A 100-foot swath of tony Bleecker Street that includes a Marc Jacobs store and Mulberry shop is going up for sale.
Sources said Beck Street Capital has tapped CB Richard Ellis to sell seven retail condos at 367-369, 382-384 and 387 Bleecker Street.
Retail rents range from $500 to $700 a foot, and that means investors might be willing to pay several thousand dollars a foot to buy the condos.
The two Pierres of the Pierre Deux Antiques shop still rent the shops at No. 367 and 369, above which Beck Street has renovated its former Maison Pierre townhouse floors into residential condos.
Beck Street also developed The Altavista condo at 92 Perry St., where the Olive & Bette’s and the Little Marc Jacobs stores are located at Nos. 382 and 384, respectively. Mulberry, which sells leather bags, has the lease for No. 387.
Sources said the condos, which together total 97,000 square feet, can be purchased individually or separately.
The area is a tiny but a significant micro retail market that hosts many major brands, but trades and comps for the properties are few and far between.
Darcy Stacom, Bill Shanahan and Robert V. Garrish of CBRE are handling the transaction and declined to comment.
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As the $605 million sale of Worldwide Plaza is set to close this week, sources tell us that investment company DRA Advisors, founded by Frances X. Tansey and David Luski, has brought in more equity to the deal.
DRA joins a buying group led by George Comfort & Sons that includes RCG Longview, which is comprised of Michael Boxer and Peter Cohen‘s Ramius Capital; Jeffrey Feil and Jay Anderson‘s Feil Organization; Morton Olshan‘s Mall Properties; and Jon Estreich‘s Estreich & Co.
The seller of the 47-story tower is technically the Macklowe Organization, with the deal being orchestrated by Deutsche Bank. The German bank will take a haircut on its $1.014 billion mortgage when it reduces the size of the loan to $470 million.
The buyers are tossing in $135 million in equity and hundreds of millions more in renovation costs for the required tenant work for law-firm tenant Cravath Swain & Moore and another 700,000 feet in vacant space.
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Grand Central Terminal wants to add another bar/café to its lineup.
To do so, it has cleared 2,326 feet known as The Biltmore Room.
A newsstand and other small shops have already been relocated and work is underway to spruce up the marble-covered room.
According to the 88-page request for proposal on the MTA Web site, the minimum asking rent is $100 a foot plus 8 percent of the “natural sales,” as well as bump-ups of 3 percent per year over the 10-year deal. Additional fees and storage are also required.
Site visits are underway with the RFP responses due on Aug. 7. However, the winner won’t get possession of the space until Sept. 2010.
“We are taking a long hard look at it,” said Marc Grossich of Hospitality Holdings, which currently operates The Campbell Apartment at the Terminal.
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L’Occitane is moving its corporate headquarters and store training center to the former Hartmarx space at 1430 Broadway.
A storefront will be constructed within the interior of the second floor space that will be used for corporate offices. The 21,300 feet includes interior signage, and an escalator from the lobby.
“The asking rent was $35 a foot but they paid less and I’m building more,” laughed Michael Steinberg, a partner in Steinberg & Poikoik, which owns the building with Jeff Gural and the family of Norman F. Levy, who died in 2005.
Agents from Gur al’s Newmark Knight Frank repre sented both sides, with Dan Segal working for the tenant and Ken Kronstadt and Rick Kramer repping the owners. [email protected]
