REAL ESTATE

NFL experience commits to 20 Times Square

BY Al Urbanski

The NFL Experience has become well known as a primary attraction of Super Bowl week in the big game’s host city. Now the attraction will go permanent in a joint venture with Cirque du Soleil at 20 Times Square, a mixed-use Witkoff development that will house the 39-story Edition Hotel.

The 400,000-sq.-ft. interactive exhibit will cover four floors at the property and promises to give visitors the experience of being out on the gridiron on game day — minus the concussions, one hopes. Besides Cirque du Soleil, design consulting will be provided by Rockwell Group, which is headed by Tony Award-winning Broadway designer David Rockwell.

Witkoff CEO Steven Witkoff boasts that 20 Times Square “is fast becoming one of the highest profile retail locations in the world.” The company is still seeking a co-tenant for NFL Experience on 3,000 sq. ft. of ground floor space that can be combined with 20,000 sq. ft. on the lower level.

Restaurants, six bars, and a cabaret will fill 40,000 sq. ft. of indoor and outdoor retail space.


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REAL ESTATE

RKF declares Manhattan’s ‘96th Street divide’ defunct

BY Al Urbanski

Having brokered the sale of street-front retail real estate on 101st Street and Third Avenue in New York for $2.2 million, RKF declared the unofficial rule of placing prime retail locations below 96th Street in Manhattan to be null and void.

“The former ‘96th Street divide’ is no longer pertinent, and Third Avenue is quickly changing from predominately service-driven tenants to national retailers looking to cater to the needs of more affluent residents,” said RKF VP Brian Segall following P&G Equities’ sale of 1810 Third Avenue to The Daniel Group.

“The increasing number of luxury condos being built or redeveloped in the area have transformed it into a prime investment destination for retail,” Segall added.

The property on the ground floor of a condo called The Art House consists of 3,669 sq. ft. of retail space, of which only 870 is currently available for lease. The building is near the 103rd Street subway station serving Manhattan’s East Side.


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REAL ESTATE

Vornado vet is named CFO at Federal Realty

BY Al Urbanski

Federal Realty Investment Trust announced that Dan Guglielmone will take over as its CFO and treasurer next month. A 13-year veteran of Vornado, Guglielmone is currently the company’s senior VP of acquisitions. He previously spent 10 years in investment banking with the real estate and lodging group of Salomon Smith Barney/Citigroup.

Guglielmone will be responsible for all capital markets activity along with East Coast acquisitions and will oversee accounting, financial reporting, and investor relations. Based at Federal Realty headquarters in Rockville, Maryland, Guglielmone will sit on the firm's executive and investment committees.

An active member of the Real Estate Board of New York and the International Council of Shopping Centers, Guglielmone served on the Toys "R" Us Board from 2013 to 2015.


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