Rob Base + 5; FiDi - Fi; Hidden Dim Sum

It Takes 6 To Make A Lease Go Right

Okay, okay. Rob Base & DJ EZ Rock please excuse the ad-libbing. I know your platinum song was "It Takes Two" but it just felt right. So why bring it up? Well, it's important to understand that the lease process takes time. In the last two weeks, I have had three clients: an IT Firm, a law firm tenant and a creative start-up say "we need space immediately" and I have had to explain while I can work quicker than they need me to that unfortunately we have to work on other peoples schedules in part and that one of the biggest contributing factors to timeline is the coordination involved. There are at least 6 people involved in each lease agreement. 

Who are they?

1. The tenant

2. The landlord

3. The tenant's representation (Me)

4. The landlord's representation

5. The tenant's attorney

6. The landlord's attorney

While I think that in itself shows all the moving parts, we have to remember tenants have businesses to run, landlords have multiple properties to run and leases to negotiate, the tenant representation should make you feel like you are their only client, the landlords representation is showing space, working on getting other spaces filled and negotiating other leases, and the attorneys are working on multiple transactions and it takes at least 2-3 times of back and forth to negotiate a lease with more tenant friendly terms than how it was originally written.

I think you get it by now.

Tenants Say What? 

Helping tenants is extremely rewarding. And who doesn't like to receive a compliment? Here is a client comment that is worth sharing 

"I strongly recommend Gregg Cohen as a broker for New York City commercial real estate. I am grateful for Gregg's guidance and counsel... figured out exactly what Meridian needed and narrowed down a list of spaces that would work... proved helpful in the facilitation of the lease negotiation process making it as smooth and efficient as possible... Gregg's greatest attribute during this period was his ability to work within the larger Meridian firm... Gregg had many masters and he handled them all flawlessly" -Marc Ullman, Partner of Meridian Compensation Partners

They just moved to a full floor on the 32nd floor of 275 Madison Avenue from a high-end executive suites because they were growing and the math no longer made sense (they realized they could have their own space for LESS money)

I look forward to having the opportunity to help.

Here are the best deals by the foot

19,871

There's yet another fire sale on Third Avenue. This time at 605 Third Avenue from Univision on the 26th floor. Sick views downtown of the FiDi skyline for as far as the eye can see. A deal can be done in the high $30's (not a typo!) per square foot. For comparison, direct deals in the building are north of $80 per square foot. It's a 9-year sublease furnished, wired and ready for your company's sign. 

3,420

Park Avenue address for $60 per square foot. 'Nuf said. This bank literally moved 2 people in to this space before deciding they no longer needed space in New York City. Fully furnished space at 99 Park Avenue on the 15th Floor. Sublease goes until December of 2026. It has 6 offices, 2 conference rooms and fully furnished. It's a steal at $20 per square foot less than direct deals in the building.  

6,843

Glass Fronts, New carpeting, 2-year-old space. 830 Third Avenue is a boutique building on Third Avenue with a recently updated lobby (2 months ago). 9 offices, 2 conference rooms, Open Space for 18. Practically brand new furniture. Sublease from a solid credit tenant who decided to consolidate offices. Priced in the low $50's per square foot. That's $12-18 per square foot LESS than comparable space across the street. $360,000 per year for the next 4 years. 

WANT MORE DETAILS?

For an insider’s opportunity on some of the best deals in town, contact Gregg Cohen directly or forward this newsletter to someone else. And check out our new website.

It's a beautiful day in the neighborhood

Midtown: Don't expect the line at Uncle Gussy's Truck to get any shorter any time soon as Colgate just announced they are staying put at 300 Park Avenue. Another American staple, the Coca-Cola building at 711 Fifth Avenue appears to be close to trading owners if the press reports are accurate.  Getting back to Park for a moment and our comments last month about the face of Park changing, there looks to be momentum around the redevelopment of 350 Park & 40 East 52nd Street. More press this month about a deal in the works. What's to come? They say a 1.7 million square foot, 1450 foot tall tower. Moving further south, it looks like the "Hotel Chrysler" idea has gone the way of the dodo bird. And then moving west Consentini Associates, a division of TetraTechis moving to 60,000 square feet at 498 Seventh Avenue. 

Midtown South: In this case more Meatpacking. Great news! If you thought RH Rooftop was a good midweek night out, expect the wait to get longer following news that Yext has just signed to lease all 140,000 square feet of 61 Ninth Avenue and be renamed The Yext Building. In Herald Square, there are talks that a 1.2 million square foot office tower may be built above Macy's. Think of the office parties with great views for the Thanksgiving Day parade. And in the Flatiron, Netflix signed for 100,000 square feet at 888 Broadway. Anyone ever been to 88 Palace? Some of the best dim sum in the city! Hidden in a shopping mall

Hudson Yards: First Republic Bank is coming to the neighborhood as they have signed for 200,000 square feet at SLGreen's 460 West 34th Street. For those looking take a walk back in time, check out the TAK Room. It's Thomas Keller's new spot in Hudson Yards. It feels like a throwback to the 1950's with American classics.

Downtown: Taking the Financial out of the Financial District as a liquor purveyor looks to be moving further downtown. Moet Hennessy appears to be close to taking 90,000 square feet at 7 World Trade Center. They are currently at 85 10th Avenue in West Chelsea. It was also announced that architecture firm Skidmore, Owings & Merrill is moving to 7 WTC from 14 Wall Street.

Gregg Cohen

Tenant Representative

Norman Bobrow & Co.

488 Madison Avenue,

New York, NY 10022

W: 212.682.9843

M: 917.684.1764

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