Special Supplement Residential/Commercial FOCUS Flatiron District A9 We d n e s d a y , Ma y 21, 2014

BY THE NUMBERS ■ More than 200 commercial Historic district with modern appeal office buildings

By Je f f Si m m o n s the arrival or retention of major ten- ■ Rentable building area: 22.2 The Flatiron District, a neigh- ants in recent years. million square feet borhood as diverse as New York Within the BID’s 38 square City itself, is named for the Flatiron blocks, spanning 21st to 28th Street ■ 550 ground-floor businesses Building. from Sixth to Third Avenue, major However, the neighborhood of- commercial tenants include Credit ■ Commercial office fers much more beyond the intersec- Suisse, Grey Group, Tiffany & Com- vacancy rate: 7.26% (ABS Part- ners Real Estate) tion of 23rd Street, Broadway and pany, New York Life, Macmillan, Fifth Avenue. Digitas, Quinn Emmanuel, Leo ■ Asking rents for Class A & Home to many of the city’s most Burnett and AppNexus. B spaces in Flatiron averaged popular restaurants, shops and Venture capital firms calling Flat- $62 psf at the end of the fourth cultural destinations, there is truly iron home include 500 Startups, MI quarter (Q4 2013) something for everyone in this mid- Ventures LLC, Landmark Ventures, town Manhattan hub of commerce, IA Ventures, Metamorphic Ventures, ■ Residential population: culture and creativity. and Union Square Ventures. 240,036 Throughout the last several years, "With more than 200 the real estate market in the neigh- ■ Annual spending power of borhood has experienced positive Flatiron population: $9B. office buildings and 22.2 momentum. Throughout the second million square feet of half of 2013, the asking rate per ■ Median household square foot in both Midtown South income: $90,246 commercial space, the and the Flatiron District continued district has witnessed to rise while the vacancy rate held ■ More than 645,600 daytime the arrival or retention relatively steady. For the fourth workers quarter of 2013, ABS Partners Real of major tenants in Estate reported 7.26% vacancy rate ■ Seven subway stations, nine recent years.” for the Flatiron District. bus lines, PATH station Asking rents for Class A & B spaces in Flatiron averaged $62 per ■ Over 42 million people rode the neighborhood’s subways in Shops and services play a vital square foot at the end of the fourth 2012 role in this energetic community, quarter; one deal that was recently illustrated by the buzz of activity signed for Class A office space ■ 44 million people rode the around the fabled Flatiron Building garnered asking rents of $70 per nine bus lines in 2012. and in Madison Square Park on any square foot. partnership with the New York ibility and room for growth. given day, and there is a palpable air The tech sector and creative busi- Tech Meetup, identified more than Such workspaces now include ■ 2.28 million people passed of excitement and fun to lure visitors ness continue to populate the area, 220 digital and startup companies In Good Company, Micro Office through 23rd street PATH sta- from across the globe attracted to its many having first experienced the concentrated in the Flatiron District Solutions, Regus, 500 Start-ups, tion in 2012 mix of history and ingenuity. charms of the district while tenants in 2013 — emblematic of the city’s Grind, WeWork, COWORK|RS, and With more than 200 commercial of entrepreneurial incubator spaces burgeoning tech industry. NeueHouse. ■ 103 block faces in the district office buildings and 22.2 million locally. With commercial rents in the It’s also not uncommon for shared square feet of commercial space, For example, Made in NY, an Flatiron district on the rise, co- space arrangements to occur or- ■ 2,600 hotel rooms the district — as defined by the economic development initiative working spaces are serving a greater ganically when larger companies Flatiron/23rd Street Business Im- launched by the Mayor’s Office need, offering startups and small sublet desk space directly to smaller ■ 30,279 s/f of public space provement District — has witnessed of Media and Entertainment in companies affordable space, flex- Continued on Page A10 maintained by the BID Making Our Mark in the Flatiron Managing the timeless gems that serve Flatiron’s booming businesses

The Flatiron Building 230 Fifth Avenue 206 Fifth Avenue 175 Fifth Avenue Jane Senders, Executive Director AnnyRose Pahl, Asset Manager Jane Senders, Executive Director 212.689.6307 212.609.8010 212.689.6307 Harvey Richer, Leasing Agent 212.689.6305 WWW.230FIFTHAVE.COM A10 We d n e s d a y , Ma y 21, 2014 Re a l Es t a t e We e k l y

Launched in 2006, the Flatiron/23rd Street Partnership Business Improvement District (BID) is a non-profit community and economic development organization whose mission is to FLATIRON DISTRICT enhance the area’s reputation as one of New York’s most vital and exciting neighborhoods. Read more about the district and what we do online at discoverflatiron.org.

@FlatironNY We love to see what you love about the Flatiron District! Give us a shout on social media. Let’s connect; don’t be shy! @FlatironNY @FlatironNY discoverflatiron.org/facebook

Tour Every Sunday at 11:00 am, join our professional guides on a free 90-minute journey through the Flatiron District to view some of the City’s most notable landmarks.

WiFi While spending time on the Flatiron District Public Plazas at 23rd Street, Broadway and Fifth Avenue, enjoy public WiFi to surf the web. Look for the network called Flatiron Plaza Free WiFi. Coming soon to 23rd Street: expanded coverage from Sixth Avenue to Third Avenue! The Grey Group is a major tenant at 200 Fifth Avenue.

Discover Flatiron Historic district Continued from Page A9 2,600 rooms now), anchored by the Ace and NoMad Hotels. companies, both scenarios fostering cre- Another notable project to watch is the ative communities. conversion of the former MetLife building to The Flatiron Partnership estimates that a luxury hotel. 38th. ST. #252 the neighborhood is populated by more than Further illustrating the district’s allure has 645,600 workers each day, with more than 42 been the evolution of culinary opportunities, BTW. 7TH & 8TH AVE. million people riding its subways annually with major properties now housing everything (in 2012), and 44 million hopping aboard the from quick-bite eateries to white-tablecloth nine bus lines that serve the district (also in fine dining. 2012). With more than 185 food establishments STORE AVAILABLE That dynamic workforce, a ubiquitous in every cuisine, style, and price point the presence of visitors and a growing residential district has long been considered a culinary population (now at more than 240,000) has destination. But recently, a surge of new FOR RENT spurred established commercial businesses to restaurant openings has defined the area as a renew leases, or expand locally. culinary hotspot, particularly along the West Businesses ranging in size from one- or 26th Street and Broadway corridors. Ground Level 1,800 sq. ft. two-man shops to industry leaders with more Newcomers join celebrity entrepreneurs than 1,500 employees continue to see the value such as Batali & Bastianich Hospitality Group Mezzanine 1,500 sq. ft. in the commercial office market in Flatiron. (Eataly) and Danny Meyer’s Union Square In a testament to the neighborhood’s appeal, Hospitality Group (Blue Smoke, Shake Shack, existing companies have expanded in recent among others) in viewing Flatiron as a dining years, including General Assembly’s campus destination. Ideal for Fabrics/Retail /Wholesale expansion to a second location on Broadway It’s not just visitors and workers, but and AppNexus signing a 10-year lease exten- residents seeking all they need within steps sion and expansion for a total footprint of of their front door. 220,000 s/f on 23rd Street. The residential population grew by nearly With a vibrant commercial tenancy consis- eight percent from 2000 to 2010 (compared to FALCON PROPERTIES, INC tently bringing foot traffic to the area, as well 4.8 percent in New York City as a whole), and as a demand for high quality shopping and the population is expected to increase another BROKERS WELCOME 212-302-3000 dining options, the district is a new frontier 2.5 percent by next year. Currently, there are [email protected] for opportunity. more than 800 residential units planned or in Flatiron stores now span the spectrum, from development. owner-operated boutiques to global chains Flatiron’s transformation is expected to selling everything from fashion to footwear, continue, enhanced not only by the growth in home furnishing, beauty goods and tech. residences and hotels, but also in the diversity Notice of Qualification of MedImpact Di- Notice of Qualification of 215 CHRYSTIE Notice of Qualification of Intellectual About 28 percent of them are national retailers, and range of cultural, restaurant and retail rect, LLC. Authority filed with NY Dept. SC LLC. App. for Auth. filed with Secy. of Capital Investments LLC. App. for Auth. but 72 percent are locally owned, independent of State on 4/25/14. Office location: NY State of NY (SSNY) 4/23/14. Office loca- filed with Secy. of State of NY (SSNY) 4/ opportunities. County. LLC formed in AZ on 1/23/13. tion: NY County. LLC formed in Delaware 17/14. Office location: NY County. LLC businesses. NY Sec. of State designated agent of LLC (DE) on 3/14/14. SSNY designated as formed in Delaware (DE) on 9/20/10. upon whom process against it may be agent of LLC upon whom process against SSNY designated as agent of LLC upon Significant shopping destinations include Jeff Simmons is a member of The served and shall mail process to: c/o CT it may be served. SSNY shall mail process whom process against it may be served. Best Buy, Home Depot, Eataly New York, Ma- Corporation System, 111 8th Ave., NY, to: c/o CT Corporation System, 111 8th SSNY shall mail process to: c/o Kaplan Flatiron/23rd Street Partnership Business Im- NY 10011, regd. agent upon whom pro- Ave., NY, NY 10011, the registered agent Kravet & Vogel P.C., 630 Third Ave., NY, rimekko (Finland’s gift to textile and apparel provement District. Formed in 2006, the BID cess may be served. AZ and principal upon whom process may be served. DE ad- NY 10017. DE address of LLC: c/o Cor- business address: 8150 S. Kyrene Rd., dress of LLC: The Corporation Trust Com- poration Service Company, 2711 design), Trader Joe’s, Restoration Hardware, is a non-profit organization whose mission is Tempe, AZ 85284. Cert. of Org. filed with pany, 1209 Orange St., Wilmington, DE Centerville Rd, Ste. 400, Wilmington, DE and P.C. Richard. to enhance the area's reputation as one of New Exec. Director, AZ Corp. Commission, 19801. Cert. of Form. filed with DE Secy. 19808. Arts. of Org. filed with DE Secy. of 1300 W. Washington St., Phoenix, AZ of State, 401 Federal St., Ste. 4, Dover, DE State, 401 Federal St., Ste. 4, Dover, DE Perhaps the most noticeable retail develop- York's neighborhoods. This is accomplished by 85007. Purpose: all lawful purposes. 19901. Purpose: any lawful activity. 19901. Purpose: any lawful activity. maintaining a clean and safe environment for 6.18.14 6.18.14 6.25.14 ment seen in recent years has been the ongoing the district's businesses, residents and visitors; Notice of Qualification of McCourt Notice of Qualification of Project Lori Notice of Qualification of RenewFund transformation of upper Broadway north of Broderick LLC. Authority filed with NY LLC. App. for Auth. filed with Secy. of SPV-I LLC. Authority filed with NY Madison Square Park. Since the inception of by spearheading area improvement projects; Dept. of State on 3/5/14. Office location: State of NY (SSNY) 4/30/14. Office loca- Dept. of State on 4/14/14. Office location: and by marketing the diverse business and NY County. Princ. bus. addr.: 888 7th tion: NY County. LLC formed in Delaware NY County. Princ. bus. addr.: 500 12th the BID eight years ago, the district has seen Ave., 43rd Fl., NY, NY 10106. LLC (DE) on 4/28/14. SSNY designated as St., #300, Oakland, CA 94607. LLC retail options in the neighborhood. formed in DE on 12/26/12. NY Sec. of agent of LLC upon whom process against formed in DE on 9/4/13. NY Sec. of State an influx of hotel development (with more than State designated agent of LLC upon it may be served. SSNY shall mail process designated agent of LLC upon whom pro- whom process against it may be served to: c/o Lori Hope Shabtai, 1 Central Park cess against it may be served and shall and shall mail process to: c/o CT Corpo- West, Apt. 41C, NY, NY 10023. DE ad- mail process to: c/o CT Corporation Sys- ration System, 111 8th Ave., NY, NY dress of LLC: 2711 Centerville Road, Ste. tem, 111 8th Ave., NY, NY 10011, regd. 10011, regd. agent upon whom process 400, Wilmington, DE 19808. Arts. of Org. agent upon whom process may be served. may be served. DE addr. of LLC: 1209 filed with DE Secy. of State, 401 Federal DE addr. of LLC: 1209 Orange St., Orange St., Wilmington, DE 19801. Cert. St., Ste. 4, Dover, DE 19901. Purpose: any Wilmington, DE 19801. Cert. of Form. of Form. filed with DE Sec. of State, lawful activity. filed with DE Sec. of State, 401 Federal St., Townsend Bldg., Dover, DE 19901. Pur- 6.18.14 Dover, DE 19901. Purpose: all lawful pose: all lawful purposes. purposes. 6.18.14 Notice of Qualification of GJ737 LLC. 6.25.14 Notice of Qualification of WT 15A LLC. App. for Auth. filed with Secy. of State of Authority filed with NY Dept. of State on NY (SSNY) 4/28/14. Office location: NY Notice of Qualification of RaPower-3, 4/28/14. Office location: NY County. County. LLC formed in Delaware (DE) on LLC. Authority filed with NY Dept. of Princ. bus. addr.: 104 5th Ave., 9th Fl., 4/21/14. SSNY designated as agent of State on 5/2/14. Office location: NY NY, NY 10011. LLC formed in DE on 1/ LLC upon whom process against it may be County. LLC formed in UT on 11/17/09. Closed: 24/14. NY Sec. of State designated agent served. SSNY shall mail process to: c/o NY Sec. of State designated agent of LLC of LLC upon whom process against it Paul Hastings LLP, 75 E. 55th St., NY, upon whom process against it may be may be served and shall mail process to: NY 10022, Attn: Peter Olsen, Esq. DE served and shall mail process to: c/o CT c/o CT Corporation System, 111 8th Ave., address of LLC: c/o Corporation Service Corporation System, 111 8th Ave., NY, NY, NY 10011, regd. agent upon whom Company, 2711 Centerville Rd., Ste. 400, NY 10011, regd. agent upon whom pro- Post avenue, Inwood process may be served. DE addr. of LLC: Wilmington, DE 19808. Cert. of Form. cess may be served. UT and principal busi- Corporation Trust Co., 1209 Orange St., filed with DE Secy. of State, 401 Federal ness address: 4035 South 4000 West, Wilmington, DE 19801. Cert. of Form. St., Ste. 4, Dover, DE 19901. Purpose: any Deseret, UT 84624. Cert. of Org. filed with filed with DE Sec. of State, 401 Federal lawful activity. UT Sec. of State, PO Box 146705, Salt St., Dover, DE 19901. Purpose: all lawful 6.18.14 Lake City, UT 84114-6705. Purpose: all purposes. lawful purposes. 6.18.14 Notice of Qualification of 1113 YORK 6.25.14 29 apartments AVE MEMBER, LLC. Authority filed Notice of Qualification of EMPIRE ES- with Secy. of State of NY (SSNY) on 05/ Notice of Qualification of ADL Enter- TATE LLC. Authority filed with Secy. of 05/14. Office location: NY County. LLC prises LLC. Fictitious name: Albers de State of NY (SSNY) on 04/28/14. Office formed in Delaware (DE) on 04/22/14. Leon LLC. Authority filed with Secy. of location: NY County. LLC formed in Princ. office of LLC: 9 W. 57th St., Ste. State of NY (SSNY) on 05/06/14. Office Delaware (DE) on 04/04/14. Princ. office 4500, NY, NY 10019. SSNY designated location: NY County. LLC formed in of LLC: 11 Madison Ave., Ground Fl., as agent of LLC upon whom process Delaware (DE) on 04/28/14. SSNY des- NY, NY 10010. NYS fictitious name: against it may be served. SSNY shall mail ignated as agent of LLC upon whom pro- EMPIRE ESTATE WINE LLC. SSNY process to c/o Corporation Service Co., 80 cess against it may be served. SSNY shall designated as agent of LLC upon whom State St., Albany, NY 12207-2543. DE mail process to: c/o Registered Agent So- 3,550,000 process against it may be served. SSNY addr. of LLC: 2711 Centerville Rd., Ste. lutions, Inc., 99 Washington Ave., Ste. shall mail process to Empire Estate, Attn: 400, Wilmington, DE 19808. Arts. of Org. 1008, Albany, NY 12260. Address to be Will Guidara at the princ. office of the filed with Secy. of State of DE, 401 Federal maintained in DE: 1679 S. Dupont Hwy., LLC. DE addr. of LLC: 2711 Centerville St., Ste. 4, Dover, DE 19901. Purpose: Ste. 100, Dover, DE 19901. Arts of Org. Rd., Ste. 400, Wilmington, DE 19808. Any lawful activity. filed with the DE Secy. of State, 401 Fed- Thanks to Arts. of Org. filed with Secy. of State, 401 6.25.14 eral St., #3, Dover, DE 19901. Purpose: Federal St., Ste. 4, Dover, DE 19901. any lawful activities. Purpose: Any lawful activity. JACK CHASE LLC, a domestic LLC, filed 6.25.14 Mark Altschul, Esq.,–Altschul & Altschul 6.18.14 with the SSNY on 2/7/14. Office location: New York County. SSNY is designated as Notice of Formation of REST NY 1 LLC. Notice of Qualification of NVP Associ- agent upon whom process against the Arts. of Org. filed with Secy. of State of NY and ates, LLC. Authority filed with Secy. of LLC may be served. SSNY shall mail pro- (SSNY) on 04/18/14. Office location: NY State of NY (SSNY) on 05/05/14. Office cess to The LLC, 260 Riverside Dr., Apt. County. Princ. office of LLC: 7 World location: NY County. LLC formed in 9D, NY, NY 10025. General Purpose. Trade Center, 250 Greenwich St., 46th Fl., Delaware (DE) on 12/19/01. SSNY des- 6.25.14 NY, NY 10007. SSNY designated as Steve Uffner, Esq. – Goldberg & Weprin ignated as agent of LLC upon whom pro- agent of LLC upon whom process against cess against it may be served. SSNY shall Notice of Formation of Kelhar Holdings it may be served. SSNY shall mail process mail process to c/o Corporation Service to the LLC at the addr. of its princ. office. Co. (CSC), 80 State St., Albany, NY LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 4/29/14. Office loca- Purpose: Any lawful activity. 12207-2543. DE addr. of LLC: CSC, 6.11.14 2711 Centerville Rd., Ste. 400, tion: NY County. SSNY designated as Wilmington, DE 19808. Arts. of Org. agent of LLC upon whom process against filed with DE Secy. of State, 401 Federal it may be served. SSNY shall mail process to: c/o Haro Keledjian, 100 Morton St., Notice of Formation of ASCAN PART- St., #3, Dover, DE 19901. Purpose: Any NERS LLC. Arts. of Org. filed with Secy. Michael Goldman lawful activity. #TH6, NY, NY 10014. Purpose: any law- ful activity. of State of NY (SSNY) on 4/24/14. Office 6.25.14 location: NY County. SSNY designated 6.18.14 Licensed Real Estate Broker as agent of LLC upon whom process Notice of Formation of 101 Delancey Notice of Formation of ICD Workshop against it may be served. SSNY shall mail Owner LLC. Arts. of Org. filed with Secy. LLC. Arts. of Org. filed with Secy. of State process to: 50 E. 89th St., PH A, NY, NY (516) 633-7414 of State of NY (SSNY) on 4/24/14. Office of NY (SSNY) on 4/28/14. Office loca- 10128. Purpose: any lawful activity. location: NY County. SSNY designated tion: NY County. SSNY designated as 6.18.14 as agent of LLC upon whom process agent of LLC upon whom process against against it may be served. SSNY shall mail it may be served. SSNY shall mail process process to: The LLC, 152 W. 57th St., to: Attn: Ian R. Carrington, 417 Grand St., To Advertise Call 36th Fl., NY, NY 10019. Purpose: any Apt. 1407-D, NY, NY 10002. Purpose: “When you are ready to buy or sell, Go for the GOLD-man!” lawful activity. any lawful activity. 6.18.14 6.18.14 212-777-6611 Ext. 111 Re a l Es t a t e We e k l y We d n e s d a y , Ma y 21, 2014 A11 FLATIRON DISTRICT District offers something cultural to suit everyone’s taste

By Je f f Si m m o n s its, providing novel ways to experience the reality of Culturally, the Flatiron district continues to flour- math. ish with a wide variety of attractions ranging from the More than a dozen other cultural attractions entice academic to entertainment, with both well-known and visitors both young and old, with the Baruch Perform- hidden treasures. ing Arts Center providing theater, concerts and lectures A seven-acre urban oasis, Madison Square Park of- year-round and housing the National Yiddish Theatre fers cultural programs year-round. Named for James Folksbiene and the Alexander String Quarter. Each year, Madison, the fourth president of the United States, the the Sidney Mishkin Gallery at Baruch College offers space formally opened as a public park in 1847. small, museum-quality art exhibitions. Having fallen into disrepair, the park underwent a Among other must-see stops are Swann Auction substantial overhaul in the late 1990s, restoring elements Galleries, a third-generation family business and now of its original 19th century design and making the park the largest specialist auctioneer of works on paper in the center of neighborhood life. the world; The Peoples Improv Theater, which presents Now, the restored park features lush green lawns, original comedic shows seven nights a week; and, the World’s Fair-style benches and a beautiful fountain. Museum of Sex, which presents the history and evolu- Overlooking the part at its northern point is the only tion of human sexuality. museum dedicated to mathematics in the country, the In the prow of the Flatiron Building, retail tenant National Museum of Mathematics, which opened its Sprint accepts proposals for temporary public art; in doors on East 26th Street in 2012. 2013, the Whitney Museum recreated Edward Hopper’s MoMath consists of a suite of newly created exhib- iconic painting Nighthawks in 3-D in the space. Neighborhood amenites a tour de force The Flatiron District has unri- hanging flower baskets, custom a free, weekly, historic walking tour valled amenities that cater to the tree-pit guards and ongoing seasonal of the neighborhood each Sunday needs and tastes of its many resi- plantings. Additionally, close to 50 at 11 a.m. No advance registration dents, visitors and workers. Here are trees have been planted in the district required; meet at the southwest cor- just a few: under the city’s MillionTreesNYC ner of Madison Square Park at 23rd program. The BID adopted the Park Street and Broadway, in front of the Avenue South media malls from William Seward statue. Flatiron Public Plazas: The pla- 21st to 28th streets and provides zas have been part of amazing trans- seasonal planting and maintenance, The BID markets the district and formation in the neighborhood since and coordinates the placement of its local businesses and neighbor- 2008, and have become not just a CityBenches and bike racks through- hood events, aimed at informing Flatiron Public Plazas have been part of the transformation in the neigh- place to rest one’s feet and enjoy the out the district. members and bringing people to- surroundings, but to nosh. During borhood since 2008, and have become not just a place to rest one’s gether. You can learn more at dis- feet and enjoy the surroundings, but to nosh. The area's flowering warmer weather, they host two food Walking Tours - The BID provides coverflatiron.org. boulevards add color to the bustling streets. kiosks, and this summer will engage in free tech, exercise and cultural programs. When winter approaches, they offer family-friendly programming and giveaways during the holiday shopping season. Free WiFi – Since 2011, Commercebank free WiFi has been available in the Flatiron Public Plazas. Additionally, Madison Square Park provides free WiFi, and plans are underway to estab- lish a WiFi corridor along 23rd Street in the district.

B e a u t i f i c a t i o n a n d Streetscape – The BID spear- headed projects to “green” the neighborhood, including

$25,000,000 $10,000,000 $11,750,000 $5,700,000 Free WiFi is available through the district

Resources ■ Flatiron/23rd Street Partnership Business Improvement District www.discoverflatiron.org Construction Loan Retail Condo Refinance Commercial Loan Multi-Family Building 212-741-2323 New York, NY Brooklyn, NY New York, NY New York, NYv

■ Madison Square Park Conservancy www.madison- It’s Time to Act Now squarepark.org Mercantil Commercebank is the right partner to help you seize rising opportunities Act Now and contact our Commercial Real 212-538-1884 that others don’t see. Estate financing experts Today! ■13th Police Precinct Our Real Estate experts will support you in accomplishing your goals, combining New York - (212) 891-7465 www.nyc.gov/nypd speed of execution and best in class customer service. Paulo C. Garcia / NY CRE Team Leader 212-477-7411 We offer fast financing solutions with exceptional approval capabilities for South Florida - (305) 460-2875 ■ Community Board 4 construction and income-producing properties. Frank Gambin / SVP Florida Regional Manager www.nyc.gov 212-736-4536 Houston - (713) 331-4294 Multi-Family • Retail • Office • Industrial • Hospitality Francisco Rivero / EVP Texas Regional Manager ■ Community Board 5 www.nyc.gov Mercantil Commercebank, empowering your world www.mercantilcb.com/risingopportunities 212-465-0907 Member ■ Community Board 6 FDIC www.nyc.gov 212-319-3750 A12 We d n e s d a y , Ma y 21, 2014 Re a l Es t a t e We e k l y FLATIRON DISTRICT Apartment building sell-out a sign of the times Following the sale of the tion Company. the district has evolved into demand for this untapped foot, this is perhaps the first art fitness center, a yoga 20th floor penthouse, Vic- Located on Fifth Ave- a coveted residential neigh- neighborhood combined with project in the current new or meditation room, pri- tor Homes and CORE an- nue, between 27th and 28th borhood in a once-ignored beautiful, modern design.” development cycle to be vate treatment room offering nounced the completion of Streets, 241 Fifth was one area of Manhattan,” said Sales for 241 Fifth truly sold out within one year space for a massage or beau- sales at 241 Fifth. of the first among a growing Shaun Osher, CEO of CORE, launched in April 2013, and with all units fully closed in ty treatments and a lounge. The building includes 46 number of new developments exclusive sales and market- led to about 50 percent of downtown New York City,” Building views include the condo units designed by Eran in the neighborhood. ing firm for 241 Fifth. the units in contract within noted Doron Zwickel, Direc- Flatiron Building and lower Chen of ODA-Architecture “Since Victor Homes “Closing sales in exactly the first two months. At the tor of Sales, 241 Fifth. Manhattan. and built by Triton Construc- broke ground at 241 Fifth, one year is a testament of six month mark nearly 90 Design features like solid With a number of new percent of all units were in white oak flooring throughout residential developments, contract, with closings begin- are complimented with spa- hotels and restaurants in ning in September 2013. like bathrooms incorporating the works, the area north of Prices ranged from soaking tubs, glass-enclosed Madison Square Park has $820,000 for a one bedroom showers and teak wall detail- become a sought after area – $10,000,000 asking price ing in the bathroom. Over- of town. for the 20th floor penthouse, size windows, Zucchetti-Kos The interiors of 241 Fifth commanding up to $2,600 Faraway Collection fixtures were influenced by Danish per square foot. Along with and Miele appliances add to Modern design and evoke a mix of one, two and three- the high-end residences. aspirational living in a newly bedroom condominium units, The lobby boasts brushed re-developed neighborhood. buyers purchased penthouses white oak walls and polished Following the sales launch on the 15th and 20th floors. concrete flooring. Amenities in April 2013, the waitlist for “In addition to a building include a 24/7 concierge, the building grew to over 500 average of $2,000 per square rooftop terrace, state-of-the interested buyers.

The lobby of 241 Fifth Avenue Gale blows into Flatiron with new tower By Ho l l y Du t t o n condo market with 21W20, market yet. Development firm Gale a boutique condo building Features of the modern International jumped into in Flatiron that, among other apartments include distinctive the New York City luxury features, will boast 100-foot touches like kitchenettes in wide homes. the master bedroom, butler’s The ground-up develop- pantries in the kitchen and ment on West 20th Street six-inch solid rift white oak between 5th and 6th Avenues hardwood floor in a 54-inch will have just 12 units, includ- custom square patterned de- ing three penthouses and nine sign. “tower” units. The building will have The three penthouses in- a 24/7 concierge, a private clude PH1, priced at $13.5 lounge with kitchenette off an million and located on the outdoor garden, refrigerated 11th floor, which has four storage for grocery, flower bedrooms, four and a half and beverage delivery, storage bathrooms, 4,841 s/f and an units available for purchase, additional 541 s/f of terrace and a pet wash station in the space. resident common room. June 10, 2014 The $15 million PH2, on In addition, Gale is pursu- the 12th loor, has four bed- ing LEED certification with National Bohemian Hall | New York City rooms and four and a half the project. baths and will have 4,663 s/f Though 21W20 has at- plus 525 s/f of terrace space. tracted a lot of interest from Join over 300 real estate players for an annual And the rooftop penthouse, international buyers, brokers priced at $35 million, com- said the homes are viewed summit highlighting the emerging leaders in real estate bines the 13th, 14th and 15th seen less as an investment and finance, who just happen to be under 40. floors and will have five bed- strategy than as a home. rooms, six bathrooms and The building is slated to two powder rooms. It will be completed in the first or have 6,910 s/f plus a 2,648 s/f second quarter of 2015. It’s of terrace space. The tower currently in the foundation units have not gone on the process.

Hilary Spann Kevin Davis Melissa Román Samvir Sidhu JPMORGAN ASSET TACONIC Burch MEGALITH MANAGEMENT INVESTMENT FOREST CITY CAPITAL PARTNERS RATNER

Save 25% with Promo Code 25REW REGISTER TODAY! rewyoungleadersforum.com/register

Rendering of the luxurious 21W20 Re a l Es t a t e We e k l y We d n e s d a y , Ma y 21, 2014 A13 FLATIRON DISTRICT Building homes one block at a time

If it’s hot, it’s happening in the Flatiron District. retail. (101,000 s/f residential; 5,000 s/f commercial The neighborhood famously named for a triangular-shaped • 400 Park Avenue South – residential condos, rentals building at the epicenter of its territory has become a magnet with ground-floor retail (407,000 S/F residential; 10,000 for buyers and renters. S/F commercial) And, it has evolved as a trendy, but classy enclave in a city • 323 Park Avenue South – residential condos with ground- of standouts, as leading restaurateurs, new tech entrepreneurs floor retail (27,000 S/F residential; 2,600 s/f commercial) and uber attractive retailers converge on the area bounded Additionally, new retail space will come to market at the by 20th Street, Union Square and Greenwich Village to the ground floor of Related’s residential building One Madi- south; the Avenue of the Americas and Chelsea to the west; son. 25th Street and NoMad to the north; Rose Hill to the north- Arriving later this year, in the northern end of the district, east, and Lexington Avenue, Gramercy Park to the east. American brasserie The Smith will open its fourth location “Everything merges here,” said Douglas Elliman’s Toni at 1150 Broadway. Haber, who lives near Union Square.“Gramercy Park, Union Obika Mozzarella Bar will open its second location in Square, Chelsea, then you have the East Village and West Manhattan at 928 Broadway, and Enrique Olvera, chef from Village not far. Everything is only a matter of a couple Mexico City’s renowned Pujol, is under construction for his blocks.” first New York restaurant at 35 East 21st Street. Flatiron is witnessing a flurry of apartment development And, LEGO’s much-anticipated New York City flagship that will reshape the face of the district within the next few store is gearing up to open at 200 Fifth Avenue at 23rd Street years. — adjacent to Eataly — this summer. The median price for a one-bedroom rental is about $4,000 It’s expected to feature a 3,535 s/f retail space, and a size- a one-bedroom co-op will cost you $762,000, according to able play space for children. Related's One Madison apartment tower. Streeteasy. Douglas Elliman’s Kirk Rundhaug, sales director at 10 Madison Square West, the 24-story pre-war building over- looking Madison Square Park, said the interest from prospec- tive buyers at the building has been unprecedented. The recent re-launch of luxury residential site One Madi- son and the launch of sales at 10 Madison Square West lead a series of new residential developments. Among others in the pipeline are: • 39 West 23rd Street – residential condos with ground- floor retail. • 41 East 22nd Street - residential • 404 Park Avenue South – residential with ground-floor

GROW. WISELY.

EisnerAmper’s Real Estate Services Group provides a wide array of audit, tax and advisory services to the real estate community, including REITs and real estate opportunity funds. Lego will open a flagship store at 200 Fifth Avenue. Our goal is to help our clients structure sound transactions and examine each aspect W26th Street building loan of operations to help maximize potential returns and build future success. Meridian Capital Group, LLC, a commercial real estate finance and advisory firm, negotiated an $18 million mortgage And as a leading service provider for financial service companies as well as family for the refinancing of an office property on West 26th Street in New York, NY. offices, EisnerAmper is uniquely positioned to create synergies that help our real The seven-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 4.25% and a flex- estate clients grow their businesses. ible prepayment penalty. This transaction was negotiated by Meridian Capital Group vice president David Zlotnick, who is based in the company’s New York City headquarters. Key Services The 12-story, 95,500 s/f office property is located at 114 West 26th Street, at the intersection of the NoMad, Flatiron • Full Attestation & Tax Compliance Services and Chelsea neighborhoods. The asset features a dramatic limestone and brick façade • Public Registrations and houses 88,000 s/f of office space and 7,500 s/f of retail space. • Sales and Exchanges “Meridian negotiated this cost-effective, long-term refi- nancing to reduce the borrower’s interest rate by nearly one • Litigation Consulting percent, decrease the prepayment penalty significantly and obtain $4 million in additional proceeds,” said Zlotnick. • Bankruptcy & Workout Situations

Let’s get down to business.®

Kenneth Weissenberg, CPA, J.D., LLM. Partner 212.891.4070 [email protected]

www.eisneramper.com

EisnerAmper LLP Accountants & Advisors

Independent Member of PKF International NEW YORK | NEW JERSEY | PENNSYLVANIA | CALIFORNIA | CAYMAN ISLANDS

114 West 26th Street