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NEW YORK CITY-The Wine Cellerage, a locally based, wine services company, has extended its lease by 5,843 sf at 890 Garrison Ave. The company now occupies 22,343 sf at the Bronx property.

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

“The property is undergoing a $25-million redevelopment including new windows, lobbies, bathrooms, elevators and mechanical systems, and improved parking and amenities,” Wolf, president of Denham Wolf Real Estate Services, tells GlobeSt.com. “The building is about 50% occupied now that we are in the middle of construction and we are actively leasing up this fall.”

The BankNote complex, which was formerly the home of the American Bank Note Co., has housed the Wine Cellarage since 2005. The company has since grown its core business and expanded services, Wolf says, adding that the company was “happy to have found affordable space in the BankNote and is now eager to stay and grow… .” The BankNote offers the Wine Cellarage “the ability to grow in a customized space at an affordable rate–one of the last few affordable commercial areas in New York City,” Wolf says.

Neubohn of the Wine Cellarage, says that Taconic and Denham Wolf have 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 the building because of the architecture, Manhattan views and “exceptional lighting.” However, he says that “tenants stay because there is no other commercial space like this in New York City and because of a sense of community and belief that Hunts Point is poised for change and growth.”

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