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Two Prime Retail Properties in Manhattan Sell for Nearly $50 Million

29 Oct 2014, 7:06 pm

By Veronica Grecu, Associate Editor

245 Seventh Avenue

245 Seventh Avenue

An affiliate of Maguire Capital Group recently closed on a 5,700-square-foot retail condominium located in Manhattan’s Chelsea neighborhood. According to an official statement announcing the transaction, Maguire Capital Group’s affiliate teamed up with Norfolk, VA-based Harbor Group International in the $31.5 million deal.

Located at 245 Seventh Avenue at the corner of West 24th Street, the 6,880-square foot was built in 1911, according to data provided by PropertyShark, and was previously owned by Macklowe Properties. the property is currently net leased to a J.P. Morgan Chase bank branch.

“The Seventh Avenue corridor is uniquely positioned for growth in the retail sector,” according to Marvin V. Azrak, principal of Maguire. “Urban retail is a key part of our acquisition strategy and we believe this property will provide significant value for our investors,” he added.

1420 Broadway

1420 Broadway

Meanwhile, Harbor International Group sold a 7,200-square-foot retail property located at 1420 Broadway, in the retail bridge between the Times Square and 34th Street retail corridors. The three-story property, which was built in 1920, was acquired by Harbor International Group in October 2012 for $10.25 million. The real estate asset is fully leased to Christine Inc. and houses a luncheonette/convenience store on the first floor, while the second and third floors are subleased to a masseuse and salon.

This October, Harbor International Group sold the property for $18 million. “1420 Broadway is a stable asset in a strong market that benefits from a long term lease and buildable air rights,” said T. Richard Litton, president of HGI, in a press statement. “The property’s performance exceeded our expectations and once again confirmed our predictions for rapid growth in the Times Square submarket.”

 

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Images via Maguire Capital Group and Harbor International Group



Artsy 250N10 Rental Building in Williamsburg in Now Fully Leased

12 Oct 2014, 2:09 pm

By Veronica Grecu, Associate Editor

250N10 model unit - 250 North 10th Street - Williamsburg

250N10 model unit – 250 North 10th Street – Williamsburg

LCOR, an investment management and development company  with offices in the Philadelphia, Washington D.C. and New York City metro areas, recently announced its newest rental property in the Williamsburg neighborhood of Brooklyn is fully leased after less than half a year since the building was launched. According to the official statement announcing 250N10’s full occupancy, the leasing efforts registered a strong response from interested residents, with around 50 apartments being leased per month since the launch of the rental property.

250N10 courtyard - 250 North 10th Street - Williamsburg

250N10 courtyard – 250 North 10th Street – Williamsburg

Located at 250 North 10thStreet between Roebling and Union Avenues, 250N10 officially opened for renters in April this year through apartment leasing and real estate marketing firm The Marketing Directors. Work on the six-story rental building began in spring 2012, after LCOR secured a $50 million construction loan from German public bank Helaba. As previously reported by Crain’s New York Business, the 185,000-square-foot property was built on a vacant site that LCOR had acquired for at least $100 per buildable square foot from the Lax family, one of the big players in the diamond business.

250N10 was designed by SLCE Architects and includes 234 residences with 76 different layouts in a mix of studios, one- and two-bedroom units, with rents starting at $2,750 for a studio, $3,400 for a one-bedroom and $4,800 for a two-bedroom, according to Unique Homes. The list of amenities at 250N10 includes a café lounge that can also be used as a work zone and casual retreat with free WiFi and television, a landscaped courtyard, a fitness center with cardio and weight room, a residents lounge with pool table and flat screen TV, a furnished roof deck with a barbecue area, as well as a two-story lobby and 24-hour concierge services.

250N10 mural - 250 North 10th Street - Williamsburg

250N10 mural – 250 North 10th Street – Williamsburg

Recently LCOR teamed up with two world famous artists to jazz up the rental building. Thierry Guetta, the street artist known as Mr. Brainwash, was tapped to create an exterior mural that would honor this neighborhood’s rich history, while Chilean artist Sebastian Vargas designed 12 individual canvases that are displayed on the interior walls of the building.

Click here for more market data on New York City.

 

Images via 250N10 and Graff Tours

 

 



Microsoft’s First Flagship Store Will Open at 677 Fifth Avenue in New York City

7 Oct 2014, 12:36 pm

By Veronica Grecu, Associate Editor

It’s been a busy end of September for Microsoft. Three years after launching the rather unsuccessful Windows 8, the software giant simply skipped a potential Windows 9 and offered a sneak peek into its newest operating system.

Microsoft Store in Scottsdale, AZ

Microsoft Store in Scottsdale, AZ

Dubbed Windows 10 and announced in Seattle at a business event, the operating system and its family of products will be officially released next year as “the first step of a whole new generation of Windows,” according to Terry Myerson, executive vice president, Operating Systems. As Microsoft fans worldwide are gearing up in anticipation, the tech company has unveiled another surprise.

As announced on the official Microsoft blog, a new retail store will open in New York City, on one of the world’s most expensive shopping streets. This will be Microsoft’s “first flagship store”—which implies that other flagship stores could be launched in other locations in the future—and will serve as a centerpiece for the company’s retail experience.

Located at 677 Fifth Avenue near 53rd Street and just five blocks away from Apple’s iconic glass cube, the new Microsoft store took five years to become reality: “This is a goal we’ve had since day one – we were only waiting for the right location. And now we have it,” said Microsoft Corporate Vice President for Worldwide Retail Stores David Porter. Apart from selling Microsoft hardware, software and accessories and offering technical support to its customers, the new flagship store will also serve as an “experiential space” aiming to engage even more with customers and business partners alike.

Microsoft opened its first retail store in Scottsdale, Arizona, in October 2009 and now has over 100 physical stores across the country. In February 2013 the tech company announced it would open five new stores in Massachusetts, Hawaii, Oregon, Illinois and Michigan, all of them having one thing in common: they were within walking distance of Apple’s existing stores in those locations.

According to Real Estate Weekly, a Fendi shop used to occupy Microsoft’s future retail facility on the upper segment of Fifth Avenue, which boasts some of the highest rents in the city with an average asking price going as high as $2,750 per square foot. The luxury fashion retailer relocated last year to Madison Avenue, the source said. Microsoft leased 8,700 square feet of space in a transaction brokered by CBRE’s Richard Hoos. The landlord, 677 Fifth Avenue Corp., was represented by Andrew Kahn, Jesse Hutcher and Jonathan Scibilia of Cushman & Wakefield.

While the exact opening date for the Fifth Avenue flagship store is still unknown, Microsoft announced that it plans to open ten more locations in time for this holiday season.

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Image via Pinterest



655 Morris Will Bring 176 Units of Affordable, Energy-Efficient Housing in the Bronx

29 Sep 2014, 3:37 pm

By Veronica Grecu, Associate Editor

Work has started on a new residential building on the corner of Morris Avenue and 153rdStreet in the Melrose neighborhood of the Bronx.

655 Morris Avenue - Bronx, NYC

655 Morris Avenue – Bronx, NYC

Roughly three months after the New York City Housing Development Corporation (HDC) approved $372.56 million in bonds and $88.7 million in subordinate financing to fund more than 2,200 units of affordable housing in 16 developments in the Bronx, city officials and representatives of developer Omni New York, LLC, celebrated the official ground breaking of 655 Morris Avenue.

Omni New York, LLC—which was founded by former Red Sox star Mo Vaughn—will build the 15-story housing structure at a total development cost of $63.8 million, with $31.3 million coming from tax exempt bonds, $11.44 million in subordinate debt, and $21.19 in tax credit equity.

According to an official statement announcing the new residential building, 655 Morris Avenue will serve the formerly homeless population and will include 175 low- and moderate-income units of affordable housing and one unit set aside for the building supervisor, as well as nearly 10,000 square feet of onsite commercial space and around 8,500 square feet of space that will house a community center.

The new rental building will be energy efficient and will incorporate cost-effective design elements and construction materials that will make it affordable and healthy for the residents and the community. 655 Morris’ most sustainable amenity will be a cogeneration system that will use a natural gas-fueled engine to generate electricity for the entire building. In return, the waste heat by-product will be captured and reused for the building’s boilers and water heaters. Additionally, the list of sustainable amenities at 655 Morris Avenue will include energy-efficient appliances, low-flow water fixtures, as well as a green roof and bicycle storage spaces.

“It is important that the housing we build is not only affordable but also sustainable and energy-efficient,” said HPD Commissioner Vicki Been in an official statement. “The Housing New York plan emphasizes the importance of making a healthy living environment affordable to New Yorkers regardless of income, and this new development at 655 Morris Avenue will serve this goal.”

Click here for more market data on New York City.

 

Rendering via NYC Department of Housing Preservation & Development’s Facebook Page

 

 

Rendering via



Commuters Rejoice: Proposed Sky Gondola to Alleviate Traffic, Reduce Travel Times Between Manhattan and Brooklyn

22 Sep 2014, 6:20 pm

By Veronica Grecu, Associate Editor

An online real estate company wants to jazz up New York City’s soaring transportation system by proposing an innovative solution: an urban gondola that would run between Brooklyn and Manhattan, and possibly even Queens.

East River Skyway - proposed gondola project

East River Skyway – proposed gondola project

Dubbed East River Skyway, the high-speed gondola was proposed at the recent Massey Knakal Brooklyn Real Estate Summit by Daniel Levy, a Williamsburg resident and president of CityRealty, and was inspired by similar transportation projects that are already in use in Singapore, England, Brazil, Germany, and even Romania—where, in 2004, a partnership between private investors and Constanța city authorities inaugurated a €3.5 million (or $4.51 million) gondola system that runs above Mamaia, an upscale beach resort on the Romanian Black Sea shore.

According to Crain’s New York Business, the proposed gondola would cost $75 million to $125 million to complete, including the cost of the stations, and would be built in stages, with the first phase running from Lower Manhattan to Williamsburg.

Expected to carry around 5,000 commuters and tourists per hour in each direction, the high-speed gondola would cross the East River in less than four minutes and reduce traveling time from Brooklyn to Manhattan to under 30 minutes while offering 360-degree views of New York City’s skyline.

“Given the exciting growth in Brooklyn and Queens, it is essential to adapt New York City’s transportation system to serve residents in these booming areas,” said Daniel Levy, president of East River Skyway and CityRealty, in a press statement. “Cities around the globe are recognizing the viability and efficiency of urban gondolas to overcome serious transportation challenges. An aerial transportation system would be a relatively inexpensive and quickly deployable solution here in New York.”

With new developments expected to grow with approximately 5,700 residential units and around 600,000 square feet of space in Brooklyn alone, congestion is worse than ever in this part of the city, and so is air pollution. Apart from connecting the rapidly growing areas along the Brooklyn and Queens waterfronts, the East River Skyway would be safer, faster, more reliable, greener—as it would have zero emissions—and cheaper to build than any traditional transportation line.

Click here for more market data on New York City.

Rendering via East River Skyway







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