This tea house takes the cake. The historic Astor Tea House in Rhinebeck, which was built so the Astors could have a place to sip their tea, was sold to…
Mr. Bucksbaum started General Growth Properties in 1954 with his brothers in small cities throughout the Midwest and expanded the company in concert with the growth of American suburbs.
The Polytechnic Institute of New York University completed the second phase of its cyberhacking competition that began in September. The school chose winners of its 10-year-old competition and closed competing until its next round in 2014.
“We are gratified to see the growth in the high school competition—from only 400 students two years ago to 1,500 today, because that signals that our efforts are working to fill the college-bound pipeline with talented cybersecurity students,” said professor Nasir Memon, CSAW founder and head of NYU-Poly’s Computer Science and Engineering Department.
iAcquire will be leaving its office in the heart of Times Square to move to a 5,162-square-foot space in tech-heavy Midtown South.
The content marketing agency that specializes in marketing strategy, social media and search engine optimization will leave its office at 268 West 44th Street in favor of 304 Park Avenue South. The deal marks the relocation of its New York headquarters, which operates alongside it Phoenix, Arizona office, where the company launched in 2009.
“iAcquire was looking for a larger New York office that would convey its identity as a cutting-edge new media company. A location surrounded by like-minded firms in Midtown South was an unbeatable option,” said Eric Thomas, senior vice president at Cresa New York, in a prepared statement. “iAcquire was also attracted to 304 Park Avenue South because its owners have a large office portfolio across the city, which could be tapped for more space as soon as needed.”
Mr. Thomas represented iAcquire in the transaction. The landlord, SL Green Realty Corp., was represented by in-house broker and senior managing director Gary Rosen.
“iAcquire is a growing agency and this new location accommodates our expanding headcount of top marketing talent,” said co-chief executive officer Joe Griffin. “Plus, it’s conveniently located at the heart of New York City commerce – Silicon Alley.”
The 12-story, 215,000-square-foot building recently underwent lobby and elevator upgrades in an effort to appeal to creative and high-profile tenants. Space is limited with IMG Worldwide anchoring the building with a 72,080-square-foot lease. Prime retailers are also drawn to the building with Starbucks, H&R Block, and Bath & Body Works taking space along the ground floor.
The asking rent for iAcquire’s deal was in the upper $60s per square foot. Retail space generally commands upward of $275 a square foot.
Natuzzi Americas will be relocating to Nomad.
The Italian furniture retailer will leave its space at 101 Greene Street and move uptown to 105 Madison Avenue. The new lease, set to extend through 2023, will span 4,900 square feet on the ground floor of the building.
“With this lease, Natuzzi Americas has moved from one furniture district to another, joining reputable brands in an area known for its great home furnishings,” said Andy Udis, a broker at ABS Partners. “Natuzzi was attracted to 105 Madison’s prime corner location, soaring ceiling heights and high street-level exposure in a neighborhood that has an expanding residential base.”
In addition to an expanding residential base, Natuzzi is in close proximity to architectural firms and textile manufacturers. Earlier this year, the Mumbai-based textile manufacturer Alok Industries signed for 17,600 square feet in the building. That deal comes nearly a year after Empire Office, an office furniture dealer, consolidated 26,700 square feet on the 14th and 15th floors.
“There is a lot of architectural design firms that are in this market,” Richard Gulardo, chief operating officer of the firm, told the Commercial Observer. “It made it easier for our sales staff as well as the architectural firms to visit us, but easier for the sales to get out and call them and work with them.”
Asking rent for the retail space was not disclosed, though office space generally requests upward of $47 a square foot for lower floors and another $10 per square foot for floors above sixteen.
Mr. Udis was joined by his colleague Ian Weiss in representing the landlord, A&R Real Estate Inc. Natuzzi was represented by Gary Alterman of RKF in the transaction.
Makeshift Society is opening its first New York outpost.
The San Francisco-based Makeshift Society will open its first co-working space in Brooklyn. The society generally attracts creative professionals that thrive in a collaborative and community-minded environment under the objective goal to “make, learn, teach, and think.”
The new space will span 5,775 square feet on the ground floor of 55 Hope Street in the heart of Williamsburg. The office space will be at the base of a recently developed 117-unit luxury apartment building. The units are likely to attract a similar clientele as the business with rents upward of $2,800 for a studio and $4,450 for two-bedrooms.
“Makeshift was built on the foundation of creativity and design and Williamsburg is well-known for its large population of creative-minded people, so 55 Hope Street was the natural choice for Makeshift’s first location in New York,” said Ashkan Zandieh, a broker at ABS Partners. “The building is at the center of North Brooklyn, and its proximity to the L and G train at Metropolitan-Lorimer gives members direct access to the creative, freelance and tech communities in both Manhattan and Brooklyn.”
Mr. Zandieh represented the tenant and worked with his colleague Mark Tergesen, who handles leasing on behalf of the landlord.
“The ground floor space at 55 Hope Street features 18-foot ceilings and a windowed lower level, offering tenants both visibility and value,” said Mr. Tergesen. “Ownership was seeking an innovative and dynamic tenant to serve as an amenity for the building and the neighborhood.”
The lease is set to span five years with asking rents upward of about $36 per square foot.
The Flatiron School is leaving the creative mecca of Midtown South in favor of Lower Manhattan.
The school will relocate from its location at 33 West 26th Street to 11 Broadway after being listed as a winner in the H.E.L.M: Hire + Expand in Lower Manhattan competition.
The program is an intensive full-time program that trains people for the software engineering industry. It boasts a 100 percent placement rate for its two programs: a 12-week session for programming language Ruby on Rails and a 10-week session for iOS development.
The school will move into an 11,165-square-foot space across the second floor of 11 Broadway.
“There was a tremendous response to the training programs The Flatiron School offers, and it became evident almost immediately that a bigger space would be necessary to meet the growing demand,” said Douglas Regal, a broker at ABS Partners and a representative for the tenant.
“After initially targeting the Midtown South submarket, the Flatiron School was deservedly recognized as a finalist for the first ever Take the H.E.L.M. competition, which allowed the school to find an affordable space downtown,” added Mr. Regal.
The H.E.L.M. competition is designed to encourage innovative companies to move or expand Downtown. It is part of a greater effort to bring start-ups, creative and technology companies to diversify lower Manhattan’s economy. Cash grants are awarded to the winners. The Flatiron School was joined by Grapeshot, Booker, Paperless Post and STELLAService in the inaugural competition.
“Flatiron School is a perfect example of a booming company moving to lower Manhattan, and we congratulate them on their new office space at 11 Broadway,” said Eric Gertler, executive vice president of the New York Economic Development Corp., in a prepared statement.
Mr. Regal was joined by his colleague Adam Maxson in representing the Flatiron School. The landlord, Braun Management, was represented by in-house broker Mendy Braun.
That barren stretch of Midtown Manhattan last week welcomed Gotham West Market, a 10,000-square-foot food hall with a strong nod to Brooklyn. Developed by the Gotham Organization as a component of its Gotham West residential building, the market boasts options ranging from tapas at El Colmado to burgers at Genuine Roadside—not to mention the much-hyped Ivan Ramen, a ramen noodle hot spot that launched in Japan.
Following a seven-month wait that had food bloggers salivating, the Chelsea Market-like venue opened Wednesday to generally rave reviews. Below, a minute-by-minute chronicle of the lunch rush on its first day in business.
Cox Communications is expanding its Wi-Fi network.
The cable company is beefing up its footprint by stretching its network of Wi-Fi hot spots. The company announced that its latest expansion of Wi-Fi hot spots will include Los Angeles and New York City. The extensions to its network will give the company nearly 200,000 Wi-Fi hot spots, making Cox one of the largest hot spot providers in the United States.
Financial advisers say that to help fund a child’s college education, it’s better to tap into home equity than retirement savings.