Commercial Real Estate & Advisory

Rappaport’s Triple Play

September 30, 2009

August is typically the slowest month for commercial leasing. Not so for STEVE RAPPAPORT, managing director at Sinvin Realty, LLC, who managed to ink three retail deals in the dog days of summer.

At 139 West 14th Street Rappaport represented both tenant, Chelsea Bagels, and landlord, for the 10-year deal. The asking rent was $100 psf for the 2,030 s/f space between 6th and 7th Avenues.

This new food operation, to be open seven days a week selling coffee and hand rolled bagels, will continue the improvements happening on the Western stretch of 14th Street.

In the East Village, Rappaport represented the tenant, Hecho en Dumbo, a gourmet Mexican restaurant, in leasing the former Marion’s at 354 Bowery, between Great Jones and East 4th Street.

This 10-year lease with a five-year option for 1,900 s/f on the ground floor, 1,900 s/f on the lower level, and 1,900 s/f of basement was offered at $130 per ground-floor square foot. Alan Shmaruck of Manhattes Realty represented the landlord.

And in another Chelsea lease, Rappaport, along with Sinvin associate director ALEX BAUMOL, completed a deal for 700 s/f of space at 325 West 16th Street, between 8th and 9th Aves., representing both the tenant, Chisolm Gallery, and the landlord, The West 16th Street Tenants Corp. A five-year lease with five-year option, the space was offered at $80 a foot.