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

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Tuesday October 15, 2013
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Brooklyn Multi-Family Outperforms in August

BY AL BARBARINO

Though the overall New York City multifamily market took a “modest breather” in August, a new report from Ariel Property Advisors shows that Brooklyn saw an increase in transactions on both a month-to-month and year-over-year basis.

The borough’s 16 transactions comprised of 24 buildings totaling $78.4 million – a 23 percent year-over-year increase in transaction volume, a 54 percent increase in dollar volume, according to the Multifamily Month in Review report for August.

To read the full story, click here.

CBRE Appointed Leasing Agent after Selling West Chelsea Commercial Condo

BY GUS DELAPORTE

Having sold the building at 545-547 West 20th Street to its current owners 12 years ago, Stuart Siegel of CBRE had a unique understanding of the property when earlier this year, the same owners asked him to sell the property’s ground floor commercial condo space.

Last week, Mr. Siegel and his team closed the sale on behalf of previous ownership to 120 Eleventh Avenue Retail LLC for approximately $7.95 million. The team was then retained by the buyer to market the 4,773-square-foot corner space at 547 West 20th Street for lease.

To read the full story, click here.

Bloomingdales Expands at 919 Third Avenue

BY BILLY GRAY

Bloomingdales inked a 10-year, 47,763-square-foot deal for the entire sixth floor of 919 Third Avenue, expanding its office space at the property.

The department store will now occupy 204,442 square feet of the 47-story, 1.5-million-squre-foot building, which is also home to the beloved pub PJ Clarke’s and just four blocks away from the tenant’s famous flagship store.

Last year, the longtime tenant Interpublic Group left 919 Third Avenue and relocated to 220,000 square feet in nearby 909 Third Avenue.

To read the full story, click here.

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