Thursday October 24, 2013
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| Starbucks Crashes Tea Party with UES Teavana |
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BY BILLY GRAY
Starbucks will expand into new territory with the opening of a 1,700-square-foot “tea bar” on the Upper East Side.
Teavana Fine Teas + Teavana Tea Bar opens tomorrow at 1142 Madison Avenue. The 11,000-store coffee giant bought the 300-store strong tea emporium brand last year. The Manhattan location will sell drinks priced between $3 and $6 and snacks and small plates between $3 and $15.
To read the full story, click here.
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| Intercept Pharmaceuticals Inks at Milk Studios |
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BY GUS DELAPORTE
Intercept, a biopharmaceutical company, has signed a 10-year, 11,124-square-foot lease for a portion of the fifth floor at Jamestown Properties’ Milk Studios building, The Commercial Observer has learned. The deal also includes a commitment by the tenant to expand by a further 9,500 square feet next year.
The tenant will pay rent starting in the low-$70s per square foot, according to data from CompStak, with rent commencing after approximately one year of free rent.
To read the full story, click here.
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| Vision Critical Takes Full Floor at 440 Lafayette |
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BY AL BARBARINO
Software company Vision Critical has reportedly signed a seven-year, 17,000-square-foot lease at 440 Lafayette
The firm is taking the entire top floor in the six-story building, which sits across the street from 51 Astor place, at asking rents in the $50s per square foot, as reported in Crain’s New York.
To read the full story, click here.
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| In New York, Business As Usual After Shutdown |
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BY DAVID GREENE
Phew, I feel so much better now that Congress ended a shutdown with three seconds to go before the debt limit expiration. I feel like the Chicago Bulls did whenever Michael Jordan had the ball at the end of a game. Way to go, Congress!
Though Bill de Blasio is a staunch Red Sox fan, we have a pretty good idea that he will be elected mayor in November. Is that a comfort to those who are “job creators”? It’s not surprising to see staunch pro-business allies lining up behind de Blasio, hoping that they can convince him how desperately New York City needs a pro-business mayor. For all he stands for, it should be interesting to watch de Blasio pivot after he is elected.
To read the full story, click here.
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| Finding Value Below and Above Grade |
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BY JOSH SIEGELMAN
As ground-floor market rents continue to climb back toward the heights of 2007, retailers are beginning to set their sights higher, and lower, as demand and interest have steadily increased for above- and below-grade retail.
To read the full story, click here.
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