Archive for the tag 'commercial acquisitions'

JRExchange

Source: Google Maps

The building housing JR Exchange – or Jewelry Plaza, as it’s also called – sold to new owners earlier this month, and will be redeveloped to house multiple retail stores with possible office space on upper floors to be added.

The 6,000-square-foot building at 2003-2005 Coney Island Avenue sold on September 6 for $2.15 million, which includes Blossom Boutique and Spa, according to Arsen Atbashyan, the CEO of Commercial Acquisitions Realty Services, who brokered the deal.

The new owners don’t yet have renderings of the location, which is just north of Quentin Road and Kings Highway.

So… anyone got suggestions for the new landlord for potential tenants?

A rendering of Manhattan Beach’s Subway Cafe interior.

Manhattan Beach will be the site of the borough’s first publicly-accessible Subway Cafe, a new upscale concept that blends together a sandwich shop and a coffee bar.

Subway’s local franchisee signed a lease for 1613 Oriental Boulevard, the former site of Quick Break Deli just outside the gates of Kingsborough Community College (2001 Oriental Boulevard).

A rendering of Manhattan Beach’s Subway Cafe interior.

The 2,000-square-foot Subway Cafe will feature cozy couches placed before a decorative fireplace, free wi-fi, and a new line of espresso beverages and baked goods. There may also be outdoor seating.

“The cafe concept looks better than Starbucks, especially the way it will look in Manhattan Beach,” boasted Daryl Meyers, Brooklyn development agent for Subway. “It’s not like a Starbucks, but it’s similar in what it offers – cappuccino, latte. It’s actually Starbucks-branded coffee; it’s Seattle’s Best, which is owned by Starbucks.”

Subway began testing out the cafe concept in 2008, and slowly expanded to just 15 locations nationwide by 2011. The Manhattan Beach location will be the third publicly-accessible one in New York City, with one in Queens and another in Midtown Manhattan. There’s another location in Brooklyn that opened up around Labor Day weekend, but it’s on the Long Island University campus and only accessible to students and faculty, Meyers said.

All of those locations, though, will pale next to the size and investment Meyers’ team and the franchisee are putting into the Manhattan Beach location, though.

“This one is going to be much better,” Meyers said. “[In addition to the traditional Subway offerings,] we’re going to have dedicated staff for just the cafe, and the owner is dedicated to doing it properly … It has updated decor. Really, pretty nice.”

The 10-year lease for the space was brokered by Arsen Atbashyan, the CEO of Commercial Acquisitions Realty Services, and includes two five-year options. The franchise sought the space for the cafe because the proximity to the school, the beach and nursing home provides a strong customer base for a cafe atmosphere, Meyers said.

“It’s right across the street from Kingsborough Community College; there’s a high school right there. There’s a nursing home and the people in the healthcare industry tend to be some of our best customers. And it’s right on Manhattan Beach, so all summer long, all those beach customers,” Meyers said.

Subway Cafe is tentatively slated to open February 22.

Clarification (3:25 p.m.): Atbashyan adds that agent Shlomi Albagdadi also helped put together the deal.

The owners of Chateau De Alik (1223 Avenue U) are getting fishy with a new project: Chateau Lagoon, a new seafood restaurant and market heading to Coney Island Avenue.

But don’t think for a second it’s going to be much like their current French-infused location.

“It’s a different type of restaurant. It’s a different theme,” said Joseph Shafie, one of the partners. “There’s going to be seafood, slash fish market, slash this, slash that. Everything has to do with seafood only.”

In addition to a seafood restaurant and fish market, there’ll be a large sushi bar. The market will also sell fish smoked in-house.

How will they fit it all? Well, they’re taking the huge space at 2570 Coney Island Avenue formerly occupied by R & S Strauss Discount Auto that closed when the national chain went bankrupt in June. The space is 5,000 square feet, and the restaurant owners signed a 10-year lease, according to Arsen Atbashyan, the CEO of Commercial Acquisitions Realty Services, who brokered the deal.

“We started marketing it for retail use and, considering it was an auto part store, we offered it to Pep Boys. But they passed on it because it was too small and no parking,” Atbashyan said. “And then we had this restaurant looking for space on Coney Island Avenue and it just seemed like a perfect match.”

Pep Boys’ loss is our gain – but we’ll have to wait. Chateau Lagoon won’t be open until late spring at the earliest, Shafie said.

Source: Commercial Acquisitions

YOU READ IT HERE FIRST: After more than 30 years serving the community, Brighton Beach’s Met Foods supermarket at 100-120 Brighton Beach Avenue will close down to make way for a modern two-story office and retail complex.

The supermarket lost its lease to the building to a new tenant who plans to redevelop the property and sublet it out, Arsen Atbashyan, the owner of Commercial Acquisitions, which brokered the lease, told Sheepshead Bites.

Atbashyan negotiated a 49-year land lease, signed near the end of 2011, that gives the developer rights to construct a two-story building on an 18,000-square-foot footprint, with 30,000 square feet of retail and office space available.

Atbashyan said he’s expecting to sign some big brand names as tenants.

“We are currently in the process of just starting the marketing process and at this time no tenants are on the hook,” he told Sheepshead Bites. “But we do expect national tenants to come on board as the marketing goes on.”

Keep reading to find out more, and view other renderings of the new development.