NEW YORK CITY — Marcus & Millichap has brokered the $22.5 million sale of a 19,437-square-foot mixed-use building at 150 Lawrence St. in Brooklyn. According to LoopNet Inc., the building was originally constructed in 1920 and features office and residential uses. Shaun Riney, Michael Salvatico and Robbie Ferman of Marcus & Millichap represented the seller, The Kao Family, in the transaction. The trio also procured the buyer, private investor and developer Solomon Schwimmer. Future plans for the parcel were not disclosed.
NEW YORK CITY — Manhattan Mini Storage is underway on a self-storage redevelopment project on the Upper West Side that will add 1,200 units to the local supply. The company, which is owned by Missouri-based developer and operator StorageMart, plans to redevelop the site of the former CMX Cinema into a six-story self-storage building that offers 65,000 net rentable square feet of space. The project, which is slated for a 2024 completion, will also function as an addition to Manhattan Mini Storage’s existing facility at 420 E. 62nd St.
NEW YORK CITY — Washington, D.C.-based law firm Venable LLP has signed a 157,808-square-foot office lease at 151 West 42nd Street in Midtown Manhattan. The lease term is 15 years, and the deal represents a consolidation from the firm’s previous two offices at 1270 and 1290 Avenue of the Americas. About 270 people will work in the new office, which spans the 48th through 52nd floors, as well as space on the concourse level. Newmark represented Venable in the lease negotiations. The Durst Organization owns the building.
NEW YORK CITY — Schott NYC, which sells leather jackets and motorcycle apparel, will open a 2,500-square-foot store at 32 Howard St. in Manhattan’s SoHo district. The company will relocate its flagship store from 236 Elizabeth St. and renovate the existing space at 32 Howard. The opening of the new store is scheduled for Sept 1. Greg Tannor and Jessica Gerstein of Lee & Associates represented Schott NYC in its site selection and lease negotiations. Rich Skulnik and Lindsay Zegans of Ripco Real Estate represented the landlord, a partnership between KPG Funds and Intercontinental Real Estate Corp.
NEW YORK CITY — Marcus & Millichap has brokered the $6 million sale of a five-story, five-unit apartment building located at 83 Warren St. in Manhattan’s Tribeca neighborhood. Matt Fotis and Colton Traynham of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction. Both parties requested anonymity.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $8.8 million sale of a 24-unit apartment building located at 109 Ludlow St. on Manhattan’s Lower East Side. The six-story building houses one-, two- and three-bedroom units, as well as two retail spaces. Michael Tortorici and Shimon Shkury of Ariel Property Advisors represented the buyer in the transaction. Michael DeCheser and Bryan Hurley of Cushman & Wakefield represented the seller. Both parties requested anonymity.
After massive bank runs earlier this month, the Federal Deposit Insurance Corp. (FDIC) took the reins at two regional banks, Silicon Valley Bank based in Northern California and New York City-based Signature Bank. First Citizens Bank has since agreed to acquire the assets of Silicon Valley Bank. According to the FDIC, 2023 already represents the largest year in bank failures in terms of total assets ($319.4 billion combined between the two banks) since 2008, when 25 banks failed (representing $373.6 billion in total assets). “In a very short timeframe, we’ve now seen two of the biggest bank failures on record, the biggest one of course being Washington Mutual back in September 2008,” said Matt Anderson, managing director of Trepp, a New York-based data analytics firm. “We are in a very fraught period right now. Nerves are very frayed at the moment seeing two large bank failures in quick succession.” The comments came during a Trepp-hosted webinar titled “Bank Turmoil and What it Means for CRE & Capital Markets” on Friday, March 24. The three-person webinar featured panelists Anderson and Dr. Stephen Buschbom, research director at Trepp. Lonnie Hendry, the firm’s senior vice president and head of commercial real estate and …
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $16 million sale of a 47-unit apartment building located at 153 Norfolk St. on Manhattan’s Lower East Side. The six-story, elevator-served building houses one- and two-bedroom units. Michael Tortorici and Shimon Shkury of Ariel Property Advisors represented the buyer in the transaction. Michael DeCheser and Bryan Hurley of Cushman & Wakefield represented the seller. Both parties requested anonymity.
NEW YORK CITY — Foot Locker will close more than 400 underperforming stores as part of its “Lace Up” plan, which was announced during a recent call with investors. According to Tony Aversa, senior vice president of global store development, the move is part of a strategy to manage portfolio risk by way of strategic closures. The New York City-based shoe retailer currently operates 2,700 stores, which will be reduced to approximately 2,400 by 2026, a number that also reflects the planned addition of stores in new formats. Despite the closures, Foot Locker intends to increase its aggregate brick-and-mortar footprint by roughly 10 percent to 14.5 million square feet by 2026. Foot Locker will also shift to a focus on off-mall stores, with the goal of having off-mall locations comprise more than 50 percent of its real estate portfolio by 2026.
NEW YORK CITY — Northmarq has arranged a $26 million loan for the refinancing of an 11-story, 90-unit apartment complex in East Harlem. Chuck Cotsalas and Robert Delitsky of Northmarq arranged the financing though Nationwide Life Insurance Co. on behalf of the undisclosed borrower. The loan carried a 20-year term, 25-year amortization schedule and a fixed interest rate of 5.4 percent.