NEW YORK CITY — Locally based investment firm Rudin Management Co. will renovate 80 Pine Street, a 1.2 million-square-foot office building located in Manhattan’s Financial District. The project will upgrade the lobby and mechanical systems and implement various measures to promote health and wellness, including heightened air filtration and circulation and touchless entry systems. JLL will handle leasing of the redeveloped property.
NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the sale of a 151,357-square-foot office property located at 6201 15th Ave. in Brooklyn. The sales price was $29.5 million, or $195 per square foot. Ofer Cohen, Dan Marks, Daniel Lebor and Adam Tannenbaum of TerraCRG represented the seller, American Stock Transfer & Trust Co., in the transaction. The deal included an 8,400-square-foot parking lot located across the street. The buyer was not disclosed.
NEW YORK CITY — CBRE has committed to an additional 44,612 square feet of office space at 200 Park Avenue in Manhattan. The expansion gives the real estate firm a total footprint of more than 215,000 square feet at the 58-story, Class A property, which is known as the MetLife Building. In addition, CBRE will be leaving its 140 Broadway location to occupy space at the new Hana coworking space at 3 World Trade Center, which will open later this year. Craig Reicher of CBRE handled the lease negotiations with Gus Field and Megan Sheehan of Tishman Speyer, the owner of the building.
NEW YORK CITY — Sour Patch Kids has opened a 3,300-square-foot flagship store for children at the corner of Bond Street and Broadway near the SoHo shopping district in New York City. IT’SUGAR, a retailer specializing in candy and similar confections and subsidiary of BBX Sweet Holdings LLC, will operate the store. In addition to offering a range of merchandise, the store will also feature entertainment activities for children, including the making of candy mix, posing for photos with Sour Patch Kids characters and enjoying reimagined sweets such as smoothies, cookies and ice cream.
NEW YORK CITY — Extell Development has unveiled its first commercial project in East Harlem, a 441,600-square-foot office building that is branded as Harlem Headquarters. The nine-story, Class A building is located at 180 E. 125th St., adjacent to several public transit stops. Gensler designed the property. Cushman & Wakefield is handling leasing, which will officially begin this fall.
NEW YORK CITY — Mother, a creative advertising agency with offices in London, Shanghai and South America, has signed a 61,000-square-foot office lease in the Gowanus area of Brooklyn for its new headquarters in New York City. The company signed a 15-year lease to occupy space at Roulston House, a redeveloped office building that originally served as a warehouse for Roulston, a grocery chain founded in the 1880s. Michael Schoen, Marc Schoen and Harrison Katzman of The Schoen Group, a division of New York City-based Savitt Partners, represented Mother in the lease negotiations. Joseph Hamway and Josh Sloan represented the landlord, ICP Realty, on an internal basis.
NEW YORK CITY — Ariel Property Advisors has arranged the $5.8 million sale of a 24-unit multifamily portfolio located at 1130-1134 and 1142 Bryant Ave. in the Foxhurst neighborhood of The Bronx. The three buildings that comprise the assemblage were recently renovated. The seller was local operator Jerome Avenue Associates and the buyer was a private investor that has been active in the market for the past two years. Jason Gold, Shimon Shkury, Daniel Mahfar and Oliver Elihu of Ariel Property Advisors brokered the deal.
ROCHESTER, N.Y. — Marcus & Millichap has arranged the sale of Central Storage, a 348-unit self-storage facility located in the Upstate New York city of Rochester. The property is situated on 1.5 acres and offers 51,209 net rentable square feet of non-climate-controlled space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.
CEDARHURST, N.Y. — Avison Young has arranged the sale of a 4,523-square-foot retail property located at 424 Rockaway Turnpike in the Long Island town of Cedarhurst. Todd Korren and Amanda Gorozdi of Avison Young represented the seller, Lighting Your Way LLC, in the transaction. The buyer was an undisclosed user that will also occupy the space.
NEW YORK CITY — The average asking rent for retail spaces throughout Manhattan fell to $688 per square foot during the second quarter, the first time that figure has fallen below $700 per square foot since 2011, according to a new report from CBRE. The average asking rent represents a decline of 11.3 percent from that period in 2019 and a 3.6 percent decrease from the first quarter of this year. New York City is a month into Phase III of the state’s reopening plan, which allows outdoor dining, office and retail and personal care services to operate with social distancing and other sanitation guidelines in place. The state legislature also recently passed a bill to provide $100 million in rent relief and aid to commercial users impacted by the pandemic. The report noted that despite these initiatives, travel restrictions and lack of tourism caused quarterly retail sales to fall 15 percent to $33.4 billion, maintaining pressure on some retail users to make rent even as average rates are falling.
