Press

SL Development picks up Williamsburg warehouse for $23M
SL Development picks up Williamsburg warehouse for $23M
SL Development bought the former umbrella factory at 722 Metropolitan Avenue in Williamsburg for $23 million, where it plans to convert the building into 69 condominiums. The Midtown South-based firm headed by principals Ray Steffen and Page Leidy bought the building from longtime owner Barnett Brickner. The site comes with about 70,000 square feet of development…
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Nightingale picks up Chinatown retail condo for $24M
Nightingale picks up Chinatown retail condo for $24M
Nightingale Properties acquired a retail condominium in Chinatown for $23.6 million, sources told The Real Deal. The 7,000-square-foot condo occupies the ground floor and lower levels of a six-story, 48,200-square-foot building at 208 Canal Street. A branch of East West Bank is the sole tenant in the space, and the seller is Dean Fong and…
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Manhattan Office Asset Lands $200M Recap
Manhattan Office Asset Lands $200M Recap
Silverstein Properties has acquired a majority interest of 619 West 54th St.. The company partnered with Taconic, which purchased the Hell’s Kitchen asset five years ago. Taconic Investment Partners and Silverstein Properties recently announced the closing of a $200 million recapitalization of 619 West 54th St., a 330,000-square-foot Art Deco commercial building located in Manhattan’s…
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Owner of 16-Unit Hell’s Kitchen Rental for Four Decades Sells For $12M
Owner of 16-Unit Hell’s Kitchen Rental for Four Decades Sells For $12M
Hubb NYC Properties, a Midtown-based real estate investment firm, has purchased a 16-unit rental apartment building at 714 Ninth Avenue for $12.1 million from Waltjoyvan LLC, which has owned it since Gerald Ford was president, Commercial Observer has learned. Waltjoyvan LLC is company owned by private investors Walter and JoyceSteckman, to CoStar Group. Waltjoyvan has…
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Dollar Store Moves Across Street on Fordham Road in the Bronx
Dollar Store Moves Across Street on Fordham Road in the Bronx
Dollar store chain 99 Cent Deals has inked a lease for 10,000 square feet at 66 West Fordham Road between University and Grand Avenues in the University Heights section of the Bronx. The store signed a 10-year deal with owner Grand Ford Associates for the basement and first floor of the single-story, 1920s retail building,…
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Recent Commercial Real Estate Transactions
Recent Commercial Real Estate Transactions
RECENT LEASE $96/SQ. FT. $240,000 approximate annual rent 112 East 23rd Street (between Park Avenue South and Lexington Avenue) Manhattan Blue Dog Cafe has signed a two-year lease, with an option for an eight-year extension, for a 2,500-square-foot ground floor space in this five-story commercial building, built around 1900 in Gramercy Park. The space, to…
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Albert Manopla named 2016 CoStar Power Broker
Albert Manopla named 2016 CoStar Power Broker
Albert Manopla has been named a 2016 CoStar Power Broker TM by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. This annual industry award recognizes distinguished professionals in commercial real estate brokerage by highlighting the achievements of the firms and individual brokers who closed the highest…
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Chelsea Vacant Mixed-Use Building Trades Hands for $8.3M
Chelsea Vacant Mixed-Use Building Trades Hands for $8.3M
Investor Gary Vinbaytel has closed on the $8.3 million purchase of a mixed-use building in Chelsea from The Jemstone Group, Commercial Observer has learned. The sale of the 5,148-square-foot property at 192 Eighth Avenue between West 19th and West 20th Streets closed on Dec. 19, according to the seller’s broker Marcus & Millichap. The property…
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NYC’s great retail divide
NYC’s great retail divide
It’s a tough time to be a retail broker in Manhattan — especially for those at smaller shops. As the borough’s leasing market continues to slow after its red-hot streak in 2015, fewer deals are being signed. And many of the big leases that make headlines are taking longer to close and are often clocking…
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‘Top Chef’ Vet Lee Anne Wong Inks Second Poké Spot in Midtown
‘Top Chef’ Vet Lee Anne Wong Inks Second Poké Spot in Midtown
The poké trend is upon New York City, and we’re not just talking about Pokémon Go, but the restaurants serving raw fish and vegetable over rice, which have been popping up all over the place. One of those is Sweetcatch Poké Bar—a Hawaiian-style eatery curated by chefsDeuki Hong and Lee Anne Wong (a former Top…
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Gym Home to ‘Fittest Woman on Earth’ Opening Second NYC Location
Gym Home to ‘Fittest Woman on Earth’ Opening Second NYC Location
A crossfit gym whose director of programing is the “fittest woman on Earth” has inked a deal to open its second location, Commercial Observer has learned. ICE NYC has signed a 7,000-square-foot deal at 330 East 59th Street between First and Second Avenues, according to brokers in the deal. The fitness center will occupy 3,500…
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NYC-Based Cuban Restaurant Sophie’s Opening New Midtown Location
NYC-Based Cuban Restaurant Sophie’s Opening New Midtown Location
Sophie’s Cuban Cuisine is coming to Avenue of the Americas. Jordan Raphan of Kassin Sabbagh Realtyrepresented the New York City-based eatery, while colleague Albert Manopla represented landlord Helm Management. Raphan said in an email that “lunch is king” on this stretch of Avenue of the Americas, citing the Chick-fil-A at 1000 Avenue of the Americas at…
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Vivi Bubble Tea Opening in Brooklyn Heights This Summer
Vivi Bubble Tea Opening in Brooklyn Heights This Summer
A Taiwanese-style bubble tea store has signed a deal for a new location at 111-115 Court Street in Brooklyn Heights, brokers in the deal told Commercial Observer. Last week, Vivi Bubble Tea inked a 1,000 square foot lease at the building between State and Schermerhorn Streets, according to brokers with Kassin Sabbagh Realty, which represented…
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Blue Dog Kitchen Opening New Spot on West 43rd Street
Blue Dog Kitchen Opening New Spot on West 43rd Street
Blue Dog Kitchen has inked a deal to open a new café near Bryant Park, marking its fifth Manhattan location, Commercial Observer has learned. The eatery will open in 1,700 square feet at 37 West 43rd Street between Avenue of the Americas and Fifth Avenue, according to a source familiar with the deal. The café,…
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Department Store XNY Opening 8K-SF Bronx Store
Department Store XNY Opening 8K-SF Bronx Store
A department store has signed a lease for a new location in the Soundview section of the Bronx, Commercial Observer has learned. XNY Stores, which sells items like clothing, furniture and home appliances, inked an 8,000-square-foot deal of ground-floor space at 1636 Westchester Avenue between Harrod and Morrison Avenues, according to Albert Manopla of Kassin…
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Chelsea Skin Game Heats Up as Cosmetics Company Signs Lease
Chelsea Skin Game Heats Up as Cosmetics Company Signs Lease
Epidermis Cosmetics, which sells beauty and skincare products made from Dead Sea minerals, is taking 1,200 square feet at 743 Avenue of the Americas between West 24th and West 25th Streets, according to brokers on both sides of the deal. The lease is for 10 years, and asking rent in the deal was $18,000 per…
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Celeb Chef David Chang’s Food Delivery Company Opening Fourth Kitchen
Celeb Chef David Chang’s Food Delivery Company Opening Fourth Kitchen
Less than a year after launching, celebrity chef David Chang’s food delivery app is already opening its fourth location. Maple, which prepares and delivers top chef-curated meals that can be ordered online, has inked a 4,200-square-foot deal at 196 Stanton Street. The company, which officially started cooking in April, signed a 10-year lease for a commissary kitchen…
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Printing Shop Heads West to Garment District, Doubles Space in Move
Printing Shop Heads West to Garment District, Doubles Space in Move
Take for instance ABC Imaging, which inked a 15-year deal for ground-floor retail space at 336 West 37th Street between Eighth and Ninth Avenues, according to the tenant’s brokers. The printing shop will be in 9,000 square feet at the base of the 150,000-square-foot building, per the brokers. Asking rent in the deal was $66 per square foot.…
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Caffé Bene Sets Its Sights on Greenwich Village Site
Caffé Bene Sets Its Sights on Greenwich Village Site
Caffé Bene continues its push to grab a following amongst New York City’s java junkies. Commercial Observer has learned that the South Korean coffee house has inked a 1,175-square-foot deal for a two-level retail space at 33 Barrow Street in Greenwich Village. Caffé Bene, which also sells waffles, macaroons and other baked goods, will be in…
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Manopla and Sabbagh of Kassin Sabbagh Realty represent I.C.E. NYC in 4,400 s/f lease at 93 Worth Street
Manopla and Sabbagh of Kassin Sabbagh Realty represent I.C.E. NYC in 4,400 s/f lease at 93 Worth Street
New York, NY According to IGI-USA, a New York-based development company, a new group fitness studio, Infinite Cross-training Experience (I.C.E. NYC) has leased both basement and street-level retail space at 93 Worth St. (totaling 4,400 s/f), providing a new specialized workout space for the neighborhood. Albert Manopla and Morris Sabbagh of Kassin Sabbagh Realty represented I.C.E. NYC while Michael…
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Caffé Bene Targets Starbucks Crowd With Opening Near Brooklyn College
Caffé Bene Targets Starbucks Crowd With Opening Near Brooklyn College
Caffe Bené is college-bound in Brooklyn. Commercial Observer has learned that the South Korean coffee shop is opening a new location in the first week of September at 150 Campus Road—across the street from Brooklyn College. Caffé Bene will be in 4,200 square feet, split evenly between the ground floor and the basement, according to Kassin Sabbagh Realty, which represented…
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New Crossfit Company Bringing Fitness Studio to 93 Worth
New Crossfit Company Bringing Fitness Studio to 93 Worth
A new fitness studio, Infinite Cross-training Experience, referred to as I.C.E. NYC, is opening its first-ever studio at 93 Worth Street in Tribeca, Commercial Observer has learned. The cross-training company signed a 10-year deal for 250 feet at street level, for cold-pressed juices and healthy food, and 4,150 square feet below-grade for the fitness studio, according…
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East Village medical marijuana dispensary lease details emerge
East Village medical marijuana dispensary lease details emerge
New York’s medical marijuana industry has cleared all legal hurdles and dispensaries are officially setting up shop. Details emerged on a lease signed by Columbia Care NY, one of five permitted growers in the state. The company will occupy 3,500 square feet on the ground floor and basement of the residential building at 212 East…
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Manhattan’s first medical pot dispensary will be on 14th Street 
Manhattan’s first medical pot dispensary will be on 14th Street 
Medical marijuana is taking root in Manhattan. The first cannabis dispensary will be on East 14th Street between Second and Third avenues in the base of a residential building near Stuyvesant Town Michael Dubin of Savitt Partners represented the pharmaceutical pot grower in the dispensary deal, along with colleague Hector Rodriguez. Abraham Dwek of Kassin…
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Brokerage Subleases from Berkshire Hathaway Subsidiary in Midtown Move
Brokerage Subleases from Berkshire Hathaway Subsidiary in Midtown Move
Commercial Observer has learned that Kassin Sabbagh Realty has taken about 8,000 square feet of subleased space at 1385 Broadway between West 37th and West 38th Streets. They’ll be moving into part of the offices used by the Richline Group, a subsidiary of Warren Buffet’s Berkshire Hathaway in the five-year deal.
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Smoothie Company Inks Deal for New Store Near NYU
Smoothie Company Inks Deal for New Store Near NYU
An expanding smoothie joint is heading downtown with a new store within walking distance from New York University, Commercial Observer has learned. Pure Green, a health food restaurant that sells smoothies, juices and bowls of açaí, has inked a 10-year deal for 1,000 square feet at 60 East Eighth Street between Broadway and Mercer Street,…
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Gregorys Coffee Inks Lease for First Brooklyn Spot
Gregorys Coffee Inks Lease for First Brooklyn Spot
Gregorys Coffee, the bustling artisanal java shop with a dozen locations in Manhattan, has inked a 15-year deal for a lobby spot at 16 Court Street—its first Brooklyn location, Commercial Observer has learned. The lease is for roughly 1,000 square feet in the lobby of the building, which is currently undergoing redevelopment, said tenant representative…
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1 New York Plaza Adds to Its Lunchtime Repertoire
1 New York Plaza Adds to Its Lunchtime Repertoire
A fast-growing Middle Eastern food chain is heading Downtown among a cluster of other chains aimed at the lunchtime crowd, Commercial Observer has learned. Naya Express inked a 10-year deal earlier this week for a 1,620-square-foot site at the redeveloped 1 New York Plaza, according to brokers in the lease agreement. Its neighbors include Chipotle…
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Shakin’ a leg at ICSC: PHOTOS
Shakin’ a leg at ICSC: PHOTOS
Nighttime parties add a bit of levity to the International Council of Shopping Centers’ New York National Deal Making conference. The Real Deal attended several, including Cushman & Wakefield’s Midtown fete at Gotham Hall at 1356 Broadway and Newmark Grubb Knight Frank’s larger and later event at Tao Downtown at 92 Ninth Avenue in Chelsea.…
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GFI Realty Arranges Sale of East Harlem Apartment Building
GFI Realty Arranges Sale of East Harlem Apartment Building
NEW YORK CITY — GFI Realty Services has brokered the sale of 1 East 124th Street, a five-story walk-up apartment building located in the East Harlem section of Manhattan. Built in 1910, the 10-unit property sold for $2.15 million or $215,000 per unit. Roni Abudi of GFI represented the seller, while Ohad Bado, also GFI,…
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UK firm splashes out $45.5M on site in Greenpoint
UK firm splashes out $45.5M on site in Greenpoint
A London-based private equity firm paid $45.5 million for a 179,000 square-foot development site to just to the south of the Greenpoint Landing site in northern Brooklyn — and has plans to build even bigger. Quadrum Global purchased the property at 161 West Street from a group of owners led by Brooklyn-based investor Miriam Chan,…
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Rockfeld Group to buy One Madison retail condo for $21.5M
Rockfeld Group to buy One Madison retail condo for $21.5M
A family-run real estate firm is in contract to pay more than $20 million to purchase the 6,700-square-foot retail condo in the One Madison residential tower at the edge of Flatiron’s main shopping corridor, The Real Deal has learned. The Rockfeld Group went into contract earlier this month to purchase the retail property at the bottom of the…
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Bowery Snaps First Tech Office Space
Bowery Snaps First Tech Office Space
Westchester-based developer Caspi Development, in partnership with Ultimate Realty, is in contract to purchase a seven-story office building at 161 Bowery. The firm intends to turn the property into the neighborhood's first office space for modern technology tenants.
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Orva opens 1,800-sf Harlem shoe store
Orva opens 1,800-sf Harlem shoe store
Orva shoes, the former department store-turned-shoe-emporium, has opened a new location at 251 West 125th Street between Seventh and Eighth avenues, according to Kassin Sabbagh Realty, which brokered the deal. The retailer opened the 1,800-square-foot, ground-floor location Saturday, after signing the lease last week. While the asking rent was $240 per square foot, the final…
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