A leading entertainment and arts advertiser, Spot and Company of Manhattan Inc., known as SpotCo, has signed a 13-year lease for 23,402 square feet at 114 W. 41st St., between Broadway and Sixth Avenue.
In a move that brings its offices closer to the center of Times Square, SpotCo will be leaving 512 Seventh Ave., at West 38th St.
“We are thrilled to have a space that will allow us to service the entertainment community in the most contemporary way possible,” Drew Hodges, SpotCo’s CEO, said in a statement.
SpotCo has leased the entire 18th floor and a portion of the 17th floor of the 22-story, more than 336,000-square-foot office building.
Public records show the landlord of 114 W. 41st St., also known as 113-119 W. 40th St., is 41st Street Property Owner LLC, formerly known as Charney FPG 114 41st Street. Bank of America as a trustee for the registered holders of GS Mortgage Securities Corporation became the mortgagee of the distressed property. CW Capital Asset LLC was assigned as special servicer for the mortgagee.
J. Goodwin Bland, a New York-based partner at Bingham McCutchen, represented the tenant.
Mitchell Baron, a partner at Goulston & Storrs, represented a court-appointed receiver/landlord for the property, Klaus Kretschmann.
Kretschmann was appointed by Acting Supreme Court Justice Marcy Friedman of Manhattan. He is also a managing director at Alvarez and Marsal real estate and advisory services and a court-approved New York state receiver.
“We looked at many buildings and 114 W. 41st St. presented the best opportunity” for its proximity to Times Square and dramatic space with high ceilings, Carri Lyon, Cushman & Wakefield’s senior director, said in a statement.
The building completed an extensive $7 million capital improvement project, including a new retail façade with a 75,000-square-foot glass enclosure, and pass-through lobby and rotunda with a pedestrian passage between 41st and 42nd streets, according to a press release. Other renovations include a new entrance and lobby with state-of-the-art security, elevators and windows and HVAC cooling tower.
With its start in 1996, SpotCo has designed advertising for Broadway shows including “Rent” and “Chicago.” Its client list spans the entertainment spectrum, including Broadway, tourism, cultural institutions, film studios and broadcast/cable TV networks. The “Radio City Christmas Spectacular” and the New York Botanical Garden are among SpotCo’s clients.
Cushman & Wakefield handled the lease for both parties. In addition to Lyon, executive director Mark Mandell acted on behalf of SpotCo. Tara Stacom, vice chairman; David Green, executive vice president; Peter Alden, senior associate; and Ashlea Aaron, managing director, served as exclusive leasing agent of the building and for the landlord.
An assortment of properties at the northwest corner of Bleecker Street and Bowery in the Bowery/NoHo neighborhood has sold for $13.4 million.
Bowery Corner Owner, an affiliate of RWN Real Estate Partners LLC, in partnership with Silverstone Property Group, has purchased three contiguous buildings that total 13,221 square feet.
The buildings involved in the off-market deal were 3 Bleecker St. and 324 Bowery—apartment buildings with first-floor retail spaces—and 1 Bleecker St., a retail condominium portion with storage units.
The trio has been owned by the same family for nearly a half a century. The selling entities were One Bleecker Street Associates Inc., 3 Bleecker Street Associates Inc. and 324 Bowery Associates Inc.
Jay Levinton, a partner at Westerman Ball Ederer Miller & Sharfstein in Uniondale, represented the purchasers.
Michael Kanzer, of Michael J. Kanzer & Associates in Brooklyn, represented the sellers.
“The sellers found this to be an opportune time to take advantage of robust investment activity in Manhattan,” Michael Cleeman, vice president of Cohen Real Estate, said in a statement.
“The acquisition of these long-held properties presents RWN and Silverstone with the opportunity to reposition and operate what we believe to be the single most desirable retail and residential corners on the Bowery,” Ari Shalam, RWN’s managing director, and Martin Nussbuam, Silverstone’s managing partner, said in a joint statement.
RWN Real Estate Partners, led by Shalam, is the middle market real estate private equity arm of RWN Management LLC. Silverstone Property Group is a fully integrated real estate company with an emphasis on the acquisition and development of multifamily, retail and mixed-use properties in New York and New Jersey.
In addition to Cleeman, Paul Trupia, a director of acquisitions at Cohen Real Estate, acted on behalf of the sellers and buyers.
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