The dynamic Manhattan skyline reflects the rise of international brands like hello82.
K-pop label hello82 has signed a lease for a 6,200-square-foot space in Manhattan as its East Coast headquarters. This move signifies the growing interest of international brands in New York City. Other notable real estate transactions include Starr Insurance’s lease of 49,300 square feet, and Murray Hill Optical’s expansion into a new mixed-use space. The flurry of recent deals highlights the dynamic nature of NYC’s real estate market and its appeal to various sectors.
New York City – K-pop label hello82 has announced plans to set up its East Coast headquarters in Manhattan, leasing a 6,200-square-foot retail space at 427 Broadway. The Chetrit Organization serves as the landlord for the new location, which is emblematic of the growing interest of international brands in the city. The leasing transaction was facilitated with the help of Newmark representatives, including Howard Kesseler, Jason Pruger, Jason Stein, and Alex Kesseler, while tenant representation was provided by Bernstein Real Estate’s David Berger.
In other recent real estate activities, global insurance and investment firm Starr Insurance has signed a lease for a substantial 49,300-square-foot space at 1177 Sixth Avenue, also in Manhattan. Silverstein Properties is the landlord behind this deal, which encompasses a mixed-use property. The transaction was coordinated by various representatives including Harlan Strader of Silverstein Properties and Lou D’Avanzo, Anthony LoPresti, Peter Kerans, and Caroline Collins from Cushman & Wakefield. The tenant was represented by Cushman & Wakefield’s John Picco and Alex Lachmund.
In Brooklyn, Myrtle Whitmore, a New York City Housing Authority (NYCHA) commissioner, sold an 18-unit multifamily building located at 1327 President Street for $8.5 million. The buyer, identified as 1327 President Street LLC, has acquired the property, showcasing continued commercial activity in the borough.
Meanwhile, the historic social club known as The Players has taken steps to secure finances by mortgaging its property at 16 Gramercy Park South for $15.6 million. This mixed-use property involves lenders Goodman Capital and 99 Investments, further illustrating the financial maneuvers surrounding property ownership in Manhattan.
Expanding the real estate landscape, boutique agency GoodSpace will be opening its first office space in Manhattan at 100 Crosby Street. The office, comprising 1,957 square feet, is leased from GFP Real Estate, with representation from Neith Stone on the landlord side and Roberto Rhettof from GoodSpace representing the tenant.
E.S. Windows NY has extended its lease for an office space on 100 Crosby Street, also measuring about 1,949 square feet, confirming its commitment to remaining in SoHo for an additional five years. The lease was facilitated by GFP Real Estate’s Neith Stone, with tenant representation provided by Arie Abadi of AA Realty Group.
Developers Tavros Capital and Charney Companies have made headlines by purchasing a development site at 225 Third Street in Gowanus for $164 million. The transaction signals ongoing investment in Brooklyn’s evolving landscape, with RFR Holding as the seller.
An eye care boutique, Murray Hill Optical, is set to establish its presence at 500 Third Avenue, leasing a 990-square-foot mixed-use space from Manhattan Skyline Management Corp. The deal is indicative of the rise in retail and service-oriented establishments in the city.
Fintech firm Vitesse PSP has also secured a lease for a 5,200 square-foot office at 155 Fifth Avenue, indicating the growth of tech firms in Manhattan. The Ertez Group serves as the landlord, with a competitive asking price of $73 per square foot. Platinum Commercial’s Steven Evans and other associates represented the landlord while Cresa’s Alex Gerome and Andy Roberts represented Vitesse PSP.
Additionally, George Yancopoulos, co-founder of Regeneron, has purchased a commercial condominium located at 50 Hudson Street in Tribeca for $8.9 million. This acquisition adds to the notable profiles of buyers in the area.
Lastly, the CIM Group, a developer behind the Front & York project in Brooklyn, has taken steps to refinance unsold condominium units, securing a loan of $24.8 million. This emphasizes continued adjustments in financing strategies amidst a changing residential market.
The recent flurry of real estate transactions across New York City highlights not only the dynamic nature of the market but also the variety of sectors interested in establishing a presence in one of the world’s most iconic cities.
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