Tuesday January 29, 2013
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| Jamestown Acquires Milk Studios Building |
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BY AL BARBARINO
Jamestown Properties has purchased the Milk Studios building at 450 West 15th Street from Stellar Management for more than $284 million, city records show.
The 325,000-square-foot, eight-story office building, home to photography studio Milk Studios and an eclectic mix of tech, fashion and creative tenants, borders the High Line.
It’s a symbolic and strategic move for Jamestown, which owns the Chelsea Marketacross the street and looks to expand its footprint in the heavily-traveled Meatpacking District.
Ironically, city records show that Stellar provided a $150 million loan to Jamestown, which suggests that the move was perhaps more than a kind gesture, but also a play to complete the deal before the end of 2012, as imminent capital gains taxes loomed (the city record was filed on Friday, but shows the deed was finalized December 21).
To read the full story, click here.
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| Hamptons-Based Jeweler Comes to Tribeca |
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BY BILLY GRAY
Gloria Jewel, the Hamptons-based apparel and accessories line, signed a 10-year lease for 600 square feet of retail space at 180 West Broadway in Tribeca. It is the company's first Manhattan retail outlet. Gloria Jewel has stores in Westhampton Beach, Bridgehampton and Amagansett.
Trend Setter Real Estate's Cheryl Cohen represented the tenant. SRS Real Estate Partners' Mark Kapnick represented the landlord, Queenwood 34 LLC. Asking rents were $9,000 per square foot.
The new Gloria Jewel will open on the ground floor of 34 Leonard Street, a 16-unit residential condo building that Queenwood bought for $40.8 million in 2010, when it was in foreclosure following a co-op conversion. It neighbors are Starbucks and Dry Bar.
To read the full story, click here.
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| The Sony Building: More Shops, Food to Come? |
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BY KARSTEN STRAUSS
Changes are in store for the Sony Building, as the Japanese multinational has agreed to a deal trading its iconic New York headquarters at 550 Madison Avenue to the Chetrit Group. But what will become of the building’s retail offerings?
New York retail oracle, Robert K. Futterman, said he sees an enhancement on the way in terms of shopping interest, pushing that section of Midtown to seven-day-a-week shopping corridor status. “It’s already a six-day-a-week,” he told The Commercial Observer. “Saturdays are busy.”
Other retailers along Madison Avenue’s Midtown shopping strip could choose to make the leap to the building’s space to escape high rents on the avenue, Mr. Futterman said.
Douglas Elliman Retail Group Chairman, Faith Hope Consolo, whose own office at 575 Madison faces the Sony Building, agrees that the area has become an attraction for shoppers. “Now it it’s very developed and caters to tourists on the weekends and the workforce during the week.”
Retail rents in the neighborhood are about $500 per square foot and very likely to rise dramatically over the next couple of years, she said. “The traffic’s been so enhanced and these two streets – 55th and 56th – are like cross town streets,” she said.
To read the full story, click here.
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| Tuesday's Must-Attend Real Estate Events |
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BY MICHAEL EWING
Did you just join REBNY? Be sure to complete the not-for-credit Residential Ethics Course for New Members within 90 days of joining the organization. The course isn’t offered again until the middle of March, so plan accordingly! Residential Ethics Course for New Members, REBNY Mendik Education Center, 570 Lexington Avenue; 9 a.m. to 10:30 a.m., visit rebny.com for more info.
Join New York Commercial Real Estate Women for its annual tradition of analyzing and discussing the future of the commercial real estate market. Dennis Yeskey, founder and managing partner of Yeskey Real Estate, and Jonathan Woloshin, co-head of sector research of UBS, will lead the discussion. New York Commercial Real Estate Women Global Trends in Real Estate 2013 conference, UBS Financial Services, 1285 Avenue of the Americas; 6 p.m. to 8 p.m.
NWE Consulting Corp. is hosting its first network function of the new year. Chat up realtors, developers, accountants, builders, specialists, contractors, and more professionals in the real estate industry. NWE Consulting Corp’s Real Estate Network Mixer, Social Bar & Grill, 795 Eighth Avenue; 6 p.m. to 8 p.m., contact Evantz-Saint Gerard at (917) 975-5985 or evantz@yahoo.com for more info.
Illustration: David Marioni, from The Noun Project
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