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Wednesday July 10, 2013
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| Williams, Jones & Associates Renews on Fifth |
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 BY GUS DELAPORTE
Williams, Jones & Associates has signed a renewal and expansion at 717 Fifth Avenue, The Commercial Observer has learned. The investment management firm will move to the building’s 13,581-square-foot 11th floor.
“Williams Jones has been a long-time occupant of 717 Fifth Avenue,” said Lindsay Ornstein, principal at Transwestern, who represented the tenant, in a statement. “When their occupancy needs changed and they required additional space, the building owner worked with us to relocate the firm within the building and accommodate growth.”
To read the full story, click here.
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| Treetop Pays $13.6 Million for Harlem Property |
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BY AL BARBARINO
Treetop Development has purchased a 56-unit, 46,200-square-foot mixed-use building at 17-27 West 125th Street for $13.6 million, where it plans to reposition the building’s retail and attract Harlem’s new wave of young professionals and students, The Commercial Observer has learned.
The company plans to perform one of its signature renovations on the asset, including upgrades to the seven retail storefronts and 49 apartments, a new boiler system, elevator, roof and façade improvements.
To read the full story, click here.
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| Retail Space Hits Market at 80 Wooster Street |
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BY BILLY GRAY
A retail space with 4,300 square feet of ground floor and 2,000 square feet of basement retail at 80 Wooster Street is on the market. And a new tenant has the opportunity to rub shoulders with neighbors like Chanel, Burberry and Longchamp in one of the city’s most prominent shopping districts.
Douglas Elliman real estate group Chairman Faith Hope Consolo and Executive Vice President Joseph Aquino are marketing the property, which has 45 feet of Soho frontage and includes an elevator. “This deal is for lease, but may be for sale for the right tenant,” Ms. Consolo said in an email. Asking rent is $225 per square foot on the ground level. The sales price will be given upon request.
To read the full story, click here.
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| Sammons: Dropping the Midtown Sublease Fat |
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BY ROBERT SAMMONS
With several significant lease transactions signed in the second quarter, the excess of sublease availability has begun to shrink in Midtown Manhattan. In fact, the drop in sublease availability was entirely responsible for the overall Midtown availability rate falling 30 basis points over the last three months (to 13.2 percent).
The actual sublease square footage available now stands at 5.9 million square feet, down from 6.6 million square feet in the first quarter and the lowest since the 4.9 million square feet that were available in the third quarter of 2008. To put these numbers into perspective, the quarterly average for sublease availability (since the fourth quarter of 1991) is 5.6 million square feet. Midtown is now back within sight of that figure.
To read the full story, click here.
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