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

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Wednesday April 17, 2013
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Sandy-Hit Front Street Tenants Renew Leases

BY BILLY GRAY

Five retail tenants on Front Street that were struck hard by Hurricane Sandy have extended their leases and will remain at the Historic Front Street development, a joint venture of The Durst Organization and Zuberry Development Corporation, The Commercial Observer has learned.

Il Brigante signed again for 1,100 square feet at 214 Front Street, Jack's Coffee renewed for 536 square feet at 222 Front Street, Aphrodite Cleaners will stay in 600 square feet at 221 Front Street. Dermatologist Dr. Bobby Buka and Donna Gallo re-inked at 220 and 225 Front Street, respectively. All leases are on 10-year terms with the exception of Aphrodite Cleaners, which signed a seven-year lease.

"The majority of these tenants opened on Front Street in 2006," said Robert Becker, a senior leasing manager at Durst who oversees the Front Street project. "The issue was that the leases only had three years left. Our goal is to have the street look exactly the way it looked initially, so we offered extensions to every current lease."

To read the full story, click here

Sunshine Day Care Inks Second Harlem Lease

BY AL BARBARINO

Members of Douglas Elliman’s retail group have secured a new 1,750-square-foot location and 10-year lease for Sunshine Day Care at 1325 Fifth Avenue, between 111th and 112th Streets in Harlem, The Commercial Observer has learned.

It is an expansion of their program, which opened three years ago directly across the street at 1330 Fifth Avenue. In addition, a three-year extension of that lease has been arranged.

“The expansion of this well-respected day care provider speaks volumes about the demand for quality neighborhood services,” said Faith Hope Consolo, who represented the tenant and the landlord, Tahl Propp Equities, with Joseph Aquino and Arthur Maglio. “Having introduced them to Harlem a few years ago, we are thrilled to see the tremendous amount of success they are having at this location.”

To read the full story, click here

APF Properties Trades Retail for Bike Room as Historic Club Row Building Gets Up to Speed

BY GUS DELAPORTE

APF Properties’ has converted ground floor retail space to a bike room at 28 West 44th Street, also known as the Club Row Building, The Commercial Observer has learned.

“Looking at Mayor Bloomberg’s campaign to promote bicycle use in New York City, we thought we would be proactive and create a bicycle room in lobby,” David Rosenbloom, executive director at Cushman & Wakefield, the leasing agent. “Feedback from tenants has been positive.”

The converted space is part of a large scale capital improvement plan at the building, which was renamed the Club Row Building in recognition of the university clubs located along 44th Street. The plan also includes a complete lobby renovation and enhancement of the building’s elevator cabs and mechanics.

To read the full story, click here

Wednesday's Must-Attend Real Estate Events

BY MICHAEL EWING

Join the Real Estate Lenders Association to discuss the development of Downtown Manhattan over the recent decades. Featured panelists include Liz Berger of Downtown Alliance and Kyle Kimball, the chief executive officer of the New York City Economic Development Corporation.
RELA NYC Educational Seminar: Downtown Development Panel, The W Union Square, 201 Park Avenue South; 4pm-6pm, visit www.rela.org for more information.

CoreNet Global will host its three-day Spring Forward series, featuring Meeting of the Minds, Leader’s Edge and the Women’s Leadership Forum. Attendees are encouraged to mix and match events to customize their curriculum.
CoreNet Global’s Spring Forward 2013, Sentry Centers, 730 Third Avenue, 18th Floor; April 17-19, visit www.corenetglobal.org/Events/SpringForward2013 for more information.

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