Insights

The famed Pearl River Mart will move its flagship location back to SoHo! Lee & Associates NYC’s Paul Popkin repped Pearl River Mart in the 7,000 sf deal at 452 Broadway. “Pearl River was one of the first unique retailers that helped make SoHo a great shopping neighborhood and a destination for tourists,” Popkin said. “We all feel that bringing one of the original pioneers back to SoHo is the beginning of a new era…

Brooklyn Fare is expanding its footprint into the Upper West Side. The grocer has signed a 25-year, 21,600-square-foot lease at the base of the Brodsky Organization’s rental building at 75 West End Avenue, within the Lincoln Square submarket. The asking rent for the space was $85 per square foot, according to Lee & Associates NYC, which brokered the deal. Read the full articles below: Brooklyn Fare Inks 25 Year Upper West Side Lease https://rew-online.com/brodsky-signs-21000-s-f-supermarket-deal-at-west-end-towers/  …

Manhattan’s Office Availability Reaches Highest Rate in Decades; Leasing Volume Continues to Decline In Q4 2020, the continued addition of direct and sublet office space to an already bloated inventory coupled with anemic leasing velocity pushed overall market availability to 15.5% (vs 11.8% in Q4 2019).  Read the complete report here: Q4 2020 Office Market Report

“I think it’s going to be a long road back,” said Lee & Associates managing principal Peter Braus. “When you look at the tourism and the people in office buildings we had in the past, we don’t know if or when that will come back.” Read the full article: Gowanus Rezoning Inches Ahead          

 Tenants continue to shed office space at the highest rate in 15 years. Overall availability in Manhattan rose in Q3 2020 to 14% of total supply, rising 220 basis points since Q2 of this year and 270 basis points year-over-year. The sharp increase in availability is matched with a decline in the average overall rent, furthering the decline from $80.98/SF in Q2 to $78.75/SF in Q3, and down from $79.66/SF in Q3 2019. Midtown South…

Dennis Someck, Justin Myers, and Conor Krup recently represented Willner Chemists in a five-year renewal deal for 11,386 SF. The nearly 109-year-old Willner Chemists, which specializes in vitamins and nutritional supplements, will stay put at 100 Park Avenue. Click below to read the article in Commercial Observer. Willner Chemists Staying Put at 100 Park Avenue

Smaller landlords with just one property and very little capital often lack the resources to replace a tenant, Braus noted. “They can’t compete with the deep-pocketed landlords, who are able to go out and get really good tenants by spending the money that’s necessary,” he said. Read more below: Inside the Plight of a Small Retail Landlord      

499 Seventh Avenue will be a perfect address for True Religion, as the building is in the heart of the Garment District, houses many fashion companies, and is convenient to all transportation,” Someck said in a statement. “The landlord at 499 Seventh Avenue enticed True Religion with the commitment to build out a brand-new space for the jeans company at a very attractive rent. True Religion Moving Offices to the Garment District  

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 the buyer, who was then…