Friday May 31, 2013
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| Nonprofit Inks 15,293-Square-Foot Transaction |
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BY BILLY GRAY
The nonprofit Corporation for Supportive Housing signed a 10-year, 15,293-square-foot lease at 61 Broadway in a relocation and consolidation from 50 Broadway, The Commercial Observer has learned.
David Carlos of Studley represented the tenant in the transaction. The landlord, Broad Street Development, was represented in-house by David Israni and Ramona Huegel. Asking rents are in the high $30s-per-square-foot.
“Basically, they had two floors and about 20,000 square feet at 50 Broadway, but the space was inefficient,” Mr. Carlos said. “On top of that, it was an older installation. With their lease expiration pending they decided to consolidate in another location.”
To read the full story, click here
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| Renovated Harlem Building Sells for $2.7 Million |
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BY AL BARBARINO
Marcus & Millichap has arranged the $2.7 million sale of a five-story, 9,410-square-foot mixed-use building at 245 west 135th street in Harlem, offering its new owner immediate cash flow and little hassle, The Commercial Observer has learned.
The turnkey mixed use building was floated around in the open market for several months before Marcus & Millichap was assigned the exclusive assignment, finding a buyer who was able to close the all-cash transaction within four days of signing the contract, brokers said.
“We crushed it,” said Marcus & Millichap’s Seth Glasser, who brokered the deal exclusively with Peter Von Der Ahe and Scott Edelstein. “The property offers immediate cash flow from day one – no questions asked.”
To read the full story, click here
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| Allianz Relocating to One Grand Central Place |
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BY GUS DELAPORTE
The U.S. Real Estate arm of German insurance company Allianz is relocating to One Grand Central Place from 1114 Avenue of the Americas after signing a 10-year lease for over 7,000 square feet on the 37th floor of the W&H Properties building. Asking rents were $59 per square foot.
“We chose the location based on the competitive rent, the build out that the landlord is undertaking, the excellent light and views and the proximity to Grand Central,” Greg Taubin, executive managing director at Studley, who represented the tenant, told The Commercial Observer.
Allianz Real Estate of America was motivated to relocate after outgrowing their current space and was interested in moving to a new office in the neighborhood that was closer to Grand Central Station, Mr. Taubin noted. The company negotiated on five separate spaces, including One Grand Central Place, ultimately narrowing down the choice to two properties.
To read the full story, click here
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