Commercial Real Estate & Advisory

Sinvin Brings Deluxe Amenities to Hudson Square

September 24, 2008

Sinvin Realty, LLC principals CHRISTOPHER OWLES and MICHAEL GLANZBERG have completed three leases totaling almost 27,000 sf at 10 Hudson Square, a.k.a. 160-170 Varick Street, between Charlton and Vandam Streets.

Owles and Glanzberg believe their tenants will upgrade Hudson Square’s retail scene and further raise the profile of the landlord’s already envious tenant portfolio there with the addition of three prestigious neighbors: a new restaurant and market for premier chef, David Bouley, offices and operations for Donald Trump’s luxury hotel condominium tower, Trump SoHo, and high-end financial managers and advisors, the Forte companies.

The 12-story building at 10 Hudson Square, built in 1927, is one of 19 buildings in the area owned by the Parish of Trinity Church, one of the largest landholders in Manhattan. Peter Fontanetta and Jason Pizer of Trinity Real Estate negotiated the transactions in-house for Trinity Church.

In the ground floor retail space at the South corner, four-star chef David Bouley adds a restaurant and dining option to a business district that has bristling demand for such an amenity as the neighborhood grows in profile and numbers.
The space has a basement and mezzanine and totals 11,497 sf – with 6,113 sf on the ground floor, 4,227 sf in the basement, and 1,157 sf in the mezzanine. Bouley signed a 17-year lease with a 5-year option for the space.

For the second floor of the South corner, Sinvin signed the management offices of Trump SoHo Hotel Condominium New York. The project’s development partners, Bayrock Group LLC and The Sapir Organization, signed a 15-year lease with a five-year option for 10,790 sf.

The space is located just a block away from the project site nearing completion at 246 Spring Street. This 386,000 sf, 46-story property was designed by Handel Architects.  The space at 10 Hudson Square will house the management and operations offices for Trump SoHo.

“The Sinvin team secured us a terrific and convenient space that will be instrumental to the success of Trump SoHo and its management,” said Julius Schwarz, executive vice president of Bayrock Group LLC.
The third entry in Sinvin’s deal trifecta with Trinity is a lease for the Forte companies, which consist of Forte Management, Forte Asset Management, and Forte Capitol Advisory, taking 4,576 sf also on the second floor. The boutique financial services group signed a 10-year lease for new office space. Forte will make its move to Hudson Square after more than 10 years at 40 Wall Street.

Although specific terms of the leases have not been disclosed, Trinity had been asking in the low fifties per square foot for the office spaces, and about $85 per square foot for the ground floor retail space.

Other high-profile tenants in the building include New York City public radio station WNYC, whose offices and studio occupy the North portion of the ground floor for a visible space, the Princeton Review, and Ramus Ella Architects, or REX, which was formerly the New York division of the Office for Metropolitan Architecture, co-partnered by Rem Koolhaas, and whom Sinvin also placed in the building.

Having moved its own offices into 10 Hudson Square last summer, expanding into 6,000 sf, Sinvin completed these deals in its own backyard.

“We had a unique advantage in terms of knowledge of the space and availability,” said Glanzberg, “but all three of these sophisticated tenants easily recognized the quality of these spaces.”

“We’re thrilled to be helping with the continued renaissance of the Hudson Square neighborhood. We moved our offices here with an eye towards the future and take great pride in bringing such prestigious names into Trinity’s porfolio,” said Owles. “We’re especially pleased that we’ll have Mr. Bouley’s fine cuisine available right downstairs.”