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Bed Bath & Beyond Heading to Brooklyn

18 Jan 2015, 9:32 pm

By Veronica Grecu, Associate Editor

After going through a $100 million makeover, the 1.1 million square foot Liberty View Industrial Plaza is rapidly generating interest among Brooklyn’s retailers.

Liberty View Industrial Plaza - 850 3rd Avenue, Brooklyn

Liberty View Industrial Plaza – 850 3rd Avenue, Brooklyn

Owned by Salmar Properties and located at 850 Third Avenue in Sunset Park, the eight-story industrial facility—which was built in the 1920s as the United States Navy Fleet Supply Base Storehouse #2—will be home to the City-financed Manufacturing Innovation Hub for Apparel, Textiles & Wearable Tech. As previously reported by Commercial Property Executive in December, the new fashion hub will house around 30 businesses and 50 fashion designers in 160,000 square feet of space on the entire seventh floor at the property.

As 2014 was drawing to a close, Liberty View Industrial Plaza landed another big box tenant. Domestic goods retailer Bed Bath & Beyond signed a long-term lease for more than 100,000 square feet of space at the property, marking one of Brooklyn’s largest retail lease agreements in 2014. Salmar Properties was represented by a CPEX Real Estate Services team led by founder Timothy King, while Lon Rubackin of CBRE negotiated the transaction on behalf of Bed Bath & Beyond. In a prepared statement CPEX announced that for the first time in New York City the domestic goods retailer will share one of its stores with three of its subsidiary brands: buybuy BABY, Cost Plus World Market, and Harmon Face Values. Bed Bath & Beyond owns and operates more than 1,500 stores worldwide, including 1,017 stores across the U.S.

According to The Wall Street Journal, Bed Bath & Beyond’s lease at Liberty View Industrial Plaza will run for 15 years with options for additional years, and the stores are scheduled to open in November 2015.

Photo credits: CPEX Real Estate Services



HFF Arranges $32 Million Loan for New Ace Hotel in Chinatown

12 Jan 2015, 3:21 pm

By Veronica Grecu, Associate Editor

The ten-story building that housed the Salvation Army Chinatown Community Shelter is set to be redeveloped into a new Ace Hotel.

223-225 Bowery Street - Chinatown NYC

223-225 Bowery Street – Chinatown NYC

Located at 223-225 Bowery, south of Houston between Prince and Spring Streets, the 55,000-square-foot structure was sold last spring for more than $30 million to a joint venture between Omnia Group and Northwind Group. According to New York Observer, the Salvation Army—which has owned the building since 1972, using it as shelter, community center and soup kitchen—relocated its Chinatown outpost to Bensonhurst, Brooklyn.

Reportedly, the Omnia/Northwind joint venture decided to keep the building’s structure and start a gut renovation and redevelopment of the existing space rather than demolish it to make room for a completely new building.

HFF recently announced that it has arranged $32 million in non-recourse financing for the development, which calls for a 200-room Ace Hotel and a luxury boutique condo. Scheduled for completion in 2015/2016, the hotel was designed by Nataliya Donskoy of ND Architecture, the Observer reported. The new building will also include an expansive rooftop amenity space, as well as restaurant and music space with entrances from both Bowery and Freeman Alley.

 

Image via Northwind Group



Broad Street Development Acquires Mulberry Street Multifamily Assets in $178.5 Million Deal

6 Jan 2015, 8:26 pm

By Alex Girda, Associate Editor

Broad Street Development has paid Boston-based GID Investment Advisors LLC a fee of $178.5 million for two New York City properties located downtown on Mulberry Street near Greenwich Village, SoHo and NoHo. According to the announcement, Broad Street acquired the properties as part of its partnership with Crow Holdings, a national real estate investment fund.

Located at 298 Mulberry Street and 304 Mulberry Street, across the street from the Iconic Puck Building, these assets add 182 apartments to the buyer’s portfolio, as well as a ground floor retail component totaling 11,825 square feet. The two buildings also feature extensive frontage on both Houston and Mulberry Streets, as well as an on-site parking garage. The new owners will renovate the two properties, with a reported $3.5 million set to be invested in the aesthetic and operational aspects of the assets.

The deal was brokered for seller GID Investment Advisors by an HFF sales team including Andrew Scandalios, Jeffrey Julien and Rob Hinckley; and financing was handled by Mike Tepedino, Michael Gigliotti and Sam Nidenberg, also of HFF. Broad Street Development worked with Wachtel Missry LLC representative Eli Dweck in the acquisition process. According to Broad Street Development Principal, Raymond Chalme, “the acquisition of the Mulberry Street portfolio will provide us with the ideal opportunity to bring our targeted investment strategy and hands-on ownership style to these assets, and to duplicate the great success we’ve had with both our rental and condominium residential projects.”

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Curbcut Urban Partners’ Joint Venture Throggs Neck Shopping Center Opens in the Bronx

23 Dec 2014, 4:06 pm

By Veronica Grecu, Associate Editor

A new shopping venue recently celebrated its grand opening in the Ferry point section of the Bronx, just in time for the holiday season.

Throggs Neck Shopping Center - Ferry Point, The Bronx

Throggs Neck Shopping Center – Ferry Point, The Bronx

Developed by Curbcut Urban Partners in partnership with Simone Development and real estate developer Paul Slayton of Slayton Investments, the 285,000-square-foot Throggs Neck Shopping Center was built on the site of a former U.S. mail sorting facility that was shut down in September 2010.

As previously reported by The Real Deal, the eight-acre vacant property was acquired for $35.2 million (or approximately $117 per buildable square foot) in early 2011 by a joint venture between Target and the development team. Under the purchase agreement, Target owns a 165,000-square-foot department store at the center and is Throggs Neck’s anchor. The rest of the space was leased by Ripco Real Estate—which serves as the mall’s exclusive leasing agent—to various retailers and restaurants such as TJ Maxx, Famous Footwear, Sleepy’s, Petco, Skechers, Metro Optics, BX Sports and Super Wines and Liquors, T-Mobile, Starbucks, Applebee’s, Subway and Sarku Japan.

In fact, leasing operations at the Throggs Neck Shopping Center began in late 2012 when the mega-mall was still under construction, Commercial Property Executive reported. According to Ripco Real Estate property data, the shopping center has just 8,000 square feet of space currently available for lease.

“At Curbcut, we think great neighborhoods require great shopping experiences, and the Throggs Neck Shopping Center is the latest example of our development approach,” said Carolyn Malinsky, vice president of Curbcut Urban Partners. “We understand the needs of both retailers and shoppers, and are committed to achieving their objectives by taking a hands-on approach that ensures our projects are well-received in the communities they serve, and produced on schedule and on budget.”

The Throggs Neck Shopping Center is located at 815 Hutchinson River Parkway at the Southwest Corner of Lafayette Avenue. Designed by SBLM Architects, the two-story mall is expected to fill a retail void in the east Bronx. The center also offers free parking for over 600 vehicles directly in front of the stores.

Rendering courtesy of Curbcut Urban Partners



NYC Invests $3.5 Million in Fashion Innovation Hub in Sunset Park

15 Dec 2014, 3:31 pm

By Veronica Grecu, Associate Editor

A City-financed innovation hub is about to revive the once thriving garment manufacturing industry in New York City.

Manufacture NY - rendering

Manufacture NY – rendering

Set to open at the Liberty View Industrial Plaza in Brooklyn’s Sunset Park section, the Manufacturing Innovation Hub for Apparel, Textiles & Wearable Tech is financed by a $3.5 million grant that was recently announced by the New York City Economic Development Corp. (NYCEDC). Another $4.5 million is available through NYCEDC’s Industrial Modernization Initiative, the city’s effort to foster the industrial sector by modernizing and subdividing industrial space across the five boroughs. The funds will be used to complete the fit-out, upgrades and spaces subdivision at the Liberty View Industrial Plaza, an eight-story, 1.1 million square foot building located at 850 Third Avenue in the former United States Navy Fleet Supply Base Storehouse #2 (also know as Federal Building #2).

The new fashion innovation hub will occupy the entire seventh floor at the Liberty View Industrial Plaza and offer easy access to the boroughs, all major highways and the three metro airports. The industrial facility, which is now owned by Salmar Properties, was built in 1920 and recently went through a $40 million renovation process that included a new roof, windows, façade and utilities.

US Navy Fleet Suppy Base Storehouse 2 in 2007 - via PropertyShark

US Navy Fleet Suppy Base Storehouse #2 in 2007 – via PropertyShark

As reported by the Brooklyn Eagle, the City paid $10 million to the state of New York to acquire the building in 2011 and then sold it to Salmar Properties.

The Manufacturing Innovation Hub for Apparel, Textiles & Wearable Tech will occupy 160,000 square feet of space, of which 110,000 square feet will be dedicated to active manufacturing. The space will house around 30 businesses and up to 50 fashion designers and is expected to create or retain about 300 full-time jobs. The fashion hub will also include a workforce development center, wearable technology research and incubator space equipped with private studios, sewing rooms and meeting rooms. Approximately 30,000 square feet of space will be occupied by privately owned Manufacture NY, which will relocate from Manhattan’s Garment District.

Ole Sondresen Architect, a design studio that has also worked with Etsy and Kickstarter, was selected to create the conceptual plans for the interior. Construction at the site is scheduled to begin in February, around the same time as New York Fashion Week, and take nine months to complete.

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Manufacture NY rendering via Ole Sondresen Architect

 

 







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