Commercial News

Empire State Realty Trust Adds F&B to Three New York City Properties

Empire State Realty Trust (ESRT) has added several food tenants to its portfolio, with leases signed with Panera Bread, Playa Bowls and Le Café Coffee at three of its New York City office and residential properties. Lester, Bleckner & Shaw LLP provided legal representation for ESRT in all transactions.

Panera Breadwill relocate from ESRT’s 10 Union Square with a lease signed for a 2,100-square-foot retail space at 1359 Broadway. Andrew Mandell of Ripco Real Estate represented Panera Bread. Fred C. Posniak of ESRT and Morgan Singer and Samuel Martorella of Ripco represented the owner.

At 1350 Broadway, Playa Bowls signed a new lease for a 1,385-square-foot retail space. Abie Dwek of C&W represented Playa Bowls. Posniak and Ripco’s Andrew Mandell, Singer and Martorella represented the owner.

Le Café Coffee signed for an 822-squarefoot space at 561 10th Ave. Yoel Gorjian of Winick Realty Group represented Le Café i. Posniak of ESRT and Winick’s Steven E. Baker, Charles Rapuano and Thomas Galo represented the property owner.

Lincoln Market to Open in Greenwich Village

Grocer Lincoln Market has just signed a deal for a new store at 501 Sixth Ave. in Greenwich Village in Manhattan, New York. Katz & Associates’ Scott Sher represented Lincoln Market in a 20-year lease for the 10,621-square-foot store that is slated to open in the third quarter of 2023. This will be Lincoln Market’s seventh location.

Sher also represented Lincoln Market earlier this year in a deal for its first store in Queens (at Rowan Condominium), which is slated to open in early 2023. Winick Realty Group’s Daniyel Cohen and Manu Wendum represented the landlord in the deal for the Greenwich Village location; Ripco Real Estate’s Ben Weiner and Christopher Walther represented the landlord for the Queens store. Lincoln Market currently has four locations in Brooklyn and one coming to Harlem.

Northmarq to Acquire National Investment Sales Firm

Northmarq, a commercial real estate capital markets platform, has entered into a definitive agreement to purchase Stan Johnson Company, a real estate brokerage and advisory firm that focuses on investment sales across multiple asset classes. The acquisition will also include affiliate debt services company, Four Pillars Capital Markets.

“This is an important milestone for our growing platform, as our company now has investment sales professionals across the country that can service investors across all major asset classes,” said Jeffrey Weidell, Northmarq chief executive officer.

With the acquisition, Northmarq will have nearly 1,000 professionals across its investment sales, debt/equity financing, loan servicing and fund management operations. Founded in 1985, Stan Johnson Company has expanded to a full-service investment sales company, specializing in net lease investment sales, multi-tenant retail, office, industrial, self-storage and healthcare sales.

Photo via PRNewswire

Photo courtsy of Katz & Associates

“Touted for their fresh produce, extensive selection, variety of products ... customer service, and more, the stores are really assets to their communities,” said Sher, managing director, Katz & Associates.

Jeff Weidell

Stan Johnson Photos via PRNewswire

Four Seasons Expands in Egypt with Luxury Hotel and Residential Projects

Four Seasons Hotels and Resorts, in partnership with real estate development corporation Talaat Moustafa Group (TMG), announced plans for an extensive portfolio expansion in Egypt with the addition of new hotels, residential offerings and significant property enhancements.

Four Seasons Hotel and Private Residences New Cairo Capital at Madinaty and Four Seasons Hotel Luxor will be introduced in Egypt, further building upon the Four Seasons Resort and Private Residences Sharm El Sheikh.

Anticipated to open in 2025 and set within the Madinaty development on 185 hectares (460 acres) of verdant parkland, Four Seasons Hotel and Private Residences New Cairo Capital at Madinaty will feature 346 rooms and suites, while the Private Residences will be comprised of 107 villas and 80 luxury residences.

The property is being designed by Pierre Yves-Rochon, who has also worked on Four Seasons properties in Paris, Megève, Bahrain Bay, Doha, Florence and more.

Lennar, Trumark, Tri Pointe Homes and Lafferty Communities to Build Residences in Lagoon Valley

The first four Lagoon Valley residential home builders will be trailblazers, with green building principles, conserving energy and water resources — and setting the tone for the next generation of sustainable home building in California. Lennar, Trumark Homes, Tri Pointe Homes and Lafferty Communities will be building the first five neighborhoods in Lagoon Valley, located just off Highway 80, between the San Francisco Bay Area and Sacramento.

The Bay Area's first environmentally sustainable conservation community will provide homes a short walk from neighborhood shops, restaurants and workplaces in the 750,000-square-foot Ascend Business Village, all surrounded by expansive open space and recreational amenities. Over three-quarters of the land in the 2,400-acre specific plan is dedicated to open space, including a 400-acre public park, a 71-acre wetland preserve and 1,300 acres of accessible hiking and mountain biking trails. After 20 years in the design and planning phase, Lagoon Valley broke ground in June 2021 and anticipates sales to begin in mid-2023.

Corcoran Adds Turks and Caicos Affiliate

Corcoran Group LLC has welcomed its newest global affiliate with the launch of Corcoran Turks and Caicos, owned and led by Stephanie Leathers and Katherine Baryluk. It is the fifth Caribbean market that the firm has entered in just over two years.

All long-time residents of the Turks and Caicos islands, the ownership team began working together in 2006. Leathers’ background is well-versed in new construction pre-sales, and she has been lauded as a top-selling residential condominium salesperson in Downtown Athens, Georgia. Baryluk has long been considered a private island specialist; in 2012 she successfully brokered the record-breaking sale of Emerald Cay, a unique private island for $19.5 million. Rounding out the leadership team is Andrew Ashcroft, a second-generation Belizean with 18 years of experience in banking, hospitality, finance and development throughout the Caribbean. In 2021, Ashcroft developed the Alaia Belize Marriott Autograph Collection, a 20-acre master-planned hotel and condominium property, which sold out 100 residences in just three years.

Photo via PRNewswire

Photo via PRNewswire