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Category ArchiveLee & Associates NYC

Church Street School for Music and Art Relocating Within Tribeca

Facing an untenable monthly rent, Church Street School for Music and Art wanted to find a new home. After a two-year search, the Tribeca-based non-profit school for the arts, has found new 8,000-square-foot digs within the neighborhood, at 41 White Street between Church Street and Broadway.

CSS, which serves students of 16 months through adulthood, signed a 15-year lease for a three-level space formerly occupied by the Flea Theater (which relocated to 20 Thomas Street after nearly 15 years on White Street), according to information provided by Lee & Associates NYC. The rent is $25,000 per month. The location comes with two fully built-out performance spaces, acoustical partitions that may be easily divided into classrooms, and several dressing rooms that will be converted into individual practice rooms.

“We now have a doable rent in a space with so many benefits, that we will be able to move in by February,” CSS Executive Director Lisa Ecklund-Flores, who founded the non-profit music and arts school in 1990, said in a statement.

At its current location at 74 Warren Street between Greenwich Street and West Broadway, CSS’ rent has escalated to $48,000 per month. Moving to Benchmark Real Estate Group’s 41 White Street will save the school approximately $276,000 per year, Lee & Associates NYC noted in a news release.

“CSS is an amazing resource and treasure for the Downtown Manhattan community,” Lee & Associates NYC’s Peter Braus, who represented CSS in the deal, said in a prepared statement. “Helping them relocate and stabilize their financial future has been a great honor and pleasure for me.”

Benchmark acquired the mixed-use walk-up building at 41 White Street as part of a three-building package for $59.5 million in July 2017. Andrew Stern of RKF represented Benchmark in the CSS lease. He didn’t immediately respond to a request for comment, nor did a company spokesman.

Source: commercial

Fujitsu America, Two Other Tenants Renew at Durst’s 733 Third Avenue

Three tenants—Fujitsu America, Marwood Group and Continental Industries Group—have signed leases to remain at 733 Third Avenue between East 45th and East 46th Streets, Commercial Observer has learned. The 10-year deals were all negotiated in the last few few weeks, with an asking rent of $68 per square foot, according to the landlord, the Durst Organization.

In the largest of the latest transactions, Fujitsu America, which provides a portfolio of business technology services, computing platforms and industry solutions, has renewed a deal to remain in 10,964 square feet on the 17th floor at the Midtown building, as per information from Durst.

Fujitsu, a tenant in the building since 2004, is renovating its suite to accommodate the digital team’s need for an open-concept floor plan, the landlord indicated. Brian Cohen of Newmark Knight Frank represented Fujitsu in the deal. A NKF spokesman didn’t respond with a comment.

Marwood Group, a health care-focused advisory and consulting firm, will continue leasing the 25,438-square-foot 11th floor.

“Marwood has been at 733 Third for almost 10 years,” emailed Dennis Someck of Lee & Associates NYC, Marwood’s long-time exclusive broker. “The building has worked well for them and Durst has been a terrific landlord. After reviewing and evaluating all other options Marwood decided that it made sense to remain in their current location. The Durst team…was terrific to deal with and structured an economically attractive deal to retain Marwood as their tenant.”

And Continental Industries, a global sales and distribution company of chemicals and polymers, will be relocating from the 20th floor to the 7,442-square-foot 21st floor. Michael Joseph of Colliers International represented Continental Industries, a Colliers spokeswoman confirmed, saying that the broker declined to comment.

Durst’s Ashley Gee represented Durst in-house in all three deals.

“We are thrilled to have Fujitsu, Marwood and Continental Industries renew their leases at 733 Third Avenue,” Jonathan “Jody” Durst, the president of the Durst Organization, said in a prepare statement. “It is a great compliment when a tenant stays in our portfolio. We look forward continuing our relationships with these stellar companies.”

Durst erected the Emery Roth & Sons-designed building in 1961. The 24-story, 445,000-square-foot structure is 98.3 percent occupied, Durst’s spokesman said. Major tenants include National Multiple Sclerosis Society, Rodale and Rosenberg & Estis.

Source: commercial

New York School of the Arts Relocating Within UES

New York School of the Arts has signed a lease to relocate its art school and cultural institution to 315 East 62nd Street between First and Second Avenues, Commercial Observer has learned.

The cultural learning center will be moving out of the National Academy Museum and School at 1083 Fifth Avenue between East 89th and East 90th Streets into 8,619 square feet on the majority of the second floor at 315 East 62nd Street, according to a Lee & Associates NYC news release.

New York School of the Arts is in the process of moving in to its new digs, primarily home to furniture and accessories showrooms, with workshops commencing at the new location on Oct. 15, a Lee & Associates NYC spokeswoman said. The lease is for 15 years, with an asking rent of $62 per square foot.

Kenneth Salzman and Seth Rosen, both of Lee & Associates NYC, represented the tenant in the deal. Steve Marvin of Olmstead Properties worked on behalf of the landlord in-house.

“Our team worked hard throughout the summer to complete this transaction,” Rosen said in a prepared statement. “Ownership was sensitive to the school’s requirements and working in partnership, we were able to develop an expansion plan that accommodates each party’s long-term goals.” (New York School of the Arts has the option to expand to an 8,800-square-foot space on the sixth floor.)

Olmstead Properties acquired the building in September 2007 for $31.3 million, according to property records. Tenants include Renal Research Institute and Weil Cornell Specialty Center.

Source: commercial

Gallery Owner Peter Blum Opening Downtown Outpost

Source: commercial