Archive for the tag 'commercial real estate'

Source: Murdock Solon

Source: Murdock Solon

A real estate management company linked to the owner of one of the city’s leading necktie manufacturers and wholesalers has taken over a swath of Kings Highway real estate, with plans to redevelop the property into a five-story retail and office development.

Several stores on the northern side of the corridor, from East 16th Street to East 17th Street, have shuttered in recent months, including the area’s McDonald’s restaurant. The building appears to still be owned by Kingsway Realty, according to city records, which has had its name inscribed on the facade since taking over the property in 1973.

1601-1607 Kings Highway, where several stores have shuttered in recent months to make way for redevelopment.

1601-1607 Kings Highway, where several stores have shuttered in recent months to make way for redevelopment. (Photo by Ned Berke)

Now plans are being considered by the Department of Buildings to tear down the two-story structure occupying the 17,880-square-foot lot, originally built in 1930, and replace it with a brand new facility, anchored by two floors of retail shopping and three floors of office space.

The building is being designed by the architectural firm of Murdock Solon. Renderings on their website show an ultra-modern design, featuring large bulked-out windows, a patterned facade and setbacks with rooftop gardens to be viewed by the office workers on the upper levels.

With escalators drawn into the middle of the retail space, it appears the developer may be aiming to attract a large retail tenant to occupy the bulk of the space.

There is parking for 25 vehicles and five bicycles in the basement level of the property, according to documents submitted to the DOB. The new building will stand 79 feet tall, and have 67,355 square-feet of space.

Although Kingsway appears to still be the owner of the property according to ACRIS, the online database of the City Register, the plans were submitted to the DOB on behalf of Lake Realty Inc., naming Walter Schik as the officer.

Schik is an Austrian-Jewish immigrant who fled Nazi persecution. Resettled in New York, he founded Bentley Cravats in 1947, which manufactures neckties, bow ties and other neckware.

Lake Realty Management LLC, which appears to be the official name of the company as registered with the state, manages a handful of properties in Brooklyn and Manhattan, including a nearby apartment building at 1233 East 19th Street.

Calls to Schik’s office were not returned.

The plans for the new five-story building were rejected in March, with the Department of Buildings stating that the drawings were incomplete. Calls to Murdock Solon for a status update were not returned.

Photos via Murdock Solon.

1616sheepshead

The Enterprize Gift & Jewelry store has moved from its 1601 Sheepshead Bay Road location across the street to 1616 Sheepshead Bay Road, co-locating with a new salon named Deniz Hair Salon. That storefront was previously occupied by J’Adore Paris, which closed in December.

It’s the latest business to move out of the strip from the northern side of Sheepshead Bay Road between East 16th Street and Jerome Avenue, leaving Anatolian Gyro as the last remaining tenant of the building. As we’ve previously reported, Anatolian Gyro will soon move to 2623 East 16th Street, just around the corner.

The exodus is due to the landlord’s plans to renovate the strip. The landlord, Waldorf Realty, is also renovating two other stretches on and near Sheepshead Bay Road, leaving many vacant storefronts as it prepares for construction.

The other stores in this building were Eye Appeal, which already moved to 1508 Sheepshead Bay Road, and Zeetron, an electronics repair shop that never reopened after Superstorm Sandy.

Waldorf recently started prepping another Sheepshead Bay Road property at Voorhies Avenue last fall, containing six ground-floor businesses, for a face-lift. They’re also nearing completion on a renovation of another batch of storefronts on the corner of Avenue Z and East 16th Street.

enterprize

Chase Bank at 1500 Coney Island Ave (Source: Google Maps)

Chase Bank at 2500 Coney Island Ave (Source: Google Maps)

A 7,200-square-foot retail property, currently home to a Chase Bank and cellphone repair store, has sold to new owners for $5.425 million.

The property sits at 2500 Coney Island Avenue, on the corner of Avenue V. It’s a two-story building with a 12,000 square foot parking lot.

The owners could choose to redevelop the site, building taller while staying within zoning laws, but the Observer, which reported on the deal, notes that it is “unlikely.”

The new owner is Francman Realty LLC, a New Jersey-based company.

loehmanns

ONLY ON SHEEPSHEAD BITES: The owners of Loehmann’s Seaport Plaza (2027 Emmons Avenue) have submitted plans to the Department of Building to construct a new extension to the controversial building, leaving those who fought its initial construction nearly 20 years ago in a state of shock.

The proposed extension would add a new story of commercial offices, totaling 10,000 square feet. The plans are in violation of zoning and the property’s current variance, and will soon be considered by Community Board 15 and the Board of Standards and Appeals.

One of the property’s owners, Alex Levin, confirmed the expansion.

“We’re looking to expand office space,” he said. “We’re going to bring the elevator up to [a new third] floor. We have our reasons.”

The project’s architect, Robert Palermo, declined to discuss the plans.

“It’s privileged information. When it comes before the board, it’ll be public,” he said.

There is no date set yet for a public hearing at Community Board 15, the first step to obtaining any variance. Chairperson Theresa Scavo said she had not yet been notified by the Board of Standards Appeals.

As a resident, though, she was shocked to learn of the plan.

“Speaking personally, it was against the special Sheepshead zoning district to begin with, and to add a floor is a slap in the face to the people of Sheepshead Bay,” she said. “I cannot believe that adding another floor is going to give the Bay a better look with that monstrosity there.”

The building sits within the Sheepshead Bay special zoning district, which limits the size and use of structures along the Emmons Avenue waterfront. The area is limited to waterfront and tourist-related activities, and special density and height limits govern development.

Many longtime Sheepshead Bay activists credit the development of Loehmann’s Seaport Plaza in the 1990s as the death of the special district, having won a variance that, according to those who fought it, resulted in it being 800 percent larger than legal limits. The exception was won due to the promise of the retail giant Loehmann’s as an anchor tenant, justifying jobs and commercial draw in exchange for its waiver.

Loehmann’s went bankrupt and vacated the property last month.

Bay Improvement Group Steve Barrison, one of the development’s most vocal opponents, said the new application is history repeating itself.

“It’s the same thing all over again. The use exceeds the zoning by 800 percent. It was granted specifically for Loehmann’s and Loehmann’s went out. So that’s it. Unbelievable,” he said. “We’re talking about a special district. We’re talking about the waterfront. We’re not talking about any where else in the community. It’s disgusting.”

Barrison added that there’s little legal justification to allow the variance simply for office space. According to the law, a developer must show that they suffer from certain hardships, as found in section 72-21 of New York’s Zoning Resolution.

“It’s insensitive to the whole community after Sandy,” said Barrison. “All of the people who haven’t moved in or are still rebuilding and trying to get their lives together. Now [this developer] wants to go and build and increase zoning some more when people can’t speak up.”

If Bay Improvement Group decides to fight the variance, they’ll be fighting a different developer than they did in the 1990s. The building was sold to Levin in 2008 for $24 million, a local real estate record at the time.

Pizza Boulevard (Source: Google Maps)

Pizza Boulevard (Source: Google Maps)

Any alum of Leon M. Goldstein High School (née Kingsborough High School, in my day) has a special place in their heart for Pizza Boulevard at 1623 Oriental Boulevard in Manhattan Beach.

Located across the street from the front gates of the Kingsborough campus, in which Goldstein High School sits, it was a beacon of freedom and food. It meant, at long last, you were out of class and done for the day (or simply, y’know, cutting) – and also a good distance away from the cafeteria’s mutant fried-fish-with-American-cheese-baked-underneath-the-crust culinary atrocity.

Man, I could go on about the memories about that place. Some would tarnish my good mediocre name. Others would confirm every bit of what Manhattan Beach residents fear happens on that corner.

Let’s not stir that pot today.

Pizza Boulevard – the business – is for sale. Ben Bay Realty has the listing for $579,000, describing it as a “well established successful 1, 134 Sq. ft + full Basement, corner Pizzeria near a major NYC college and High School.”

It has 19 years left on the lease, at $5,300 month plus five percent increases each year, as well as 12 percent of the total taxes and insurance. It claims to seat 34 and have outdoor seating for 24, though it never felt like that.

Quite frankly, I’m a little curious about why such a long-lived and successful pizzeria in a key location is up for sale, and, to my untrained eye, half a million dollars doesn’t sound too bad.

What do you think?

The offices of Heino Realty, where Councilman-elect will lease space for his district office. (Source: Google Maps)

The offices of Heino Realty, where Councilman-elect will lease space for his district office. (Source: Google Maps)

Councilman-elect Chaim Deutsch has secured a location for his new district office, which will open January 2 and take over the functions of departing Councilman Michael Nelson’s office.

The new location will be the first floor of 2401 Avenue U, at East 24th Street, currently the location of the two-floor Heino Realty, and also where Deutsch made his campaign headquarters. Campaign finance records filed with the city show he paid $1,650 a month during the campaign.

The newly redrawn 48th District now encompasses almost all of Sheepshead Bay, although the Sheepshead Bay – Nostrand Houses have been cut out of the district. The eastern boundary of the new district curves in near Avenue U to East 26th Street, putting Deutsch’s new office on the fringe of his district and just two blocks from the border with the 46th District, serving Marine Park, Mill Basin and Canarsie.

Deutsch told Sheepshead Bites he is hoping to have satellite district offices, meaning tables and staffers, at various locations throughout the area, although he is still firming up the details.

Nelson’s district office phone number will forward to the new location, ensuring continuity in service for constituents.

salon-evolution

Salon Evolution, one of the corridor’s handful of high-end salons and spas, is adding to the Sheepshead Bay Road business exodus and is set to leave the 1722 Sheepshead Bay Road storefront on January 1.

The business has announced that it is relocating way down to the other end of the waterfront, at 3075 Emmons Avenue, near the corner of Brown Street.

While the store’s management and clientele might be moving, the salon’s equipment and storefront are for sale. This listing shows that they’re asking for $100,000 for a full turn-key salon business, with all the equipment included. Rent is $9,000 a month.

That’s a lot of split ends, ain’t it?

anatolian

Anatolian Gyro will move off of Sheepshead Bay Road, around the corner to 2623 East 16th Street, as their landlord ramps up for their third major storefront renovation project in the Sheepshead Bay Road area.

The restaurant has occupied 1605 Sheepshead Bay Road since 1994, becoming one of the earliest restaurants serving Turkish cuisine in Sheepshead Bay. It underwent an expansion at least 10 years ago, taking over a neighboring storefront.

Now the restaurant is moving around the corner, to make way for another renovation project by the landlord, Waldorf Realty.

Metin Turan, Anatolian’s owner, said that his lease is nearly up on the property, and that Waldorf did not offer a long-term lease renewal.

“[Waldorf] would only give me two more years on the lease. I didn’t want to take a two-year lease. It’s nothing. So I decided to move around the corner,” he said.

The new location will open in December or January.

The other stores in the building owned by Waldorf include Eye Appeal, which already moved to 1508 Sheepshead Bay Road, and Zeetron, an electronics repair shop that never reopened after Superstorm Sandy. The only remaining tenant is The Enterprise Gifts & Jewelry.

As we reported last week, Waldorf recently started prepping another Sheepshead Bay Road property at Voorhies Avenue, containing six ground-floor businesses, for a face-lift. They’re also nearing completion on a renovation of another batch of storefronts on the corner of Avenue Z and East 16th Street.

voorhies-redevelopment

The owners of the commercial property on the corner of Sheepshead Bay Road and Voorhies Avenue has papered up the windows of the six ground-floor businesses that once occupied the space, signaling that work is set to begin soon on redevelopment of the site.

The six businesses – a deli, shoe store, audiologist, accountant, bridal store and liquor shop – as well as the second-floor offices spanning from 1663 Sheepshead Bay Road to 1669 Sheepshead Bay Road and 1709 Voorhies Avenue, all closed up in the past several months as the landlord, Waldorf Realty Co., began laying the groundwork for the plans. We do know some of the businesses, including Liquor World, which has moved to 1733 Sheepshead Bay Road, and Coney Island Vinny’s Tattoo, which has moved to Jerome Avenue, were upset, having spent a great deal of money to renovate after Superstorm Sandy only to be given the boot when Waldorf announced their plans.

Waldorf is also currently renovating the storefronts on the southwest corner of Avenue Z and East 16th Street, having similarly refused lease renewals or relocated the businesses there. That site has been gutted entirely and a new facade is nearly complete, featuring dark blue tiles and silver paneling.

We reached out to Waldorf about their Voorhies Avenue redevelopment plan, but have not yet heard back.

UPDATE (September 20, 2013): Waldorf has responded, confirming that it is a “revamp.” They have not yet chosen an architect so were not able to say more about their plans.

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?

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