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Deals & Dealmakers

LEASES: Bugatchi moves into Midtown, Blink Fitness opens another in NJ

NEW YORK

New Street Realty Advisors arranged a lease transaction at 385 South End Avenue between Kumon Math and Reading and the the LeFrak Organization. Kumon leased approximately 1,600 s/fof space on the ground floor space and anticipates opening its new center in February 2019. Matthew Gorman and Christopher Bruggers of New Street Realty Advisors, LLC acted on behalf of Kumon Math and Reading, and the landlord was represented by RKF.

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ABS Partners Real Estate announced that luxury men’s fashion and accessories brand, Bugatchi Group, Inc., has signed a 4,751 s/f lease for the entire ninth floor at 145 East 57th Street, a 13-story, 64,000 s/f curated office property located between Lexington and Third avenues. Bugatchi will be utilizing the space to house its family and business offices. The announcement was made by John Brod, Partner at ABS Partners Real Estate. Stephane Abitbol, Corporate Counsel at Bugatchi Group, Inc. represented the tenant in the lease negotiations.

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Adams & Co. Real Estate signed a new 11,525 s/f ten-year lease with Turn On Products, which operates as Younique Clothing, at 48 West 37th Street. The clothing manufacturer plans to utilize the full 5th floor for general and executive offices and will move in immediately. David Levy, principal of Adams & Co., represented the landlord, Forty Eight Thirty Seven Associates, while Greg Albert of Kaufman Leasing Company & Scott L. Kestenbaum co-brokered the transaction on behalf of the tenant. Rent was $45 per square foot.

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City Connections Realty announced that is has negotiated the lease of 4,280 s/f of commercial space at 2625 Broadway. Jessica Viola and Steve Asch represented both the landlord and the tenant, Mandee, a fashion and accessories retailer. The two-year lease was brokered at an asking rent of $95 psf.

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The owners of Hoyt & Horn, Benenson Capital Partners and Rose Associates, announced that Starbucks signed a 2,050 s/f 10-year lease at the building. The space is at street level of the luxury rental property on the corner of Hoyt and Schermerhorn streets in downtown Brooklyn. Bruce Spiegel, senior managing director of Rose Associates, represented building ownership. Diana Boutross, executive managing director of Cushman & Wakefield, represented Starbucks. Hoyt & Horn is a 368-unit, 26-story residential property that opened in March of this year and was fully leased by September. Starbucks intends to open this new location in spring of 2019. Rose is marketing additional retail space at Hoyt & Horn, including 7,500 square feet along Livingston Street and 3,600 square feet on Schermerhorn. The building also offers 6,500 square feet of high-ceilinged, lower-level space with venting available for food preparation.

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Simone Development Companies announced that CKO Kickboxing, a fitness kickboxing center, has leased 2,500 s/f at the Throggs Neck Shopping Center in the Bronx leaving only 6,400 square feet of divisible space available for lease at the center. Originally started in Hoboken in 1997, CKO Kickboxing currently has more than 65 locations across the U.S. Karnit Mosberg and Jeanine Kemm from Royal Properties represented CKO Kickboxing and Joanna Simone, Vice President of Leasing and Property Management Operations of Simone Development, represented the owner/manager of the center. Located in the Ferry Point section of the Bronx, the Throggs Neck Shopping Center is a 300,000-square-foot retail center anchored by a 165,000-square-foot Target Department Store.

NEW JERSEY

Blink Fitness opened a new location at 440 Eastern Parkway in Irvington, N.J. The newly renovated shopping center, known as Maple Spring Commons, is owned and managed by real estate investment firm Paramount Assets. Chief Operating Officer Maurice Levy, along with David Dunkelman, executive vice-president of Soloff Retail, arranged the deal at the newly-built pad site with Bill Miller, vice-president of real estate for Blink Fitness. The 440 Eastern Parkway lease represents Blink Fitness’ fourth lease signing within Paramount Assets’ New Jersey portfolio.

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JLL has completed a new transaction for Kennedy’s of NJ LLC at 40 Main Street in Madison, with building owner Hamlin Partners LLC. The multistore franchisee and owner/operator of barbershops, signed a lease for 1,785 s/f of retail space at the 8,877 s/f mixed-use property. The tenant was represented by Blake Shanaphy, associate, with JLL. The building owner was represented by Glenn Beyer, senior managing director, with RKF, a Newmark company. Kennedy’s Barber Club has two existing stores in Summit and Westfield, with the Madison location being the newest addition to the chain. Ownership is planning on continuing its New Jersey expansion, and expects to open three to five new stores throughout 2019 and beyond. Kennedy’s Barber Club inked a 10-year lease for 1,785 s/f of retail space on the ground floor of 40 Main Street.

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