December 2010: New York City Office, Retail and Industrial Market Report

Office vacancies decreased in all three markets in Manhattan.

Midtown, Midtown South and Downtown have seen companies lock in leases both large and small. Many companies waited as long as they could and had to sign leases, while others tried to time the bottom.

Now the question is, what else is there? Some say there is some hiring on Wall Street, but then again some firms are still laying off. New York City is doing layoffs and so is New York State. The job market remains bleak in Manhattan. Office demand remains flat for the time being.

New York City Market Overview:

The Port Authority finalized its "backstop financing" agreement with Larry Silverstein for 4 World Trade Center, which allows the developer to place $1.3 billion in Liberty Bonds for the $1.8 billion tower. At the Nov. 18 board meeting, the PA approved the final documents. By converting the bonds to a construction loan, it will enable 4 WTC to be completed to its ultimate 64 stories. The PA itself will be an anchor tenant with about 800,000 square feet of the tower's total 2.1 million feet. Meanwhile, $1.3 billion more in Liberty Bonds remain in escrow for 3 WTC.

New Jersey Governor, Chris Christie, who cancelled construction on the Hudson River commuter rail tunnel to New York City because of potential cost overruns, will now consider putting state funds toward Mayor Bloomberg's proposed alternative: a No. 7 subway line extension to Secaucus. Christie believes that Bloomberg's plan is a better idea than the Access to the Region's Core (ARC) tunnel because it would be cheaper and would have access to New York State and New York City financing. When Christie scrapped the ARC project, he also forfeited $3 billion in approved federal financing that the city may be lobbying to redirect toward the No. 7 extension project.

New York State saw an uptick in residential mortgage delinquencies and home foreclosures in the third quarter. Nearly 9 percent of residential mortgages were in delinquency in the third quarter, up 14 basis points from the second quarter. The percentage of loans that were in the foreclosure process last quarter hit 4.74 percent, up 17 basis points from the second quarter, while the percentage that entered the foreclosure process reached .95 percent, up 13 basis points.

December 2010 Manhattan Office Market Vacancies

Total Manhattan Office Class A vacancies decreased from 9.3 % vacant to 9.0 % vacant.
Total New York City Office Availability decreased from 8.2 % vacant to 7.9 % vacant.

December 2010 New York Retail Market Vacancies

Total Available New York City Retail Space decreased from 0.87 million SF. to 0.86 million SF

New Developments

Manhattan condominium prices climbed 9.4 percent in August, compared to the same month a year earlier. Transactions borough-wide increased 12.8 percent during that time, as well. Despite this recovery from 2009, activity and pricing are still a far away from pre-crash levels. This year, through August 31, has posted the second-lowest transaction count.

A final hearing was held for the public to weigh in on Riverside Center, the proposed complex that Extell Development wants to build on the Upper West Side. The city council subcommittee on zoning and franchises heard more than four hours of testimony on the project, which would bring five high-rises, stores, a hotel, a movie theater, a parking garage and an auto showroom to eight acres between West 59th Street, West 61st Street, West End Avenue and Riverside Boulevard.
Developers are converting units to rentals to create revenue, thus allowing residents to get the condo lifestyle without the commitment. Cipriani Club Residences at 55 Wall Street is also renting unsold units. They want to sell the units, but in the meantime, due to so much demand they are doing short-term rentals. 75 Wall Street is also renting out some of its available condos, and William Beaver House, also in the Financial District, has had a number of condos for rent as well.
Brack Capital Real Estate has joined a European hotel partner to develop a 78,000-square-foot hotel at 218-222 West 50th Street in Times Square.

IStar, the troubled lender that has some of the city's most high-profile condominium projects in its portfolio, including One Madison Park, William Beaver House and Trump Soho, is negotiating with creditors to exchange debt and set up new financing. Istar, which is hoping to avoid bankruptcy, is in talks with Franklin Resources and Centerbridge Capital Partners, among other lenders. The lender is hoping to set up as much as $2 billion in financing. Despite recent warnings regarding iStar's fiscal health, that the company is becoming more attractive to potential lenders. The fundamentals of iStar's business appear to have improved.
Almost three dozen Catholic schools in the greater New York area are facing possible closure due to dire financial times. Five of the schools are based in Manhattan, including St. Joseph of the Holy Family in Harlem, Our Lady of Sorrows on the Lower East Side and Sacred Heart of Jesus School in Midtown. Ten others are based in the Bronx and Staten Island. The Archdiocese of New York's Superintendent of Schools said that numerous financial hardships have put these schools in precarious positions.

JPMorgan Chase is facing two class-action suits alleging foreclosure fraud after the bank temporarily halted foreclosures nationwide in September. JPMorgan also became the latest big Wall Street bank to disclose a list of lawsuits it is facing that allege that the bank underwrote mortgages used in securitizations which harmed investors. JPMorgan said it encountered the some of the same lawsuits that other banks, including Citigroup and Bank of America, have said they face. JPMorgan also said it was facing suits from nine Federal Home Loan Banks, Cambridge Place Investment Management and Charles Schwab.

Glenwood Management is foreclosing on $78.6 million in loans that were given to developer Tribeach Holdings. 301 West 46th Street, at the corner of Eighth Avenue, where Tribeach sought to build a 38-story hotel and condominium was battered by the economic downturn. By 2009, construction ground to a halt. The original lender on the project, Bank of Scotland, declared the loans in default. On September 13, the bank sold the note for an undisclosed price to Glenwood's entity West 46th Street LLC, a lawsuit filed shows.

PB Capital, the American subsidiary of Deutsche Postbank, was granted a receiver to oversee Sorrento New York, a stalled 43-story condominium and extended-stay hotel that is the subject of an $84 million foreclosure suit. The Ismael Levya-designed tower, at 306 West 48th Street, was developed by manhattan-based Esplanade Capital. Investors were named as the guarantors of $84 million in loans for the newly constructed project, which was scheduled to include extended-stay housing under the BridgeStreet Worldwide hotel brand.

Construction on Extell Development's 34-story International Gem Tower condominium, on West 47th Street between Fifth and Sixth avenues, is on hold. Meanwhile, 580 Fifth Avenue, at the corner of 47th Street, is looking to be the center of the global diamond trade. Though Extell's tower was recently approved as a Foreign Trade Zone by the U.S. Department of Commerce, 580 Fifth Avenue at 400,000 square feet is 95 percent leased, while the Gem Tower's 750,000 square feet remain frozen at sidewalk level.

The city is kicking off a search for companies that would install 50,000 square feet worth of solar panels atop the Brooklyn Army Terminal's main industrial building. The $10 million project would result in the largest solar-energy system in the city, partially powering the 97-acre office and industrial complex in Sunset Park and two smaller city-owned sites that have not been picked out yet. If it succeeds, the Bloomberg administration is looking to replicate the technology elsewhere, including at the Brooklyn Cruise Terminal.

The developers of the embattled Trump Soho condominium-hotel are offering to refund buyers as much as half of their deposits, if they agree not to join a lawsuit that accuses them of fraudulent misrepresentations at the 46-story Spring Street building. Only those buyers who have not yet closed would be eligible for the refund, though it is unclear how many have been offered. They must think the fraud lawsuit has legitimacy and that they will have to settle for more than 50 percent. Or, the refunds could mean that the developers could be planning to convert the entire project to a hotel.

The owner of 885 Third Avenue has filed for bankruptcy. Metropolitan 885 Third Avenue Leasehold LLC, the owner of the tower known as the "Lipstick Building," has listed as much as $500 million in debts and assets while filing for Chapter 11 bankruptcy in a Manhattan court. Foreclosure on the building has loomed for months, after the owner defaulted on a $210 million loan earlier this year.

New York City Buildings sold

Developer Continuum Company is to put $40 million into the troubled One Madison Park residential development and finish up the project, after reaching a deal with the developer and creditors. The deal, which is contingent upon bankruptcy court approval, would fund the costs of a proposed restructuring on a loan from lender iStar. The lender gained control of the building in April, after asserting that the builder had failed to pay it $12 million in interest between October 2009 and February 2010, and owed upwards of $200 million.

Larry Gluck's Stellar Management purchased the 374-unit Windermere Hotel at 666 West End Avenue for $68 million. The 23-story building currently contains both market-rate and stabilized hotel rooms and apartments.
Anglo Irish Bank acquired unsold shares of Rector Square, the troubled Battery Park City condominium, during a public auction at the New York state Supreme Court, with a winning bid of $82.75 million. Anglo Irish, the senior lender at the 304-unit building at 225 Rector Place, plans to resell the building to new investors. The bank wanted to make sure the property had stable ownership before going forward.

Edge Fund Advisors and HSBC Alternative Investments are believed to have acquired a 49 percent stake in the Bertelsmann Building at 1540 Broadway in a deal valued at $254 million or $575 per square foot. CBRE acquired the office condominium portion of the property in March 2009 from Deutsche Bank for $355 million. Detuche Bank acquired the distressed property from developer Harry Macklowe.
Two duplexes in the Time Warner Center building at 25 Columbus Circle have gone into contract in a single deal for $57.5 million. Hedge fund financier Douglas Von Allmen had sold his 3,500-square-foot duplex for around $15.7 million to a Russian tycoon, and that the merger of that unit with neighbor Steven Feder's 4,500-square-foot pad was not happening. The duplexes went into contract in one transaction. The combined space will feature three kitchens, eight bedrooms, 12 marble bathrooms, floor-to-ceiling windows with views of Central Park and an in-apartment elevator.

The $40 million mortgage on the stalled Tribeca condominium project has been taken off the auction block, after a foreign investor inked a deal to buy the note. The condo's site at 369-371 Broadway between White and Franklin streets was considered one of the last few remaining development sites in the neighborhood.

Glenwood Management is in contract to buy a parcel of land across from Fordham University's Lincoln Center campus for $100 million and has plans to build a high-rise residential tower there. The Amsterdam Avenue property is near the site of another proposed residential tower, for which Fordham had been seeking proposals from developers, including Jeffrey Levine of Douglaston Development, until a recent deadline.

Brooklyn real estate investor Abraham Leser has sold off a piece of the former Victory Memorial Hospital, recouping nearly half the $44.9 million purchase price for the entire property while retaining ownership of the closed hospital building. Hamilton Park Realty paid $20 million for the nursing home component of the Bay Ridge hospital complex.

A group of investors has signed a contract to purchase 1330 Sixth Avenue, the 40-story office building, that Canadian lender Otera Capital took back from Harry Macklowe last year for around $400 million. The price, though far below the $500 million Macklowe paid for it in 2006, would likely put the deal amongst the largest of the year for New York City office buildings, and could be a sign of the commercial property market's rebound.

Following an approval from bankruptcy court, the $19.35 million sale of the eight-year-old Chelsea Art Museum to the Albanese Development Corp. will allow the museum to continue operating at its West 22nd Street site, rent-free, until the end of 2011. After that date, the museum will need to find a new home.

NYC Buildings For Sale

Developers at several New York condominiums such as the Sheffield are reviving higher commissions and other incentive plans to sell units. When the Sheffield, at 322 West 57th Street, was reopening earlier this year after a conversion, the owners had nearly 330 units to sell.
Developer Joseph Moinian has reached an impasse in a battle to block Deutsche Bank and Related Company from foreclosing on his 3 Columbus Circle office tower and demolishing the property, in favor of a new tower anchored by Nordstrom's department store. Related Chairman, Steve Ross, and lawyers for Moinian squared off in New York State Supreme Court, while the two executives sat impassively, watching what amounted to a legal sparring match with the Judge repeatedly injecting a wry sense of humor to keep the showdown from turning into a three-ring circus.

Commercial and residential landlord Fisher Brothers has placed a $48 million bid in bankruptcy court to buy the Upper West Side apartment building, Park Columbus, from Yair Levy’s failed effort to convert the rental property to condominiums. The 95-unit apartment building at 101 West 87th Street at Columbus Avenue is being sold in Manhattan federal bankruptcy court. An entity called 101W 87th LLC made the bid of $48 million.

Joseph Moinian’s 72 Madison Avenue has just been hit with a foreclosure lawsuit. Alleging that Moinian missed multiple payments on his $22 million mortgage there, creditors filed to take back the 12-story office building. Moinian took out the mortgage in 2007, but ran into trouble when the economy worsened, cutting into his rental income at the property.

The New York Helmsley Hotel has drawn 15 different bidders. The 773-room hotel clears its first round of bidding. Several of those potential buyers made offers exceeding $300 million, the second round of bidding for the hotel at 212 East 42nd Street will be due by mid-December. The aggressive bids for the Helmsley are a good sign for the overall hospitality market in the city.

Morris Moinian has put a six-story residential building at 364 West 18th Street on the market with an asking price of $36 million.

New York Office Leases:

Total Manhattan Office Class A vacancies decreased from 23.09 million RSF to 22.75 million RSF.
Total Manhattan Office Market vacancies decreased from 36.38 million RSF to 35.80 million RSF.
Total Midtown Office vacancy decreased from 21.53 million RSF to 21.32 million RSF.
Total Midtown South Office vacancy decreased from 6.56 million RSF to 6.40 million RSF.
Total Downtown Office vacancy decreased from 8.29 million RSF to 8.08 million RSF.
Total vacant Office Direct Space For Rent in Midtown Manhattan decreased from 19.08 million RSF to 19.06 million RSF.
Total vacant Office Sublease Space For Lease in Midtown Manhattan decreased from 2.45 million RSF to 2.26 million RSF.
Total vacant Office Direct Space in Midtown South Manhattan decreased from 5.88 million RSF to 5.78 million RSF.
Midtown South Manhattan Sublease vacancies decreased from 0.68 million RSF to 0.62 million RSF.
Total Downtown Manhattan Office Direct Lease Space decreased from 6.89 million RSF to 6.81 million RSF.
Total Downtown Manhattan Office Sublease Vacancies decreased from 1.40 million RSF to 1.27 million RSF.

NYC Retail Leases:

Total Available Manhattan Retail Space decreased from 0.87 million RSF to 0.86 million RSF.
Midtown Manhattan Retail vacancy stayed at 0.24 million RSF.
Midtown South Retail space vacancies stayed at 0.50 million RSF.
In Downtown Manhattan, Retail vacancy stayed at 0.13 million RSF.

New York Industrial Leases:

Total Manhattan Industrial Vacant Space stayed at 0.17 million RSF.
Midtown vacancy decreased from 0.08 million RSF to 0.07 million RSF.
Midtown South Industrial space vacancies stayed at 0.09 million RSF.

Manhattan Office Rentals:

Seward & Kissel leases 150,000 sf at One Battery Park Plaza.
The law firm signed a 20-year lease renewal and expansion for the 19th through 24th floors. The reported asking rent was $45 per square foot.
Loews Corp. leases 100,000 sf at 655 Madison Avenue.
The entertainment company signed a lease renewal.
Metropolitan Transportation Authority leases 68,000 sf at 469 Seventh Avenue.
The New York transportation agency signed a five-year lease renewal on the 11th, 14th, 15th and 16th floors. The reported asking rent was $35 per square foot.
Grubb & Ellis leases 60,000 sf at 1301 Sixth Avenue.
The commercial real estate brokerage signed a lease.
Marvel Entertainment leases 60,000 sf at 135 West 50th Street.
The entertainment company signed a nine-year sublease. The reported asking rent was $45 per square foot.
New York Institute of Technology leases 52,000 sf at 26 West 61st Street.
The school signed a 15-year expansion lease for five floors, adding to the one floor it already occupies in the building. The reported asking rent was in the high $40s per square foot.
Dentsu Holdings USA leases 48,993 sf at 32 Sixth Avenue.
The advertising firm signed a 10-year lease to relocate its sister agency, Innovation Interactive, from 28 West 23rd Street to the building's eighth floor.
Loews Corp. leases 43,000 sf at 667 Madison Avenue.
The entertainment company signed a lease renewal.
ETrade Financial leases 39,133 sf at 1271 Sixth Avenue.
The stock-trading company signed a sublease for seven years and three months on the 14th floor. The reported asking rent was $53 per square foot.
WTAS leases 38,500 sf at 1177 Sixth Avenue.
The tax, valuation and consulting firm signed a 10-year sublease on the 18th and 19th floors.
Burlington Coat Factory leases 35,182 sf at 1400 Broadway.
The fashion retailer signed an office lease for the entire 11th floor.
Escada USA leases 35,000 sf at 1412 Broadway.
The women's fashion company signed a 10-year lease. The reported asking rent was $38 per square foot.
NORD/LB Norddeutsche Landesbank Girozentrale leases 32,007 sf at 1114 Sixth Avenue.
The financial services firm signed a new lease.
WJB Capital leases 31,440 sf at 909 Third Avenue.
The broker-dealer signed a 12-year lease on the ninth floor. The reported asking rent was $54 per square foot.
Polo Ralph Lauren Corporation leases 28,047 sf at 650 Madison Avenue.
The fashion house signed a new lease.
Leo Burnett leases 25,300 sf at 300 Park Ave South.
The advertising company signed a six-year lease on the seventh and eighth floors. The reported asking rent was $42 per square foot.
Dattner Architects leases 23,500 sf at 1385 Broadway.
The architectural firm signed a long-term lease for the entire 15th floor. The reported asking rent was in the high $30s per square foot.
Micro Office Solutions leases 20,000 sf at 1375 Broadway.
The office-space provider signed an expansion lease on the sixth and 10th floors, bringing its total square footage in the building to 40,000. The reported asking rent was $36 per square foot.
Raich Ende & Malter leases 20,000 sf at 1375 Broadway.
The accounting firm signed a seven-year lease on the 14th and 15th floors. The reported asking rent was $36 per square foot.
Aviva Investors North America leases 17,519 sf at 375 Park Avenue.
The asset management firm signed a 10-year lease for the entire 21st floor. The tenant had been leasing about 8,500 square feet on the same floor. The reported asking rent was $125 per square foot.
General Assembly Space LLC leases 16,500 sf at 902 Broadway.
The office-suite provider signed a 10-year lease for the entire fourth floor. The reported asking rent was $36 per square foot.
RDA International leases 14,000 sf at 100 Vandam Street.
The branding agency signed a lease renewal on two floors.
Silverpeak Real Estate Partners leases 13,172 sf at 1330 Sixth Avenue.
The firm signed a new lease.
JNK Securities leases 12,150 sf at 902 Broadway.
The financial services firm signed a 10-year lease for the building's top floor. The reported asking rent was $36 per square foot.
Simon Property Group leases 11,652 sf at 230 Park Avenue.
The real estate company signed a 10-year lease on the 22nd floor.
Corporate Insight leases 11,500 sf at 420 Lexington Avenue.
The consulting firm signed a 10-year lease on the fifth floor. The reported asking rent was $45 per square foot.
Kahn Lucas/Lancaster leases 10,902 sf at 112 West 34th Street.
The children's apparel firm signed an eight-year lease. The reported asking rent was $37 per square foot.
Jump Associates leases 10,891 sf at 915 Broadway.
The hybrid strategy firm signed a lease for the entire 15th floor.
Premier Home Health Care Service Inc. leases 10,500 sf at 494 Eighth Avenue.
The home care services provider signed a five-year lease. The reported asking rent was $29 per square foot.
Group Health Dental leases 10,000 sf at 230 West 41st Street.
The dental office signed a five-year lease. The reported asking rent was in the mid-$30s per square foot.

New York Retail Leases:

Recreational Equipment Inc. leases 39,000 sf at 295 Lafayette Street.
The retailer specializing in outdoor-activity gear and apparel signed a 15-year lease for its first Manhattan store. The reported asking rent was about $275 per square foot.
Gap leases 35,000 sf at 120 Fifth Avenue.
The clothing retailer signed a 10-year lease extension.
Syms leases 34,000 sf at 530 Fifth Avenue.
The clothing retailer signed a lease for a new store in a joint venture with Filene's Basement, which Syms acquired last year. The space consists of 6,500 square feet on the ground floor, 9,500 square feet on the lower level and 18,000 square feet on the second floor.
Elegant Fabrics leases 25,315 sf at 218 West 40th Street.
The fabric provider signed a lease renewal on the ground floor.
268 W 47th Restaurant Inc. leases 25,000 sf at 268 West 47th Street.
The restaurant signed a lease.
Duane Reade leases 16,746 sf at 1550 Third Avenue.
The drugstore signed a lease for another location.
Marshalls Shoe Shop leases 12,100 sf at 740 Broadway.
The shoe retailer signed a lease for multilevel space, including 3,100 square feet on the ground floor and 9,000 square feet on the second floor. The reported asking rent was $150 per square foot on the ground and $50 per square foot on the second floor.
Gap leases 11,000 sf at 126 Fifth Avenue.
The clothing retailer signed a 10-year lease extension.
Goris Grocers leases 10,185 sf at 1660 Madison Avenue.
The grocery chain signed a 15-year lease for another location. The reported asking rent was $40 per square foot.
Sarabeth's Kitchen leases 9,000 sf at 339 Greenwich Street.
Flight Club leases 8,600 sf at 812 Broadway.
The sneaker consignment store signed a 20-year lease. The reported asking rent was $170 per square foot.
Yoga Sutra NYC leases 8,000 sf at 6 East 39th Street.
The yoga studio signed a lease on the second floor.
Ricky's leases 7,500 sf at 1391 Sixth Avenue.
Tui Pranich leases 7,500 sf at 136 Greene Street.
The apartment designer leased retail space. The reported asking rent was about $133 per square foot.
Kidville Midtown West leases 7,225 sf at 515 West 51st Street.
The children's retailer and play center signed a long-term lease for its seventh New York location. The space includes 3,080 square feet on the ground and 4,145 square feet on the second floor.
Converse leases 7,000 sf at 560 Broadway.
The shoe and sports apparel retailer signed a sublease expiring in 2015, after which the tenant will have the option to lease the space directly from the landlord, Jeffrey Gural of Newmark Knight Frank.
Ash Footwear leases 6,800 sf at 44 Mercer Street.
The footwear retailer signed a 10-year lease for its U.S. flagship store. The reported asking rent was $111 per square foot.
Party City leases 6,600 sf at 155 East 34th Street.
The party accessories retailer signed a short-term lease for a pop-up Halloween store. The reported asking rent was about $58 per square foot.
NYU Hospitals Center leases 6,000 sf at 141 East 33rd Street.
The medical center leased retail space. It will be used as an ambulatory imaging center.
Ricky's leases 6,000 sf at 2300 Broadway.
Ricky's leases 5,000 sf at 417 Fifth Avenue.
Ricky's leases 4,300 sf at 600 West 181st Street.
TD Bank leases 4,000 sf at 1240 First Avenue.
The bank signed a lease at the base of the Laurel condo for another location.
Chop't 42nd Street LLC leases 3,750 sf at 525 West 42nd Street.
Ricky's leases 3,500 sf at 712 Third Avenue.
Icebreaker leases 3,500 sf at 102 Wooster Street.
The sportswear retailer signed a seven-year lease with a five-year option for its first New York location. The reported asking rent was $137 per square foot.
Ricky's leases 3,000 sf at 114 West 26th Street.
Olde Good Things leases 2,866 sf at 450 Columbus Avenue.
The architectural salvage company signed a four-year sublease for retail space. The reported asking rent was $150 per square foot. The building, which is owned by Walker Malloy & Company, was represented in-house.
SoulCycle leases 2,800 sf at 12 East 18th Street.
The fitness-bike company signed a 10-year retail lease for its fourth Manhattan location. The space includes 1,500 square feet on the ground floor and 1,300 usable square feet in the basement. The reported asking rent was about $160 per square foot.
Landbrot Bakery leases 2,600 sf at 137 Seventh Avenue South.
The bakery and cafe signed a 15-year lease for 1,300 square feet on the ground floor and 1,300 square feet on the second floor. The space also has 1,300 square feet of basement storage space. The reported asking rent for the ground level was $203 per square foot.
Chickpea leases 2,582 sf at 110 William Street.
The Middle Eastern restaurant signed a 10-year lease.
My.Suit leases 2,500 sf at 30 Broad Street.
The men's clothier signed a lease.
Galerie Richard Inc. leases 2,500 sf at 514 West 24th Street.
The art gallery signed a five-year lease with a five-year option. The reported asking rent was $70 per square foot.
Gothic Cabinet Craft leases 2,337 sf at 1646 Second Avenue.
The furniture manufacturer signed a long-term retail lease.
Cellar 53 Wine & Spirits leases 2,300 sf at 785 10th Avenue.
The wine and spirits shop signed a lease. The reported asking rent was $75 per square foot.
Audio King leases 2,150 sf at 236 East 75th Street.
The audio products retailer signed a lease.
Clearwire Communications leases 2,000 sf at 865 Broadway.
The telecommunications company signed a retail lease.
Litter & Leashes leases 1,852 sf at 1100 Second Avenue.
The pet-supplies chain signed a long-term lease for its sixth Manhattan location. The reported asking rent was $100 per square foot.
Blue Nun Restaurant Group LLC leases 1,700 sf at 401 East 76th Street.
The restaurant signed a 10-year lease.
Brick-Run Sports leases 1,500 sf at 730 Columbus Avenue.
The sports training and physical therapy office leased retail space for 10 years. The reported asking rent was $100 per square foot.
MJAJ Food Corp. leases 1,200 sf at 1055 Lexington Avenue.
The cafe signed a lease.
Style-Licious leases 1,130 sf at 1418 Second Avenue.
The accessory boutique signed a lease.
Harry's Italian at Rockefeller Center leases 1,019 sf at 30 Rockefeller Plaza.

New York City Buildings Sold:

201 Park Avenue South a 270-room hotel was sold to Host Hotels & Resorts for $185.25 million.
The W New York - Union Square hotel sold for $185.25 million to a new venture led by Host Hotels & Resorts. The seller had acquired the property last year in a foreclosure sale.
335 Spring Street a 427250 sf commercial condo was sold to City of New York for $116 million.
The parking lot sold for $116 million, or $271 per square foot. The city plans to turn the site into a parking garage for garbage trucks.
131 Madison Avenue a 193-room hotel was sold to LaSalle Hotel Properties for $90 million.
The leasehold interest in the Hotel Roger Williams sold for $90 million.
121 West 28th Street a 169-room hotel was sold to DiamondRock Hospitality for $68.4 million.
The Hilton Garden Inn Chelsea sold for $68.4 million.
14 West 40th Street a Development site was sold to HFZ Capital Group for $52 million.
The undeveloped site sold for $52 million after the previous owner defaulted on its $44 million note from lender Petra Capital and the site went into foreclosure.
34 Leonard Street a 16-unit condo was sold to EPIC for $40.8 million.
The distressed new-construction condo sold for $40.8 million. The original developer, R Squared, lost it to foreclosure.
395 Brook Avenue Bronx 2 storage buildings 2204 units total was sold to U-Stor-It for $26.7 million.
The two self-storage properties sold for $26.7 million.
557 Broadway a 10-story 112500 sf office building was sold to Scholastic for $25.5 million.
The building sold for $25.5 million, or $226 per square foot.
1024 Lexington Ave a 5-story 24207 sf mixed-use building was sold to Elysee Investment Corp. for $24.5 million.
The property sold for $24.5 million, or about $1,012 per square foot. The seller acquired the building in 2007 for $32 million, or $7.5 million less than its latest sales price.
325 West 33rd Street a Development site was sold to Palmetto Hospitality affiliate for $21.85 million.
The hotel development site with 74,060 square feet of air rights sold for $21.85 million.
1175 Third Avenue a 27700 sf retail condo was sold to Equity One for $21 million.
The retail condo sold for $21 million, or $758 per square foot. The space is occupied by a Food Emporium.
29 East 61st Street a 5-story retail building was sold to Plowright NY for $21 million.
The restaurant building sold for $21 million, or $1,250 per square foot.
34 East 61st Street a 5-story retail building was sold for $10 million.
The restaurant building sold for $10 million, or $1,024 per square foot.
222 Park Ave South a 10914 sf retail co-op was sold for $8.9 million.
The corner retail co-op sold for $8.9 million. The space includes 6,314 square feet on the ground floor and 4,600 square feet of sellable space on the lower level.
510 West 25th Street a Converted garage space was sold to Pace Gallery affiliate for $4.6 million.
The 3,950-square-foot parcel sold for $4.6 million.