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Deals & Dealmakers

LEASES: School for art and music leases space in Tribeca; Crime victims treatment center takes space at 40 Exchange

NEW YORK

Peter Braus, Managing Principal of Lee & Associates NYC, arranged a lease for the Church Street School for Music and Art at 41 White Street in Tribeca. Working directly with Executive Director Lisa Ecklund-Flores, who founded the non-profit music and arts school in 1990, Braus spent nearly two years searching for a location that met the school’s criteria for affordability in the Tribeca submarket and room enough to accommodate a student body that starts at 16-months through adulthood. His efforts have resulted in a 15-year lease for a three-level, 8,000 s/f space formerly occupied by the Flea Theater. The location comes with two fully built-out performance spaces, acoustical partitions that may be divided into classrooms, and several dressing rooms that will be converted into individual practice rooms. The rent for the school’s previous location at 74 Warren Street had become unsustainable for the academic non-profit, having escalated to $48,000 per month. The $25,000 rent for the new space will save the school approximately $276,000 annually. The landlord, Benchmark Real Estate Group, acquired 41 White Street in July 2017, and was represented by Andrew Stern of RKF for the transaction with CSS.

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Avison Young and GFP Real Estate announced a 15-year, 8,630 s/f lease for the Crime Victims Treatment Center (CVTC) at 40 Exchange Place, in the Financial District. CVTC, a nonprofit organization that provides healing services to survivors of violent crimes, will now occupy part of the building’s fifth floor. The building is owned by GFP Real Estate and Northwind Group. Susan Kahaner, Michael Leff and Jennifer Ogden of Avison Young represented the tenant in the transaction. The building’s ownership was represented in-house by Allen Gurevich.

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ATCO Properties & Management has signed a 12-year, 5,181 s/f lease with fast-causal restaurant chain Café Metro at 240-246 West 35th Street, in the Garment District. The new Café Metro, which is expected to open in February 2018, will continue the brand’s expansion in the New York City market. John Cinosky, President of Atco Brokerage Services, represented the landlord in the long-term transaction, while Stu Morden and Lucas Kooyman of Newmark Knight Grubb Frank Retail, represented the tenant.

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New Street Realty Advisors arranged a lease at 50 Lexington Avenue between Broadway Bodies and Lex Tenants Corp. Board of Directors. Broadway Bodies has leased approximately 1,500 s/f in the Lower Level. The building is located on the northwest corner of East 24th Street and Lexington Avenue. Broadway Bodies will be constructing a dance-fitness studio. Currently Broadway Bodies operates out of Chelsea Studios located at 151 West 26th Street. Christopher Bruggers, Joshua Gettler and Matthew Gorman of New Street Realty Advisorsrepresented both sides in the transaction.

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Carmine Inserra, Principal, and Paul Schneider, Senior Director, of NAI Long Island, represented both the landlord and the tenant in a deal to renew the lease of Suite 215 in 225 Broadhollow Road in Melville, NY. Professional tax and accounting firm, Cohen & Lynn, LLP, renewed their lease of the 2,500 s/f space from landlord Fairfield Properties.

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Admiral Real Estate announced that Jonathan Gordon represented both the landlord and the tenant in the following leases:

• A new fast-casual Greek restaurant, run by a local restaurateur will opeat 116 Pondfield Road, Bronxville, in a 3,000 s/f space previously occupied by Savanna at Home.

• The Fleetwood Diner will re-open under new ownership at the corner of Grand Street and Gramatan Avenue. Near the Fleetwood Metro-North station, bus stops and municipal parking, the Diner will also be one block from an approved 18-story, $85 million, 249-unit residential complex.

• A new fresh juice and smoothie store called Root & Vine will open at 6 Cedar Street in Bronxville, near ACME supermarket and purebarre Bronxville.

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Hunt Corporate Services announced the following leases:

• ProHealth Dental leased 4,250 s/f of retail space at 35 Gerard Street, Huntington. Bob Hirschfeld represented the landlord, Gerard Street Properties. The tenant was represented by Joanne Argenti of Ripco Real Estate Corp.

• Forerunner Technologies, Inc. has leased 10,000 s/f of space at 150 Executive Drive, Edgewood, NY. Bob Hirschfeld represented the tenant. The landlord, Heartland Rental Properties LLC, was represented in-house. Founded in 1989, Forerunner Technologies Inc. is a provider of telecommunication equipment and services. The space in Edgewood will serve as office and warehouse space.

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Eric S. Goldschmidt, Senior Partner at Goldschmidt & Associates, announced that 11,400 s/f has been leased recently to three new tenants at Two Overhill Road, Scarsdale, NY. Goldschmidt & Associates is the exclusive broker for the property.

• 6,155 s/f was leased to a medical group which was represented by Christopher O’Callaghan of JLL.
• Eric Goldschmidt was the sole broker for a 3,650 s/f specialty office user, and;
• A 1,581 s/f medical related user will occupy its space in early 2018.

NEW JERSEY

Bussel Realty Corp. announced that a Brooklyn-based e-commerce business has leased the entirety of 607 East Edgar Road in Linden, NJ, an 18,000 s/f industrial building. Jordan Metz, senior vice president of BRC, represented both the tenant and the owner, Academy Realty Group LLC. 607 East Edgar Road is located directly off Route 1-9, with access to New Jersey Turnpike, Port Newark, Newark Liberty Airport, I-78 and the Goethals Bridge.

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New Jersey Insurance Underwriting Association (NJIUA) has leased 7,500 s/f of Class A office space at 570 Broad Street in Newark, which is owned by The Berger Organization. NJIUA, which had been at 744 Broad Street for over 30 years, signed a seven-year lease with options in the 15-story office building. Richard Charles from CBRE acted as broker, working with Brendan Berger of The Berger Organization. Demolition is underway and the company is working with its architect on plans for NJIUA’s new space, which will occupy half a floor in the 200,000 s/f building.

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NAI James E. Hanson announced a lease for 22,220 s/f of industrial space to Delaware Freeport in Clifton. Eric Demmers, Russell Verducci, Darren Lizzack and Randy Horning represented the landlord, PFPM, LLC in the NAI James E. Hanson exclusive listing. The space was recently renovated and has 14 ft. ceilings, two tailgates, two drive-ins and 22 parking spaces. Robin Ritter-Ceriello and Larry Casey of Cushman & Wakefield represented the tenant.

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Leases totaling 19,856 s/f have been signed at Colonial Village Office Park on Route 27 at Parsonage Road in Edison. Matthew Weiss, the center’s leasing and managing agent, handled the trnasactions:

• Kennedy Pharmacy extended its lease thru 2021 and New Brunswick based Edo Sushi & Fatcup, a Japanese restaurant, signed a five-year lease replacing Ichiban Sushi.

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