Crains New York - May 28, 2012 - (Page 9)

R E A L E S TAT E D E A L S Rehab lifts Vornado tower MIXED BAG Average asking rents per square foot for stores SPRING 2012 Y-O-Y % CHANGE A 330 Madison signs on tenants for a total of 400,000 s.f. in the past 12 months IP, a private-equity firm also known as American Industrial Partners, has leased the entire 28th floor of 330 Madison Ave., sources said. The asking rent for the 10-year deal, which covers roughly 9,800 square feet, was about $90 a square foot.The transaction comes as building owner Vornado Realty Trust completes an 18-month, $120 million total renovation of the 39-story building. All that work is paying off. Roughly 400,000 square feet have been leased in the building during the past 12 months. AIP plans to move from its current location at 535 Fifth Ave. sometime in the fall. Founded in 1989, AIP has completed more than 30 transactions focusing mostly on middle-market companies.The firm was represented by Studley broker David Dusek, who declined to comment. Vornado was represented by Jones Lang LaSalle brokers Frank Doyle and David Kleiner, who also declined to comment. —theresa agovino NoLita picks up SuperTrash A Netherlands-based women’s brand with an unfashionable name is headed for NoLita. Dutch outfit SuperTrash recently signed a 10year lease for 2,000 square feet of ground-floor space at 29 Prince St., between Mott and Elizabeth streets. The asking rent for the deal, which includes a 1,000-square-foot storage basement, was $210 a square foot. This will be SuperTrash’s first U.S. location and its 12th worldwide. More are in the pipeline for Manhattan, says David Angel, the TAG Property Management broker who represented SuperTrash. Outposts in Florida and California are also planned. The retailer will slip into space formerly occupied by another women’s clothing store, Bio. “We had four or five international retail brands vying for the space,” said Brett Nidel, the Veracity Real Estate Management broker who represented landlord Prince Street Associates. He noted that SuperTrash’s price point fit with the neighborhood. —adrianne pasquarelli East 86th Street (Lexington to Second) Broadway (72nd to 86th) 125th Street (river to river) Source: Real Estate Board of New York $410 $332 $121 +23% +21% -3% Superfly alights in Flatiron Superfly Presents is moving into bigger headquarters in the Flatiron district. The entertainment and marketing company, which produces major music and food festivals across the country, has signed a long-term lease for 4,500 square feet at 25 E. 21st St. The asking rent was in the high $40s per square foot. Previously, Superfly had roughly 2,000 square feet at 64 W.Third St., which had been its home since relocating here from New Orleans in late 2004, according to Marc O. Ellman, the president of Ellman Realty Advisors who represented Superfly in both deals. “The penthouse space with skylights is perfect for them,” said Mr. Ellman, adding that Superfly will move into its new home sometime during the week of May 28. Built in 1904, 25 E. 21st St. is an office condominium with rentable space on the top floor. Landlord 21st & 10th LLC was represented by Vijay Mehra, a broker at Hudson Realty Enterprises. Superfly recently hosted The Great GoogaMooga, a food and music festival in Prospect Park, Brooklyn. —amanda fung Bellmarc gets more visible Bellmarc Realty is coming down to earth. The company recently signed a 10-year lease for 2,000 square feet at 1178 Lexington Ave. The asking rent for the deal, which includes a 1,400square-foot basement, was $150 a square foot. The real estate firm formerly operated its Upper East Side office in a second-floor space on Madison Avenue. “They were looking for a ground-floor retail presence,” said Candice Dobbs, the Dobbs Associates Inc. broker who represented the tenant. Bellmarc, which operates five offices in Manhattan, plans to complete its move by June 1. Landlord Wallack Management Co. was represented in-house. —adrianne pasquarelli Introducing ThankYou Points for doing your small business banking. ® Now you can earn ThankYou® Points every month for doing your small business banking with us. And you can get 40,000 bonus points redeemable for up to $400 in gift cards by simply opening an eligible small business checking account and enrolling in a featured cash management or credit solution. Visit a Citibank branch or call 877-223-CITI. 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Table of Contents for the Digital Edition of Crains New York - May 28, 2012

Crains New York - May 28, 2012
Contents
Kids’ Lines Behave Badly for Retail Industry
City’s Scarcest Resource These Days? Engineers
Taxi! Follow That Cab’s Fare Increase
Nasdaq Attack the Facebook Fallout in the Markets
Bronx Retail Strip Goes From Famously Bad to Bustling
It’s the Return of the Automat
The Insider
Real Estate Deals
Opinion
For the Record
The Week on the Web
Classifieds
Taking Urban Farming to a New Level
Anne Fisher: Manufacturing Jobs Make a Comeback
Hot Jobs
Movers & Shakers: Russian Banker Shares His u.s.plans
Gael Greene: Fighting the Crowd at Primola
The Week Ahead

Crains New York - May 28, 2012