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

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Tuesday April 09, 2013
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Three New Fast Food Joints Hit Pearl Street

BY BILLY GRAY

A team from Winick Realty Group has built on the restaurant boom it brought to Maiden Lane and brought three new fast food restaurants right around the corner to Pearl Street.

Yushi Asian Kitchen, Roti Mediterranean Grill and the quick service vegetarian vendor Terri have landed in a 4,800-square-foot block at the back of 100 Maiden Lane vacated by HSBC.

Winick Executive Vice President Darrell Rubens and Director Lee Block divided and leased the space. Messrs Rubens and Block were responsible for bringing the food tenants Chipotle, Dunkin Donuts, Subway, Gristedes, Just Salad, Hot Clay Oven and Good Burger to Maiden Lane starting five years ago. To read the full story, click here.

Homeless Housing Facilty Sells in Brooklyn

BY AL BARBARINO

Besen & Associates has arranged the $22.9 million sale of a nine-story, 86,360-square-foot city-run transitional housing facility for homeless families at 2520 Tilden Avenue in East Flatbush, Brooklyn.

Known as Tilden Hall, the nine-story residential building one block east of Bedford Avenue features 117 apartments and rests in a neighborhood characterized by row houses, cottage homes and an array of mom and pop stores.

It is leased to Highland Park Development, which signs bi-yearly service agreements with the city and its Department of Homeless Services to provide transitional housing, counseling and rehabilitation programs for families in need, which made the transaction stickier than your average multifamily deal, but also more promising for the buyer, United Realty Trust.

To read the full story, click here.

Law Firm Renews at 425 Lexington Avenue

BY GUS DELAPORTE

Law firm Simpson Thacher & Bartlett LLP has renewed its lease for 595,000 square feet at 425 Lexington Avenue despite the property being marketed for sale.

The firm’s new lease is a 15-year extension from 2018, expiring in 2033. Asking rents were not disclosed.

Simpson Thacher & Bartlett occupies 26 of 425 Lexington’s 31 floors, or 80 percent of the building. The 750,000 –square-foot property’s other major tenant is Canadian bank CIBC, whose lease expires in 2018 and has yet to renew.

To read the full story, click here.

Tuesday's Must-Attend Real Estate Events

BY MICHAEL EWING

The Center for Real Estate Studies at New York Law School is presenting its fourth annual breakfast forum on the future of residential real estate in the city. The forum will include industry experts like Dottie Herman, CEO and president of Douglas Elliman, and Amy Rose, co-president of Rose Associates, among several other speakers.
The Future of Residential Real Estate in NYC, New York Law School, 185 West Broadway, 8am-9:30am; email Nancy Guida at nancy.guida@nyls.edu or call (212) 431-2325 for more information.

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