Charter school signed biggest retail lease in NYC last month

November’s top 10 leases made public totaled 169,700 sf

From left: 123 Linden Boulevard, 280 Park Avenue and 828 East 149th Street in the Bronx (Credit: City Realty, Vornado, Google Maps)
From left: 123 Linden Boulevard, 280 Park Avenue and 828 East 149th Street in the Bronx (Credit: City Realty, Vornado, Google Maps)

Gyms and fitness clubs, usual mainstays on this list, were entirely absent from the top 10 largest retail leases made public last month. Ascend Charter Schools led the pack instead, more than doubling the square footage of the second largest lease on the list.

November’s 10 biggest retail leases made public totaled 169,700 square feet, down 18,200 square feet from October’s total of 187,900 square feet. The largest retail lease inked in November was in Prospect-Lefferts Gardens.

The total does represent a considerable step up from that of the top 10 leases in November 2018, which totaled just 120,800 square feet.

1) Ascend Charter Schools, 123 Linden Boulevard, Prospect Lefferts Gardens – 45,000 square feet
The charter school known for its high-performing students signed a 15-year lease for space in a new Brooklyn residential development. William O’Brien of M.C. O’Brien represented the tenant while Jack Mordekai of Moinian Group represented the landlords, Moinian Group and Bushburg Properties. The Moinian Group in 2017 took a nearly 50 percent stake in the conversion of the Brooklyn nursing home into a 487-unit rental building.

2) Fasano Hotel and Restaurant Group, 280 Park Avenue, Plaza District – 20,000 square feet
The Brazillian restaurant group inked a lease for a new Italian eatery at the Vornado Realty Trust and SL Green Realty-owned building. The space formerly housed the short-lived Four Seasons revival, and the new concept is expected to open in 2020, according to the New York Post.

3) Essen Health Care, 828 East 149th Street, Mott Haven – 18,000 square feet
The urgent care center signed a 15-year lease in the third building of Douglaston Development’s Crossroads Plaza. Daniel Mahfar and Victor Sozio of Ariel Property Advisors represented both the tenant and the landlord. Crossroads Plaza has three retail spaces totaling 60,000 square feet. The mixed-use complex also has 425 residential units.

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4) New York Public Library, 285 Lafayette Street, Soho – 16,000 square feet
The library renewed its 30-year lease at double its prior rent. Kushner Companies paid $39 million to buy the retail condominium, which totals 31,500 square feet, from Ashkenazy Acquisition Corp. and Centurion Realty in June. Equinox is also a tenant.

5) Urbanspace, 135 West 50th Street, Midtown West – 15,000 square feet
The food hall, whose creators are also behind the Union Square holiday shops and Mad. Sq. Eats, inked a 20-year lease for the Midtown location. Gordon Ogden and Benjamin Mohr of Byrnam Wood represented the tenant while Peter Duncan, Alexander Birmingham, Matt Coudert and Andrew Conrad of George Comfort & Sons represented the landlord, UBS Realty Investors. Urban Space also has locations at 570 Lexington Avenue and 230 Park Avenue.

6) Pirate Studios, 1519 Decatur Street, Ridgewood – 13,832 square feet
The rehearsal space inked a lease at the Box Factory. Ben Waller of ABS Partners Real Estate represented both the tenant and the landlords, Hornig Capital Partners and Brickman. The London-based music technology company provides members with self-service studios around the clock. In 2018, it raised $20 million in funding from London-based Talis Capital, according to TechCrunch, and has been expanding throughout the United Kingdom and the United States.

7) Club Monaco, 597 Fifth Avenue, Plaza District – 13,000 square feet
The high-end retailer signed a three-year lease for space currently occupied by Lululemon, which is relocating to 592 Fifth Avenue. Robert Cohen and Peter Whitenack of Newmark Knight Frank represented the tenant while Thor Equities, the landlord, represented itself in-house. Earlier this year, Crain’s reported that Lululemon’s vacancy could have made it difficult for Thor cover its mortgage payments at the property.

8) CVS, 140 Church Street, Tribeca – 12,000 square feet
The pharmacy chain inked a 15-year lease, replacing a Mattress Firm and a 7-Eleven. Andrew Mandell and Ben Sabin of Ripco Real Estate represented both the tenant and the landlord, Warren Street Associates.

9) Talea Beer, 87 Richardson Street, Greenpoint – 10,000 square feet
The brewery signed a lease for its first taproom, which is slated to open in 2020, according to Real Estate Weekly. David Green and Josh Berkun of Kassin Sabbagh Realty represented the tenant while Josh Dolgin of KND Management Company represented the landlord in-house. Talea, founded by business execs-turned-home brewers LeAnn Darland and Tara Hankinson, claims to be the first female-forward brewery in the country. A New York Times article said the company was making a bet on “easy-drinking beers.” The taproom is located near the the Museum of Food and Drink, as well as a handful of other breweries and watering holes.

10) Snipes, 203 East Fordham Road, Fordham – 6,866 square feet
The sneaker retailer signed a 10-year lease. Joe Mastromonaco, Fritz Kemerling and Evan Clements of Dartmouth Company represented the tenant while David Alani and Michael Friedman of Inline Realty represented the landlord, Fordham Chera Acquisitions.