Crains New York - June 10, 2013 - (Page 23)

REAL ESTATE DEALS Tech tenant steps in from the fringe R ecyclebank is a website that offers its 4.5 million members rewards for recycling (think air miles for separating metals and plastics). The waste-not, want-not ethos extends to the nine-yearold business’s own search for a new office, a quest that ultimately ended at the door of 151 W. 26th St., where the tenant inked a fiveyear deal for 17,000 square feet. Recyclebank wanted to move to someplace more central than its current location at 95 Morton St. in the far West Village. But the company also was keen to minimize the financial impact of the move. “The goal was to identify a prebuilt, preferably furnished office space that would allow Recyclebank to limit any up-front capital expenditures,” said Greg Taubin, the firm’s broker from Studley, who also noted that his client was keen to minimize any overlap of its old and new leases. Recyclebank’s current lease does not expire until February 2014. The landlord at 151 W. 26th St., the Rosen Group, agreed not to charge rent until then, even though Recyclebank’s lease begins in August. “The Rosen Group has owned these properties for a long time, but they’re hardly sitting still,”Newmark Grubb Knight Frank broker Michael Moorin said of the landlord’s commitment to attracting tech tenants to its 18 midtown south properties. Mr. Moorin, who along with Allen Gurevich represented the landlord, noted that 151 W. 26th St., where the asking rent is $48 per square foot, is totally leased, and that the rent Recyclebank will pay is about 70% more than what its predecessor paid. —matt chaban BARE BONES 770 EIGHTH AVE. ASKING RENT; TERM: $40s per square foot; 10 years SQUARE FEET: 5,300 TENANT; REP: St. Luke’s Hospital Center; Jeff Rosenblatt of Newmark Grubb Knight Frank LANDLORD; REP: The Jack Parker Corp.; in-house representation BACK STORY: The hospital renewed its lease for ancillary medical offices and plans to capitalize on the area’s surging residential population. 37 W. 20TH ST. ASKING RENT; TERM: Mid-$60s per square foot; five years SQUARE FEET: 3,400 TENANT; REP: Woodbolt International; Rosanne Lucarelli of Handler Real Estate Organization LANDLORD; REP: Olmstead Properties; in-house representation by Daniel Breiman BACK STORY: The Texas-based company that develops nutritional products signed a lease for space in the 12-story building. 20 JAY ST., B’KLYN ASKING RENT; TERM: $34 per square foot; one year SQUARE FEET: 2,500 TENANT; REP: Group Neon; Daniel Katcher of Newmark Grubb Knight Frank LANDLORD; REP: Two Trees Management Co.; in-house representation by Caroline Pardo BACK STORY: The visual-networking startup was drawn to Brooklyn’s Dumbo because of its creative community, according to The Commercial Observer. Retailer embraces a hip (yes!) Astoria Trendy consignment retailer Buffalo Exchange has chosen Astoria for its first Queens location. The Tucson, Ariz.-based company, which has four outposts in Manhattan and Brooklyn, recently signed a 10-year deal for 2,500 square feet at 29-16 Ditmars Blvd. The asking rent was about $65 per square foot. Brokers involved in the deal said that the retailer,which opened its first New York City store in Williamsburg in 2005, was lured to Astoria by the rising numbers of hipsters. “Pay close attention to how many young people are calling Astoria home now, and look at other neighborhoods where Buffalo Exchange is successful—like Williamsburg,” said Ari Malul, the Schuckman Realty broker who represented landlord Alva in the deal. As few other national retailers have entered the neighborhood, Buffalo Exchange stands as a bit of a pioneer, noted Mr. Malul, who was assisted by colleague Nick Masson. Rents on Ditmars Boulevard have held steady in the mid-$50s to mid$60s a square foot. Buffalo Exchange is expected to open for business by fall, according to Adam Stupak, the Task Realty broker who represented the tenant. —adrianne pasquarelli June 10, 2013 | Crain’s New York Business | 23 http://www.crainsnewyork.com/fast50 http://www.crainsnewyork.com/fast50

Table of Contents for the Digital Edition of Crains New York - June 10, 2013

SOURCE DINNER
IN THE BOROUGHS
IN THE MARKETS
DIGITAL NY
THE INSIDER
BUSINESS PEOPLE
SMALL BUSINESS
OPINION
STEVE HINDY
GREG DAVID
REPORT: HEALTH CARE
THE LIST
FOR THE RECORD
CLASSIFIEDS
REAL ESTATE DEALS
NEW YORK, NEW YORK
OUT AND ABOUT
SNAPS

Crains New York - June 10, 2013