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

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Thursday September 13, 2012
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WTC Won't Get Exclusive ZIP Code: USPS

BY JOTHAM SEDERSTROM

» When it opened in 1971, the World Trade Center complex of seven soaring towers shared a single exclusive ZIP code, 10048. But when it is completed next year, the 104-story 1 World Trade Center building will be relegated to 10007, a zip code that includes dozens of other less notable buildings in its fold.

But the World Trade Center isn’t New York City’s only building to have claimed a vanity ZIP code. Since the ZIP—or Zoning Improvement Plan—was instated by the United States Postal Code in 1963 in order to map out a more efficient delivery network, 43 Manhattan buildings—and their owners, of course—have earned codes exclusive to their address, either because of their great size or the number of people who occupy them.

After the jump, a comprehensive list of Manhattan’s 43 buildings with exclusive ZIP codes and some of the vital statistics that helped earn each building bragging rights, along with illustrations by Brian Taylor.


To read the full story, click here.

Check Out Pizzeria L'asso EV's Furniture Plan

BY JOTHAM SEDERSTROM

When Robert Benevenga, co-owner of popular Nolita pizzeria L’asso, sought to replicate his Associazone Vera Pizza Napoletana-approved pies at a second location earlier this year, he briefly considered a Los Angeles branch, on the theory that rent was less expensive on the West Coast.

But when nothing panned out in his two neighborhoods of choice, Silver Lake and Echo Park, Mr. Benevenga latched on to Bonjoo, a former Korean barbecue joint at 107 First Avenue in the East Village. After removing rows of gaslit barbecue stations and what he described as oversized Buddha-head decorations, the restaurateur and his partner moved forward on installing a pair of massive domed wood-burning ovens, which were created by Brian Klipfel of the Fire Works Masonry in New Jersey.

Last week, Mr. Benevenga, an engineer by day and part-time lighting expert, reviewed the furniture plans with The Commercial Observer and explained why, in January of this year, he chose to ink a deal at 107 First Avenue for the East Village location of L’asso, otherwise known as L’asso EV.

To read the full story, click here.

Coldwell Banker Commercial Alliance Hits NYC

BY CARL GAINES

The New York office of Coldwell Banker Commercial Alliance—a franchise of Coldwell Banker Commercial—is so new that the sign outside its Midtown offices still bears the name of its previous iteration, Coldwell Banker Commercial Hunter Realty.

For the moment, a simple printout taped over the old plaque lets visitors know they’ve found the right spot. Yes, it’s that new.

Waterfall Asset Management announced in July that it had acquired the location, which was founded as Hunter Realty by industry veterans Richard Selig and Peter Sabesan roughly 14 years ago. When you factor in that Messrs. Selig and Sabesan worked for the Helmsleys, and that Coldwell Banker Commercial is itself a franchise system owned by Realogy Corp.—owner of Sotheby’s International Real Estate, Century 21 Real Estate and the Corcoran Group, among others—you almost need a flow chart to untangle it all.

The new firm will focus on representing small users of commercial space in the city, which was what Messrs. Selig and Sabesan have long focused on anyway, after finding a niche there years ago. The pair make for unlikely candidates for the title Power Broker—not for any deficit, but because, well, this is New York City, where what makes headlines are the lease deals that are measured in the hundreds of thousands of square feet or more. And what pushes these deals through are often equally outsized egos.

To read the full story, click here.

Plaza Submarket Has Highest Vacancy in City

BY ROBERT SAMMONS

The Plaza Class A vacancy rate closed August at 13 percent–the highest vacancy rate of the 14 Manhattan submarkets. It climbed 120 basis points last month alone, thanks to a new 492,000-square-foot chunk of space now available on a direct basis at the Kushner Companies- and Vornado Realty Trust-owned 666 Fifth Avenue.

Much of that is from Citigroup (which is consolidating to other Manhattan locations). A portion—238,000 square feet—is also being marketed on a short-term sublease basis (through mid-2014 or so), although that was taken into consideration when arriving at the 13 percent figure above. As mentioned in the past, Midtown (and especially the Plaza submarket) has suffered more deeply in this so-called recovery because of its dependence on still-struggling financial services firms.

To read the full story, click here.

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