Retail investors Jackson Group, Aurora Capital Associates and ACHS Management signed an $18.5 million contract to buy a corner parcel in Boerum Hill now occupied by a grocery store. The group plan to demolish the existing structure and replace it with a two-story retail building. [more]
Posts Tagged ‘cpex real estate’
Average retail rents along Court Street in Cobble Hill are three times what they were in 2009, according to a new study from commercial brokerage firm CPEX Real Estate Services.
The trend began shortly after Trader Joe’s moved into a 4,700-square-foot bank building at 130 Court Street. At the time, about five years, rents ranged from $35 per square feet to $50 per square feet just south of Atlantic Avenue. Now, in the same area, a 1,000-square-foot space would command as much as $200 per square foot, Crain’s reported, citing CPEX. [more]
The Midtown-based investment and development firm LIVWRK has inked its second deal in as many weeks to purchase an industrial property on a two-block stretch of Gowanus, company CEO Asher Abehsera told The Real Deal. Like the first, this one is slated for redevelopment into retail and office space. [more]
A 50,000-square-foot retail space at One Brooklyn Bridge Park, the condominium behemoth on the Brooklyn waterfront, is hitting the leasing market. [more]
RFR Realty and Kushner Companies’ $375 million purchase of the Jehovah’s Witnesses buildings in DUMBO will spur the neighborhood’s role in the ongoing creation of the Brooklyn Tech Triangle, real estate executives told the Brooklyn Eagle. [more]
From the June issue: When is a real estate firm not a real estate firm? When it’s a cleaning service, too.
Commercial brokerage CPEX has a solution to the ups and downs of the real estate market: diversify. That’s why the three-year-old Brooklyn-based firm launched Bespoke Hospitality Group 18 months ago, which now has spawned BHG Cleaning Services, a high-end housekeeping service that should keep the company’s coffers full even during a downturn. [more]
The owners of a Cobble Hill grocery store have offered to beat the rent that J. Crew will pay landlord Arista Real Estate Holdings under a lease the national apparel retailer signed last week, DNAinfo reported.
J. Crew inked a 10-year net lease for the building at 151 Court Street for 2,349 square feet each on the ground floor, lower level and second floor, as The Real Deal reported. [more]
As part of the further transformation of retail shopping in Brooklyn, the global apparel chain J. Crew is coming to a two-story building in Cobble Hill, according to two people familiar with the transaction. [more]
One of Brooklyn’s most distinctive structures, known as the Broken Angel, has hit the market with an adjacent lot asking $4.5 million, Brownstoner reported. And CPEX Real Estate is marketing the Clinton Hill building, which had long battled foreclosure, as a conversion opportunity, rather than a development site.
“The property comes with approved plans to convert it into an eight-unit building with ground floor duplexes,” the listing said. [more]
The investment sales, leasing and advisory firm CPEX Real Estate is doubling its office space in a move set for Friday to a new location in Downtown Brooklyn, the company told The Real Deal.
The firm, headed by managing partners Timothy King and Brian Leary, is moving its headquarters to 8,000 square feet at 81 Willoughby Street, between Lawrence and Bridge streets from about 4,000 square feet at 350 Livingston Street, about six blocks apart. [more]
From left at the Brooklyn Real Estate Summit: Tim King of CPEX, Joe Chan of the Downtown Brooklyn Partnership and Michael Phillips of Jamestown; Michael Zazza of the Zazza Development Group and Susan Pollock of CPC Resources
Though the price disparity in their residential markets may be narrowing,
Brooklyn still lags far behind Manhattan in the number of big national
retailers. That was a major discussion point at the 2011 Brooklyn Real
Estate Summit held yesterday at St. Francis College in Downtown
Brooklyn. Not coincidentally, commercial real estate veterans pointed
to the very neighborhood where the conference took place, Downtown
Brooklyn, as crucial to landing those retailers.
“Brooklyn is too spread out to achieve national retailers in every business
district in the borough,” said Michael Phillips, managing director at
real estate investor Jamestown, which has stakes in Be@Schermerhorn in Downtown Brooklyn and four Manhattan buildings. But, by trumpeting Downtown Brooklyn, where retail traffic is already evident, Brooklyn
can lure the big-box national retailer willing to be a pioneer. … [more]
Discount clothing department store Marshalls and drugstore CVS are interested in leasing space in a troubled development site in Williamsburg, once the stalled construction project is completed, several brokers said. The national chain retailers are looking at a lower-level space at 242 Bedford Avenue, just south of North 4th Street, the brokers, who asked to remain anonymous, said. The half-built site is owned by Yehuda Backer’s Williamsburg-based Backer Group, which halted construction several years ago. Instead, the parcel has only steel shells with no current construction evident.
From left: Pret A Manger is moving in on the corner of 29th Street and Seventh Avenue and Fresh & Co. is a recent addition to the neighborhood on the corner of 30th Street and Seventh Avenue
Once thought of as a transit hub for travelers moving in and out of Penn Station, a strip of Seventh Avenue is slowly gaining retailer clout. Brokers say the stretch of retail from 29th to 34th streets is improving because of shifting real estate values, large development projects on the horizon and the influence of one property owner: Vornado Realty Trust. In the last few months, the quality of retailers in the area appears to have shifted. Fresh & Co., an upscale — primarily lunch — eatery, opened several months ago at the corner of 30th Street and Seventh Avenue. Pret A Manger, meanwhile, has plywood up on the corner of West 29th Street. And, within a couple of months after Supermac macaroni and cheese joint’s closing last November, a new vegan sit-down restaurant opened in the location on Seventh Avenue between 29th and 30th streets. And, as these high-end eateries crop up, some retail experts say that the neighborhood is turning a corner. … [more]
After-school education program Kumon Learning Center is opening its ninth Brooklyn location at 8506-8508 Fourth Avenue in Bay Ridge, after signing a 1,800-square-foot lease at the building. The asking price for the space was $55 per square foot, and the five-year lease came with a five-year renewal option, according to CPEX Real Estate, which brokered the deal. Other tenants in the building, which is owned by Pappas & Pappas, include H&R Block, Dunkin Donus, New York Sports Club and Sleepy’s. The learning center expects to move in within three months. TRD
A new report on New York City’s traditionally tight-lipped retail leasing market lifts the curtain on pricing in more than 193 shopping districts in the five boroughs (see the full report after the jump). The survey, the first undertaken by the two-year-old Brooklyn sales and leasing firm CPEX Real Estate, gives ranges for rents based on a review of more than 1,200 leases as well as interviews with owners, appraisers and other industry sources, company principal Timothy King said. The overview is a rare glimpse into the retail leasing industry that remains far more secretive than residential and office leasing, brokers said. While brokerage firms release retail reports, for example commercial real estate firm CB Richard Ellis released a sophisticated fourth-quarter retail analysis of 10 shopping districts in Manhattan south of 86th Street this week, they do not cover all five boroughs. King said there were few surprises in the CPEX data. He said its value was as a tool for clients looking for a broad view of the market. “If a retailer comes from out of town, this is a road map to give you a logical starting point,” King said. … [more]
Despite a year passing since broker Timothy King filed a $3 million
lawsuit accusing his former partners Paul Massey and Robert Knakal of
Massey Knakal Realty Services of improper activities and mismanagement
of the firm, the two sides remain at loggerheads after a hearing in
Brooklyn court today. A judge in State Supreme Court rejected motions introduced by both
sides and left open the possibility that she would move the dispute to
arbitration. King filed suit June 2008 on behalf of Massey Knakal Realty of
Brooklyn, a partnership in which he holds a 10 percent interest.
Massey, CEO of Massey Knakal Realty Services, and Knakal, that
company’s chairman, are 50-50 partners in Massey Knakal Realty
Holdings, which owns 70 percent of the Brooklyn entity. King is not
suing the other five individuals who have a 20 percent stake in the
Brooklyn office. … [more]