- Posted at 12:10, December 03, 2013
- By Russ Bleemer
First, from Monday, another blessed Manhattan retail report, this time in Crain’s New York Business, from Eastern Consolidated, an NYC broker and real estate investment services consulting firm.
The report found that there were $445 million in retail property sales in 2013’s third quarter, more than triple the volume in the year's first quarter.
The boost, according to Eastern Consolidated, is attributable to the repeal of the 80-20 rule, which required that ground-floor retail tenant income is limited to 20% of residential co-ops’ gross income from. Now, such co-ops are able to charge more for their spaces.
You can see Crain's details HERE.
Early Monday, we saw another nice retail report from WWD's Footware News, and we covered it HERE.
More from Monday:
- Manhattan REIT SL Green Realty Corp. landed a prestige tenant for 120 West 45th Street, known as Tower 45: Procter & Gamble Hair Care LLC, a subsidiary of the consumer products giant. Ten years, covering nearly 10,100 square feet for the entire third floor, according to a press release appearing on National Real Estate Investor. SL Green says it has signed seven leases for almost 50,000 square feet within the past five months in the 40-story, 397,000 office tower. The release says that Jones Lang LaSalle’s Patrick Heeg represented the lessee, while JLL’s Paul Glickman, Frank Doyle, Mitti Liebersohn, Diana Biasotti and David Kleiner represented SL Green.
- The Wall Street Journal’s “What’s the Deal” column looked at the estate of real estate honcho Sol Goldman, whose successful 70-year-old company, run by his daughter, continues the tradition of renting outside their own portfolio. The WSJ has the details on the firm’s move to SL Green's 1185 Avenue of the Americas, from 640 Fifth Avenue, Solil Management's home for 24 years. Solil will be subletting on Sixth Avenue from Hess Corp. HERE. The article, available with a subscription, also discusses Bain & Co.’s move to the Grace Building at 1114 Avenue of the Americas at W. 42nd-W. 43rd Sts.
Finally, tomorrow's New York Times: It’s not Airbnb, but "The Appraisal" feature airs the issues of co-op shareholders who rent out rooms. The framework of this Tuesday story is an elderly Penn South man who flaunted the rules and has exposed to himself eviction--evidently, something the massive Chelsea development has been taking a very hard line against in an effort to police and preserve the affordable community.