BY BILLY GRAY

Vitech Corporation renewed and extended by 10-years its 42,200-square-foot lease at Meringoff Properties' 401 Park Avenue South, The Commercial Observer has learned.

Dennis Someck of Lee & Associates represented the tenant, a systems engineering and software solutions provider. Mark S. Stein and Jason Vacker represented Meringoff. Asking rents at the 12-story building range from $53 to $60 per square foot.

Vitech has been a tenant since 1998, and will remain on the fourth and 12th floors. The company had been a subtenant on one floor, but now has direct leases on both.

Meringoff just launched a leasing campaign at the 252,000-square-foot property on Park Avenue South at 28th Street. "We knew we'd have a lot of empty space all at once," said Chairman Stephen Meringoff. "But we're lucky given the market for this type of trendy, cool space in Midtown South."

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BY AL BARBARINO

Yeshiva University has sold off the final lot of a building portfolio that it received as a gift then aggressively marketed, pulling in $2 million more than the original asking price and demonstrating the heavy demand for retail in the Lower East Side.

The Commercial Observer has learned that Ben Ashkenazy of Ashkenazy Investments paid $6 million for the corner retail building at 156-164 Delancey Street, on the northwest corner of Delancey Street and Clinton Street, which was originally on the market by for $3.95 million.

The building currently consists of six commercial units, five of which are occupied with leases that expire between 2016 and 2021, and it was marketed based on its redevelopment potential.

“Retail properties like this are in extraordinarily high demand today,” said Massey Knakal Chairman Bob Knakal, who exclusively handled the transaction with Michael DeCheser.

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BY BILLY GRAY

AAichiban Sushi has signed a 2,200-square-foot lease at 213 West 28th Street. The Japanese restaurant will relocate from 232 Seventh Avenue.

Marilynne Wu of Oxford Realty Group represented the tenant. Scott Galin and Darrel Handler of Handler Real Estate Organization represented the landlord, 213 West 28th Associates, LLC. Robert Frischman of JDF Realty also represented the landlord.

“AAichiban was already well-known in Chelsea and wanted to continue to serve their loyal clientele,” Mr. Galin said in a prepared statement. “The restaurant’s move to the new location allows it to remain prominent in the area as well as adopt a fresh look.”

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BY MICHAEL EWING

The chairman of Douglas Elliman’s retail group, Faith Hope Consolo, will host the NYCREW network’s Women in Real Estate: The Real Scoop. Speakers will include Sule Aygoren Carranza of Real Estate Forum, Amanda Metcalf of Bisnow.com and Linda O’Flanagan of Real Estate Weekly.
Women in Real Estate: The Real Scoop, Ted Moudis Associates, 79 Madison Avenue, 10th floor; 6:30-8:30pm, contact joshual@crewnetwork.org for more information and registration.

Head to Seattle and join the Urban Land Institute’s Terwilliger Center for a conference on housing opportunities in the upcoming year. The conference, spanning three days, will discuss the challenges and opportunities for housing choices in cities and suburbs in the new economy.
Housing Opportunity 2013: Terwillger Center for Housing Annual Conference, Grand Hyatt Seattle, 721 Pine Street, Seattle; March 20-22, visit www.uli.org for more information.