Press

Bumble is opening a physical space in New York for dates to meet up

Thursday, June 1, 2017 - TechCrunch - link

What do popular dating apps and brick-and-mortar storefronts have in common? Until now, nothing. But that’s about to change, as Bumble, the popular female-led dating app, is opening a pop-up location in New York City. Bumble is calling the space the Hive, and it will be a month-long installment designed to be a space for dates, Bumble fans and really anyone — to just hang out and soak in the Bumble brand. The space is really decked out in Bumble’s unique flavor — click through the album below to see the space. A physical location is the first step in the dating startup’s attempt to formalize the community that has naturally formed around the Bumble brand. While some dating apps are still considered taboo, Whitney Wolfe, founder and CEO of Bumble, explained that Bumble’s brand now extends beyond just dating, and is something people are proud to associate themselves with — even if they aren’t necessarily using Bumble for dating. This focus on community also meshes with the startup’s plans to eventually expand on BumbleBIZZ, which is Bumble’s attempt to help users with professional and social networking, and retain users who may not necessarily be looking to date. While the space will be open during the week for couples to meet up (or friends to just stop in and check it out), there will also be a series of events focused on relationships, female entrepreneurship and more. For example, Bumble founder Whitney Wolfe will host a panel with the founders of theSkimm, Drybar will be hosting style sessions and Forbes will be hosting a Mentor & Mingle session. The space will also have a coffee (and real) bar, as well as Bumble merchandise for sale (where all proceeds go to charity). Bumble said the current plans are to keep it open for a month, but isn’t ruling out the opportunity for an extension, or potential expansions into other cities. The Hive will be located in Soho at 158 Mercer Street, and will be open Thursday – Friday 8am-2pm and 4pm-10pm, Saturdays from 10am-2pm and 4pm-10pm, and all day Sunday from 10am-8pm. Check out the event page here for more details.
Here’s what the $10M-$20M NYC investment sales market looked like last week

Tuesday, March 7, 2017 - The Real Deal - link

In the world of mid-market New York City investment sales this week, Premier Equities sold a retail co-op for $10 million, ASRR Capital took full control of a luxury residential project on Madison Avenue, and a buyer bought a bulk condo package at Naftali Group’s West Village condo conversion. 1.) Premier Equities sold a retail co-op unit at 682 Broadway in Noho for $10 million to Ascot Properties. The 1,000-square-foot ground-floor space is at the corner of Broadway and Great Jones Street. Premier Equities, led by Uzi Ben-Abraham and Yaron Jacobi, has teamed up with Joseph Sitt’s Thor equities to build a 100,000-square-foot condo tower on the Upper East Side. RFK represented Premier, while Marshall Real Estate represented Ascot. 2.) Alex Sapir and Rotem Rosen’s ASRR Capital is buying out its partner in a proposed 10-story luxury building on the site of a Madison Avenue townhouse. ASRR and Turkish conglomerate the Suzer Group bought a townhouse at 218 Madison Avenue in 2015 for $18.5 million with plans to build a luxury residential project on the site. Now, the Israel-based ASSR, whose principals also run the Sapir Organization, is paying Suzer $10.1 million for its 50 percent stake. 3.) The St. Edmunds Catholic Church on Ocean Avenue in Brooklyn sold for $10.1 million. The deal includes three parcels, the 6,200-square-foot church at 2450 Ocean Avenue and two adjacent buildings. The buyer is a Brooklyn-based entity managed by Eddie Yair, with an address at Eran A. Birnbaum Architect. Birnbaum and Yair are working together to develop a 7-story mixed-use building in Sheepshead Bay, Department of Buildings filings show. 4.) Tremada Holdings, LLC bought 14 residential condo units, which are occupied by rent-stabilized tenants, at the Naftali Group’s West Village condo conversion for $10.3 million. The 12-story landmarked building at 275 West 10th Street, named the Shephard, includes 38 units in total, an additional 14 of which are sold, according to StreetEasy. In 2015, Tremada Holdings paid $55 million for 44 condo units at the 15-story condo building at 845 West End Avenue at 101st Street. A Santa Ana-based lawyer, Babak Sotoodeh, is listed as a manager of Tremada on the property records. https://therealdeal.com/2015/11/17/atlas-sterling-sells-44-unit-bulk-condo-package-for-55-5m/ (Source: ACRIS data for closed sales between Feb. 27 and Mar. 5)
KYLIE COSMETICS' NEW YORK POP-UP IS HAPPENING FEBRUARY 13

Monday, February 6, 2017 - Fashionista - link

If you live in the New York City area and couldn't possibly comprehend celebrating Valentine's Day without any one of Kylie Cosmetics's latest shades — "First Date" or, perhaps, "Virgin" — you're in luck. After weeks of speculation, Kylie Jenner's beauty company has announced the details of her forthcoming NYC pop-up shop, just in time for Valentine's Day. According to a release obtained by Hypebae, shoppers will be able to purchase limited-edition Kylie Cosmetics collections (including Jenner's brand-new Valentine's Day set), as well as a fresh helping of merch, with The Kylie Shop already teasing a few of its NYC-bound pieces on Instagram. Looks like "Thick" is the word of the latest collection, appearing on pins, sweatsuits, bikinis and bra-and-brief sets. The pop-up will open next Monday, Feb. 13 from 10 a.m.-9 p.m. EST (while supplies last) at 27 Mercer Street, a location which Jenner reportedly "handpicked... after touring many spots in and around NYC." See you guys in line.
Premier, Thor plan 31-story UES condo on Third Avenue

Monday, January 30, 2017 - The Real Deal - link

Call it the Second Avenue subway effect. After paying $26 million for the final piece of an Upper East Side development site earlier this month, Premier Equities is teaming up with Joseph Sitt’s Thor Equities to build a 100,000-square-foot condominium tower with retail at its base. Thor TRData LogoTINY and Premier, which weighed a sale of the Third Avenue development site last year, are planning a 31-story tower at 1297-1299 Third Avenue, Commercial Observer reported. So far, plans haven’t been filed and sources said the unit count and cost are still being hashed out. The developers will tap development rights from adjacent properties they own at 1291, 1293 and 1295 Third Avenue, low-rise buildings that will also be converted into condos. Thor and Premier also plan to change up retail at the site. The pub J.G. Melon will stay at 1291 Third Avenue, but French bakery Francois Payard Patisseries at 1293 Third was bought out. Premier, led by Yaron Jacobi and Uzi Ben-Abraham, has spent the last few years piecing together the development site, which they briefly shopped last year with Meridian Capital Group. Property records show the firm shelled out more than $62 million for the Upper East Side assemblage, which includes 1291, 1293, 1295, 1297 and 1299 Third, as well as 204 East 75th Street. Premier bought the final two pieces of the assemblage — 1297 and 1299 Third — earlier this month, as The Real Deal reported. Thor declined to comment and Premier did not return a request for comment. The Upper East Side is experiencing a building boom, thanks to the new subway station, which opened Jan. 1. According to StreetEasy, the median rent near the subway has jumped 27 percent to $2,520 per month. [CO] – E.B. Solomont
Premier pays $26M for walk-ups, adding to UES assemblage

Tuesday, January 24, 2017 - The Real Deal - link

Real estate investment firm Premier Equities has expanded its footprint on the Upper East Side. The Midtown-based firm scooped up two walk-ups at 1297 and 1299 Third Avenue for $26 million from longtime owner Manhattan Shade and Glass, property records show. The two five-story buildings — which together span 11,400 square feet but are zoned for doubled that — are adjacent to at least three other parcels that Premier has assembled on Third Avenue between East 74th and East 75th streets since 2014. Uzi Ben-Abraham and Yaron Jacobi’s firm shelled out more than $62 million for the Upper East Side assemblage, including the two newly-acquired buildings, property records show. The company paid $15 million in 2014 for 1293 and 1295 Third Avenue. It paid $5.9 million for 204 East 75th Street in 2015, and last year paid another $15 million for 1291 Third Avenue. Combined, the sites can accommodate north of 108,000 square feet of development, PropertyShark data show. Representatives from the firm did not immediately return a call seeking comment, and it’s unclear what the company has planned for the site. Last year, Premier TRData LogoTINY put the assemblage on the market for an unknown price with Meridian Investment Sales, according to published reports, which suggested the site was ripe for condo development. Meridian declined to comment. The firm, which has been an active retail investor in Soho and the Lower East Side for more than two decades, has stepped up its development efforts of late. It is developing a six-story retail-and-office building at 134 Wooster Street. Last month, Premier snapped up three NoMad buildings and a retail condo on the Lower East Side for a total of $26 million, as The Real Deal reported.
Here’s what the $10M-$20M investment sales market looked like last week

Tuesday, January 10, 2017 - The Real Deal - link

1.) Premier Equities scooped up a retail condominium unit under the High Line on West 24th Street for $10.7 million from SR Capital. The 7,200-square-foot property at 507 West 24th Street, with 3,900 square feet of ground-floor retail space, was on the market in 2015 for $16 million. It is currently home to the Marianne Boesky Gallery, and was a temporary home for Lisa Spellman’s 303 Gallery, which moved several blocks to the Norman Foster-designed high-rise at 551 West 21st Street in May. Premier Equities, an aggressive retail-focused player in Manhattan, recently bought a retail condo on the Lower East Side for $5.5 million and three NoMad buildings for just over $20 million.
RKF Arranges $10M Sale of Retail Property in Manhattan

Monday, January 9, 2017 - RE Business Online - link

NEW YORK CITY — RKF has brokered the sale of a 1,400-square-foot retail property located at 682 Broadway in Manhattan’s NoHo district. Premier Equities sold the property to Ascot Properties for $10 million. The property features ground-floor retail space, basement space and 50 feet of street frontage. GNC Holdings currently leases the space on a long-term basis. Brian Segall and Ariel Schuster of RKF represented the seller, while Matthew Marshall of Marshall Real Estate represented the buyer in the transaction.
Premier buying three NoMad buildings, LES retail condo

Monday, December 12, 2016 - The Real Deal - link

Premier Equities is in the process of bagging three NoMad buildings and a Lower East Side retail condominium unit in separate deals for a total of about $26 million, sources told The Real Deal. The firm recently closed on the purchase of two of the buildings and is in contract for the rest. Premier paid New Jersey-based developer Victor Group $12 million for 275 Fifth Avenue, and $4.6 million for the nearby 2 East 30th Street, property records show. The developer is in contract to buy Victor’s 273 Fifth Avenue for about $3.5 million, sources said. The lot at 2 East 30th Street currently houses a five-story, 5,719-square-foot mixed-use building. The five-story apartment building at 275 Fifth spans 9,269 square feet. The adjacent four-story commercial building at 273 Fifth Avenue is 8,060 square feet. The two properties have a combined 49,000 buildable square feet. The deals for those buildings did not include air rights, which Victor will retain, sources said. In 2014, Victor paid investment firm the Jackson Group a combined total of $35 million for the two Fifth Avenue properties. Brooklyn-based developer Rabsky Group had unsuccessfully sued Jackson, claiming the firm had backed out of a deal to sell the buildings. Victor is partnering with Lend Lease to build 130 apartments at 281 Fifth Avenue. Premier is also in contract to buy a 2,860-square-foot retail space on the ground floor of a six-story mixed-use building at 259 Bowery for $5.5 million, sources said. The space, owned by developer Charles Saulson, is leased to the art gallery Soho Contemporary Art. That lease expires in three years. Premier is already developing an eight-story, 23,500-square-foot retail-and-residential condo across the street, at 260 Bowery. Premier — led by Uzi Ben-Abraham and Yaron Jacobi — has been an aggressive Manhattan retail investor for more than 20 years, with a focus on Soho and the Lower East Side. Recently, however, Premier has stepped up its development efforts. The firm is developing a six-story retail-and-office building at 134 Wooster Street. In partnership with Cohen Equities, Premier owns the vacant 10,400-square-foot retail space at the base of the 26-story Hotel Indigo at 180 Orchard Street. Representatives for Premier and Saulson declined to comment, while a Victor Group spokesperson could not be immediately reached.
A First Look Inside Mansur Gavriel’s New York Pop-Up Shop

Thursday, November 17, 2016 - Vogue - link

Since launching Mansur Gavriel in 2012 with a selection of leather handbags, designers Rachel Mansur and Floriana Gavriel have grown their brand rapidly. They’ve added more bag silhouettes, some in graphic patterns; they now make shoes of all styles; and they plaster posters of their ad campaigns along the streets of Soho. But perhaps the designers’ most notable achievements on the way to lifestyle brand-dom are their Fashion Week presentations. Twice a year, the duo transforms a spacious storefront on Wooster Street into a Mansur Gavriel world complete with models, wildflower arrangements, and blush-toned couches and walls. Now, the pair is hoping to bottle that lightning outside the Fashion Week chaos with a pop-up shop that will be open for several months this winter. “We love the idea of creating an immersive environment, something dreamy in which every detail is considered. We have always been inspired by thoughtful retail environments, and the opportunity to present our first retail concept, just down the street from our office, is very exciting for us,” the designers wrote via email. Let us say, the pop-up lives up to the expectations. The entire space is a calming shade of pale pink, with products organized by color throughout. At its center is a display table with postcards, posters, and off-beat floral bundles—visitors can pick and choose their favorite blooms and make a bouquet of their own. “We wanted to create an environment that serves as an escape from the every day—a dreamy and beautiful world that allows one to take a break from the busy streets, as well as the upcoming dreary winter weather,” the duo said. “We hope our guests will take a little time for themselves.” The flowers and the Instagram-friendly interior aren’t the only draws. Mansur and Gavriel have also stocked it with a brand-new Baby Bucket bag, so small it can sit in the palm of your hand. “We were at our handbag factory in Italy last year, and had brought Rachel’s daughter Rose along. She was a year old at the time, and as a gift, our friends at the factory made her a tiny bucket bag. We thought the object was very beautiful, and loved the idea of a miniature version that could also be used by a small child,” the designers explained. For the more mature set, we’d say that little bucket would look great stuffed with some MG blooms. Head to Soho and try it out while you can. Mansur Gavriel will be open at 134 Wooster Street in New York from November 18 until January 11, 2017.
Segall sells Tribeca retail condo

Wednesday, November 9, 2016 - Real Estate Weekly - link

RKF represented Premier Equities in its acquisition of the 2,354 S/F retail condominium at 42 Hudson Street in Tribeca. The purchase price was $3.4 million and RKF will serve as leasing agent for the space. RKF Vice President Brian Segall and Associate Chris Masi represented Premier Equities, while the seller, Duane Square Overlook Corp., was represented by BOND New York’s Jacob Fine. Situated on the east block between Duane and Thomas Streets, the condo sits at the base of a mixed-use low-rise building right above the triangle of Duane Park, in one of Manhattan’s strongest retail markets. The space includes 1,900 s/f on the ground floor and 650 s/f in the basement. “The last two years [has seen] the arrival of major brands to Tribeca as a downtown alternative to SoHo,” said Masi. “The renaissance of the Financial District will only add greater density to this market.”
INTERSECT BY LEXUS to Open in New York City by Mid-2017

Wednesday, August 24, 2016 - Lexus Enthusiast - link

The new INTERSECT BY LEXUS boutique opening in the Meatpacking District of New York City will include a restaurant managed by Union Square Events, the company run by Shake Shack founder Danny Meyer. The restaurant will be unique to the 16,500-square-foot NYC INTERSECT, which follows similar brand spaces in Tokyo and Dubai. All locations feature a large lounge area for events, and a multi-use gallery space that can host cars or exhibitions. The NYC INTERSECT is scheduled to open by mid-2017.
Lexus nabs star restaurateur to run eatery in new meatpacking district boutique

Friday, July 15, 2016 - Crains New York Business - link

Lexus has tapped restaurateur and Shake Shack founder Danny Meyer to operate a restaurant, café and event space in a new boutique the luxury car maker plans to open in the meatpacking district. The car company, a division of the Japanese auto giant Toyota, said the restaurant, managed by Meyer's Union Square Events, will be staffed by "a revolving cast of innovative and emerging global chefs." It is expected to open in mid-2017. Lexus leased the three-story building at 412 W. 14th St. two years ago to house the concept which is called Intersect by Lexus. Initially, the company said the boutique would just feature a collection of products, including clothing, apparel and other goods to purchase, from brands that “harmonize with Lexus’ philosophies.” It did not mention any food offerings. The space will cater to “individuals looking to be inspired by fashion, art, food, music and technology,” said Lexus in a statement. In addition to the restaurant it will "feature an intimate lounge" and “a multi-use gallery space that can host cars or exhibitions.” A spokeswoman for the car company declined to disclose more details. The 16,500-square-foot boutique will be the third Intersect by Lexus outpost in the country. Other branches of the boutique are already up and running in Tokyo and Dubai. The space is the latest example of a major brand reaching beyond its typical retail model by setting up in the meatpacking district and using the chic neighborhood to grab the attention of consumers. Earlier this year, electronics giant Samsung debuted a new flagship retail shop in the neighborhood, describing it as a "consumer technology playground," with a café. Last summer, the upscale home furnishings company Restoration Hardware reached a deal to open its first boutique hotel and restaurant decorated with its products on Gansevoort Street - nearby a retail store it plans to open in the neighborhood. And Starbucks announced it will open its largest-ever shop at the base of a new office building being built at 61 Ninth Ave., which will be modeled after a special concept coffee emporium that the chain operates in Seattle.
New York city's next big retail investors

Sunday, May 1, 2016 - The Real Deal - link

Despite signs of a slowdown on several prime avenues, New York City retail investors are invading the market everywhere from Broadway in Soho to Bedford Avenue in Williamsburg. And it’s not just the household names competing on deals. In 2015, the NYC retail industry raked in $10.6 billion in investment sales deals — $7.6 billion in Manhattan alone, according to Real Capital Analytics data. That’s a 16.5 percent increase over the $9.1 billion in transactions in 2014. That’s despite the fact that ground-floor asking rents in Manhattan have been softening, with only 10 of 17 corridors seeing a year-over-year increase, according to a recent report released by the Real Estate Board of New York. This month, The Real Deal looked at five middle-market players — 60 Guilders, the Klein Group, L3 Capital, Premier Equities and the Jackson Group — who are all tearing into NYC’s competitive retail sphere. Each spent between roughly $100 million and $300 million on retail properties between January 2013 and February 2016, according to RCA. Although there are more than 50 investment firms in that category, only a small subset are true mid-size players primarily focused on retail. To be sure, these players are not spending anywhere near what New York retail titans are. Investors like Jeff Sutton and Thor Equities, mainstay families like the Friedlands or the Safras, and global juggernauts Westfield and Simon Property Group are all in another league. Nor do they have other vast portfolios — office or multifamily — that overshadow their retail holdings, such as Vanbarton Group and Harbor Group International. But they are ramping up their buying activity and ruffling feathers in the middle of the retail market, where the vast majority of NYC’s investment retail deals take place. Some of these rising retail investors are among a class of players who have recently left their roles at billion-dollar firms to start their own shops. Former Carlyle Group executive Andrew Chung and former Vornado Realty Trust CEO Michael Fascitelli are two others. But Chung is just starting up and Fascitelli doesn’t have the same laser-like focus on retail. For all of these firms, the key to success is agility. For example, 60 Guilders is among the “mavericks who now don’t have to carry around the 900-pound gorilla of a large firm,” a source said. “With their knowledge and connections, they can compete faster than a REIT, and can even outbid them.”
Thor Picks Up Greene Street Retail Condo for $9M

Thursday, April 7, 2016 - Commercial Observer - link

Joseph Sitt’s Thor Equities has purchased the retail condominium at 45 Greene Street between Broome and Grand Streets in Soho from Urbinova LLC for $9 million, Commercial Observer has learned. The retail space, occupied by Italian lighting design store FontanaArte, is 3,600 square feet plus a 370-square-foot mezzanine, which opens on both sides of the 2,300-square-foot ground-floor space. FontanaArte has been there since 2009 and the lease expires in 2020, a spokesman for Thor said. Upstairs is a five-unit residential condominium, according to CoStar Group. “45 Greene Street is ideally located in Soho, which remains one of the most sought after neighborhoods in Manhattan for high-end and fashion forward retailers,” Mr. Sitt, the chief executive officer of Thor Equities, said in prepared remarks. Urbinova LLC purchased the unit in 1999, according to property records. Thor owns a lot of properties (the whole building or just the retail) in Soho, and on Greene Street in particular. Those include 11 Greene Street, 31 Greene Street, 37-39 Greene Street, 41-43 Greene Street, 51 Greene Street, 53 Greene Street, 55.5 Greene Street, 57 Greene Street, 59 Greene Street, 60 Greene Street, 63 Greene Street, 70 Greene Street and 136 Greene Street.
Morris Adjmi’s Soho Office Building Gets Landmarks Approval

Tuesday, March 15, 2016 - Curbed New York - link

The Landmarks Preservation Commission unanimously approved a plan to demolish an existing single story building in the Soho-Cast Iron Historic District and replace it with a six-story office building on Tuesday afternoon. "We looked at the historic examples throughout the district and I believe we are proposing something that is a contemporary interpretation of the district," Morris Adjmi, the architect on the project, told the commissioners prior to the approval. "This is an interesting and unexpected take on the way these buildings were organized." Commissioners heaped praise on the project prior to the approval saying the design, though using steel, was a refreshing take on the cast iron architectural history of the neighborhood, and that there were enough references in terms of the arched windows and the scale of the building that allowed for its construction. "The building is beautiful, contemporary, elegant, and respectful to the district," Meenakshi Srinivasan, the chair of the Landmarks Commission, said at the meeting. The only change the Commission proposed was to reduce the setback on the penthouse structure on top as well as its height. The building initially had a double height ground floor that the local community board was opposed to. The architect subsequently got rid of it as per the board's request. The plan also includes retail on the ground floor which will be less than 3,600 square feet in size. The Historic Districts Council, an advocacy group for the city's historic neighborhood was perhaps the only major voice of dissent. A representative for the group said, " the design channeled the Lincoln Center more than the surrounding buildings," and that the group was also concerned with the color scheme. The project is being developed Premier Equities, which purchased the existing building at 134 Wooster Street (that has an Adidas store in it at the moment) for $10.87 million in 2009.
Upper East Side development site ripe for a luxury condo is on the market

Tuesday, March 1, 2016 - Crain's New York Business - link

Real estate investment firm Premier Equities has decided to test the high-end residential market, which in recent months has been the focus of increasing concern about a potential glut of multimillion-dollar apartments. The firm has put up for sale a group of four five-story buildings it owns on Third Avenue at the corner of East 74th Street, and one four-story property on East 75th Street. A total of as much as 115,000 square feet can be built on the site, according to Meridian Investment Sales, the brokerage firm Premier Equities hired to sell the properties. Meridian stated the most likely plan for the site is to raze two of the five buildings and erect a 95,000-square-foot residential tower, 20 or more stories tall, in their place. In that scenario, three of the existing buildings would be preserved. Meridian brokers Helen Hwang, Karen Wiedenmann and Brian Szczapa are handling the sale. There is no asking price, but last year the price of development sites hit record sums—north of $1,000 per square foot for prime parcels. But land sales have recently cooled because of concerns that a long list of high-end apartment projects will saturate the market. The relatively modest size of the development and the fact that it offers a builder the chance to preserve some of the properties on the site and generate rental income from them makes the site attractive to buyers and alleviates the risk, said Hwang. "The project could offer expansive full-floor apartments featuring soaring ceiling heights, dramatic views and modern services and amenities not readily found on the Upper East Side," she said. Nearby the site, real estate development firm DDG is constructing a 500-foot-tall condo tower at 180 E. 88th St. that has drawn strong interest from buyers and buoyed the Upper East Side market for new condos.
Developer Buys Bowery Building for $10M to Construct Luxury Condo

Thursday, November 19, 2015 - Commercial Observer - link

Premier Equities has purchased a three-story building at 260 Bowery for $10 million and plans to erect an eight-story, luxury residential condominium on the site. The sale of the property between East Houston and Prince Streets closed on Nov. 18, Commercial Observer has learned. Lyco Investment, the seller, had begun demolishing the property in the summer on behalf of the buyer per a spokesman for RKF.
Stone Island Turns Soho Temporary Space into Longtime U.S. Home

Tuesday, November 17, 2015 - Commercial Observer - link

Retailer Stone Island is converting its pop-up location in Soho into a permanent home. The Italian clothing company signed a 10-year lease to stay in 3,750 square feet at 41-43 Greene Street, a source familiar with the deal told Commercial Observer. The clothing company specializing in men’s outerwear first opened a pop-up store in the Thor Equities-owned retail condominium this summer. But it has decided to make the location between Grand and Broome Streets its North American flagship, the source said. The store closed last week, fashion publication Racked reported. Stone Island will reopen after the holidays, following a renovation, the source said.
Retail condos the latest trend in trendy LES market

Monday, November 16, 2015 - The Real Deal - link

It’s no secret that the Lower East Side is appealing to real estate investors, and that’s playing out in the latest trend to hit the trendy neighborhood: a retail condominium boom. Investors are increasingly selling retail condos – which are created during condo conversions of apartment buildings with ground-floor retail space – to take advantage of rising rent prices on the Lower East Side. In a recent deal, Atkins & Breskin Co., which is based on the Lower East Side, sold its 5,200-square-foot retail condo at 147 East Houston Street to Midtown-based retail landlord Premier Equities for $5.75 million, according to the Wall Street Journal.
Here’s what the $10M-$20M NYC investment sales market looked like last week

Tuesday, June 30, 2015 - The Real Deal - link

6.) Premier Equities and Thor Equities partnered to buy a Soho retail space for $12 million. The 3,500-square-foot commercial condo at 37 Greene Street is currently occupied by Italian design company Kartell. The unit is located on the ground floor of the six-story condo building between Grand and Broome streets. Stephen Bluttal is the seller. 7.) BCB Management picked up two Kensington apartment buildings from Jonas Equities for $10.3 million. The contiguous properties at 241 and 245 Ocean Parkway in Brooklyn have a combined 32 units and 36,000 square feet of residential space.
Thor, Premier Equities Pay $12M for Greene Street Retail Condo

Monday, June 22, 2015 - Commercial Observer - link

Thor Equities and Premier Equities have closed on a 3,500-square-foot retail condominium in Soho for $12 million, property records show. With its purchase of the condo at 37-39 Greene Street, Thor adds to its cadre of retail spaces along the strip, which it’s been buying up like they’re Louis Vuitton bags. The retail space is currently occupied by Kartell, an Italian furniture and home design company, according to Thor and a Kartell employee. Kartell currently has a lease running through 2022, according to a source with knowledge of the sale. “As demand for Soho retail space continues to soar, we remain very bullish on the future of the market in this neighborhood,” said Joseph Sitt, the chief executive office of Thor, in prepared remarks. “Greene Street has become one of the most dynamic shopping corridors in Manhattan, and we are excited to add this first-class property to our expansive portfolio.”
Here’s what the $10M-$20M NYC investment sales market looked like last week

Tuesday, March 17, 2015 - The Real Deal - link

Uzi Ben Abraham and Yaron Jacobi’s Premier Equities purchased a commercial condo in the 12-story mixed-use building at 583 Broadway for $16 million. The 4,200-square-foot unit is one of two retail units in the Soho building, which includes tenants like Under Armour and contains 23 apartments. BMH Associates is the seller.
Cohen, Premier grab retail, garage at LES’ Hotel Indigo

Thursday, February 19, 2015 - The Real Deal - link

Meir Cohen’s Cohen Equities and Premier Equities acquired the retail condo and parking garage at the base of Hotel Indigo, a 24-story project that Brack Capital Real Estate is developing on the Lower East Side, as The Real Deal reported. The new owners paid $21 million for the 10,400-square-foot retail component and the 19,000-square-foot below-grade garage space at 180 Orchard Street, also known as 169-171 Ludlow Street. The newly constructed retail space is vacant and features 23-foot-high ceilings. There are 8,400 square feet on the ground floor and 2,000 square feet on the mezzanine level. The parking garage contains 89 spaces. The block-through, 138,000-square-foot hotel will hold 295 rooms and is expected to open later this year. Brack Capital bought the site for $46.4 million in 2011, records show. - See more at: http://therealdeal.com/blog/2015/02/19/cohen-premier-grab-retail-garage-at-les-hotel-indigo/#sthash.EHNZHpqE.dpuf
Premier Equities’ UES retail site hits market for $50M

Monday, October 20, 2014 - The Real Deal - link

Premier Equities is asking $50 million for a two-story Upper East Side retail building with air rights that would allow it to be redeveloped with as many as 11 floors of apartments on top, The Real Deal has learned. The 4,200-square-foot property at 1122 Madison Avenue, between 83rd and 84th streets, offers 35 feet of frontage and 22,580 as-of-right square feet. If additional air rights are purchased, square footage at the property could total 27,000 square feet, according to Yoav Oelsner, executive vice president at JLL.
Prospectus Details $40M Loan on 412 West 14th St in Meatpacking

Monday, September 8, 2014 - http://www.jayrickey.com/ - link

The 16,603 square foot building was first developed in 1900 and renovated in 2002. An appraisal on June 25, 2014 valued the asset – assuming Toyota has finished furnishing the space and moved in – at $63 million. The building is currently still occupied by its previous tenant. Toyota will take occupancy upon such tenant vacating. In the event Toyota does not take occupancy by July 15, 2015, the loan will be recourse to the guarantors. The sponsors and the nonrecourse carve-out guarantors are Yaron Jacobi, Uzi Ben-Abraham and Joseph J. Sitt. Yaron Jacobi and Uzi Ben-Abraham founded Premier Equities, a commercial real estate investment firm with a current portfolio of 22 properties in New York, New York and Miami, Florida. Joseph J. Sitt is the founder and CEO of Thor Equities, a company that specializes in urban real estate projects and public/private partnerships in the United States, Latin America and Europe.
Lexus boutique to open in Thor’s 412 West 14th Street

Tuesday, June 3, 2014 - The Real Deal - link

Luxury carmaker Lexus International has inked a deal for the entire three-story, 16,500-square-foot space in Thor Equities’ 412 West 14th Street. The spot, to be called Intersect by Lexus, will house a retail space, café, and shop selling clothing and other lifestyle products, GlobeSt reported. The shop is slated to open in late 2015. The first Intersect locale opened in Tokyo last summer, and a third is currently in the works for Dubai. Terms of the deal were not disclosed to GlobeSt. Premier Equities and Thor Equities bought the commercial condominium on West 14th Street in April 2012 for $18 million. The previous tenant in the space, a production company, was rumored to want $10 million to leave. [GlobeSt] — Julie Strickland
Premier, Thor buy Soho mixed-use buildings for $22M

Wednesday, May 28, 2014 - The Real Deal - link

Premier Equities and Thor Equities jointly closed on the $22 million purchase of a pair of Soho mixed-use buildings from East End Capital. The five-story mixed-use building at 25 Mercer Street and the three-story, 10-unit building at 27 Mercer Street were officially sold Friday as part of a $33 million portfolio. Sportswear retailer Surface to Air occupies the ground floor of 27 Mercer. The five-story manufacturing building at 21 Mercer, which houses a stand-alone Nike Sportswear store on the ground floor, sold separately for $11 million to Thor and Premier late last year. All three properties entered contract last June, as The Real Deal reported.An Eastern Consolidated team of executive managing director David Schechtman, senior director Lipa Lieberman and associate Abie Kassin represented both the buyers and the seller, sources said. “It was a long time coming and reflects the continued strength of the southern part of Soho, about 150 feet from Canal Street,” Schechtman told The Real Deal. Carol Hensley-Chester, director at Premier Equities, said there are no plans to redevelop or renovate the properties. Premier and Thor also jointly own 57-63 Greene Street and 70 Greene Street in Soho. A spokesperson for Thor could not be immediately reached. In 2012, East End Capital bought 21 Mercer Street and 25-27 Mercer Street – about 27,750 square feet in full – from real estate investment fund Aion Partners for a combined $18 million, as previously reported. Lieberman and Schechtman represented the seller and procured the buyer in that deal. Tags: david schechtman, eastern consolidated, lipa lieberman, soho, soho-cast iron historic district, thor equities
Premier Equities buys Flatiron building from Emmett

Wednesday, May 14, 2014 - The Real Deal - link

Premier Equities bought a Flatiron District commercial building from Emmett Enterprises, the broker told The Real Deal exclusively. Keller Williams NYC broker Peter Acocella represented the buyer, while associate broker Marlene Jemal represented the seller. The 9,900-square-foot property at 1151-1153 Broadway near 23rd Street closed for $11.3 million, or $1,140 per square foot. It holds both retail and storage. Premier already hired William Green Architecture to handle renovations of the building. The new owner is in talks to land high-end retail tenants in the property’s four-story vacant space. — Mark Maurer
Thor Snaps up Phillip Lim Location for $17M

Monday, December 2, 2013 - The Real Deal - link

Thor Equities’ Soho spending spree continues. The company has paid $16.8 million for a retail condominium at 115 Mercer Street, The Real Deal has learned. The 7,088-square-foot condo, between Prince and Spring streets, houses the clothing boutique 3.1 by Phillip Lim, the designer’s first ever store which opened in 2007. The seller of the property was Javeri Capital, which purchased it for $7.8 million in 2010 and whose holdings include 93 Crosby Street and 23-25 Greene Street, public records show. Investor Yaron Jacobi, who heads Premier Equities with Scoop founder Uzi Ben Abraham, was an investor in the deal, he said. David Schechtman, Lipa Lieberman and Gary Meese of Eastern Consolidated represented the seller. Schechtman confirmed that the transaction had closed last week. The property consists of 4,201 square feet of retail space on the ground floor and an additional 2,877 square feet on the basement level, according to marketing materials. Lim has 3,988 square feet in total, while the other tenant, consignment store Roundabout, has 3,100 square feet. Lim’s lease expires in 2017, while Roundabout’s expires in 2020, Atit Javeri, a principal of Javeri Capital, told TRD. “We owned the units for about two years and would not typically exit an investment in such a short time period, but saw an opportunity to take advantage of a strong market for well-located retail in the area,” he said. “Nonetheless, we remain big believers in Soho, as we maintain significant investments in the area and continue to pursue new deals there as well.” Jacobi declined to comment on the deal. In a statement, Sitt said Thor, which has vast retail holdings in the neighborhood, was proud to have become one of the “forerunners” in the area’s retail boom. For Jacobi, who has previously partnered with Thor, the purchase is the latest in a string of retail-driven deals in Soho.
East End Capital doubles its money with Mercer Street sale

Monday, June 24, 2013 - The Real Deal - link

East End Capital, a Manhattan-based real estate investment firm, has inked a deal to sell 27,750 square feet of mixed-use retail and residential properties in Soho for twice what it paid for them last year, The Real Deal has learned. The buildings, at 21 and 25-27 Mercer Street, sold for $18 million; East End is now in contract to sell them for $34 million, according to sources with knowledge of the deal. At 25 Mercer Street, the five-story mixed-use loft building counts sports retailers Nike and Surface to Air among its tenants; the three-story building at 27 Mercer Street has combined 10 residential units. David Schechtman, the executive managing director at Eastern Consolidated who brokered the transaction, confirmed that he had arranged a second deal but would not comment further. The buyer is a foreign group with “tremendous retail presence,” sources said. When East End purchased the properties, Nike’s lease was set to expire in a matter of months. However, the sports brand opted in December to extend its lease for five years. Surface to Air’s lease continues through 2022. Another tenant, Toto’s, a plumbing products manufacturer, has a lease that expires next year. Sources said all of the retail spaces are leased at below market-level rates, which are in excess of $150 a foot on the block. Jonathan Yormak and David Peretz, principals of East End, were not immediately available for comment.
Sitt nabs Burkle’s Meatpacking building for $100M

Wednesday, November 14, 2012 - The Real Deal - link

Grocery/real estate/private equity tycoon Ron Burkle has flipped his Meatpacking District property — he owns a majority interest in the building, which houses such retailers as Scoop boutique — for close to $100 million to Joe Sitt of Thor Equities, the New York Post reported. Eastdil Secured’s Douglas Harmon, Adam Spies and Kevin Donner brokered the deal for the brick loft building at 430 West 14th Street, the Post said. Burkle bought it for $65 million last year, as previously reported. Sitt will likely buy out the leases of the retailers currently in the building, the Post said. Those also include hair salon Edris, designer Rena Lange and a bar called Hogs N’ Heifers.
Jacobi pays $25M for Soho retail space

Thursday, November 8, 2012 - The Real Deal - link

The retail space at the base of a luxury loft development in Soho has traded for $25 million, the broker handling the transaction told The Real Deal. Investor Yaron Jacobi nabbed the basement and first two floors of 151 Wooster, just south of Houston, in an off-market deal, according to Matthew Marshall, of Marshall Real Estate, who brokered the transaction for both seller and buyer. The seller was Michael Namer’s Alfa Development, which developed the 15 luxury units above the 15,200-square-foot retail component. The reason for the sale was likely to free up resources to focus on residential development, Marshall said. “Owning retail is not part of [Alfa's] business plan,” he said. Jacobi, an investor and sometimes-partner to billionaire real estate tycoon Ron Burkle, has made other, similar purchases in the area, such as the 13,700-square-foot condo at 57-63 Greene Street. He “saw an opportunity, probably because of [the tenants paying] under-market rent,” Marshall said.
SoHo Retail Condo at 57-63 Greene St Sells for $17M

Monday, October 15, 2012 - City Biz List New York - link

The 8,354-square-foot retail condominium in Manhattan’s SoHo neighborhood at 57-63 Greene Street has been acquired by Premier Equities for $17 million. Eastern Consolidated Chairman and CEO Peter Hauspurg, Executive Managing Director David Schechtman, Esq., Senior Director Lipa Lieberman and Director Marion T. Jones, with Director, Financial Services Gary Meese, represented the seller, locally-based investment fund Aion Partners in the sale for the 100% occupied retail condominium located between Spring and Broome Streets. The condo is currently divided into three spaces occupied by Cyrus Company and Raul Carrasco, two home furnishing companies, and Bang & Olufsen, the global audio systems retailer. 57-63 Greene St is two blocks west of Broadway and surrounded by retailers, boutiques, galleries, restaurants and cafes. The six-story 53,725-square-foot loft building above the retail component, which contains 14 units, is scheduled for a condominium conversion.
Thor buys Soho commercial building for $22M

Wednesday, October 3, 2012 - The Real Deal - link

Joseph Sitt’s Thor Equities partnered with an affiliate of Jenel Management to purchase 494 Broadway, the 9,200-square-foot office and retail building between Broome and Spring streets for $22 million. Sitt’s company signed a contract to buy the four-story building in February, and closed on the deal September 7, city records recorded today show. The affiliate of Jack Dushey’s Jenel Management, based in Midtown, owns 11 percent of the property, and Thor’s entity owns 89 percent, in a tenant-in-common structure, the city records show. A source at a firm that considered purchasing the building said Premier had been asking $16 million in early 2011, and planned to deliver the retail and commercial upper floors vacant, but that information could not be independently verified. Premier Equities purchased the building in October 2004 for $6.1 million, city records show. Thor, Jenel and Premier did not immediately respond to a request for comment.
Megu’s Tribeca space hits the market; Soho retail trades for $17M

Friday, September 7, 2012 - The Real Deal - link

The market for retail condominiums downtown remains robust, with two properties trading or hitting the market in the $17 million range today, sources told The Real Deal. A 13,700-square-foot condo at 57-63 Greene Street, which houses Bang & Olufsen, a high-end video and audio products purveyor, and the furniture sellers Cyrus Co. and Raul Carrasco, has sold for $17.25 million. The seller’s broker, David Schechtman of Eastern Consolidated, confirmed the sale but not the price. A source with knowledge of the deal said that Yaron Jacobi, an investor and sometimes-partner to billionaire real estate tycoon Ron Burkle, was the purchaser. The seller, the investment fund Aion Partners, was asking $19 million for the Soho building.
Mass market for Meatpacking

Saturday, September 1, 2012 - The Real Deal - link

In the late 1990s, Jeffrey Kalinsky, a former Barneys shoe buyer, started scoping out the Meatpacking District to find a home for Jeffrey, his high-end clothing store. At the time, the cobblestone streets were lined with meat purveyors and art galleries; retail rents were in the mid-$20s per square foot. When Kalinsky opened his 12,000-square-foot shop, a mini department store carrying exclusive brands, at 449 West 14th Street in 1999, he accelerated a fashion domino effect that soon turned the Meatpacking District into a trendy see-and-be-seen neighborhood studded with designer boutiques and late-night restaurants. Today — with retail rents 10 and 20 times higher — the area is undergoing another sea change. Just as Jeffrey acted as a pioneer for the neighborhood’s haute couture crowd, a recent flurry of leases is signaling a new direction for the area’s retail — one geared toward the mass-market customer, retail brokers say.
Deutsche Bank buys retail condo at 473-475 Broadway for $42.9 million

Wednesday, April 13, 2011 - Real Estate Weekly - link

RREEF, the real estate arm of Deutsche Bank, has purchased a retail condo at 473-475 Broadway for $42.9 million, according to city records. The seller was Manhattan-based Premier Equities. The ground-floor retail space spans over 9,000 s/f among two buildings, as well as an 8,000 s/f basement storage space, said a Carol Hensley, director of real estate management at Premier Equities. Scoop NYC, an apparel retailer, has a long-term lease. The sale was a direct deal and no brokers were involved, said Hensley. Officials at RREEF didn’t immediately return request for comment. Known as the Hohner Building, the residential portion of 475 Broadway has separate ownership. Recent units have closed around $3 million in the last year, according to StreetEasy.
All Saints to Open in the Meatpacking District, Next to Bagatelle

Wednesday, November 10, 2010 - New York Magazine- Fashion - link

You know the block of 13th Street between Ninth Avenue and Washington Street that is home to the ultraclassy fist-pumping hot spot Kiss 'N Fly, its ultraclassy fist-pumping brunch spot neighbor Bagatelle, and the light at the end of that tunnel, Bumble and Bumble's downtown headquarters? Well, All Saints Spitafields just signed a lease to open a store right next to Bagatelle at 411–417 West 13th Street. The store, which opened its first New York outpost on Broadway this year, is leasing a 12,000-square-foot space spanning the ground and lower levels. Everyone goes bananas for the Soho store — the antique sewing machines! the asymmetrical seams on everything! — so this will probably prove yet another shrewd business move for the expanding brand.
New home for All Saints

Tuesday, November 9, 2010 - New York Post - link

The meatpacking District keeps on attracting retailers, and now the block between The Standard and the Gansevoort hotels is starting to fill in. All Saints just signed a large retail deal at 411-417 W. 13th St. with Thor Equities -- which also just bought the retail space in the five-story condominium. All Saints will occupy a 12,000-square-foot duplex divided equally between the ground and lower levels. The restaurant Bagatelle is right next door.
Retail triple play set to $core

Wednesday, May 5, 2010 - The New York Post - link

A trio of downtown retail condominiums are being marketed with price tags that could reach as high as $50 million each for the two more expensive properties.

Bids are due tomorrow on the 21,000-square-foot retail store at 512 Broadway, where All Saints will soon open on three floors under a 15-year lease. The seller, Joe Sitt of Thor Equities, is bringing in rent of nearly $3 million a year, Real Estate Alert reported recently...
CANALI TO ENTER MEATPACKING

Monday, August 10, 2009 - The New York Post - link

CANALI has paid $10.6 million for a new showroom space in the Meatpacking District, where it will eventually move from its current location at 712 Fifth Ave. The luxury menswear designer will move to 415 W. 13th St. in about a year after its current occupant, Sperone Westwater Gallery, moves into its new location planned for the Bowery. Sperone is leasing back the location until its new Sir Norman Foster-designed building is ready at 257 Bowery. "We're still working out all the kinks and details," said Maryse Brand of Sperone. "The foundation work has started and we expect to be there in a year." Gene Spiegelman and Michael O'Neill of Cushman & Wakefield led the clothing firm in its new space search. Stuart Siegel of Grubb & Ellis represented the gallery in the deal, which includes the leaseback. Rents could go for well over $70 a foot, he said, declining to discuss deal specifics. The gallery's 8,000 square feet on the second floor and 4,000 feet of finished basement space is entirely temperature- and humidity-controlled and constantly monitored and secured to ensure the precious artwork is kept pristine. It's the only office condominium product in the area. Siegel said, "Thirteenth Street is becoming a real power block because it's sandwiched between the new Standard Hotel and the Gansevoort Hotel with Soho House, Spice Market and Fig & Olive in between." Back in December, Siegel sold the 8,000-foot ground-floor store plus 8,000-foot basement to investor Yaron Jacobi and Scoop owner Uzi Ben Abraham for $18 million. PBS Real Estate is currently offering that retail space.
SITT'N PRETTY ON BROADWAY

Tuesday, August 7, 2007 - The New York Post - link

In addition to Sitt, who holds approximately 50 percent, the buyers include a partnership led by Israeli investor Yaron Jacoby, according to Cushman & Wakefield's Ron Cohen - who brokered the sale along with the Cushman team of Richard Baxter, Scott Latham and Jon Caplan. The longtime previous owner, Ken Shack, "kept it in good condition," Cohen said. Cohen predicted that Jacoby, a retail specialist, would maximize the properties' storefront potential. The office floors are 95 percent leased to tenants paying around $29 a square foot. But nearly all the leases will expire by 2013, and Cushman predicts that by that time, the loft-like floors will fetch upwards of $75 a foot. Current office tenants include Karl Fischer architects and The Onion, the satirical weekly. * The Sixth Avenue skyscraper that's headquarters to News Corp., parent of The Post, is already a jumbo with some 1.8 million square feet - and it's about to get a little bigger.
Israelis Eye and Buy Top-Notch Manhattan Icons

Tuesday, June 12, 2007 - The New York Observer - link

About a month ago, Rotem Rosen, the C.E.O. of Africa Israel U.S.A., the real-estate venture led by billionaire Lev Leviev, met with executives from Tishman Speyer. At the meeting, their first, they discussed the ramshackle ex-home of The New York Times at 229 West 43rd Street that Tishman Speyer had just put on the market. By the time their meeting ended, it was agreed that Mr. Leviev would pay $525 million for the building, three times what Tishman Speyer had paid for it in 2004. The auction for the building should have lasted months; this meeting ended the process in under a week. In a similar, furiously quick fashion, Mr. Leviev bought the iconic 41-story Clock Tower on Madison Avenue for $200 million one month ago. The pre-emptive buy was also the way Haim Revah purchased the Lipstick Building in April and investor Uzi Ben-Abraham went to contract at 530-4 and 536-8 Broadway for over $1,100 per square foot last month.