Crains New York - November 19, 2012 - (Page 12)

REAL ESTATE DEALS BARE BONES 1219 THIRD AVE. ASKING RENT; TERM: $200 per square foot; 10 years SQUARE FEET: 8,800 TENANT; REP: The Men’s Wearhouse; Gary Alterman of Robert K. Futterman & Associates LANDLORD; REP: Fraydun Realty Co.; Gary Alterman of Robert K. Futterman & Associates BACK STORY: The chain has signed for its first uptown store on a strip that lost a number of tenants in the recession. 463 SEVENTH AVE. ASKING RENT; TERM: $39 per SF; five years SQUARE FEET: 3,850 TENANT; REPS: Key Apparel Inc.; Suzy S. Byun of Realty Artes and Alan Sinovsky of Sinovsky Real Estate LANDLORD; REP: Arsenal Co.; David Levy of Adams & Co. Real Estate BACK STORY: The sportswear manufacturer and wholesaler will take space on the sixth floor for offices as well as a showroom, according to The Commercial Observer. 53-55 E. HOUSTON ST. ASKING RENT; TERM: $275 per SF; 10 years SQUARE FEET: 1,650 TENANT; REP: Civilianaire; Robert Draizen of Hanley Advisors LANDLORD; REPS: 53-55 E. Houston St.; Ross Kaplan and Jason Pruger of Newmark Grubb Knight Frank Retail BACK STORY: The Los Angeles-based fashion company is set to open its first New York City location in three months, according to The Commercial Observer. S St.Luke’s grabs second-floor bargain t. Luke’s Roosevelt Hospital has leased an unusual space on the Upper West Side for a medical office for doctors affiliated with the hospital. The office will be built atop what is now the roof of a ground-level retail strip that extends from the front of the 28-story apartment tower at 733 Amsterdam Ave. Starrett Development, which owns the building, will build a 12,500square-foot office on the setback. It will be outfitted with waiting rooms, patient examination rooms and space for doctors and administrative staff. “It’s setting up another ambulatory outpatient facility for us,” a spokesman for St. Luke’s said.“That’s the way health care is moving, toward having more outpatient settings.” The spokesman said it had not yet been decided whether medical specialists would share the space with general practitioners. He noted that the facility would be used for patient visits and not procedures. Jeffrey Rosenblatt, a broker with Newmark Grubb Knight Frank, represented St. Luke’s in the deal. Michael Dubin, a broker at Savitt Partners, handled the transaction for Starrett. The neighborhood has virtually no stock of available office space, and the hospital was wary of leasing a ground-floor retail location given retail rents in the area that are as high as $300 per square foot. Sources said that St. Luke’s ended up negotiating the figure down to the $50s per square foot. —daniel geiger Another sweet deal on Madison Madison Avenue has long been known for jewelry and luxury fashion, but now a sweeter breed of tenants is coming to the storied strip. Royce Chocolate, a Japanese confectioner, recently signed a 10-year lease for its first U.S. location—400 square feet at 509 Madison Ave., between East 52nd and East 53rd streets. It follows in the footsteps of Belgian chocolatier Neuhaus, which recently opened a flagship across the avenue. Another chocolatier, Leonidas, is located nearby. “They really wanted to take someplace with a pretty high profile,” said Dean Valentino, the ABS Partners Real Estate broker who, along with colleague Jay Einbender, represented Royce. He noted that the company looked at Bleecker and Prince streets as well. “Madison is going to carry more international weight than anywhere else.” He said the proximity of Neuhaus was a factor in the decision. The asking rent was $800 a square foot. Royce, which has 40 outposts worldwide, plans to open for business this month. It replaces ToyWatch, a watch seller. Landlord 509 Madison Avenue Associates was represented by Larry Schulte and Alan Zimmerman of Kensico Properties. —adrianne pasquarelli You expect us to not only help you merge and acquire, but also invest and retire. That’s Key, where we can help you with all your financial services. We are KeyBanc Capital Markets Inc., a full service investment bank that in 2011 raised over $125 billion in the capital markets, including debt, equity, and M&A advisory. We are also KeyBank, the community bank you know with local knowledge and expertise. So you get the best of both worlds. The expertise and capability to help you find the right path. We’re not just the expert you deserve. We’re what you expect. To learn more, visit key.com/whatyouexpect. KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC and KeyBank National Association(KeyBank N.A.) are separate but afﬁliated companies. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives. Securities products and services: Banking products and services are offered by KeyBank N.A. Member FDIC and Equal Housing Lender. Key.com is a federally registered service mark of KeyCorp. ©2012 KeyCorp. ADL4779 12 | Crain’s New York Business | November 19, 2012 http://www.key.com/whatyouexpect http://www.key.com/whatyouexpect http://www.Key.com

Table of Contents for the Digital Edition of Crains New York - November 19, 2012

IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
SMALL BUSINESS
BUSINESS PEOPLE
OPINION
GREG DAVID
REAL ESTATE DEALS
OWNED COMPANIES
THE LIST
CLASSIFIEDS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crains New York - November 19, 2012