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Leases

LEASES: Lee & Associates NYC negotiates 2,400 s/f lease at 123 Fifth Avenue

NEW YORK

GREGORY GANG

Lee & Associates NYC has negotiated a third-floor, 2,400 s/f lease at 123 Fifth Avenue, between East 19th  and East 20th Streets, for Crystal Design, a wedding gown and eveningwear brand. Gregory Gang, executive managing director/principal, and Sergio Turaev, associate, represented the tenant. The owner, Torkian Group, was represented by Gina Ignatieva of ABH Realty. Crystal Design is expected to take occupancy on August 15, 2019. Asking rent was $53 per square foot. Founded in Ukraine in the 1980s, Crystal Design apparel is still manufactured in Europe but is now sold internationally.  

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JOSEPH ARMANO

Joseph Armano, CEO of Joseph Armano Real Estate, arranged a five-year, 6,271 s/f lease for National Student Nurses Association (NSNA), a not-for-profit, at 45 Main Street in Brooklyn. NSNA is dedicated to fostering the professional development of nursing students and has 60,000 members nationwide. NSNA has been in the building for over 17 years and has renewed for an additional five years. Two Trees Management’s 45 Main Street features fully customizable floor plans with East River views. The building has a 9,500 s/f rooftop designed by James Corner Field Operations.

NEW JERSEY

Joseph Armano, CEO of Joseph Armano Real Estate, arranged a lease for Systra USA at One Gateway located in Newark, New Jersey. The SYSTRA Group, one of the world’s leading experts in multi-disciplinary engineering consultancy for rail and urban transport is headquartered at 520 Eighth Avenue, New York. It will move a portion of its staff to the newly leased 5,177 s/f office at One Gateway. One Gateway is a 26-story, Class A office building with direct skyway access to Newark Penn Station.

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Filipino grocer FilStop has opened a 16,000 s/f flagship location at Clifton Plaza in Clifton. Levin Management Corporation (LMC) is exclusive leasing and managing agent for the 95,000 s/f Passaic County shopping center. FilStop’s 4,000 s/f Jersey City store, which has been open since 1973, will remain in operation. Clifton Plaza is anchored by a Big Lots and Blink Fitness, and features a mix of retail, restaurant and service tenants including Dollar Tree, Dunkin, GameStop, Verizon Wireless and Sally Beauty Supply, among others.

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NAI James E. Hanson announced the following leases:

SCOTT PERKINS

• A 31,550 s/f industrial space for Leco Plastics, Inc., at 421 N Midland Ave in Saddle Brook. Steven Leitner and Scott Perkins represented the owner, Wilbur ’96, LLC, in the exclusive transaction. Established in 1946, Leco Plastics, Inc. is a manufacturer of cable ties, zip ties and plastic handles. The building’s location in proximity to Route 80 and the Garden State Parkway provides Leco Plastics with easy accessibility to customers. Additionally, the building’s 5,000 s/f of office space, parking and three tailgates, makes the space perfectly suited for the tenant’s manufacturing and distribution needs. 421 Midland Avenue is professionally managed by NAI James E. Hanson’s Property Management Group.

• A 27,600 s/f industrial/flex lease with Best Value Kosher Foods at 475 Mola Boulevard in Elmwood Park. Jeff DeMagistris, Tom Vetter and Tom Ryan represented the owner, The Stro Cos., and the tenant, 475 Mola Boulevard is a 45,000 s/f industrial/flex building with 7,000 s/f of office space, six loading docks, one drive-in, and 165 parking spaces. Achieve 24 Fitness currently operates 13,000 s/f of the building as a fitness center and Digirad Corporation operates another 5,000 s/ft. NAI Hanson negotiated the sale of the building to The Stro Cos. in 2018. The lease with Best Value Kosher Foods marks the completion of The Stro Cos. immediate stabilization strategy for the asset.

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KRISTINE
HURLBUT

Denholtz Properties announced a lease renewal with DefinedLogic LLC for 12,224 s/f of office space at 116 Chestnut Street in Red Bank. Denholtz Properties moved their headquarters to the 30,898 s/f boutique office building earlier this year. 116 Chestnut Street is a multi-tenanted boutique office building. Renovations to the building’s façade are currently underway and will be completed in the fall of 2019. Additionally, 116 Chestnut is a part of a Denholtz mixed-use project that will bring a 57-unit luxury apartment building with 6,000 square feet of ground level retail to Red Bank in 2020. DefinedLogic is a digital agency and consultancy, with an in-house development team that works with companies to identify technology needs. Kristine B. Hurlbut, Senior Vice President of Leasing at Denholtz Properties, made the announcement.

CONNECTICUT

RON
AGABABIAN

Gracie Sports USA, a Brazilian Jiu-Jitsu Academy, has opened a new 1,400 s/f studio in the Tunxis Hill section of Fairfield at 575-585 Villa Avenue. Ron Agababian, vice president of Angel Commercial, represented the tenant and the landlord.

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Stamford Asset Management Group (SAMG) has leased 15,000 s/f of space at 68 Southfield Avenue in Harbor Landing. The space will house Stamford Public Schools (SPS) SPS Anchor program for the 2019-2020 school year. The space was formerly occupied by a daycare center. All costs associated with the lease will be borne by the SAMG while it readies a permanent location fro the school programs. Developed by Building & Land Technology, Harbor Landing is a Class A office complex with four office buildings integrated into a mixed use, residential and retail village.

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