Organic, plant-based and sustainable restaurant Le Botaniste has signed a new, long-term lease at Penn 11 in the newly revitalized Penn District, its sixth in New York City. The lease consists of ground level and basement space in the building totaling 2,700 square feet. Le Botaniste will occupy the location in the coming weeks, replacing the former tenant, Dig. Brad Schwarz from Lee & Associates NYC represented the tenant, Le Botaniste. Vornado Realty Trust was…
Mediterranean Restaurant Pixida to Open 16K-SF Eatery at 245 Fifth Avenue
A new Mediterranean restaurant is coming to town. Pixida, which will offer a full menu of Greek cuisine, has signed a 20-year lease for a 16,129-square-foot, multi-level space at the Moinian Group’s 245 Fifth Avenue in NoMad, according to the landlord. SEE ALSO: Tech’s Office Demand Is Rebounding Fastest in These Markets The new restaurant at the corner of Fifth Avenue and East 28th Street is set to open during the fourth quarter of 2025,…
Three Tenants Ink Full-Floor Deals at Brause Realty’s 21 West 38th Street
Three tenants have signed full-floor leases at Brause Realty’s 21 West 38th Street, bringing the Midtown office building to 100 percent occupancy. Environmental consulting company Partner Engineering and Science signed a new 4,465-square-foot lease on the entire eighth floor of the 17-story building. Meanwhile, the American Lung Association and engineering consultant GPI/Greenman-Pedersen each signed 4,465-square-foot renewals for their full-floor spaces on the third and sixth floors, respectively, according to landlord broker Lee & Associates NYC. Read More
75 Pierrepont St. in Brooklyn Heights Sells, Remains Rent-Stabilized
Lee & Associates NYC on Sept. 4 completed the $6.8 million sale of 75 Pierrepont St., a 25,800-square foot, six-story, rent stabilized residential building in Brooklyn Heights at a 6.2% cap rate. “The sale of this Brooklyn Heights jewel for a 6.2% cap shows that there is hope amongst the NYC investment community that the legislature will one day realize that the best way out of a housing crisis is building more units, not regulating them,” said…
Lee NYC Arranges Relocation for Telecom Infrastructure
Lee & Associates NYC successfully represented Telecom Infrastructure Corp. in its strategic relocation to 2 West 45th Street in Midtown Manhattan. The telecommunications firm is moving from its previous location at 8 E. 41st Street, where it occupied 2,000 square feet, to a new, larger office space as part of its growth plans. Telecom signed a five-year and four-month lease for 3,944 square feet in the 16-story building and is set to move in this…
305 West 48th Street – Case Study
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…
Pearl World Inks 12-Year Lease at Carnegie Hall Tower
Lee & Associates NYC has facilitated a 12-year, 8,800-square-foot lease for Pearl World Inc. at the Carnegie Hall Tower at 152 West 57th Street in the Plaza District. The cosmetics company will occupy the entire 48th floor for its showroom and office, relocating from 37 West 57th Street. Dennis Someck and Justin Myers of Lee & Associates NYC represented Pearl World, while Matt Leon of Newmark represented the landlord, TF Cornerstone. “Pearl World is a…
Q1 2024 NYC Office Overview
New York City’s economy continued to show signs of progress through Q1 2024. As of February 2024, the unemployment rate decreased to 5.10%, marking a 0.20% improvement from the previous quarter and significantly below the historical average of 7.72%. This improvement reflects a growing economy as private sector employment rose by 19,200 jobs year-over-year, totaling 4,090,200. The broader nonfarm job sector nearly returned to its pre-pandemic levels, reaching 98.7% recovery with 4,659,600 jobs. Read the…