In recent report published by Frederic Sealey & Associates, commercial investment firm largest retail lease for the month went to a discount apparel store in one of the more deep-lying Brooklyn territories. The 10 biggest retail leasing deals that took place in December 2017 for New York City were slightly larger in value compared to the prior month with the value at 179,000 square feet, an increase of around 21,000 square feet.
Here is a look back at the top 10 list.
Burlington Coat Factory, 5100 Kings Plaza, Mill Basin – 55,000 square feet
This famous retailer of discount clothing put pen to paper on a 10-year lease deal for 55,000 square feet of retail space located at 5100 Kings Plaza. The company will be occupying the entire 4th floor of the building known as the King’s Plaza shopping center. CNS Real Estate person Cliff Simon stood as the representative for the tenant. This Mill Basin building is owned by the Macerich Company.
Genesis, 40 Tenth Avenue, Meatpacking – 40,000 square feet
This luxury car maker from South Korea signed a lease agreement for 40,000 square feet of space at 40 Tenth Avenue. The property is jointly owned by William Gottlieb Real Estate and Aurora Capital Associates. This has been regarded as one of the most expensive retail deals to have been signed during the year 2017. Genesis is the second luxury car retailer to agree to a lease deal in the neighborhood with Tesla Motors having a property leased out to them at 860 Washington Street.
FAO Schwarz, 30 Rockefeller Plaza, Midtown – 19,000 square feet
19,000 square feet of retail space was taken in a lease agreement by this toy store at GM Building which is better known as 30 Rockefeller Plaza. The tenant in this deal was represented by Cushman & Wakefield. The landlord of this building is Tishman Speyer.
Citibike, 333 Johnson Avenue, East Williamsburg – 18,890 square feet
A privately-owned public bicycle rental business, Citibike signed a deal to lease 18,890 square feet of retail space situated at 333 Johnson Avenue. Ripco Real Estate’s Andrew Clemens stood as the representative for the tenant. The building is owned by 333 Johnson Property Holdings which is a partnership between Princeton Holdings, Royalton Capital, and Normandy Real Estate Partners.
TJX Companies, 483 Broadway, Soho – 18,000 square feet
A child company of T.J. Maxx, the discount retailers signed a 15-year lease deal to add 18,000 square feet of retail space at the 483 Broadway Soho Building to their list of properties. Richard Skulnik from Ripco Real Estate was the representative of the tenants with the landlords of the building being the Adjmi Family and Aurora Capital Associates.
Westside Market, 170 West 23rd Street, Chelsea – 8,000 square feet
A new 20-year lease was signed by the food market for 8,000 square feet of retail space available at 170 West 23rd Street. The tenant was represented by Craig N. Slosberg of Newmark Knight Frank while the landlord Jack Resnick & Sons chose in-house representatives Brett Greenberg and Fran Delgorio for making the deal.
Humming Puppy, 119 West 23rd Street, Chelsea – 7,300 square feet
An Australia-based yoga studio, Humming Puppy signed 7,300 square feet of retail space situated at 119 West 23rd Street on a 10-year lease plan. The rent asked for the property was $50 per square foot. The tenant chose Stephan Brenot of Rice & Associates as his representative. The landlord, Stellar Management, was represented by Jonathan Bernstein from JBA Real Estate.
Westside Market, 180 Third Avenue, Gramercy – 5,000 square feet
180 Third Avenue had available 5,000 square feet of retail space that was taken on lease by this grocery store. Westside Market, the tenants of this property, chose to do an in-house representation while the landlord also opted for an in-house representative in the form of Brett Weinblatt of Solil Management.
Kicks USA, 2923 3rd Avenue, Melrose – 4,500 square feet
The popular show retailers, Kicks USA agreed on a 10-year lease that brought them 4,500 square feet of retail space standing at 2923 3rd Avenue. The tenant was represented by Augenbaum Realty’s Josh Augenbaum. MLM Partners of 3rd Avenue are the landlords of this property who were represented in the agreement by Michael J. Katz of Kasin Management.
Burger King, 200 East 125th Street, East Harlem – 3,280 square feet
The famous fast food chain agreed for a lease of 3,280 square feet of retail space that was available at 200 East 125th Street. This was chosen as a corner division of what was once the Perkins Restaurant. The landlord Parcel C GP was represented by Mark Tergesen belonging to ABS Partners Real Estate.
This penchant for lease and renting of properties seems to have attracted big names with Joseph Moinian’s Moinian Group looking to enhance lending operations with four new financial deals targeting projects being developed in Miami, Harlem, and Brooklyn that have a combined value of $216.3 million, as per documents filed recently in the Tel Aviv Stock Exchange. With that, Moinian’s total lending activity has reached $13 million out of which $84 million is done in mezzanine lending.
Of the new deals that have been announced, three loans for a combined sum of $116 million have already been closed while the fourth – the largest of the lot – at $95.5 million to Delshah Capital of Michael Shah is still in the process of final negotiations as reported by Frederic Sealey & Associates.
Making a presentation to bondholders, Moinian described their financing activity as something that is an integral part of their holistic approach towards investment. Numerous advantages of holding debt over equity were also listed such as lower risk and increased liquidity. Another advantage was the availability of flexible financing which would give the firm a distinct advantage over its competitors and access to JV transactions in highly favorable conditions.