Crains New York - June 25, 2012 - (Page 16)

R EAL ESTATE DEALS 265 ELIZABETH ST. ASKING RENT; TERM: $148 a square foot; 15 years SQUARE FEET: 1,500 on ground floor, plus 1,000 in basement TENANT; REP: The Musket Room (restaurant); Michael Kadosh of CBRE Group Inc. LANDLORD; REP: 53 Little West 12th Street Inc.; Steve Rappaport of Sinvin Real Estate BACK STORY: Kiwi restaurant replaces a bar called Elizabeth, lured by area’s high foot traffic and charm. istockphoto H Law firm cuts ‘sub’ out of lease ill Betts & Nash has decided to stay put at 1 World Financial Center but in a different status. After subleasing space at the tower for 10 years, the law firm has signed a direct five-year lease for 11,000 square feet at 200 Liberty St. The tower’s landlord is Brookfield Office Properties. The asking rent for the space was $61 per square foot. The Manhattan-based firm has been at the 40-story office tower since 2002, when it sublet its 26th-floor space from Fidelity, said Ted Rotante, a Colliers International broker who represented Hill Betts & Nash. The firm will remain on that floor but will scale back by 1,000 square feet. Its sublease would have expired at the end of this month. “They are redesigning their space to become more efficient,” Mr. Rotante said. “They didn’t want to move.” Brookfield Office Properties was repre— amanda fung sented internally by David Cheikin. foot space at 1040 Sixth Ave., south of Bryant Park. CBRE Group Inc.’s Brian Gell and Laurence Briody teamed up to represent building owner Park Tower Group in the deal. —ken m. christensen BARE BONES Entire 49th floor fetches high price The high-end commercial office market, where space is leased at triple-digit sums per square foot, is still alive. In the latest evidence of that, Philadelphia-based Aberdeen Asset Management Inc. inked a deal for the entire 49th floor of 712 Fifth Ave. for 10 years. The asking rent for the 11,000-square-foot deal was about $135 a square foot. Aberdeen had an office in New York years ago and will re-establish its presence here in November when it moves into the building, said the company’s broker,Eric Kahn of First New York Realty. “The building has a high-end feel,” Mr. Kahn said. “The views are great, and they have a full-floor space.” Paramount Group, which owns the 533,000-square-foot building, represented itself in the transaction. —theresa agovino 192 SIEGEL ST. (Eastern Williamsburg, Brooklyn) ASKING RENT; TERM: $14 a square foot; five years SQUARE FEET: 10,000 in warehouse TENANT; REP: Meatball Shop; Howard Darsi of Kalmon Dolgin Affiliates LANDLORD; REP: Fay Da Bakery Corp.; Jake Bistritzy and David Junick of Pinnacle Realty BACK STORY: The industrial-area space will be used for new catering operation, storage and a sublet. 261 MADISON AVE. ASKING RENT; TERM: $45 per square foot; not available SQUARE FEET: 43,900 on two floors TENANT; REP: Coca-Cola Co.; Colliers International LANDLORD; REP: Alex Sapir/Rotem Rosen; Bruce Mosler of Cushman & Wakefield Inc. BACK STORY: The tenant co-owns the Plaza district building, according to The Real Deal, which first reported the lease. East West Bank goes north California-based East West Bank hopes to step up its act in New York by moving to 535 Madison Ave., in the Plaza district. The bank, with eight branches in the city’s Chinese-American neighborhoods, signed a 10-year lease for 14,000 square feet on the eighth floor in the 37-story building at East 54th Street.The asking rent for the space, which will house commercialbanking operations,was $78 a square foot. The company will join a number of financial firms in the tower, including Banco do Brasil and Nikko Asset Management. “They wanted to raise their profile in New York,” said Jeffrey Buslik of Adams & Co., who along with colleague David Levy represented the tenant. The bank will nearly triple its footprint when it moves in the fall, having outgrown its 4,500-square- Download The online version of Crain’s Book of Lists includes all of the rankings that appeared in the print and digital editions of Crain’s New York Business. Crain’s lists spotlight and rank the key players within the multitude of industries serving NYC, and feature industry vertical rankings, executive contacts, revenue and growth metrics, number of employees and much more. Use this unique resource to uncover new sales leads, connect with industry leaders, gather competitive intelligence and benchmark your business. Download the 2012 Book of Lists at crainsnewyork.com/lists 16 | Crain’s New York Business | June 25, 2012 http://www.crainsnewyork.com/lists http://www.crainsnewyork.com/lists

Table of Contents for the Digital Edition of Crains New York - June 25, 2012

Crains New York - June 25, 2012
Contents
In the Boroughs
In the Markets
The Insider
Business People
Alair Townsend
Greg David
Real Estate Deals
Crain’s Fast 50
For the Record
Classifieds
New York, New York
Source Lunch
Out and About

Crains New York - June 25, 2012