POTENTIAL SCENARIOS Sell the lot and invest in a higher cash flowing property Borrow money and use the loan to provide the needed capital for construction Create a joint venture with a non-family member to infuse capital and bring construction knowledge Structure a long-term leasehold where the new lessee spends the money to construct a building in exchange for 99 years of control THE MISSION Three siblings own a vacant parking lot they inherited from…
1 Park Row – Case Study
POTENTIAL SCENARIOS 1 Park Row, New York, NY +/-5,672 sq/ft lot with approximately 80,000 sq/ft of development rights Represented both sides of the transaction Structured a complex joint venture with multiple uses within the project +/-$40,000,000 valuation THE CHALLENGE The property owner had owned and occupied the site with their business (J&R Music) for several decades. Their business had become obsolete but the remaining property had greatly appreciated. It was clear the highest and best…
Tapper, Tarter & Slattery complete the sale of 500 Broome Street
Lee & Associates NYC completed the sale of a 7,500 s/f mixed-use corner building at 500 Broome Street in Soho. The buyer, Eastlington Limited, purchased the site for $9,550,000. Ben Tapper, Stephen Tarter, and Sean Slattery represented the seller, Food Center Realty Corp. The sellers were ready to retire and step back from day-to-day management after over seven decades of owning the building. Paul Popkin, senior managing director at Lee & Associates NYC, helped source…
CRE in the Time of COVID-19: 5 Questions Lee NYC Brokers Can Answer for Tenants
As COVID-19 continues to spread across our country it has left us all with fear, uncertainty, and many questions. Lee & Associates remains committed to our clients during this time, and want to provide as many answers and as much information as we can. In order to do so, we’ve spoken with two of our office brokers, Justin Myers and Conor Krup, to help guide tenants through this time. Below they’ve answered the most frequent questions they’ve received…
Lee & Associates NYC and HKS Real Estate Advisors Close a 99-Year Leasehold at 777 Eighth Avenue
Peter Carillo, Principal/Senior Managing Director of HKS Real Estate Advisors and Ben Tapper, Senior Managing Director of Lee & Associates NYC, have negotiated a 99-year leasehold at 777 Eighth Avenue, between West 47th and West 48th Streets. Carillo and Tapper represented the property owner, 777 Eighth LLC, and Joseph Genovese of Lee Odell Real Estate represented the tenant, TSGL Eighth Avenue LLC, a developer who plans to erect a 200-key hotel. This is the second leasehold that Carillo…
648 BROADWAY, NEW YORK, NEW YORK
SITUATION In 2009, Lee & Associates Management (“L&A”) assumed the third-party management of 648 Broadway, a 10-story, 50,000 square foot commercial loft building. The property had been owner-managed for over 25 years and L&A was tasked with utilizing our expertise and implementing our procedures to address significant tenant rent delinquencies, growing vacancy rates, deferred maintenance issues, and better budgeting and cash management. STRATEGY Immediately upon commencing with the management of this asset, L&A instituted a…
72-76 Greene Street, New York, NY
BACKGROUND In late 2012, Chicago-based L3 Capital and Washington D.C-based ASB Real Estate Investments purchased this 5-story, 43,000 SF mixed-use building in the heart of SoHo. Immediately upon acquisition, we were engaged to deploy our property, asset and project management teams, as well as our Lee & Associates NYC office leasing team, to help reposition this premier SoHo cast iron property. DEVELOPMENT One of the initial decisions to be made by ownership was whether or…
THE DURST’S VIA: 625 WEST 57TH STREET
SITUATION New construction is often the most challenging type of retail space to lease in New York City. Installations are expensive, space is normally delivered raw, and physical conditions for construction can present major obstacles to tenants. The Durst Organization’s Via project at 625 West 57th Street is one of the most uniquely designed buildings constructed in New York City in many years. In addition to over 700 apartments, there is approximately 45,000 sf of…
241-247 BEDFORD AVENUE, Brooklyn, New York
BACKGROUND In 2012, Redsky Management had acquired a very large site in the heart of Williamsburg, 241-247 Bedford Avenue. The site’s prime location on Bedford Avenue, directly across from another significant site that was then under construction, made it an ideal project to attract an eclectic mix of retailers and add significant value to Redsky’s large Williamsburg portfolio. After a “beauty contest” in which many brokers were interviewed, Redsky hired the team at Lee, led…