The one Group’s sexy steakhouse, STK Midtown, is bringing a 9,000-square-foot restaurant plus sprawling outdoor casual dining and a takeout concept to the Grace Building on Sixth Avenue near Bryant Park.
Executive Chef Todd Mark Miller will take charge of the cuisine.
Under the 20-year deal, STK will inhabit 6,121 feet off the 43rd Street side plaza with another 3,000 feet below grade. The outdoor café will take up 3,000 feet from West 43rd Street to Sixth Avennue.
A takeout kiosk called STKout will fit into another 538 feet, also on West 43rd.
The asking rent was $100 a foot for the restaurant space.
“The Grace building had it all — sleek, iconic architecture, an ideal location and a grand patio area waiting for just the right tenant to light it up,” said Kim Mogull of Mogull Realty, who exclusively represents the One Group.
“The corner will forever be changed with vitality and excitement that STK will definitely deliver. The downtown vibe has officially entered Midtown.”
The One Group already has several chic eateries in the Meatpacking District, including STK, Bagatelle, ONE and Tenjune.
Brookfield’s Ed Hogan worked for the Grace Building, which is co-owned with the Swig Co.
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Sam Zell‘s Chicago-based Equity Residential has bought out Shaya Boymelgreen‘s interest in the southwest corner of Tenth Avenue and 23rd Street.
Equity paid Boymelgreen $11.25 million for the long-term ground lease and bought the land from others for $750,000, documents show.
The Department of Buildings filings propose a 13-story project on the 100-by-135-foot parcel, including a fitness center, community rooms and 96 apartments. An elevator and stairway entrance to the High Line will soon liven up that corner.
“The building will be developed as a high-end residential rental,” a Boymelgreen executive told The Post in an e-mail. “EQR is a strong market player, and will move quickly to develop the project with its own internal financing capability.”
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The Harbor Group has closed on its $107 million purchase of 4 New York Plaza from JP Morgan Chase.
Jordan Slone, chairman of real estate investment firm Harbor Group, declined to confirm the pric ing for the 1.085-million-foot building, 75 per cent of which Chase will lease for 15 years.
Josh Zamir‘s Capstone Group has taken a stake of less than 9 per cent, Slone said.
“We have selected CB Richard Ellis to do the leasing and management,” added Slone, who noted they are chasing other city bricks. The Natixis mortgage was obtained through Ackman Ziff, while the building was brokered by Houlihan Lokey.
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Trendy British clothing company All Saints is taking 22,000 feet in SoHo, on three levels of 512 Broadway, which goes through to Crosby Street.
Owner Thor Equities signed a 15-year lease and the shop is due to open in the late spring/early summer.
We also hear All Saints is among the half-dozen tenants talking to Cushman & Wakefield for slices of 666 Fifth Ave., which has 8,500 feet on the ground and 25,000 feet on the second floor available.
“They have what it takes to become the next big retailer,” one source said of All Saints.
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Also in SoHo, Bobby Cayre‘s Aurora Capital Associates and partner Alex Adjmi agreed to pay $150 million for a 49-year master lease on a 40,000-foot swath at the base of 483 Broadway.
The space includes the retailer Yellow Rat Bastard, which has another seven years left on its below-market lease.
“We will vanilla-box the now-vacant second floor and lease it,” said Jared Epstein of Aurora, who handled the deal for the venture. “When the leases run out, we’ll pull the whole thing together for a spectacular retailer.”
Bruce Kaye of AKB Realty worked in house for the lease-seller.
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The Trump Organization pushed through 252,790 feet of leases at 40 Wall last year. Donald J. Trump Jr., who now oversees the CB Richard Ellis leasing team’s efforts, says they have a “handshake” on 61,721 feet with another 40,000 to 50,000 feet in “discussions.”
“Rather than trying to squeeze blood out of the market we are seeing where it’s realistic to make a deal and not screwing around over the last 15 cents,” Trump Jr., explained. “We have a great basis in the building [which has a low mortgage].”
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Wendy’s is expanding in Harlem. A franchisee who already operates two of the burger queens has leased another storefront at 79 E. 125th St. for $80 a foot. Jeff Schettino of Giscombe Realty repped both sides of the deal.
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Bruce Mosler of Cushman & Wakefield will be honored by the Realty Foundation at its annual luncheon on April 29. His firm predicts a better year than 2009, but COO Joe Harbert concurs that vacancy rates will notch up a point or two from the current 11.1 percent, while office rents will come down a hair.
The company notes that rents are actually going up as activity increases. “The wholesale dumping of space is over and at some point we will go back to recognizing a space-constrained city,” Harbert said.
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On Friday, the Department of Finance will release its tentative property-tax assessment roll, and all indicators point to the city’s market values and billable values increasing by several percentage points.
That’s because the roll is based on 2008 income and expense statements — and building owners were still making out like bandits at that time, even if sales were constrained by frozen financial markets. Hotels, however, felt the immediate impact and may emerge with some assessment reductions.
Last year, commercial and residential tenants alike were handed concessions, rent reductions and free rent packages, which may be reflected in 2009 financial forms. But it is yet unclear if the city will be listening to owner groups — which now include co-ops and condominium voters — or is simply planning to balance the budget on the backs of property owners.
