The Art of the Smaller Deal

Kaufman/Adler Realty negotiated four leases including: Baby Phat, which signed on for five years in 6,500 sf of showroom space at an asking price of $39 per sf; Signature Apparel, licensor of Sketchers which inked a seven-year lease for 8,200 sf at an asking price of $40 per sf; Select Agency Inc., which represents Diesel USA's 55DSL, NERD's Pharrell Williams' Billionaire Boys Club, which also signed on for five years in 2,600 sf at an asking price of $42 per; and Accessory Brands, which signed a three-year lease at $39 per sf for 1,800 sf.

Flagship International is upping its presence at 250 West 57th St. from approximately 900 sf to 7,402 sf on the building's 10th floor. The firm, which signed on for 10 years, intended to expand at the its home, according to owner Nadia Mastaskim.

But it's not just leases, smaller buildings are also being placed up for sale. One notable site is where the longest-running musical, "The Fantasticks," called for 40 years. The Greenwich Village landmark, purchased by Braden Bell and partners, is vacant and prepped for a renovation. Bell's recent plans for the structure--an added floor, four high-end apartments and a lobby on the ground floor--were set aside when he concluded that "the hot property market in Greenwich Village made a sale too good an opportunity to pass up." Massey Knakal is marketing the four-story site at 181 Sullivan Street at $4.25 million.

Jones Lang LaSalle has been retained to sell 2307 Broadway, an 11,900-sf, mixed-use on the Upper West Side. The building and the vacant lot behind it offer associated air rights for the development of a total of 52,296 sf, according to Thomas L. Beneville, managing director, and Jay J. Miele, associate, with JLL's New York capital markets group. It was constructed in 1910 and renovated in 1995 and 2000. Duane Reade currently occupies ground floor, mezzanine and basement space, while Gary Null & Associates Inc. occupies office space on the second and third floors.