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Real Estate Roundup 11.6.20

5 Manhattan West (Credit: Manhattan West)

Real Estate Roundup

Office leasing 

  • Noom, a weight loss app startup has agreed to take 113,000 SF of office space at Brookfield Property Partners’ 5 Manhattan West, which it will sublease from advertising agency R/GA. The 11th-floor space has been on the market since July. (TRD)
  • Investment bank Greenhill & Co. plans to relocate its headquarters from Tishman Speyer’s 300 Park Avenue to a smaller 78,000-square-foot office at Rockefeller Group’s 1271 Sixth Avenue. The taking rent reportedly comes out to $91 per SF. (Crain’s+EarningsCall)

Retail Leasing

  • Specialty shop Pepper Palace has signed a 10-year lease for 1,200 SF at Time Equities’ 877 Seventh Avenue, at the corner of West 56th Street. Asking rent on the deal $275 per SF. The space includes 600 square feet on the ground floor and 600 on the lower level. (CO)
  • Fast-casual restaurant Le Pain Quotidien — which was purchased by NYC-based hospitality group Aurify after filing for bankruptcy in May — is plotting a massive citywide expansion for 2021. As part of the comeback, LPQ will open 10 additional locations across the city, all in spaces formerly occupied by Maison Kayser. (EaterNY)

Legal Corner 

  • YH Lex Estates, the lender at HFZ Capital’s planned condo project on Manhattan’s Upper East Side, claims the developer owes more than $18 million on defaulted loans, according to a motion for summary judgement filed in New York Supreme Court on Tuesday. HFZ principals Ziel Feldman and Nir Meir are named as co-defendants for personally guaranteeing the debt, but they say the claim is baseless. (TRD)


  • The latest Governor Cuomo executive order creates a new 60-day window (starting November 3) for tenants to respond to pending nonpayment cases that have been filed against them. The new order deals with a pause on what’s known as default judgments — in which the court automatically issues a ruling if you fail to respond to a case or show up to a hearing. (Curbed+NYS)

Other news 

  • Newmark reported earnings of $152.1 million in the third quarter, down 25 percent from the same time last year. The brokerage said it experienced a drop in sales and leasing commissions due to Covid-related challenges. (TRD)
  • Witkoff has reportedly stepped into RedSky Capital and JZ Capital’s Brooklyn Bowtie assemblage on Fulton Avenue in Downtown Brooklyn as a development partner. (CO)
  • Peter Hauspurg, who as co-founder of Eastern Consolidated ran one of New York’s most active investment-sales shops and played a broader role as a gregarious emissary of the city’s commercial real estate industry and a mentor of a generation of dealmakers, died Tuesday at his home in Santa Monica. He was 67. (TRD+CO+Crain’s+REW)

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