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RETAIL DEALS OF 2011

Lois Weiss

Friday, June 15, 2012 - The winners of the REBNY Retail Deal of the Year Awards were announced earlier this week at The Real Estate Board of New York (REBNY) Retail Committee’s annual cocktail reception held at the 101 Club. Eleven top-notch real estate dealmakers submitted retail sale, lease, or finance transactions for a chance to compete for the two most distinguished awards in the industry that highlight the most inventive and noteworthy New York City retail deals of the past year. The Most Creative Deal in Manhattan award was presented to C. Bradley Mendelson and Alan Schmerzler of Cushman & Wakefield for “The Leasing of the Times Square Theatre.” The duo facilitated a long-term net lease for the historic Times Square Theatre. The deal will result in the restoration and conversion of one of 42nd Street’s most elegant and historic structures into a cutting-edge retail and entertainment environment. After two years of due diligence, negotiations, delays, compromises, and deal restructurings, the brokers finalized the lease between Broadway 4D Theater NY LLC and The New 42nd Street. It fulfills the mission of The New 42nd Street by ensuring the long-term survival of the last of the area’s majestic, irreplaceable theaters while combining the old Broadway spirit with the technology of today. The Retail Deal Which Most Significantly Benefits the Manhattan Retail Market was presented to Scott M. Bloom of Bloom Real Estate Group LLC for “55 Fulton Street – Key Food.” Bloom was responsible for expanding a small supermarket in lower Manhattan tenfold to better serve the existing and quickly-growing nearby residential population. The 30,000 square-foot transaction at 55 Fulton Street was the fifth largest retail deal in Manhattan in 2011, according to published reports. This store will benefit the neighborhood greatly because Key Foods intends to operate this location 24/7 allowing residents access to shopping when it’s most convenient for them. An important factor in closing the deal was that the tenant would control access to the loading dock and elevator for deliveries to make its 24/7 operation feasible. As a result of the deal, the supermarket will have more space to offer prepared and fresh food options for area residents. 66The award winners were recognized for deals that demonstrated the highest levels of ingenuity, creativity and professional skill.

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