Long Island, N.Y. — JLL has brokered the $17 million sale of Hubbard’s Commons, a 65,970-square-foot, grocery-anchored retail center on Long Island. At the time of sale, the property was 98 percent leased to tenants such as Best Market, Rite Aid Pharmacy and Orangetheory Fitness. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, Andrew Scandalios and Grace Braverman of JLL represented the seller, Urban Edge Properties, in the transaction. ShopOne Centers REIT purchased the asset.
Long Island City, N.Y. — Planet Fitness has signed an 18,000-square-foot retail lease in Long Island City. The gym, which will be situated on the lower levels of the newly constructed 22-29 Northern Boulevard rental tower, is the company’s first property in Long Island City. Steven Baker and Thomas Galo of Winick Realty represented the landlord, Simon Baron Development, in the lease negotiations. Richard Chera of Crown Acquisitions represented Planet Fitness.
New York City — Timothy Parlante has joined The Feil Organization’s New York City office as the director of leasing. Parlante will focus on the company’s office properties in New York and on Long Island. In his 12-year career, Parlante has represented both tenants and landlords in office negotiations. “Tim’s strong tenant relationships and deep knowledge of New York and Long Island office trends will be a solid addition to our exceptional team,” says Brian Feil, vice president of leasing. “We’re delighted to welcome him to the company.” Prior to …
New York City — Luxury department store retailer Barneys New York has voluntarily filed for bankruptcy protection and has disclosed plans to close 15 of its 22 brick-and-mortar stores. The Chapter 11 filing in the U.S. Bankruptcy Court of the Southern District of New York indicated that Barneys had more than $100 million in assets and more than $100 million in debts, according to The Wall Street Journal. Barneys plans to keep five of its flagship locations open, including its famous Madison Avenue store. The retailer will also continue operating its …
Garden City, N.Y. — Century 21 Stores will open a new department store at Roosevelt Field in Garden City. The 68,000-square-foot store is expected to open in spring 2021. Century 21 will be housed in the space currently occupied by Bloomingdale’s Furniture, which will be consolidating into the newly renovated Bloomingdale’s store. Century 21 will offer men’s, women’s and children’s apparel, footwear, outerwear, lingerie and accessories, beauty and home goods. Roosevelt Field is owned and operated by Indianapolis-based Simon. The mall has more than 250 retailers including anchors Neiman Marcus, …
Amherst, N.Y. — Douglas Development Co. has purchased Boulevard Mall, a 961,800-square-foot shopping and dining destination in the Buffalo suburb of Amherst, for $30.5 million. The property was originally built in 1962 and is situated on 64 acres. The mall was renovated in 2000 and is now anchored by tenants such as Dick’s Sporting Goods and Macy’s. Jose Cruz, Kevin O’Hearn, Claudia Steeb, Michael Oliver and Ryan Robertson of JLL handled the transaction in conjunction with Ten-X on behalf of the undisclosed seller. HFF closed the sale, which included an …
New York City — The national retail vacancy rate fell 10 basis points to 10.1 percent in the second quarter, according to New York City-based commercial real estate data firm Reis. This is the first time in which vacancy has declined since the first quarter of 2016. For context, in the second quarter of 2018, the rate had risen 20 basis points to 10.2 percent and remained flat at that rate through the first quarter of this year. The tightening of available space is in contrast to the larger talking …
New York City — Cushman & Wakefield has arranged the $1.9 million sale of 3175-3177 Steinway St., a 2,000-square-foot commercial building currently leased to a women’s clothing retailer, for $1.9 million. Baby Blue occupies the single-story property, which is located within a C4-2A zoning district, allowing for commercial or residential development, with a total of approximately 6,750 buildable square feet. ABS Steinway Acquisition II LLC acquired the property for $935 per square foot, the highest per-square-foot transaction on Steinway Street in more than two years. Stephen R. Preuss and Andreas Efthymiou of Cushman …
New York City — Restaurateur Todd Leong, owner of Lucky Rice as well as Leaf Bar & Lounge, will open The Beer Assembly, a 3,550-square-foot beer garden at Tangram. The 1.2 million-square-foot mixed-use development is located in Flushing. Developed by F&T Group and Shanghai Construction Group (SCG), Tangram features residential, office, retail and hospitality uses, including a 24,000-square-foot food hall that will be positioned adjacent to the beer garden. The opening is slated for early 2020.
New York City — Elliott Management Corp. has agreed to acquire Barnes & Noble for $683 million, or $6.50 per share. In 2014, Barnes & Noble closed its New York Fifth Avenue store, which was once the world’s largest bookstore. The company operates 627 stores in all 50 states. Elliott, which acquired the U.K.’s largest book retailer, Waterstones, last year, will become the largest bookseller in the U.S. when the acquisition is finalized. The deal is expected to close by the end of September. Barnes & Noble has been exploring …
