The Real Deal New York

Extell’s Midtown garage, Long Island City lot on offer at ICSC

RKF, Crown Retail, Massey Knakal seek deals at major retail conference

December 04, 2012 05:30PM
By Adam Pincus

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Robert K. Futterman

The retail brokerage RKF is seeking to lease a Midtown garage owned by Extell Development that can be converted to suit retailers, particularly those on Upper Fifth Avenue looking for less expensive space.

The Extell space was one of many locations, as well as clients, that were pitched and picked over at the annual International Council of Shopping Centers’ annual New York Conference & Deal Making, held Monday and today in Midtown.

The show hit its highest attendance figures since 2007, with about 7,937 people registered this year, a spokesperson for the ICSC said. Last year there were about 6,750 attendees, and the year before, about 6,100, according to the ICSC.

Robert Futterman, CEO of RKF, said his firm is looking to market the Extell space to tenants on Upper Fifth Avenue with expiring leases who can’t or don’t want to pay the higher rents. “They need to renew,” Futterman said, and remain in the area near their customers.

The four-story building at 12 West 48th Street is located between Fifth and Sixth avenues, facing Rockefeller Center, and Central Parking System currently occupies it as a garage.

Futterman did not disclose the asking rent for the 40,000-square-foot building, but said the ground floor pricing would be about half the asking rents on Fifth Avenue between 42nd and 49th streets. Asking rents in that stretch are between $600 per foot and $1,405 per square foot, according to a Real Estate Board of New York report issued last month.

Extell purchased the property in December 2011 for $15.1 million.

100 Montaditos

Crown Retail Services, the brokerage division of the Chera family’s Crown Acquisitions, is looking for locations for the rapidly growing Spanish beer and sandwich chain 100 Montaditos. Crown does not yet have a signed exclusive with the firm, and is seeking good locations to lock in the deal, a retail source said.

100 Montaditos hopes to open between 10 and 15 locations in Manhattan and Brooklyn over the next three years, the source said. Crown and 100 Montaditos did not immediately respond to a request for comment.

Long Island City retail

Massey Knakal Realty Services’ Benjamin Fox is marketing a large retail parcel available in Long Island City, Queens on a plot of land that is about 100,000 square feet, for a net lease to a developer or user.

Fox is showing the full block between 38th and 39th avenues and 21st and 22nd streets, he told The Real Deal, in an assignment signed last month. The building is in a quiet area a few blocks north of Queens Plaza, home to a number of new high-rise apartments.

On the site are several buildings, including 38-19 21st Street, which was formerly occupied by office retailer Staples, but is now vacant. There are several other smaller buildings on the site that are occupied but could be vacated, Fox said.

“[Grocery] is one of the uses I am targeting, absolutely,” Fox said. He would not provide an asking price. He is marketing the property along with Paulina Apostolides and Michael Hefferon.

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