BY AL BARBARINO

Like the westward expansion that gripped the nation during the early to mid-1800′s, the expansion of Midtown Manhattan offers the city’s commercial real estate pioneers a modern crack at manifest destiny.

The trajectory of Midtown’s new building stock over the last seven decades tells a story of westward expansion that most recently struck Midtown West with the Hudson Yardsdevelopment project.

“Hudson Yards really is the last frontier,” said James Delmonte, principal and vice president of research at Avison Young. “Firms are looking for newer product and larger floor plates, largely because there really is no available land on the east side.”

A new report from Avison Young shows that the new building stock that erupted along Park Avenue beginning in the 1950’s steadily pushed westward – to Sixth Avenue, Seventh Avenue, then Eighth Avenue – as decades passed.

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BY BILLY GRAY

A 9.3-acre waterfront property at 94 Dune Road in East Quogue, New York is on the market for $13.5 million, The Commercial Observer has learned.

Michael Passaro of Trump International Realty is the listing agent. For 25 years the lot has been home to Dockers Waterside, a roughly 3,500-square-foot, 300-person capacity restaurant. Dockers will reopen for the season this weekend, but potential buyers can consider an array of redevelopment options for the parcel with striking views of Shinnecock Bay.

Dockers, a favorite of the actress Jessica Biel, is still popular, but Mr. Passaro pointed out that the owners are getting older.

"The property is currently zoned residential, but because the restaurant has been there so long it was sort of grandfathered in," Mr. Passaro said. "What makes it unique is that the buyer, depending on who he is, can continue to run it as Dockers or turn it into a residential property."

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BY GUS DELAPORTE

A group of veteran Philadelphia-based brokers has launched Rittenhouse Realty Advisors a commercial real estate brokerage, consulting and advisory firm, it was announced yesterday. Based in the City of Brotherly Love, the firm will also have a New York office at 200 West 57th Street and a presence in Washington, D.C.

The firm was founded by Ken Wellar (pictured) and Corey Lonberger, veterans of Marcus & Millichap, and Benjamin Oller, founder of The Condo Shop. The founders will be joined by Mark Duszak, formerly of CBRE, a 10-year veteran of the multifamily market. Collectively, the executive team at Rittenhouse Realty Advisors has over 30 years of combined experience in the multifamily market and has brokered over $4 billion in sales.

“We’ve been talking about doing this for years," "Mr. Wellar, co-managing partner, told The Commercial Observer. "It’s been a dream for the last 10 years.”

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BY MICHAEL EWING

UJA-Federation of New York Real Estate & Allied Trades Division is hosting its annual Real Estate Executives Gala at the Grand Hyatt New York. The event will honor the founding principal of North Hill Capital Management LLC, Alfonso Kimche. The fee is $275 per person.
UJA-Federation of New York’s Real Estate & Allied Trades Division Real Estate Executives Gala, Grand Hyatt Hotel, 109 East 42nd Street; 6:30pm, contact hackerj@ujafedny.org or (212) 836-1116 for more information.

CRE Finance Council is hosting a two-day summit on distressed debt. Topics include market trends, creative workout structures, balance sheet lender viewpoints and tranche warfare, among many more. Vice President Stacy Stathopoulos of CRE Finance Council will give the welcoming and opening remarks on Wednesday at 9:15 a.m.
CRE Finance Council Distressed Debt Summit, New York Athletic Club, 180 Central Park South; March 13-14, contact aong@cfrec.org or visit www.crefc.org for more information.

Join the NYU Schack Institute of Real Estate for a screening of Haiti Redux, a documentary about the rebuilding of schools, orphanages, housing and infrastructure developments in Haiti after the 2010 earthquake.
Screening of Haiti Redux: A Study of Post Catastrophe Reconstruction, NYU Kimmel Center, 60 Washington Square South; 6-8pm, visit www.haitiredux.com/Screenings.html for more information.