BY GUS DELAPORTE

Online advertising platform AdRoll has signed a three-year, 7,080-square-foot direct lease to take over the space formerly occupied by LivingSocial on the fifth floor at 101 Fifth Avenue, The Commercial Observer has learned.

The tenant will pay rent starting in the high-$50s per square foot, according to data from CompStak.

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BY BILLY GRAY

Plaza Construction has announced the opening of a new entry pavilion at the recently renamed Brookfield Place (formerly the World Financial Center) that can hold an estimated 100,000 commuters each day.

The Entry Hall Pavilion, which is part of the first phase of landlord Brookfield Office Properties‘s $250 million renovation of the property, allows PATH and subway commuters easy access to Brookfield Place and Goldman Sachs headquarters. The ambitious renovation plans also include a marketplace and food vendors that have drawn comparisons to Mario Batali‘s Eataly.

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BY AL BARBARINO

Brooklyn’s Pratt Institute announced yesterday the launch of The Brooklyn Fashion and Design Accelerator, a 15,000-square-foot space in the former Pfizer building at 630 Flushing Avenue in Williamsburg that will provide low-cost space resources to launch high-potential startup ideas into businesses.

“The Accelerator is Pratt Institute’s vision for creating a bridge to success – a place where design start-ups will flourish, local manufacturing jobs will be created, and young people can design their future,” said Pratt Institute President Thomas Schutte, in a statement.

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BY ROBERT SAMMONS

I love watching classic film—Turner Classic Movies is my favorite network. One of the great kicks is checking out the movies of “old” New York City (the ’40s through the ’80s, really).

Just view the beginning of West Side Story to see some amazing shots of what it all looked like from the air in 1961; marvel as the camera zooms in on upper Hell’s Kitchen and the lower Upper West Side before there was a Lincoln Center. Or fast forward to 1982 and check out Tootsie to see what West 42nd Street was like with scenes shot right between Ninth and Tenth Avenues in front of what was National Video and is now the Yotel hotel and the MiMa apartment complex. Both areas were on the rough side then, though hardly generic.

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BY JEFF MARGOLIS

The Letter of Intent, or LOI, has become ubiquitous in New York leasing, especially in larger transactions where the document itself will be of substantial complexity.

It’s used to initiate transactions and is designed to set forth in some cogent way the terms and conditions of the proposed deal. Usually drafted by the broker, it’s the foundation for lease negotiations and a map to be used by landlord’s counsel in document drafting.

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