29
Mar
What’s the Deal: News Digest
Original article published on The Wall Street Journal
A roundup of real-estate news in the Greater New York area
After years of delay caused by the financial downturn, developer Francis Greenburger in 2013 was finally able to restart construction on what will likely be his signature project: a 63-story Helmut Jahn-designed residential tower rising at 50 West St.
Now, Mr. Greenburger is equally determined to find the ideal restaurant for the retail space in the condominium project. Indeed, he’s decided to offer the space for below-market rent. “It’s more important to find the right restaurant than it is to get every last dollar for rent,” said Mr. Greenburger, chief executive and founder of Time Equities Inc. “We want the restaurant to make a statement about the building.”
Time Equities just listed the two-story commercial space with an asking rent of $95 a square foot, according to Ami Ziff, the firm’s head of retail. Asking rents can range up to $200 a square foot in that area, he said.
Mr. Greenburger envisions an upscale, comfortable restaurant that will serve as an amenity to 50 West residents. He listed Gotham Bar and Grill, a West Village fixture, as an example of a quality restaurant that attracts customers on a regular basis.
Mr. Greenburger hopes to find tenant within the next six months. The 50 West tower is slated to open at the end of next year. Condominium sales launched last summer, with one bedrooms starting at $1.6 million. “This is a high-quality residential building, and we want the restaurant to be a part of the
environment of the building,” he said.
—Emily Nonko
Fox Rothschild Leases Space at 101 Park Ave.
National law firm Fox Rothschild LLP is expanding and relocating its New York offices in an iconic Park Avenue skyscraper frequently used in movies and television shows.
Fox Rothschild has signed a 15-year lease to take 48,000 square feet at 101 Park Ave., saidMark Weiss, vice chairman at Newmark Grubb Knight Frank and the broker who represented Fox Rothschild. The law firm’s New York office has been adding attorneys across departments over the past two years, said Michael Slapo, managing partner of Fox Rothschild’s New York office. The firm has added attorneys to its intellectual-property practice as well as its land-use and
zoning team.
