NEWS

Peter Braus, Managing Principal of Lee & Associates NYC, has arranged a lease for the Church Street School for Music and Art at 41 White Street in Tribeca. Working directly with Executive Director Lisa Ecklund-Flores, who founded the non-profit music and arts school in 1990, Mr. Braus spent nearly two years searching for a location that met the school’s criteria for affordability in the Tribeca submarket and room enough to accommodate a student body that starts at…

“Like other retailers, traditional toy retailers have been decimated by multiple forces,” says Peter Braus, managing principal in the New York City office of Lee & Associates. “First, Walmart and Target took away much of the market from specialty toy stores. As Amazon and online retailers began to take a larger and larger share of the market, this became too much for Toys ‘R’ Us and was the nail in the coffin.”  Click here to…

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 Manhattan retail leasing market is still in a corrective period. The increased rents of previous years are receding. Deals are still getting done, but they favor parties willing to be flexible with deal structure, uses, asking rent adjustments, and increased concession packages. The correction may prove healthy for both the short and long-term viability of the Manhattan retail leasing market. Per square foot ground floor retail asking rents declined year-over-year in 13 of the…

We think smarter about real estate. Our Trend Trackers—state-of-the-market reports issued quarterly for Manhattan, Brooklyn, Queens, and Long Island—offer insight you’ll find nowhere else. We write articles on industry-related topics, lead panels, and remain involved in issues that affect our City and our industry. 1Q 2017 Market Office Report (Trend Tracker)  

We think smarter about real estate. Our Trend Trackers—state-of-the-market reports issued quarterly for Manhattan, Brooklyn, Queens, and Long Island—offer insight you’ll find nowhere else. We write articles on industry-related topics, lead panels, and remain involved in issues that affect our City and our industry. 2Q 2017 Market Office Report (Trend Tracker)

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…

We think smarter about real estate. Our Trend Trackers—state-of-the-market reports issued quarterly for Manhattan, Long Island and, coming soon, Brooklyn—offer insight you’ll find nowhere else. We write articles on industry-related topics, lead panels, and remain involved in issues that affect our City and our industry. 3Q 2017 Market Office Report (Trend Tracker)

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…