MAY 3, 2012
JCPENNEY TAKES SPACE IN JARED KUSHNER’S 200 LAFAYETTE
As it continues a major corporate overhaul, JCPenney signed for new Soho office space to help lure a more innovative workforce. The New York Post reported it inked a 15-year deal for 130,000 square feet at 200 Lafayette Street, on the corner of Broome Street, a building purchased earlier this year for $50 million by Jared Kushner and CIM Group.
The move is part of a culture shake-up at JCPenney under new CEO, and former Apple executive, Ron Johnson, and will include the construction of a “spectacular” roof deck, according to a Post source. The space was marketed by David Falk, Jason Greenstein and Daniel Levine of Newmark Grubb Knight Frank for about $68 per foot, but the effective rent will be less as Penney will be responsible for all expenses and taxes.
Meanwhile, the building will undergo a $30 million renovation, as Kushner upgrades it to attract more tech firms who might otherwise seek Midtown South space. Before the purchase, many speculated the building would fare better as a condominium conversion. The property still has an 11,500-square-foot ground-floor retail vacancy.
NOVEMBER 22, 2011
SOHO SPA GATHERS STEAM
When British entrepreneur Charles Denton told WWD last week he was “relaunching” the Erno Laszlo beauty products brand, he left out an important fact:
The 85-year-old line, founded by a Hungarian immigrant to the US in the late 1930s, will soon open its first “Institute” — a spa — in decades. The company just signed a 10-year netlease for the entire, 10,000-square-foot building at 382 W. Broadway, between Broome and Spring streets.
The deal for the vacant two-level SoHo space was arranged by Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino. The 10-year, eight-month lease is worth $1.5 million per year.
The Laszlo line is now owned by Denton’s privately held RBS Equity Finance, which bought it last February. WWD estimated annual sales at about $30 million worldwide.
Laszlo once upon a time had a members-only spa on Fifth Avenue in Midtown that catered to stars like Greta Garbo and Marilyn Monroe.
But in recent decades, its skin-care products have been sold in department and specialty stores. Its fans are said to include Jennifer Aniston, Jessica Alba and Madonna.“The brand has had sections in many of the finest department stores for decades, but a dedicated center downtown provides a special environment,” Consolo said.
The 382 West Broadway building is owned by Kamran Hakim and Henry Hay. The new spa is expected to open early next year.
Steve Cuozzo for NYPOST.
MAY 30, 2011
PUCK Building gets Recreational!
Five months ago, blockbuster news dropped that REI was planning to open its first New York City location inside the landmarked Puck Building at 295 Lafayette. The upscalecamping retailer will occupy 39,000 square-feet across three floors – ground level, cellar, sub-cellar – and will reportedly house a bike center and “Outdoor School” courses alongside the general inventory of gear and apparel.
There really hasn’t been much action to report since the lease was signed with property owner Kushner Companies last September. Indeed, steady work did not actually begin until recently. Within the last month, a string of
permits was filed with the DOB for the project. The most recent being the “removal of non-bearing
partitions and plumbing fixtures.” Plywood sidewalk shed is now in place on the Mulberry Street facade and the ground level looks cleared for business. When we stopped by Thursday afternoon, there were a bunch of contractors pacing the interior. REI currently boasts an arsenal of 112 stores nationwide,
and is making a concerted effort to assert its presence in the tri-state area. Scheduled opening date for this location is still fall 2011. Once the printing facility of J. Ottmann Lithographing Company and Puck Magazine, which ceased publication in 1918, the building later housed numerous independent printing firms and related printing services such as type setters and a printing ink company, Superior Printing Ink. The odor of printing ink permeated the building for many years. An office stationery company, S. Novick & Son, once occupied the second floor. Notable amongst the firms’ salesmen was Alger Hiss, the former assistant Secretary of State who was brought down in a spy scandal in the 1950s.
In the 1980s the Puck Building was the home of Spy Magazine, whose editors informally dubbed it “The Spy Building”. In the early 2000s, the building housed the Manhattan Center of Pratt Institute.
Thank you BoweryBoogie
FEBRUARY 8, 2011
By, Kristin A Thomas, Thomas & Ingram Real Estate
….5,200sf office space at $45/sf.
Originally searching for a NYC location to open shop, its search for an office space began in midtown south, but ultimately decided on SoHo, according to Jamie Addeo of CresaPartners, who represented Daily Mail. “They felt that the SoHo vibe mirrored the image they want to portray,” she said.
Soho continues to attract European business’s like the Daily Mail, and commercial rents are remaining steady up as the market stabilizes.
Soho remains one of NYC’s five most promising neighborhoods for commercial leases in 2011.
By, Kristin A Thomas, Thomas & Ingram Real Estate
…buyers, sellers, and renters should be aware of. In case you missed it, The New York Times published an article on December 30th, describing how the new law will enforce that real agents must make their client’s sign a form “stating that they understand whom the agent represents and to whom the agent will give ‘undivided loyalty,’ as soon as they enter into a relationship.”
The intention of the law is to create transparency with regard to broker representation and responsibility for New York real estate transactions that, to many buyers and renters, may have often seemed confusing or gray. It also will create more clarity and protection for brokers with regard to client representation, in which is now being enforced and penalized up to $1000 in fines if not factored into the process.
Buyers and renters especially may feel the most resistance to this new law, because until now, a verbal agreement, and a simple open house sign-in sheet is about as far as broker representation agreements go. It may be an uncomfortable transition that New Yorkers may resist at first, but our hope is that we will soon become accustomed to this added step of the process and begin to understand that the new law is actually in place to protect all parties in the real estate transaction.
If you are looking to purchase, sell, or rent a property in New York City, anticipate seeing this new Broker Disclosure Form as part of the process. The hope is that soon New Yorkers will begin to welcome this additional step when all understand its benefits.
January 4, 2011
Thomas & Ingram, Soho’s newest high-end boutique real estate office, has officially opened its doors.
….coveted Soho Building at 110 Greene Street in the heart of Soho, Thomas & Ingram is making a real presence in the neighborhood. They recently celebrated their opening with a swanky launch party where local property and business owners, colleagues and clients, ate oysters, toasted champagne glasses, and mingled with the city’s bold and beautiful.
Thomas & Ingram Real Estate is a name to keep your eyes on. They are actively involved in the community, hosting regular events in their gallery-style loft office that are both educational, and beneficial to local charities and artists. Their most recent event, for example, featured some of the best works of Harvey Lloyd (a celebrated local photographer), and his show “Breaking the Light.”
Next up will be a lesser known, but native to New York artist, and then in February, they will be hosting a panel discussion lead by a power team of architects, interior designer’s, and other specialty services, to discuss ways of increasing the value of your home in a soft market. The company also pledges a percentage of their income to a local charity of the clients’ choice.
This is not your run-of-the-mill real estate firm. Though boutique in size, they are a full service firm, offering management services for investors, unique buyer and seller representation services, and even have an office in Amsterdam, the Netherlands, dedicated to attracting European attention to New York properties. Size doesn’t always matter. They pride themselves on “big firm” marketing capability, while providing high-end boutique service through their hand-picked power team of seasoned, smart, professional and tenacious agents.
Needless to say, if you are looking to sell, buy, or rent, Thomas and Ingram is a great place to start, hear a fresh perspective, and to check out the unique-style services they offer. It is not every day that we come across a real estate company set out to have a positive influence in the community, and sees passion, integrity, and responsibility as their most integral goal. Drop in for a cappuccino at The Soho Coffee Pot, the first floor Café, then head on up to suite 805 to see what’s currently on the market, accompanied by some exciting art.
If you are curious about what is on the market, visit their website at www.thomasandingram.com.
It boasts one of the largest databases of listed properties in the New York City searchable in one place. (They are one of the few firms affiliated with both REBNY and the Manhattan MLS).
November 12, 2010
Soho Loftpocalypse! Artist-in-Residence Rule Matters Again!
By Joey Arak
which decades ago legalized the residential conversion of industrial lofts in the neighborhood so long as each owner-occupied apartment contained a certified artist. However, you may have noticed that the only “artists” who are able to afford a Soho loft these days are, like, Kelly Ripa and Bon Jovi. Soho’s luxurification went unchecked as prices surged and agencies like the Department of Buildings decided to concentrate its efforts on more pressing matters than affordable lofts for artists. Usually, buyers just sign a document saying they understand the rules and can be asked to provide proof of artist certification, and then they forget about it forever. But now, the Times’ Christine Haughney reports, people are starting to care about the rule, and for some, that’s very bad news. OMG, is Andre Balazs safe??? >>
Tightened lending standards have made banks wary of making loans on buildings where such risky restrictions exist, and suddenly the city gives a crap, too. The Department of Cultural Affairs is actually rejecting some “artist” applicants, and the DOB has in some cases declined to renew temporary certificates of occupancy, which have been routinely handed out to buildings where not every unit contains a certified artist (and thus cannot be granted a permanent C of O). Mercer Street’s New Museum Building, where Bon Jovi bought a $24 million penthouse and no sale in the past five years has been under $3 million, is one of those affected by the sudden crackdown. Attorneys are advising clients not to buy in the building, and the DOB hasn’t renewed the temporary C of O since March 2008 (the agency’s official line is that it hasn’t stepped up artist-in-residence enforcement, and that there are other issues in the New Museum Building).
There’s some back-and-forth over whether the rule is outdated and should be done away with, but it stands for now, and here’s a glimpse into the process:
It has never been entirely clear who qualifies as an artist; the applications and even the names of the two judges who decide are not available to the public. Some SoHo residents have questioned how Mr. Bon Jovi and the hotelier André Balazs, among others, could obtain certification, since neither would seem to require a SoHo space for their work, one of the major criteria for certification, along with educational credentials and a body of work that has been displayed and written about in the previous five years.
The city said it could not divulge the judges’ rationale, and representatives of both men declined to comment. “The law defines artists broadly and includes a variety of disciplines,” said Danai Pointer, a spokeswoman for the Department of Cultural Affairs.
Well that just cleared things right up, didn’t it? Haughney also reports that current residents have been asked to seek certification by some buildings, but no one has been forced out for lack of artistic credentials. How long before the first millionaire eviction?
September 30, 2010
Oscar de la Renta Buys SoHo Apartment
By SARAH KERSHAW
sweeping estate in Kent, Conn., bought a $2.4 million condominium in the SoHo Mews for his son Moises de la Renta, also a fashion designer, and for visiting friends and guests, according to East Egg Realty, which closed the deal with Mr. de la Renta on Thursday.
The condominium, at 311 West Broadway, was designed by Gwathmey Siegel and Associates Architects and is made up of two buildings connected by a landscaped interior court yard, called the “secret garden” by the property’s developers. Mr. de la Renta bought a two-bedroom sixth-floor loft in the building that fronts Wooster Street.
Condos went on sale in 2007, but once the recession hit, sales slowed and some buyers unsuccessfully filed lawsuits to get out of their contracts. In other cases, prices were reduced. Mr. de la Renta’s apartment, with 1,400 square feet of space, was first listed at $2.7 million. The unit has 10-foot-high ceilings and views of SoHo’s cast-iron buildings, according to the listing, handled by Leslie C. French of East Egg Realty.
August 29, 2010
The Hotel as Art Gallery
By DIANE CARDWELL
The James, a sleekly designed hotel rising over Grand Street in SoHo, will open for business on Wednesday with all the support staff a guest could expect: a concierge, receptionists, bellhops, chambermaids, parking valets.
All that, and one helping hand a guest might not expect: a hotel art curator.
Hotels have been hanging fine art on
read more …
August 4, 2010
Vikram Chatwal Buys Town House at Soho Mews
By ELIZABETH A. HARRIS
VIKRAM CHATWAL has a small empire of bedrooms and miniature soap — hotels from Midtown Manhattan to Cochin, India. Last month, he added five more bedrooms to his tally, but this batch isn’t for public use. Mr. Chatwal, who began Vikram Chatwal Hotels,
read more …
November 2, 2009
Soho’s New Broadway Banksy Replacement Revealed
A big lot at the corner of Broadway and Howard Street, formerly a shady flea market on the southeast edge of Soho and more recently a combo pissoir/bargain hunter’s delight, is finally
read more …
August 11, 2009
Inside Whoopi Goldberg’s Soho Loft –
Here’s a shot of Whoopi Goldberg’s living room in the Soho loft that she’s currently selling for $3.99 million, as teased by Cindy Adams this morning. As you can see …
read more …
August 06, 2009
Kristen Wiig Will ‘Let the SUN Shine In’ With New Soho Apartment –
“Let the SUN Shine in. From SUN rise to SUN set. Let the SUN start your day from this high floor corner Loft with South and
read more …
July 16, 2008
Bathroom tiles are not exactly sexy, but count on SICIS to steam them up like a hot shower. The Italian mosaic-maker can usually be relied on for beautiful windows showcasing its showstopping, bank-breaking ceramics.
June 23, 2008
Soho Mews, which we’ll go out on a limb and call the most expensive and pedigreed new development that no one is talking about, is looking abroad for buyers.
This full-service boutique condo is “discreetly” located on a cobblestoned stretch of Mercer Street (OK, fine, we’re talking about Andre Balazs‘ 40 Mercer)
This bluish-greenish pile of brickage sitting on the corner of Thompson and Grand on the edge of Soho
THE SoHo International Arts Building at the “Gateway to SoHo” will soon see some restoring and signage. Retail maestro Jeff Sutton
November 20, 2007
WHEN the beloved Moondance diner was famously trucked off from western SoHo to the wilds of Wyoming last summer, it was widely reported that
August 20, 2007
Donald Trump’s Soho condo-hotel project has already risen four stories, but neighborhood opponents are determined
It’s the most lucrative time in the city’s history to own in Soho. Two connected buildings at the corner of Spring and Broadway are in contract to sell for $190 million
May 9, 2007
THE Schack family has decided to sell a major corner of SoHo and pocket as much as $250 million
May 9, 2007
The SoHo neighborhood can breathe a sigh of relief now that Dean & DeLuca has renewed its 30,000-foot lease for the next 15 years.
March 17, 2007
After a two-year search, Mike Myers has finally found a swinging downtown bachelor pad. The “Austin Powers” and “Wayne’s World” star read more…