AEW has just pocketed the New Gotham rental building in Hell’s Kitchen at 520 W. 43rd St. for about $170 million.
The project’s developer, the Gotham Organization, along with investor AIG Affordable Housing, quietly hired the CBRE team of Darcy Stacom, Paul Leibowitz and Bill Shanahan to selectively market the 375-unit rental.
Gotham developed the 34-story property in 1998. The 80/20 project has six years left on its 421a 20-year property tax abatement.
“The offers we got were too good to pass up,” said Gotham President David Picket. “It just made business sense, and it’s nice to have some ‘powder.’ ”
The CBRE team targeted domestic funds, institutions, select offshore groups and locals. AEW stepped up and closed the deal Nov. 15 on behalf of its AEW Core Property Trust, an open-end core real-estate fund.
“The Gotham Organization recently completed a lobby and lounge renovation, achieving rental increases as a result,” said Leibowitz.
A handful of current listings range from a $2,495 studio to a $4,450 two-bedroom.
The pet-friendly building has a concierge who has arranged an English bulldog matchup as well as a lobby marriage proposal. There is a gym with half-court basketball, a huge sun terrace and a valet who will wash and fold your laundry.
Picket says Gotham is also about to get a shovel in the ground at its next project, on current city-owned land at 250 Ashland Place in Brooklyn, designed by FXFOWLE Architects.
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Hollister wants to surf out of its Soho wave.
The Abercrombie & Fitch-owned retail chain, known for its casual Southern California vibe, has quietly placed its prominent store on the market for sublease.
Laura Pomerantz, who heads her eponymous company, is handling the assignment for the up to five-level space at 600 Broadway on the southeast corner of Houston Street, according to sources. Pomerantz declined to comment.
As she markets the 42,000 square-foot space, however, it could be that the building’s owners — Aurora Capital, Bobby Cayre and the Adjmi family — come up with another tenant of their own or buy out the lease that is now backed by A&F’s credit. They declined comment.
Hollister’s under-market, 20-year lease ends in May 2026. Taking the place of Pottery Barn, the deal was signed during some market doldrums and touted in August 2007 by Hollister as its first flagship. By the time it opened to crowds in July 2009, it was heralded as its “EPIC” flagship.
Modeled on a California surfer shack, the brand announced earlier this month it would swap out the shutters that flank all its store entrances into more welcoming window displays.
Hollister, along with parent A&F, has struggled to keep up with fickle teens. In the latest quarter, comparable sales plunged 16 percent for Hollister.
Along with the four levels of 9,200 square feet each at its Soho shack, there are huge painted outdoor signs. The prominent lower one with the Hollister name will be mostly blocked when a new six-story retail and office building of 30,000 square-feet goes up adjacent to it on a lot owned by Madison Capital.
Perkins Eastman has designed the new splashy building for the shallow triangular lot to Hollister’s north at 606 Broadway. It will be brick and masonry on the Crosby Street side, with dramatic glass and metal along Broadway and Houston.
“This will be the gateway to Soho as we see it,” said Joe Jacobson, partner and co-founder of Madison Capital who added that construction should start in 2014, with delivery in 2016.
Joanne Podell, vice chairman at Cushman & Wakefield, will be handling the retail leasing for the new building.
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The former Roseland Ballroom site will soon be reaching for the stars — and this time it’s not rock stars.
In March, Larry Ginsberg’s Algin Management closed out the legendary Midtown venue with an appearance by Lady Gaga.
The low-rise industrial building at 239 W. 52nd St. goes through the block to 242 W. 53rd St. and also is opposite the David Letterman Theater.
We’ve learned Cetra/Ruddy will be the architect for a new 50-plus-story building of roughly 450,000 square feet, with retail at its base.
In 1999, the rock palace’s owners were going to close it down and develop a 42-story building designed by Shuman Lichtenstein & Claman, but they canceled the plan and kept producing the lucrative music events.
To create the new tower, Algin has also proposed buying 58,214 transferable rights from the Majestic at 245 W. 44th St. and another 4,015 feet from the Broadhurst Theater at 235 W. 44th St.
