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.
BLAUVELT, N.Y. — CBRE has negotiated a 200,775-square-foot industrial lease at Hudson Crossing Industrial Park, a 1.2 million-square-foot development in Blauvelt, about 30 miles north of Manhattan. The tenant, an undisclosed e-commerce user, will occupy 123,999 square feet at 400 Oritani Drive and 76,776 square feet at the neighboring building at 200 Oritani Drive. Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazrides, Lauren Hageman, Gerard Monahan and Brian Fiumara of CBRE represented the landlord, Onyx Equities, in the lease negotiations.
NEW YORK CITY — Alpha Realty has arranged the sale of a 48-unit apartment building located at 1675 Ocean Ave. in the Midwood area of Brooklyn. The property also houses two office spaces for a total of approximately 54,000 square feet of commercial space. Lev Marshev and Yehuda Leser of Alpha Realty brokered the off-market transaction between a local family that sold the asset to a private investor for $8.5 million.
NEW YORK CITY — Facebook (Nasdaq: FB) has signed a lease to fully occupy the office portion of The Farley Building, a mixed-use project under construction in Manhattan. The landlord, Vornado Realty Trust (NYSE: VNO), is redeveloping the historic property, which was formerly the James A. Farley Post Office Building. The social media giant will occupy 730,000 square feet in the building. A timeline for the move-in and the number of employees moving into Farley was not disclosed. “The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams,” says Robert Cookson, Facebook’s vice president of real estate and facilities. The Farley Building spans a double-wide city block between 31st and 33rd streets and 8th and 9th avenues. The property is part of Vornado’s Penn District development. Vornado owns more than 10 million square feet in Penn District, which is undergoing a $2 billion redevelopment, not including infrastructure and transit improvements by City of New York totaling $3 billion. Penn District includes the Farley Building, Penn 1 and Penn 2, all of which are under construction. Penn 1 and 2 are redevelopments of One Penn Plaza and Two Penn Plaza, …
ASTORIA, N.Y. — JLL has arranged $55 million in joint venture equity for a multifamily project in the Astoria neighborhood of Queens. The project will be constructed on a 2.5-acre site at 30-77 Vernon Blvd and will consist of 534 units across three buildings. Stephen Palmese, Rob Hinckley, Jeffrey Julien, Nicco Lupo and Steven Rutman of JLL worked on behalf of the developer, Cape Advisors, to secure the undisclosed equity partner.
