New York

Modell’s Sporting Goods to Close All 153 Stores

by Alex Tostado March 12, 2020

NEW YORK CITY — Modell’s Sporting Goods has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of New Jersey. The fourth-generation, family-owned retailer will close all of its 153 stores throughout New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and Washington, D.C. The New York City-based sporting goods, athletic footwear, active apparel and fan gear retailer was founded in 1889. The company will begin liquidation sales Friday, March 13 and plans to continue operating its online platform. Modell’s lenders, which include Wells Fargo and JP Morgan Chase, will provide the company with the financial flexibility to operate the business in the near term, including paying employee wages and benefits. According to the New York Post, Modell’s employs 3,623 workers. With the rising competition and plethora of online options to shop for athletic gear, CEO Mitchell Modell cites an “extremely challenging environment for retailers” as a reason for the bankruptcy. “Over the past year, we evaluated several options to restructure our business to allow us to maintain our current operations,” says Modell. “While we achieved some success, in partnership with our landlords and vendors, it was not enough to …

March 12, 2020

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $5.4M Sale of Multifamily Building in Manhattan

by Alex Patton March 11, 2020

NEW YORK CITY — Rosewood Realty Group has arranged the $5.4 million sale of a 17-unit multifamily building in Manhattan. The 7,986-square-foot property is located at 336 E. 82nd St. and was completed in 1920. At the time of sale, 15 of the 17 units were vacant. Ryan Lai of Rosewood represented the buyer, Bettina Equities, in the transaction. Jack Zalta, also of Rosewood, represented the seller, Townhouse Management.

March 11, 2020

Loans New York Northeast Retail

NKF Arranges $20M Acquisition Loan for Retail Property on Staten Island

by Alex Patton March 10, 2020

NEW YORK CITY — Newmark Night Frank (NKF) has arranged a $20 million acquisition loan for the Shops at Richmond Avenue, a 76,000-square-foot retail property on Staten Island. Bridge Investment Group provided the floating-rate loan to the borrower, Infinity Real Estate. The property consists of two buildings that are leased to tenants including Dick’s Sporting Goods, Staples, Men’s Warehouse, Starbucks and Bank of America. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of NKF arranged the loan.

March 10, 2020

Leasing Activity New York Northeast Office

Health & Hospitals Corp. Signs 21,643 SF Office Lease in The Bronx

by Alex Patton March 10, 2020

NEW YORK CITY — Health & Hospitals Corp. (HHC) has signed a 21,643-square-foot office lease in the Tremont neighborhood of The Bronx. The space is located at 1910 Webster Ave. in the Tremont Renaissance residential and commercial building, which features 256 apartments and 40,000 square feet of commercial space, 15,000 of which is leased to a supermarket. The lease term is 15 years. The healthcare center will offer pediatric, primary, urgent and elder care services. Michael Dubin and Hector Rodriguez of Savitt Partners LLC represented HHC in the lease negotiations. Kathy Zamechansky of KZA Realty Group represented the property developer and owner, Mastermind Ltd.

March 10, 2020

Leasing Activity New York Northeast Office

Cushman & Wakefield Negotiates 5,800 SF Office Lease in Manhattan

by Alex Patton March 10, 2020

NEW YORK CITY — Cushman & Wakefield has negotiated a 5,800-square-foot office lease for investment management firm Rubric Capital in Manhattan. The company will occupy a suite on the 16th floor of 10 Grand Central, a 36-story building that was completed in the 1930s, for the next seven years. Rubric is moving from its previous space at 767 Third Avenue in June. The building owner, Marx Realty, implemented a $48 million repositioning project in 2018, which updated the entry, marquee, lobby, outdoor terrace and conference space. The building is 95 percent leased to tenants including Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions. Cynthia Wasserberger, Sam Eiler, David Kleiner and Carlee Palmer represented Marx Realty in the lease negotiations. Alan Wilde of Cushman & Wakefield represented Rubric Capital.

March 10, 2020

Loans Mixed-Use New York Northeast

JLL Secures $210M Acquisition Loan for Mixed-Use Building in Manhattan

by Alex Patton March 9, 2020

NEW YORK CITY — JLL has secured a $210 million acquisition loan for 530 Broadway, a 200,000-square-foot mixed-use building in the SoHo neighborhood of Manhattan that was originally built in 1898. LoanCore Capital LLC provided the loan to a joint venture between local real estate developer SHVO, Deutsche Finance America and BLG Capital Ltd. The joint venture purchased the 11-story property from a partnership of Wharton Property Advisors and Thor Equities. Michael Tepedino, David Sitt and Robert Tonnessen of JLL arranged the financing.

March 9, 2020

Acquisitions New York Northeast Retail

NKF Brokers $14M Sale of Leasehold Interest in Retail Building in Brooklyn

by Alex Patton March 9, 2020

NEW YORK CITY — Newmark Knight Frank has brokered the $14 million sale of a 99-year leasehold interest at 250 Utica Avenue, a 61,230-square-foot retail building in the Crown Heights neighborhood of Brooklyn. At the time of sale, the four-story building was 95 percent leased to tenants including Blink Fitness, CityMD, Dollar Tree and Brooklyn Kids Academy. There are 91 years remaining on the recently restructured leasehold. Barry Fishbach, Brian Segall and Gary Meese represented the seller, L+M Development Partners. The buyer was undisclosed.

March 9, 2020

Lee & Associates New York Northeast Retail

Two Retailers Sign Leases Totaling 5,000 SF at Galerie in Queens

by Alex Patton March 9, 2020

NEW YORK CITY — Two retailers have signed leases to occupy a total of 5,000 square feet at the ground floor of Galerie, a 182-unit luxury condominium building in the Long Island City neighborhood of Queens. Fitness facility F45 Training signed a lease for 2,300 square feet, and Pediatric Associates of NYC signed a lease for 2,643 square feet. A development partnership between Adam America Real Estate and Vake US owns the building, which is located at 22-18 Jackson Ave. Thomas Galo and Steve Baker of Winick Realty Group represented ownership in both lease negotiations. Michael Azarian of Cushman & Wakefield represented F45 Training. Elliot Zelinger of Savitt Partners represented Pediatric Associates of NYC.

March 9, 2020

Leasing Activity New York Northeast Office

Investment Advisory Firm Signs 7,300 SF Office Lease Extension in Manhattan

by Alex Patton March 6, 2020

NEW YORK CITY — Investment advisory firm Neville, Rodie & Shaw Inc. (NRS) has signed a 10-year office lease extension for its 7,300-square-foot space at 200 Madison Avenue in the Grand Central neighborhood of Manhattan. NRS will remain in its space on the 20th floor of the 26-story building, which it has occupied for more than 30 years, through 2031. NRS was represented internally in the lease negotiations. Andrew Conrad and Matt Coudert represented the building owner, a partnership of George Comfort & Sons, Loeb Partners Realty and Jamestown, also on an internal basis.

March 6, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $2.9M Sale of Multifamily Building in Brooklyn

by Alex Patton March 6, 2020

NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 397 East 49th Street, a 34-unit multifamily property in Brooklyn. The four-story building was completed in 1927 and offers studio, one-, two-, three- and four-bedroom floor plans. Shaun Riney, Daniel Greenblatt and Zalman Yarmush represented the buyer and seller in the transaction. Both parties requested anonymity.

March 6, 2020

Newer Posts

Older Posts