From the monthly archives: "August 2011"

Globe Street

TJ Maxx to Occupy 32,000 SF at 14 Wall St.

TJ Maxx is opening a store in the middle of the Financial District. The retailer has leased 32,000 square feet at 14 Wall St. from Capstone Equities.

TJ Maxx will occupy the lower-level space in the Wall Street building situated on the Broad Street side. Ripco Real Estate’s Peter Ripka and his previous partner, Scott Auster, represented the tenant, while Winick Realty’s Darrell Rubens represented the landlord in the lease transaction.

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Real Estate Weekly

D. Reade Renewal

Colliers International have arranged a 15-year, 10,000 s/f retail lease at 873 Broadway, with pharmacy giant Duane Reade renewing its lease in the building. The renewal includes 5,000 s/f each on the ground floor and below street level.

Marty Meyer, vice chairman with Colliers International, represented the landlord, 873 Broadway LLC. Steve Baker and Jeff Winick, of Winick Realty, represented the tenant.

“Duane Reade is a valued pharmacy in the neighborhood,” said Meyer, noting that the druggist enjoys a highly-visible presence along Broadway with retailes such as Paragon and ABC Carpet & Home. “They have been a quality tenant. We look forward to continuing the relationship.”

For more, download the full article in PDF

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TJ Maxx Plants Its Flag on Wall Street

Looks like TJ Maxx is finally getting its fifth Manhattan store off the ground. We heard almost exactly a year ago that the discounter had its eye on 14 Wall Street, where it could occupy up to 30,000 square feet of space and take advantage of the crowds flocking to neighbor Century 21. Now, a tipster sends in the flag shot above, adding “Funny, I was walking away from the sign, and this woman on a cellphone looks up and sees it. She gasps, ‘OH MY GOD” to her friend on the other end. ‘TJ Maxx is coming!'”

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Real Estate Weekly

Drug Store Reconfigures ESB Space

empire state buildingWalgreens, the nation’s largest drugstore chain, has renewed its lease on the ground floor of the Empire State Building and exchanged 10,000 square feet on the concourse level of the property for 10,000 square feet on the second floor.

Walgreens’ new Manhattan flagship location’s second floor will have an entrance to allow Observatory visitors to enter as they finish their visit.

The new space, scheduled for completion in the first quarter of 2012, will allow Observatory visitors the opportunity to access the all-glass second-floor area directly from the Observatory exit line. Consequently, Walgreens will be able to serve the millions of people who visit the Observatories each year, allowing them to satisfy their needs before they head back out into the city for the rest of their day, while continuing to provide a valuable amenity for tenants and the general public.

Meanwhile, the concourse space that Walgreens is vacating will itself become a new tenant-only fitness center.

The chain signed a 15-year lease renewal for its total square footage of 18,818 s/f.

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We Will Not Sell 1 WTC

The red TJ Maxx flag went up yesterday on the Broad Street side of 14 Wall St., where it will open this fall in 32,000 square feet of lower- level space. Peter Ripka of Ripco and his former colleague, Scott Auster, represented TJ Maxx in the deal we wrote about a year ago but that was never acknowledged. Darrell Rubens of Winick Realty represented the building owners, Capstone Equities.

“This is the first large national retailer opening in the heart of the Financial District,” said Rubens.

For more, download the full article in PDF

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Knicks Legend Frazier Swishes and Dishes New Manhattan Restaurant

505 west 37th streetThe establishment will likely be named “Clydes” and will be located in a 10,530-square-foot retail space on the ground floor of TF Cornerstone’s residential rental complex 505 West 37th Street at 10th Avenue. Frazier, who currently provides color-commentary on Knicks telecasts, was nicknamed “Clyde” for a fashion sense that resembles the title character in the 1967 film “Bonnie and Clyde.”

The restaurant will be a partnership with Ark Restaurants, where a lease was signed in the space with a target opening date of De. 1. Ark is also behind New York City eateries Bryant Park Grill, the Grill Room in the Financial District and El Rio Grande in Midtown East, among others. The asking rent was $40 a foot. Fred Klein and Herb Weisberg of KGW Associates represented Ark, while Winick Realty Group’s Steven Baker and Josh Singer represented TF Cornerstone.

“The sports bar, restaurant and lounge will be upscale, and serve classic American fare,” Frazier’s son, Walt Frazier III, a broker with Keller Williams NYC, said. The walls will be lined with Frazier-focused sports memorabilia and TVs glowing with sporting events. Frazier III said his father had been seeking a space for some time, and settled on the base of the two-tower 835-unit rental complex in Hell’s Kitchen because of the combination of a huge population of young adults living in the apartments above and in the 394-unit TF Cornerstone rental building across the street at 455 West 37th Street, and a lack of similar establishments in the area. The kitchen is being designed by the uber-hot Gary Jacobs of Doland/Jacobs Beer.

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