The Real Deal New York

Posts Tagged ‘jedd nero’

  • 589 Fifth Avenue

    Of any retail submarket, Herald Square experienced the greatest growth in average asking rent quarter-over-quarter, according to numbers CBRE released today. That neighborhood saw rents increase 30 percent quarter-over-quarter, to $657 per square foot, the report shows.

    Other New York City retail hubs also fared well. In fact, six out of the 11 hubs the report monitors saw rent increases, as the New York Observer first reported. Downtown Manhattan rents grew 28 percent in the same period, to $213 per square foot, and Lower Fifth Avenue (between 42nd and 49th streets) and Times Square both saw rents increase 23 percent, to $1,118 and $2,221 respectively, the numbers show. [more]

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  • alternate textFrom left: Robert Futterman and 229 West 43rd Street; Chase Welles and East River Plaza; and Jedd Nero and 798 11th Avenue

    The Real Estate Board of New York announced the nine contenders for its “Retail Deal of the Year” awards today, a competition that honors ingenious and influential real estate transactions (click here to see the full list of contenders). Included in the list was the controversial deal at the Times Square building at 229 West 43rd Street, through which retail brokerage Lansco claims it was cheated out of a $1 million commission. Robert Futterman of the eponymous firm represented the property owner, Africa Israel, in the deal and was named in the nomination. Other top deals submitted included the Costco lease at East River Plaza at 521 East 116th Street and the Volkswagen Group lease at 798 Eleventh Avenue.
    [more]

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  • In one of the biggest retail transactions of the year, the Volkswagen Group of America has purchased the 265,000-square-foot Potamkin General Motors building at 798-804 11th Avenue between 55th and 56th streets. The space, which Volkswagen purchased for $84 million and plans to renovate through a $41 million investment, will be used as the flagship Manhattan dealership for Audi and Volkswagen, according to a report released today. Representatives CB Richard Ellis, which represented the buyer, said that the spot was ideal for Volkswagen because of the high number of existing dealerships in the area, including Lexus, Mercedes and BMW. “Volkswagen was committed to its strategic plan to grow in the U.S. market and the Potamkin site ended up fitting perfectly into their business and marketing plan in New York,” said Jedd Nero, a CBRE executive vice president and member of the sales team. TRD

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