Crains New York - January 21, 2013 - (Page 12)
IN THE BOROUGHS MANHATTAN
7-Eleven irks LES
Mr. Hollander, who is seeking a
them former bodega owners.
grant from the city’s Citizens Com“We say, give us a chance,” said a mittee to fund the opposition effort.
spokeswoman for the chain.
Already, he and other activists
Some residents say that might be have done everything from chalking
easier if the 86-year-old company anti-7-Eleven signs up and down
would bend a bit and follow the lead Avenue A to pasting bumper stickers
of big chains including Starbucks on lampposts. Meanwhile, the block
and Duane Reade,which have made association is creating a website dedan effort to blend their 201
icated to the cause. The acand 167 Manhattan loca- 7-ELEVEN IN
tivists have also begun asktions, respectively, into the MANHATTAN
ing residents what kind of
urban environment. Dubusiness they would prefer
ane Reade, in fact, has won
to see in the space. So far,
kudos for its tasteful adap- CURRENT
the leading contenders are a
tations of historic banks store count
yoga studio, a toy store and
and other locations.
a cheese shop.
Should the 7-Eleven
Moving ahead
arrive, opponents are vowSTORES to open
Despite the mounting this year
ing to organize a boycott.
protests, 7-Eleven is
“This is a moment of
charging ahead with plans
pulling together,” said Mr.
to open four new ManhatHolman, who hopes to
tan locations by the spring DOZEN at
take the effort citywide.
attendees
on Fulton Street, West recent meeting to
The chain has been
Third Street and the Upper block chain
down this road before, acEast Side, in addition to
cording to the 7-Eleven
the one on Avenue A.
spokeswoman, who is quick to add
“We’re losing so much of New that the community usually comes
York’s character, our ethnic commu- around.Such is already the case with
nities, our affordable housing, our the brand’s year-old St. Mark’s
artists—and here, we’re losing the Place location, she said. In some
character of our commerce,” said cases, the chain has signed on bode-
32
20
3
buck ennis
Continued from Page 3
that has begun to
change as owners join
with their neighbors to
create bigger spaces
that can often accommodate
7-Eleven’s
typical 1,500-squarefoot footprint.
Opponents’ efforts
may also be undermined by residents
who might prefer a 7Eleven to all the noise
and rowdiness generated by the Lower
East Side’s bevy of
bars and clubs. In fact,
the previous occupant
of the Avenue A space
was Bar on A, a busi7-ELEVEN’S 351 Bowery location is one of 32 in Manhattan.
ness that sparked numerous complaints
ga owners who have converted their from neighbors, according to Susan
Stetzer, district manager of Comstores to 7-Elevens.
“Most people don’t like change, munity Board 3.
She said that a bar owner applybut we want to make sure we have a
very attractive location that is ing for a liquor license recently used
friendly and that we offer what the 7-Eleven as a scare tactic.
“We had an applicant come to us
consumers want,” said the spokesand say, ‘If you don’t approve my liwoman.
cense, I know the landlord is also
Bigger spaces
talking to 7-Eleven,’ ” she reported.
For Lower East Siders, the chain The application was denied, and the
invasion is a relatively new threat be- space became a deli. Ⅲ
cause the bulk of the storefronts are
LISTEN to a discussion at
small and are better suited to a jewelCrainsNewYork.com/podcasts
er or a tattoo parlor. In recent years,
FROM
AROUND
THE CITY
QUEENS
Locals vent on jets
Southeast Queens residents insist
that JFK International Airport generates more than billions of dollars
in economic activity.It also produces
all too much noise. At a meeting
with the Federal Aviation Administration in December, they were told
all those decibels aren’t going away.
“The noise, the constant vibrations, being awakened during the
middle of the night—it sounds like
nothing is going to change,”said Barbara Brown, chairperson of the Eastern Queens Alliance, a group of civic
organizations based in the area surrounding the airport.
While jet engines will get quieter in the future,FAA officials said,
air traffic will likely double over the
next 20 years.
Meanwhile, near La Guardia
Airport, northeast Queens residents
gathered recently in the nearby Bayside neighborhood to protest new
procedures that they say will mean
more low-flying planes above their
houses.
—ken christensen
REAL ESTATE DEALS
Asian bank opts
for Madison Ave.
T
he Bank of East Asia is the latest in a growing number of financial institutions from the Far East to land in Manhattan.
The institution, which is the third-largest Hong Kongbased bank, committed to the entire 10th floor of 540 Madison
Ave., a 10,900-square-foot space, for 15 years. The asking rent
for the space was $78 per square foot.
The deal is at least the second by an Asian financial institution in that part
of the Plaza district in recent months. Last year, East West Bank opened a
14,400-square-foot office in the neighboring office tower, 535 Madison Ave.
“We have seen more Asian financial institutions come into the Manhattan market,”said Cynthia Wasserberger,a broker at Jones Lang LaSalle,who
represents 540 Madison Ave. in leasing deals.
Other foreign financial institutions have sought out space in the Plaza district as well. Brazilian banks Banco Itaú and Banco Pine, for instance, have
both opened offices in the neighborhood, paying top-dollar rents to do so.
—daniel geiger
Social Apparel
swallows BK
Prom season is still a few months
away, but party-dress seller Social
Apparel is bulking up its presence.
The six-year-old company recently
signed a 13-year lease for retail and
office space totaling 10,000 square
feet at 255 W. 34th St.
The company plans to use 1,800
square feet on the ground floor as
well as a mezzanine as retail space.
The remaining 8,200 square feet in
the five-story building will be used
for storage and offices. The asking
rent was $60 per square foot, al-
though the deal closed near $50 per
square foot.
Social Apparel already has a store
nearby at the Manhattan Mall, but
the lease there terminates at the end
of the year, according to the company’s broker,Young Byunn of Winick
Realty Group.
“The Herald Square area is a very
important market for them—the
people who shop there are their
main clientele,” Mr. Byunn said,
noting that Joon Kim, Social Apparel’s owner, has not yet decided if
he will close the Manhattan Mall
store later this year or operate both
locations.
Mr. Byunn is in the process of
12 | Crain’s New York Business | January 21, 2013
seeking out additional outposts in
Union Square and on Fulton Street
in Brooklyn for the clothier. It currently operates four stores, including locations in Queens, West
Nyack and White Plains.
Social Apparel is subleasing the
retail space from Burger King,
which is closing its location as part
of a nationwide reduction in its
number of restaurants. The clothier
plans to open for business by April.
Jason Pruger and Aaron Cukier
of Newmark Grubb Knight Frank
represented Burger King in negotiations.
The building is owned by David
Maleh.
—adrianne pasquarelli
Construction firm
jumps eastward
Longtime
downtown
tenant
Hunter Roberts is moving, but despite Superstorm Sandy, the construction management and consulting firm is sticking with lower
Manhattan.
The company will jump over to
32 Old Slip, a 36-story office tower on
the east side of the neighborhood,
from its current home at 2 World Financial Center, overlooking the
Hudson. The firm is taking 32 Old
Slip’s entire 10th floor in the deal, a
roughly 37,000-square-foot space
with rent in the $40s per square foot.
The 1.1 million-square-foot 32
Old Slip property is located in an
area that was walloped by Sandy.
Fourteen-foot storm surges inundated several major office buildings
BARE BONES
545 MADISON AVE.
520 BROADWAY
450 LEXINGTON AVE.
ASKING RENT; TERM:
Undisclosed; 10 years
ASKING RENT; TERM:
$300 per square foot; 15
years
ASKING RENT; TERM:
Undisclosed; short-term
lease
SQUARE FEET: 15,000
SQUARE FEET: 13,000
TENANT; REPS: Michael
Kors; Gary Dana and Rick
Dana of Douglas Elliman
TENANT; REP: Cresa
New York; in-house
representation
LANDLORD; REPS:
LCOR; Gregg Rothkin and
Paul Milunec of CBRE
Group Inc.
LANDLORD; REP: The
Propp Family; in-house
representation by Rodney
Propp
LANDLORD; REP: RXR
Realty; in-house
representation
BACK STORY: The
financial-services firm
doubled its lease at the
17-story building, where it
will occupy space on the
15th and 16th floors,
according to The
Commercial Observer.
BACK STORY: The
fashion retailer will open
a new flagship store at
the three-story space in
SoHo, according to The
Commercial Observer.
SQUARE FEET: 13,800
TENANT; REP: Strike
Holdings Group; Daniel
Fiskus of Norman Bobrow
& Co.
along neighboring Water and Front
streets, knocking out power in
many properties for weeks and ruining electrical equipment, building systems and other key infrastructure.
The damage left several build-
BACK STORY: The tenantrepresentation real estate
firm will move from its
headquarters at 100 Park
Ave. to sublet space on
the top floor of the 32story tower.
ings uninhabitable for weeks or
longer and raised questions about
the neighborhood’s future, including whether office tenants would
want to be in an area so prone to
flooding in an era of rising seas.
—daniel geiger
http://www.CrainsNewYork.com/podcasts
Table of Contents for the Digital Edition of Crains New York - January 21, 2013
Crains New York - January 21, 2013
In the Boroughs
In the Markets
The Insider
Business People
Corporate Ladder
Opinion
Greg David
Real Estate Deals
Report: Small Business
Classifieds
New York, New York
Source Lunch
Out and About
Snaps
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