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Deals & Dealmakers

LEASES: Petsmart division signs on at One Grand Central Place

Pet360 (a division of Petsmart) has signed a seven-year lease for office space for 20 employees at One Grand Central Place (60 East 42nd Street). The almost 5,000 s/f new, high-end prebuilt office, features exposed ceilings and glass fronted offices overlooking Grand Central Station. The asking price was $60 psf. Pet360 was represented by Josh Berger, managing director at Norman Bobrow & Co. and the landlord, Empire State Realty Trust was represented by Billy Cohen of Newmark.

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DJK Commercial Realty announced that Formula Growth Limited (FG), an independent investment firm established in Montreal, has subleased 1,200 s/f of office space at 1 Rockefeller Plaza. Eric Piazza of DJK Commercial Realty, the commercial branch of leading real estate and relocation firm DJK, represented the subtenant in the 5-year deal with tenant, Royal Sovereign Bullion Group LLC. Asking rent was $80 psf.

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Douglas Elliman’s Sroka Worldwide Group announced that BetterPT, a new service that intends to revolutionize how physical therapists, doctors and patients interact, has signed an initial 5-year lease at 25 West 36th Street. The tenant will have the entire 10th floor, spanning 4,600 s/f, and expects to grow in the building, as the company expands. Anita Grossberg and Neal Sroka of Sroka Worldwide Group represented the tenant. BetterPT is a Platform As A Service (PaaS) that connects patients with Physical Therapists. Through a mobile app, patients can book, add their condition, and pay for an appointment at their desired location. The founders are Greg Peters and Dr. Stephen Fealy. Jason Burke and Steven Marvin of Olmstead Properties Inc. represented the building owners.

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Eric S. Goldschmidt, Senior Partner at Goldschmidt & Associates, announced two retail leases at 450 Main Street, Armonk, New York. The entire shopping center anchored by CVS is now 100 percent leased. Lisa Daniel negotiated both leases.

• First Five Learn and Play, a children’s activity gym opening its first Westchester location, leased 2,276 s/f. The tenant was represented by Tyler Lyman and Ryan Stranko of RHYS Commercial.
• Gumdrop Lane, which specializes as a full service gift and party destination, leased 1,120 s/f. It is their first location. Lisa Daniel was the sole broker.

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California-based InvestCloud, Inc., a provider of cloud- based solutions for the financial services field, has leased 10,500 s/f comprising most of the 17th floor at Charles S Cohen’s Tower 57. InvestCloud expects to move into its first New York office during the third quarter this year. Marc Horowitz, Senior Vice President and National Director of Office Leasing at Cohen Brothers Realty Corporation, represented both the tenant and landlord in the 6-year leasing transaction. Asking rent at Tower 57, is in the mid-$80s psf range.

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John A. La Ruffa, Principal of NAI Long Island, represented both the landlord and the tenant for the lease of 3,025 s/f of office space in 33 Queens Street in Syosset. Plaza Realty LLC leased the space to 605 LLC, for a total value of $361,000.

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Handler Real Estate Organization arranged a headquarters relocation at its 319 West 39th Street property, with AnestasiA Vodka taking approximately 1,000 s/f on the second floor. AnestasiA Vodka is a family-owned and operated business whose vodka is produced in Bend, Oregon on a 24-acre farm and distributed throughout the world. Handler Director Darell Handler and Associate Omar Javied represented building ownership in the transaction, and procured the tenant.

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South Korean mobile app firm Line Corporation has signed a 10-year, 4,629 s/f lease at SL Green’s 1515 Broadway in Times Square. Line Corp., will open its US flagship store at the 54-story office tower. The firm’s new retail space will have 65 feet of wraparound frontage. Line, which has gained popularity due to its “Line Friends” collection of cartoon emoticons, will sell merchandise at the location. Cushman & Wakefield’s Steven Soutendijk, Glenn Yang and Molly Sandza represented LINE Corp. in the transaction. Meanwhile, RKF’s Ariel Schuster, Ross Berkowitz and Jason Wecker represented SL Green.

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Adams & Co. Principal James Buslik and Managing Director Jeffrey Buslik completed nine transactions totaling 18,923 square feet at 231 West 39th  Street.  Known as the Contemporary Fashion Center, the building between Seventh and Eighth Avenues features 12 stories and is the home to over 100 fashion showrooms and 400 fashion lines. The tenants and landlord, 231/249 West 39 Associates, were represented by Adams & Co. in all of the deals. Asking rent was $49 psf and included:

•  A 4,038 s/f renewal for Compagnie L’Atelier on the ninth floor. The contemporary apparel company will continue using the space as a showroom and office.

• A 3,900 s/f renewal for Showroom Delfina on the 10th floor. The multi-brand contemporary apparel provider will use the space as an office and showroom.

• A 1,932 s/f  new lease for Triple 5 on the fourth floor. The distributer and importer of clothing products, accessories and home decor will use the space as an office and showroom.
• A 1,779 s/f renewal for 810 Showroom on the fourth floor. The company, which represents top contemporary designers, will use the space as an office and showroom.

• A 1,723 s/f renewal and expansion for Traveler’s Choice Travelware on the third floor. The premium suitcase provider added 721 square feet to its existing footprint and will use the space as an office and showroom.

• A 1,588 s/f new lease for Chaser on the 11th  floor. The fashion brand will use the space as an office and showroom.

• A 1,471 s/f new lease for Maruko Trading on the sixth floor. The fashion company will use the space as general and executive offices.

• A 1,392 s/f new lease for Mud Pie on the 11th floor. The award-winning manufacturer of children’s apparel will use the space as an office and showroom.

• A 1,100 s/f  lease for Carre Noire on the third floor. The consumer, corporate, and retail branding firm will use the space as offices.

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