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

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Wednesday May 29, 2013
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South Williamsburg Building Sells for $6.5 Million

BY AL BARBARINO

In a sign of the growing appeal of South Williamsburg among investors, as rents tick up towards those of prime Williamsburg, Besen & Associates has arranged the sale of a six-story walkup apartment building at 331 Keap Street for $6.5 million, The Commercial Observer has learned.

331 Keap StA private investor with between 70 and 80 residential buildings across Manhattan won a competitive bid for the 35-unit, 21,740-square-foot residential property (with one retail unit occupied by a dry cleaner), in a move that represented the firm’s first foray into the Brooklyn market, brokers handling the sale said.

“The demand for Williamsburg has intensified to the point where some buildings are achieving Manhattan level pricing,” said Lev Mavashev, a senior director at Besen & Associates who represented the seller. “We were taken aback by the interest level in this property.”

To read the full story, click here

Harris, Rothenberg International Inks Big Lease

BY BILLY GRAY

The human resources consulting group Harris, Rothenberg International Inc. signed a 21,594-square-foot lease at 100 William Street, The Commercial Observer has learned.

The company, a subsidiary of Humana Inc., is relocating to the entire 10th floor of the 21-story, 389,000-square-foot Lower Manhattan tower.

Mark Ravesloot, Scott Sloves, Jonathan Cope and Rob Wizenberg of CBRE represented the landlord, Mitsui Fudosan America, in the transaction. Fernando Murillo of DTZ represented the tenant. Mr. Ravesloot said the deal was finalized late last month.

To read the full story, click here

Mount Sinai Expansion Tops 20,000 Square Feet

BY GUS DELAPORTE

The Icahn School of Medicine at Mount Sinai has signed a 10-year, 3,616-square-foot expansion on the fifth floor of Muss Development’s 1556 Third Avenue, known as the Agora Building, The Commercial Observer has learned. Asking rents were not disclosed.

The medical tenant’s lease, which brings its total footprint to 8,424 square feet, is the largest of 20,000 square feet of new leases and renewals at the Upper East Side property.

“The Agora Building at 1556 Third Avenue is meticulously maintained, providing Upper East Side tenants a high-end leasing option in an area with few comparable alternatives,” said Jason Muss, principal at Muss Development, in a prepared statement. “We continue to see strong demand for space.”

To read the full story, click here

Wednesday's Must-Attend Real Estate Events

BY MICHAEL EWING

The two-day 14th Annual United States Real Estate Opportunity & Private Fund Investing Forum will take place on May 29 and May 30 at the Sheraton Hotel in Times Square. With more than 1,500 attendees and speakers last year, IMN is welcoming all investment consultants, accounting and tax professionals, developers, and private fund LP professionals.
IMN: 14th Annual United States Real Estate Opportunity & Private Fund Investing Forum, Sheraton New York Times Square Hotel, 811 7th Avenue at 53rd Street. Visit www.imn.org for more information.

Join CoreNet New York SPP Community for a panel discussing the intersection of planning and workplace strategies. Brady Mick, architect and workplace strategist of BHDP, will moderate the panel.
SPP Community: Portfolio Planning and Workplace Strategies–Where Finance and Culture Collide, Time Life Building, 1271 Avenue of the Americas, 5:30-8pm. Visit www.corenetglobal.org for more information.

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