BETWEEN THE BRICKS
Harlem will soon benefit from a grand orchestration by retail maestro Jeff Sutton, who is developing 100 W. 125th St. on the southwest corner of Lenox Avenue into an approximately 180,000 square-foot shopping Mecca.
We’ve just learned that Burlington Coat Factory has signed a lease for a 70,000 square-foot swath covering the third through fifth floors of the project. It encompasses the entire west side of the Lenox Avenue block front between 125th and 124th streets.
Sources said the 15-year deal with options will bring in $16 million in rent over the life of the lease, and bring smiles and fashion deals to area residents.
Burlington was represented by Cliff Simon of CNS Real Estate while Sutton’s project was repped in-house at Wharton Properties by the conductor himself.
Last week, website LivingMaxwell reported that when Whole Foods’ CEO John Mackey was yakking nutrition in TriBeCa, he excitedly revealed that the company was staking out a Harlem home. Our spies swear that Sutton’s site will host the healthy outpost on its ground and lower levels.
An earlier Hyatt Hotel and YMCA project proposed for Sutton’s site by football Hall of Famer Emmitt Smith fizzled but sources say the zoning and design doors are being kept open for a possible project topper in the future.
Groundbreaking won’t occur until fall so the doors on this Lenox launch can’t open until late 2013 or early 2014. Stay tuned because a second-floor tenant is yet to be revealed.
Sutton, Simon and Smith’s rep did not return calls or e-mails for comment.
A nonprofit wants to sell its Kips Bay property as a redevelopment site so it can bulk up its endowment and downsize.
The International Center for the Disabled is situated on a rare cul-de-sac at 407 First Ave. on the southwest corner of East 24th Street. Along with its 77,000 square-foot building, the adjacent 4,200 square-foot vacant lot can be incorporated into a new development of about 110,000 square feet.
Glen Tolchin, Jon Caplan and Yoav Oelsner of Jones Lang LaSalle are marketing the building for a price that will top $30 million. Medical users, institutions or other entities may be able to integrate with the current owner so they can maintain a presence at the location, or it can be delivered vacant within a year.
“It would make an ideal site for a residential condo or rental for young professionals and area workers and is also an attractive opportunity for a user or tenant seeking a strategically located facility,” said Tolchin.
The two small office buildings at 15 W. 47th St. and 22 W. 48th St. have a hard contract signed by Isaac Chetrit and Ray Yadidi last week, sources said. Market chatter has the pricing north of $115 million.
Burlington Coat Factory, Jeff Sutton, Lenox Avenue, Emmitt Smith, Cliff Simon, Lenox Avenue block, the southwest corner, Yoav Oelsner, John Mackey, project, Wharton Properties, orchestration