By Holly Dutton
A $150 million retail deal years in the making has finally been closed.
Veteran broker Kim Mogull told Real Estate Weekly that BankUnited has singed three leases for New York City locations with an aggregate value of $150 million.
The Florida-based commercial bank’s flagship location will be an 11,000 s/f space at 960 Sixth Avenue in Herald Square. It will operate two more locations from a 5,500 s/f space at 299 Park Avenue on the northeast corner of 48th Street, and a 14,000 s/f triplex at 136 East 57th Street on the southeast corner of Lexington Avenue.
“Mogull Realty has been a trusted business partner throughout our retail expansion in the tri-state area and in Florida,” said Frank Martorana, senior executive vice president at BankUnited in a press release.
BankUnited’s founders previously worked for the now closed North Fork and were subject to a five-year non-compete agreement, according to Mogull, CEO of Mogull Realty,.
Although she managed to secure locations early on, BankUnited was unable to open prior to 2013.
This left the broker with the question of what signage to use in the windows of the soon-to-be banks.
She decided on question marks which, she said, “built buzz” around the neighborhood, especially at the flagship location.
“With its strong business relationships, dedication to service and of course, fantastic branch locations, I am confident that BankUnited will quickly emerge as one of New York’s powerful commercial banks and stimulate new opportunities, investments and job creation,” said Mogull.
“We are proud to be a part of their launch and ongoing growth.” Mogull said the bank had signed “very long-term leases,” which had each been executed within 6-8 months of each other. Renovations are underway at all three locations, which will officially open some time in March.
Representing the locations in the deals were Robert Kaplan, Hidrock Realty (960 Sixth) Annette Healey, CBRE (299 Park Ave.) and Richard Halpern, Silk & Halpern (136 E57th).