage for video tapes, props and related equipment, and they had very specific requirements," Lyon tells GlobeSt.com. "They have to be able to serve their clients within an hour. What usually happens is they'll get a fax from, say, Viacom, requesting a prop within an hour, and they have to get it there."
The Manhattan space, located on the ground floor of a 72,000-sf building and formerly occupied by the now-bankrupt Kozmo.com, "was completely fitted out with excess power and air conditioning, and it was in move-in condition," Lyon relates. One issue was Kozmo.com's bankruptcy: "When we saw the space, Kozmo hadn't given it up and we were concerned that it would be tied up in bankruptcy court. But the owner got it back."
The larger New Jersey space, which encompasses an entire building, "is situated almost equidistant between the George Washington Bridge and the Lincoln Tunnel," according to Corpuel. "They chose this space because of its access to Manhattan. Originally, they were looking for 40,000 to 50,000 sf, but they were able to get the bigger building because of the rental rate."
The parties involved won't divulge the actual rental rate at either site, but the New Jersey lease carries an aggregate value of $2.9 million and the Manhattan location has an aggregate value of over $1.5 million. In the case of the North Bergen site, "Preferred got an option to purchase the building, which is a little unique," according to Corpuel.
"From start to finish, the [New Jersey] deal took about 30 days," he concludes. "Most deals like this take closer to 60 days."
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