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Omni NY inks indoor playground chain to 33K sf lease in Jamaica

Kidz Klub is coming to Queens. The children’s indoor playground chain signed a lease for 32,500 square feet at Omni New York’s recently completed mixed-use development known as Archer Green at 92-23 168th Street in Jamaica. Kidz Klub, which currently has three locations in Connecticut malls, will pay $25 per square foot on its 20-year lease. “Their intent is to really expand their footprint in this area,” said Greg Parassio, managing partner at Booth Capital,

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Developers break ground on 500-unit LIC project with $220M loan

A trio of developers have broken ground on a 500-unit residential development in Long Island City after securing a $220 million construction loan. A joint venture between the Domain Companies, L+M Development Partners and The Vorea Group landed the financing from Wells Fargo last month, after acquiring the site from self-storage company Fortress Corporation for $88 million in September. The 1.75-acre parcel at 2-33 50th Avenue, located in an Opportunity Zone, takes up a full

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These were Manhattan’s largest retail leases of 2021

As Manhattan’s residential market boomed in 2021, office and retail landlords struggled through another year of pandemic-driven uncertainty. While big-box stores and luxury brands have dominated previous years’ rankings of the borough’s top retail leases in terms of both square footage and rent, the tenants that topped this year’s list — charter schools, fitness chains and supermarkets — represented a sign of the times. As major retailers have reduced their brick-and-mortar presence in the city

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Staten Island real estate firm sues city over vaccine mandate

A Staten Island real estate firm has sued the city to challenge a mandate requiring private-sector businesses to bar unvaccinated employees from the workplace. Under the rule, which took effect Dec. 27 in the waning days of the de Blasio administration, on-site employees at all private businesses must show proof of vaccination. In a lawsuit filed in federal court last week, plaintiff Cornerstone Realty argues that the edict violates the constitutional rights of private enterprises,

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Tribeca condos topped Manhattan’s priciest contracts

New York City’s frosty first week of January accompanied a slight cooldown in Manhattan’s luxury market. Buyers signed just 21 contracts for homes asking $4 million and above, according to Olshan Realty’s weekly report. Of those, condos outsold co-ops 13 to six and two townhouses traded hands. The priciest contract was unit 5C at 71 Laight Street in Tribeca, which asked $13.1 million. The 3,708-square-foot condo has five bedrooms and five-and-a-half bathrooms, along with an

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Adams joins call for restaurant relief

Restaurants across the country are looking for seconds of federal funding, and Eric Adams wants them to get served. The New York City mayor joined other mayors across the country in signing a letter to Congress, requesting that the Restaurant Revitalization Fund be replenished. The $28.6 billion fund is a program under the American Rescue Plan Act that provides emergency assistance for eligible restaurants, bars and other qualifying businesses impacted by Covid-19. Under the program,

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Birch Group acquires $212M suburban office portfolio

UPDATED, Jan. 6, 2:18 p.m. — A portfolio of two Class A office buildings has traded hands for $212 million in one of Long Island’s biggest office deals of the past decade. The Birch Group scooped up 1 and 2 Jericho Plaza from DRA Advisors and Onyx Equities. The 665,592-square-foot portfolio adds to the $1.1 billion of commercial office assets the firm has acquired since 2020. The buildings are 95 percent leased to tenants including

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Federal relief favored restaurants in wealthy areas: study

In low- and moderate-income neighborhoods, the Restaurant Revitalization Fund was a low tipper. Of the nearly 5,500 awards to New York City eateries, approximately 28 percent went to businesses in low- and moderate-income communities, data compiled by state Comptroller Thomas DiNapoli’s office show. Furthermore, many of those loans were for relatively small amounts. The average business in a low-income community received about $276,000, compared to more than $590,000 for those elsewhere. At a more granular

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Deals in new developments top Manhattan luxury market’s new year

Manhattan’s luxury market started 2022 with a relative bang, counting 22 luxury contracts signed between Dec. 27 and Jan. 2. Though it’s 20 fewer than the previous week, last week’s total marks the highest start of the year since Olshan Realty’s luxury market report launched in 2006. The previous record was 15 contracts signed in 2017. The weekly report tracks contracts signed for Manhattan residential properties $4 million and above. The priciest contract in the

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Hoboken penthouse breaks record with $4.2M sale

A Hoboken penthouse has once again broken the record for the most expensive condo in the city. Unit #12IJ at 1500 Hudson Street, also known as 1500 Washington Street, has sold for $4.2 million in cash in a deal that closed late Friday. The apartment is in the Hudson Tea Building, a former Lipton Tea factory converted into rentals during the 1990s. The sale beats the record previously set by the same unit. In 2019,

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