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Commercial Observer
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Edited by Jotham Sederstrom | Jsederstrom@observer.com

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Wednesday August 28, 2013
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Sprinkles Cupcakes Dips into Ice Cream Biz

BY AL BARBARINO

Sprinkles Cupcakes has signed a 7,000-square-foot lease extension and expansion at 780-782 Lexington Avenue, giving the shop and additional 1,000 square feet for the launch of an ice cream undertaking at next to its existing Manhattan cupcake operation.

An “ATM machine” outside the shop will allow customers to order cupcakes 24 hours a day, according to Crain’s, which reported the lease last week.

To read the full story, click here.

LIC's Answer to the High Line Is Now Open

BY BILLY GRAY

A waterfront park that includes repurposed rail tracks is open in Long Island City, sprucing up the 30-acre middle-income housing development underway in the Hunter’s Point South area.

The five-acre park includes basketball courts, a children’s playground, an expansive dog run and an athletic oval. And, of course, panoramic views of Midtown Manhattan reinforce one of the post-industrial neighborhood’s greatest assets.

To read the full story, click here.

Law Firm Expands at W&H's 1350 Broadway

BY GUS DELAPORTE

Tarter Krinsky & Drogin LLP has signed an expansion at W&H Properties’ 1350 Broadway, the landlord announced last week. The law firm, which moved to the building in 2007, increased its presence by 35 percent and will now occupy a total of 37,609 square feet across three floors.

"Tarter Krinksy & Drogin has been a tenant at 1350 Broadway during a period in which we have transformed the property in a $53-million, top-to-bottom upgrade program," said Anthony Malkin, president of Malkin Holdings, which oversees the W&H portfolio, in a prepared statement. "This expansion demonstrates that we've delivered on our promises and ensured the highest levels of tenant satisfaction."

To read the full story, click here.

Weighing in on Key Money Deals

BY JOSH SIEGELMAN

More and more these days, I am being approached about the strengths and weaknesses of proceeding with “key money” deals. Key money deals are lease transactions in which an existing lease is assigned to a new principal and typically includes the present state of the restaurant, equipment and transferable liquor license for a sum of capital.

People often value them on different scales based on their initial construction and equipment costs, not to mention the state of the present market and the general amount of tender love and care put into the operation as a whole. Although many of these deals may seem appealing from a restaurant operator perspective, as a broker I am typically very weary of these transactions as it is important to perform a certain degree of due diligence.

To read the full story, click here.

Oh, Those Darn NYC Office Jobs

BY ROBERT SAMMONS

Like clockwork (the third Thursday of each month except for the beginning of the year during “benchmarking season”), the New York City job numbers are released.

Also like clockwork, I peruse and decipher these numbers to see what they might say about the general health of the local economy and, more specifically, the health of the NYC office market. I’ve written columns about the local job market before, and I’m about to do it again.

To read the full story, click here.

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