From the monthly archives: "June 2013"

Citybizlist

EVO Real Estate Group Arranges Four Retail Deals Totaling Over 10,000 Square Feet

Richard Smith is a broker at Winick Realty GroupEVO Real Estate Group has brokered four retail lease deals in Midtown Manhattan and the East Village, including one that provides an 8,500-square-foot second-floor location for a Sleepy’s mattress store at 45 West 34th Street – according to Dana Moskowitz, president of the firm. The transactions total more than 10,000 square feet.

Sleepy’s, a privately owned mattress retailer founded in Brooklyn in 1931, will open later this year at its new Midtown location for a 15-year lease term.  This will mark the chain’s ninth location in Manhattan.  Ms. Moskowitz represented landlord 34th Street Commercial Properties in the deal, along with EVO’s Richard Price.  Sleepy’s was represented by Richard Smith of Winick Realty.

For more, download the full article in PDF

citybiz-062713-EVO Real Estate Group Arranges Four Retail Deals Totaling Over 10,000 Square Feet

real deal logo

Brooklyn’s first Sephora to set up shop in Municipal Building

210 Joralemon StreetSephora has inked a 7,000-square-foot lease at the Municipal Building at 210 Joralemon Street in Downtown Brooklyn, marking the cosmetics retailer’s first entrée into the borough, the New York Post reported.

The company will carve out the space, along with 1,300 square feet of storage, on the ground floor of the 553,333-square-foot building.

Ginny Pittarelli of Crown Retail Services represented Sephora, while Peter Ripka and Jason Pennington of Ripco reality represented United American Land, the landlord.

Sephora will share the building’s retail space with YogaWorks, which has a lease for 5,000 square feet on the lower level through Lori Shabtai of Winick Realty Group, and talks are underway with additional tenants catering to women’s fashion.

“It looks like we are turning this into a power center for women’s fashion tenants,” Albert Laboz of UAL told the Post.

The space is being redeveloped by UAL following an RFP process. The building is now in a Skyscraper Historical district.

For more, download the full article in PDF

THE REAL DEAL_062613_Brooklyn’s first Sephora to set up shop in Municipal Building

Real Estate Bisnow

Inside 3 Columbus Circle

bisnow 3cc 1How big was Moinian Group and SL Green’s makeover of the 26-story Art Deco 1775 Broadway? So big the building changed streets. It’s now 3 Columbus Circle, a like-new, glass-clad office destination worthy to be Moinian’s own HQ, as well as ad firm Young & Rubicam’s home base, and CVS’s New York flagship. Bisnow got a look inside.

We snapped Mitch Moinian in front of the second-floor bay window overlooking Columbus Circle and Central Park. Renovation of the 790k SF building began in ’07. Final details (like exterior lights and explaining to the Post Office how an entire building up and moved to a different address) are wrapping up now.

Gensler designed the building and Moinian’s NYC office on the 23rd floor. Mitch tells us to try the Francois Payard Bakery on the ground floor. The SoHo chef opened his first casual concept here a year ago.

CVS is building out its 21k SF (15-year lease) on the ground and second floors and expects to open its largest NYC store this year (the nasal decongestant harvest will be bountiful). And at ICSC last month, Moinian, SL Green, and Winick Realty started marketing Daffy’s old 46k SF (5,000 SF on the ground floor, 22k SF on the second floor, and 19k in the basement) with a 57th Street entrance. The stairs in our picture above also could become an escalator, and while the space could go office, Mitch says restaurants and other retailers have already checked it out.

For more, download the full article in PDF

real estate bisnow 06-26-13

 

 

New York Daily News

Municipal Building retail space finally lands its first shop, Sephora 

sephora brooklynBreak out the lipstick and eyeliner.

Makeup giant Sephora is moving into the Municipal Building in downtown Brooklyn, grabbing a 7,000-square-foot ground floor corner spot at the base of 210 Joralemon St.

The first Sephora branch in Brooklyn will join YogaWorks, which is negotiating a lease.

“We are ecstatic to have Sephora take their first step into Brooklyn at this exceptional location,” said Albert Laboz of United American Land, which in 2011 won the right to transform the city-owned building’s lower floors from a Department of Finance back office into a 49,000-square-foot retail space.

Brooklyn Borough President Marty Markowitz has long sought the borough’s first Apple store in that spot.

The Brooklyn Municipal Building was built in 1925 and is adjacent to the iconic Borough Hall.

For more, download the full article in PDF

Daily News_062613_Municipal Building retail space finally lands its first shop, Sephora

 

New York Observer

Double Charged! Enclosed Glass Sidewalk Cafes

joshua-siegelman-002It’s officially summertime again! And for those restaurants operating with outdoor seating, here comes the extra business! While a full outdoor sidewalk café is one thing, glass-enclosed cafes with sliding doors have become particularly tricky when dealing with issues like whose property it actually is and to whom the rent is paid.

There is no set rule book, so this always becomes a gray area during the lease negotiation process, in terms of what the landlord quotes as rentable space and what exactly the tenant is responsible for with regard to obtaining and paying for city permits. The landlord’s perspective is simple: if it’s enclosed as part of the property, then it is rentable space and is still quoted in the ground-floor gross square footage. However, this leaves the tenant with a hefty bill that can be hard to swallow. Paying for the enclosed space in base rent, on top of the additional permit fees to the city, leaves many tenants feeling double charged.

It’s easy to understand the perspectives of both parties on this issue, but why should the tenant always end up with the burden of the bill? Unfortunately, that’s the game of Manhattan real estate. Landlords would rather sit on the space, waiting for someone willing to take on the additional expense, than take a hit on the rent for the quoted space or even remove the structure completely. These structures were initially paid for at someone else’s expense and are typically grandfathered in. To my knowledge, it is very difficult to pass a new-construction enclosed cafe permit through the city in today’s world.

Is it worth it for tenants to lease these enclosed outdoor spaces?

For more, download the full article in PDF

NY Observer-062613-Double Charged! Enclosed Glass Sidewalk Cafes

New_York_Post_logo

Sephora’s Brooklyn foundation store

lor-shabtai-profile-001Sephora will finally get to make over Brooklyn.

The cosmetics chain will be the anchor for what is becoming a women’s power center at the base of the borough’s Municipal Building.

Some 48,000 square feet of retail on three levels will host Sephora in a 7,000-square-foot ground-floor corner spot, along with another 1,300 square feet of storage.

We first told you this deal was in progress in March 2012.

The retail space, known as 210 Joralemon St., is being redeveloped by United American Land after a city RFP process. The building is now in a Skyscraper Historic District.

Ginny Pittarelli of Crown Retail Service represented the cosmetics emporium in this first Brooklyn location. Peter Ripka and Jason Pennington of Ripco Real Estate represented the Laboz family’s UAL, which had an asking rent of $140 per foot.

“It looks like we are turning this into a power center for women’s fashion tenants,” said Albert Laboz of UAL.

YogaWorks has a lease for 5,000 square feet on the lower level through Lori Shabtai of Winick Realty Group, while discussions are also underway with other women’s fashion tenants.

For more, download the full article in PDF

NY Post_062613_Sephora’s Brooklyn foundation store