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

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Tuesday February 19, 2013
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Retail Brokers ‘Kicking and Screaming’ as Landlords Skip Middle Man, Brokers Allege

BY AL BARBARINO

Some commercial real estate brokers are “kicking and screaming” about the audacity of some city landlords who they claim are disregarding their “exclusives” with retailers by attempting to land tenants on their own.

The idea of “skipping the middle man,” once thought of as a tool for efficiency, is enraging some brokers, who tell The Commercial Observer that large retail owners including Joe Sitt, Jeff Sutton and Joe Moinian, are steering out of their way – but digging deep under their skin.

“Totally not kosher,” one perturbed president of a top city brokerage wrote in an email to The Commercial Observer. “It puts the retail brokers in a difficult spot and it is morally incorrect.”

To read the full story, click here.

Winick Realty Named Exclusive Chipotle Agent

BY BILLY GRAY

Winick Realty Group Executive Vice President Kenneth Hochhauser, Senior Vice President Daniel Spector and Senior Managing Director Diana D. Boutross have been tapped as the exclusive leasing agents for Chipotle Mexican Grill, The Commercial Observer has learned.

The Winick team will aid Chipotle as it continues to expand throughout the five boroughs, Long Island and northern New Jersey. The "fast-casual" chain opened in Colorado in 1993 and now counts over 1,400 locations in the United States, Canada, England and France. There are nearly 50 New York City stores today, 10 years after the company began its local efforts.

"Growth will continue in Manhattan as people continue to dine at Chipotle," Mr. Hochhauser said. "The boroughs are now underrepresented, but we have deals in Brooklyn, Queens and Staten Island that we're working on. And we're starting to penetrate the Bronx."

The brokers are pursuing standalone and mall sites ideally between 1,600 square feet and 2,400 square feet.

To read the full story, click here.

Office Availability Drops in January: Report

BY GUS DELAPORTE

The overall availability rate of office space in Manhattan dropped 20 basis points in January to 11.4 percent, according to Cassidy Turley’s most recent Manhattan Office Market Report, released Thursday.

The overall office market experienced 464,433 square feet of positive net absorption in January, the report noted, as average asking rent in Manhattan clocked in at $61.16 per square foot.

The drop in availability was driven largely by Midtown, which had six of its nine submarkets register positive absorption of 40,000 square feet or more. The downtown market was a contributor as well, with positive absorption of 260,351 square feet.

“The new year began with a flurry of activity,” said Peter Hennessy, president at Cassidy Turley, in a prepared statement. “A very welcomed decrease in availability was fueled by a long-awaited increase in Midtown activity. Midtown South approaches all-time high asking rents, and yet we still see room for growth in the coming months.”

To read the full story, click here.

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