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Category ArchiveGFP Real Estate

41-Year-Old Nonprofit Crime Victims Treatment Center Relocating Downtown

The Crime Victims Treatment Center, an organization that split off from Mount Sinai St. Luke’s last year, has inked an 8,630-square-foot deal at 40 Exchange Place to relocate its operations, Commercial Observer can first report.

The nonprofit, which provides services to survivors of violent crime, will occupy a part of the fifth floor of the 20-story building at the corner of William Street for 15 years. The structure is owned by GFP Real Estate and Northwind Group. The asking rent in the deal was in the $50s per square foot, according to information provided by the landlord.

The organization began within St. Luke’s Hospital (today called Mount Sinai St. Luke’s) in 1977. In order to expand its services, it separated from the hospital and plans to relocate from its existing space at 126 West 60th Street between Amsterdam and Columbus Avenue in Midtown in February for convenience.

“We are over the moon to be moving into that space. It’s exactly what our clients need,” Christopher Bromson, the executive director of the Crime Victims Treatment Center, told Commercial Observer. “We serve survivors from all over New York City. Columbus Circle is great for some people, but Downtown has a lot of transit hubs. Being in the Financial District will increase our accessibility to a lot of survivors.”

Avison Young’s Susan Kahaner, who worked alongside colleagues Michael Leff and Jennifer Ogden to represent the nonprofit, called the space “ideal” for the group, in a statement. Allen Gurevich of GFP handled the deal for the landlord in-house. The landlords have been able to provide soundproof therapy rooms for the tenant, which was a necessity for the organization.

The deal was right up the alley for GFP because it “has a long tradition of supporting nonprofit organizations, housing over 1,000 nonprofits in over 3 million square feet in New York City,” Brian Steinwurtzel, a co-chief executive officer of the landlord, said in prepared remarks.

The Crime Victims Treatment Center also has a Morningside Heights location at 1090 Amsterdam Avenue between West 113th and West 114th Streets. The group has plans to relocate that outpost within Morningside Heights, but Bromson said the new office there has yet to be determined.

Source: commercial

Irish Bar Tailor’s Inn Opening 13K-SF Joint in Garment District

Tailor’s Inn, a new Irish restaurant and bar concept, will be taking 12,700 square feet at GFP Real Estate’s 505 Eighth Avenue, Commercial Observer.  

The owner of the establishment signed a lease to occupy a 2,100-square-foot section of the ground floor, 1,400 square feet in the basement and 9,200 square feet on the mezzanine level of the 25-story building, located on the corner of West 35th Street. It will open in the next few weeks, the landlord confirmed to CO. The terms of the deal were not immediately clear.

Allen Gurevich of GFP (formerly known as Newmark Holdings) handed the deal for the developer and the property manager.

CO could not immediately reach the owner of Tailor’s Inn and the bar did not have a broker in the transaction.

Another recent deal at the building, Jumpstart for Young Children, a national education nonprofit, renewed and expanded its space. The organization signed a 4,632-square-foot lease for a part of the third floor, moving from a 3,500-square-foot space on the 11th floor. Gurevich, who was the only broker in this deal as well, represented the landlord in-house.

“We are delighted that Tailor’s Inn and Jumpstart for Young Children are part of our strong tenant mix at 505 Eighth Avenue,” Gurevich said in a prepared statement. “It’s not surprising to see this kind of leasing momentum at the well-located property [which] offers a host of tenant amenities.”

Other existing tenants in the 275,000-square-foot building, which was built in 1926, include nonprofit Cicatelli Associates, management and consulting firm Greystone Management Solutions and Biddle Sawyer Corporation, a supplier of chemical products.  

Source: commercial

Omnicom Renews 200K-SF Footprint at GFP’s 200 Varick Street

Advertising giant Omnicom Group has agreed to maintain its sizable footprint at GFP Real Estate’s 200 Varick Street after agreeing a 200,000-square-foot lease renewal at the Hudson Square office building, Commercial Observer has learned.

Omnicom inked a 10-year deal to remain at the 12-story, 410,000-square-foot property between West Houston and King Streets, where it has had a presence for more than 25 years and now occupies roughly half of the leasable space across seven floors, according to sources with knowledge of the transaction.

The advertising and public relations firm will retain its existing footprint on the second through fourth, sixth and 10th through 12th floors. Asking rent in the deal was in the $60s per square foot. GFP, until recently known as Newmark Holdings, was represented in-house by Jeffrey Gural, Eric Gural and Donna Vogel, while Lee Feld of Feld Real Estate represented Omnicom.

“Maintaining our existing tenant roster is important to us and we’re pleased that the building’s amenities and location within the vibrant Hudson Square neighborhood in Lower Manhattan remains an attractive draw for a world-renowned company such as Omnicom,” Jeffrey Gural said in a statement announcing the renewal.

Feld could not immediately be reached for comment.

Various Omnicom subsidiaries including Doremus, Merkley + Partners and CDM occupy space at the property, which was built in 1926. Other tenants include nonprofit cinema Film Forum, which renewed its 10,500-square-foot ground-floor space in May.


Source: commercial

Owners Magazine 2017: Interviews with NYC’s Top Landlords

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At the risk of stating the forehead-slapping obvious, it’s been a strange 12 months.

There’s been a mixture of good and bad real estate news that can paint a picture of continued stability or darkening clouds on the horizon, depending on your point of view.

By October, the vacancy rate in all three major Manhattan markets for office space appeared to be falling, per Cushman & Wakefield data. Hundreds of thousands of square feet have been leased by Spotify, GroupM, Amazon and others. All of that is inarguably good news.

However, a year ago, few people knew that we were sitting on a retail powder keg ready to blow and take some of the biggest names in the industry with it, like Toys “R” Us, Aerosoles, Payless, Radio Shack…you get the idea. This is inarguably bad.

This is one of the reasons why it’s important to have a magazine like this one.

Yes, the data, the deals and the numbers are critical to understanding the state of real estate. But it’s also important to get a sense of what the key players are thinking right now. That’s why we asked 36 of the biggest names in the business what their vision of the market looks like.

We’ve supplemented these questionnaires with our own reported features.

Last year, New York was considered immune to the vicissitudes of the world economy because we were always a safe, stable place to park cash. That looked like less of a sure bet when China announced new outbound investment rules. Lauren Elkies Schram examines the topic in her story in this issue.

Some in the real estate community long hoped for a challenge to Mayor Bill de Blasio in this year’s mayoral election and put substantial money behind Paul Massey (one of their own) to take the reins of City Hall before that fizzled out. At the risk of propagating a Dewey-Truman blooper (we ship this magazine before Election Day), Aaron Short reported what developers are expecting and hoping for in de Blasio’s second term.

While many developers have spent the last few years touting the Far West Side of Manhattan, there is actually quite a bit of activity on the East River, something that Rey Mashayekhi examines in depth.

Finally, Liam La Guerre looked at something that’s always been written off as anathema to real estate developers: technology. It turns out, the shrewd owners are not only interested in tech, but they’re also developing their own. — Max Gross 


Source: commercial