SITUATION In 2009, Lee & Associates Management (“L&A”) assumed the third-party management of 648 Broadway, a 10-story, 50,000 square foot commercial loft building. The property had been owner-managed for over 25 years and L&A was tasked with utilizing our expertise and implementing our procedures to address significant tenant rent delinquencies, growing vacancy rates, deferred maintenance issues, and better budgeting and cash management. STRATEGY Immediately upon commencing with the management of this asset, L&A instituted a…
Lee NYC Negotiates 15,479-SF Lease for Davines North America in Williamsburg
The North American arm of Italian beauty company Davines will ditch its Flatiron offices and head across the East River to Williamsburg, Brooklyn, Commercial Observer has learned. Davines signed a 10-year lease for 15,479 square feet on the entire second-floor of CW Realty Management’s 61 North 11th Street between Kent and Wythe Avenues, according to Lee & Associates NYC, which brokered the deal for the tenant. Lee’s Corey Horowitz and Kenneth Salzman represented Davines while…
Lee NYC Relocates and Consolidates Manhattan Retail Branch and Office of BNB Bank in Midtown
Long Island-based BNB Bank has leased a new branch and offices across two floors on East 51st Street in Midtown. The community bank, which is headquartered in Bridgehampton, N.Y., is moving its Manhattan retail branch two blocks from 12 East 52nd Street to 34 East 51st Street, between Madison and Park Avenues, according to information from Lee & Associates NYC. Its sales team will occupy the upper floor of the space in a relocation from…
Greg Tannor Speaks To The Wall Street Journal About The Current Landscape for Health & Wellness Tenants
A health-and-wellness craze is creating clusters of juice bars, spas and similar retailers around popular fitness centers, revitalizing urban neighborhoods throughout the U.S. Chains such as SoulCycle, Flywheel, Equinox, Orangetheory Fitness and Barry’s Bootcamp are fulfilling the role on city streets once played by department stores and big-box retailers in suburban malls: They act as anchor tenants and drive other retail businesses looking to capitalize on the steady foot traffic. “Tenants like to be near…
George Steffani Discusses Pebblebrook Hotel Trust with U.S. News & World Report
PEB invests in upscale hotel and resort properties in major urban markets across the U.S. from New York to San Francisco. In December 2018, Pebblebrook completed a merger with LaSalle Hotel Properties. The tangible benefit of that to investors will hinge largely on how the merger is absorbed and managed, says George Steffani, director of investment sales at Lee & Associates in New York. “If management can continue to create efficiencies from the merger and…
Catherine O’Toole Takes Real Estate Weekly on Garment District Tour
O’Toole believes the new Hudson Yards and its super-tenants are acting as a magnet for service providers running the gamut from PR to legal, architects to accountants priced out of the west side megalith but more than comfortable with the average $50 psf in the Garment District. She and her colleague Stephanie Moore have been working with the long-term garment family owners of 270 West 39th as they reposition the building with an eye to…
Lee NYC Brings Fintech Firm to 136 Madison Avenue
A financial technology company and the maker of hair growth products took a total of 37,000 square feet at 136 Madison Avenue, bringing the building to full occupancy. “[The building] proved to have an incredibly efficient space in the NoMad neighborhood in which ComplySci wanted to be located,” Lee & Associates NYC’s Dennis Someck, who handled the deal for ComplySci along with Justin Myers, said in a statement. “Not only is the building very well managed,…
Lee National – Q1 2019 Markets Report
We think smarter about real estate. Lee & Associates’ state-of-the-market reports issued quarterly for industrial, retail, and office markets offer trend-tracking insight you’ll find nowhere else. Teams across our national company write articles on nationwide, industry-related topics and highlight significant deals, sales, deliveries and construction. Q1 2019 Lee National (Interactive)
Someck and Myers Score 11,993-Square-Foot Space for Payfone in NoMad
Payfone, an identity authentication startup, has signed a 10-year lease at The Moinian Group’s 245 Fifth Avenue in NoMad, doubling its current space in the building. Lee & Associates’ Dennis Someck and Justin Myers represented Payfone in the initial lease in 2016, as well as the current expansion. Click here to read the full article from Commercial Observer.