Walt “Clyde” Frazier and 505 West 37th Street

New York Knicks’ Hall of Famer Walt “Clyde” Frazier is opening a restaurant and sports bar in Midtown West, The Real Deal has learned. The establishment will likely be named “Clyde’s” and will be located in a 10,530-square-foot retail space on the ground floor of TF Cornerstone’s residential rental complex 505 West 37th Street at 10th Avenue. Frazier, who currently provides color-commentary on Knicks telecasts, was nicknamed “Clyde” for a fashion sense that resembles the title character in the 1967 film “Bonnie and Clyde.”
The restaurant will be a partnership with Ark Restaurants, which as the New York Post reported in March, signed a lease in the space with a target opening date of Dec. 1. [more]

A non-profit performing arts group will be dancing its way over to Midtown, according to the New York Times, after developer TF Cornerstone offered it a virtually free, six-month lease at its new rental complex 505W37. The Baryshnikov Arts Center will use the fully furnished, two-bedroom penthouse unit — which it’s leasing for $1 — to house visiting dancers. But the partnership between the Baryshnikov group and the building, which sits between 10th and 11th avenues, doesn’t end there — TF Cornerstone and the non-profit are reportedly in talks to set up a discount program to performances for residents at 505W37. Stanford Makishi, executive director with Baryshnikov, said that the apartment is a major boon to his organization. “What the apartment represents to us is huge budget relief,” Makishi said, “because we do in fact present a lot of international artists, as well as hosting people from out of town in our residency programs.” Click here to see The Real Deal’s tour of the new development. [NYT]

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A non-profit performing arts group will be dancing its way over to Midtown, according to the New York Times, after developer TF Cornerstone offered it a virtually free, six-month lease at its new rental complex 505W37. The Baryshnikov Arts Center will use the fully furnished, two-bedroom penthouse unit — which it’s leasing for $1 — to house visiting dancers. But the partnership between the Baryshnikov group and the building, which sits between 10th and 11th avenues, doesn’t end there — TF Cornerstone and the non-profit are reportedly in talks to set up a discount program to performances for residents at 505W37. Stanford Makishi, executive director with Baryshnikov, said that the apartment is a major boon to his organization. “What the apartment represents to us is huge budget relief,” Makishi said, “because we do in fact present a lot of international artists, as well as hosting people from out of town in our residency programs.” Click here to see The Real Deal’s tour of the new development. [NYT]

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Concessions are a thing of the past as the Manhattan rental market rebounds, according to developers and agents, who say that rental units are moving faster while rates are climbing. For example, new rental developments like 505 West 37th Street, which launched in March and is seeing around 30 units signed every week, are showing palpable signs of rebound, according to the New York Post. Gary Jacob, executive vice president with luxury rental leasing and management firm Glenwood, said that one notable change in the market is the disappearance of concessions. “Last year we were giving one month’s free rent on every building,” Jacob said. “In February, we stopped giving concessions at any of our buildings.” [Post]

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Concessions are a thing of the past as the Manhattan rental market rebounds, according to developers and agents, who say that rental units are moving faster while rates are climbing. For example, new rental developments like 505 West 37th Street, which launched in March and is seeing around 30 units signed every week, are showing palpable signs of rebound, according to the New York Post. Gary Jacob, executive vice president with luxury rental leasing and management firm Glenwood, said that one notable change in the market is the disappearance of concessions. “Last year we were giving one month’s free rent on every building,” Jacob said. “In February, we stopped giving concessions at any of our buildings.” [Post]

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From left: K. Thomas Elghanayan and brother Frederick started TF Cornerstone

Now that the division of Rockrose has been finalized, the two younger Elghanayan brothers are looking to snap up distressed assets. “Our plan is to look for properties that are in some form of incomplete state,” K. Thomas Elghanayan, who with his brother Frederick is now doing business under the name TF Cornerstone, told The Real Deal.
“We can take something that’s half-built and we can finish it, manage
it, rent it out, sell it, and do whatever we need to do. We’re looking
at a couple of opportunities like that, where we’d be buying these
[properties] from financial institutions.” In fact, he said, TF (for Thomas and Frederick) Cornerstone is close to making a deal on two properties in the New York metro area: one is a “broken condo,” and another is a development deal where construction started and stopped. [more]