210 Joralemon Street
United American Land has closed on the 50,000 square-foot commercial condominium at 210 Joralemon Street, commonly known as the Brooklyn Municipal Building, for $10 million, the developer told The Real Deal. United American won a request for proposal from the city last year to redevelop the three floors of retail at the building, between Court Street and Boerum Place in Downtown Brooklyn. [more]
Danny Meyer’sUnion Square Hospitality Group is further expanding its Shake Shack empire — which already stretches as far as Kuwait City, Dubai — to Long Island, Long Island Business News reported. The beloved burger chain inked a deal for an undisclosed amount of space at the Gallery at Westbury Plaza, a 330,000-square-foot redevelopment site at 900 Old Country Road in Westbury, N.Y., according to previous reports. [more]
From left: Robert Futterman and 229 West 43rd Street; Chase Welles and East River Plaza; and Jedd Nero and 798 11th AvenueThe 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.
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From the November issue: While vacancy signs have been proliferating along the avenues of many of the city’s established shopping districts throughout the downturn, major chain stores are moving into massive new malls located in former retail dead zones in places like the South Bronx and East Harlem. These new multilevel malls — many of which are on former industrial sites — are different from the big-box stores that made inroads into many parts of the city in recent years. They boast even larger floor plates, often allowing a store to consolidate all of its operations on one level. That, in turn, has the potential to attract the types of warehouse stores and wholesale outlets typically found in the suburbs and less dense parts of the outer boroughs. Indeed, later this month, Manhattan’s first Costco is set to open at East River Plaza, a new half-million-square-foot mall located between East 116th and 119th streets along the FDR Drive. Next year, a slew of bargain stores will also be opening at the mall, which was developed by the Blumenfeld Development Group and is 90 percent leased out. Tenants will include Best Buy, Marshalls, and Bob’s Discount Furniture.
