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Latest The Glasshouse News

Bucking the leasing-slowdown trend, Verizon takes over a 12th Avenue property for 48 years

Aug 17, 2022

620 12th Ave. In recent years, when it came to New York real estate, Verizon was known more for what it unloaded than for what it acquired. Indeed, once landlines began to fade in importance and hardware needs changed, the company sold several of its high-profile facilities to developers. But with the city's commercial office market limping along, Verizon is now acquiring empty inventory. Last month the company was responsible for the only new lease among the city's top deals: a 48-year, $50 million deal for 620 12th Ave., a 4-story building in Hell's Kitchen. The red-brick property, at West 48th Street, is in an area that has transitioned sharply during the past few decades. Once lined with rundown shops that served sailors, the area now has high-end car dealerships and halls for corporate parties. The building, which is in a manufacturing zone, is expected to serve some kind of commercial function for Verizon. Related Article Verizon spokeswoman Kimberly Ancin did not respond to a request for comment about plans for the site, which is owned by an affiliate of Edison Properties. Edison probably is best known for owning Manhattan Mini Storage until selling it for $3 billion in the fall . An Edison spokeswoman confirmed the Verizon deal but otherwise had no comment. The building appears to have been empty for a while. A recent use was as a storage facility for surgical masks donated to doctors during the height of the Covid-19 pandemic. A decade ago Verizon divested itself of the bulk of 212 W. 18th St., an art deco spire in Chelsea that a team led by JDS Development later transformed into Walker Tower , a residential condominium. JDS also was behind the conversion of another underused Verizon property, at 435 W. 50th St., that was made over as the Stella Tower condominium. New York recorded deals larger than Verizon's last month, but they were for renewals, expansions or both. To wit: Datadog, which provides security for cloud computing systems, expanded while renewing its lease at 620 Eighth Ave., the headquarters of The New York Times, where it now has 330,000 square feet over several floors, according to research from Colliers. Job search engine Indeed expanded and renewed its lease at 1120 Sixth Ave., where it currently occupies 248,000 square feet, Colliers said. No. 1120, at West 44th Street, is also owned by Edison. Overall, July was strong for Manhattan's leasing market, as 3.2 million square feet were rented—the best month since January 2020, according to Colliers. The total still trailed the 2019 average of 3.6 million square feet, however. Pier 88 Constructed in 1930 and totaling 403,000 square feet, this pier was for decades the departure point for ocean liners bound for Cherbourg, Le Havre and other French destinations. Shops serving French crews lined 12th Avenue between West 48th and West 49th streets, in the shadow of the elevated West Side Highway, which was demolished in 1989 to make way for the current at-grade road. In 2004 the city spent more than $200 million to upgrade Pier 88 and nearby piers, known collectively as the Manhattan Cruise Terminal. Today ships depart for Bermuda from Pier 88, which appears to be controlled by the city Department of Small Business Services, according to property records. In spring 2020 the U.S. Navy hospital ship Comfort docked at Pier 88 to help people afflicted with Covid-19. 660 12th Ave. The changing nature of the Far West Side is evident at this address, a massive development that contains a multitude of uses. Rockrose Development bought two parts of the industrial site in 1999 and 2001 and converted them into commercial condos. Rockrose, which now does business as TF Cornerstone, leases one of the units to FedEx. It sold the other unit to Bay Ridge Automotive, a chain of car dealerships based in New Jersey. Toyota and Lexus sell vehicles out of 660 12th today. Sitting atop the nearly blocklong site is the Glasshouse, a 75,000-square-foot, multilevel event space that can seat 2,000 guests. Its developer is Jack Guttman, who leases the roof area from Bay Ridge Automotive. Guttman also created the Chelsea Art Tower, a commercial condominium at 545 W. 25th St., where an earlier Glasshouse is located. The No. 660 Glasshouse, which opened in September, has hosted parties for Variety magazine, TikTok and the Real Estate Board of New York. 620 12th Ave. The biggest new commercial lease in the city last month was at this 4-story, blockwide building. Verizon took 144,000 square feet, which seems to be the entirety of the structure. It’s not clear how Verizon will use the space—a company spokeswoman had no comment—but the property sits on a block zoned for manufacturing. Landlord HLP Properties, a limited-liability company that shares a Newark address with developer Edison Properties, bought the site for $55 million in 2015. Its seller appears to have been the Westchester-based Citrin family, according to property records. 605 W. 48th St. A red-brick, 4-story building from the 1940s that once contained stalls for horses, this address today is home to the Cantina Rooftop Restaurant and Lounge, an upscale Mexican eatery. It’s owned by Pedro Zamora, a Latin-music concert producer. On the floors below is HK Hall, a three-level, 25,000-square-foot event space that formerly was called Stage 48. For decades the building has been owned by the Donnolo family of New Jersey, property records show. The family manages its holdings through Silvertree Commercial Real Estate, whose other properties include a coworking space in Newark and offices in New Brunswick. 639 W. 46th St. For years H&H Bagels boiled and baked its products at this 1940s industrial building, which also featured an H&H shop open 24 hours a day. About a decade ago Helmer Toro, an H&H founder, landed in hot water for tax evasion. He’d withheld taxes from his employees and pocketed the money; he pleaded guilty in 2010. H&H, which dates back to 1972, was broken up in the aftermath. In 2012 No. 639 was sold by Toro’s estate for $11 million to MKF Group, a real estate investor with holdings in the neighborhood. MKF then redesigned the space as Metropolitan West, a 2-story, 25,000-square-foot party venue. But due to the Covid-19 pandemic, the venue shuttered last year. Its sister space, Metropolitan Pavilion, continues to operate on West 18th Street in Chelsea. MKF did not respond to a request for comment. Today H&H, under new management, has five locations including at New York’s two airports. 605 W. 47th St. McGlynn Hays, an elevator-repair company with roots to 1900 that’s known for servicing manually operated antique lifts, has had its machine shop in this 5-story, red-brick Italianate building since 2004. That year the 8,900-square-foot midblock structure traded for about $2 million. The seller was Imagination Realty, and the buyer was an LLC using 605 W. 47th St. as its address. McGlynn previously was at 508 W. 20th St. in Chelsea; its original home was 62 Grand St. in SoHo. Facing McGlynn on West 47th are low-slung auto-repair shops. Large car dealerships and newer office buildings make up much of the surrounding blocks today. 618 W. 47th St. A car-repair shop was once here. (Lots of them used to dot the neighborhood, along with car washes.) But in 2013 Prince Lumber, a longtime New York family-owned business, snapped up the property for $10.5 million from the MKF Group, which had bought the site two years earlier for $6.8 million, records show. A Prince store, the company’s third in the region, was constructed in 2015. Last year Prince purchased air rights from neighboring properties, suggesting a vertical expansion is planned. Prince did not return a call for comment.

The Glasshouse Partners & Customers

1 Partners and customers

The Glasshouse has 1 strategic partners and customers. The Glasshouse recently partnered with TidalScale on April 4, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

4/15/2021

Licensee

United States

TidalScale Announces Global Reseller Agreement with GlassHouse Systems US

LOS GATOS -- April 14 , 2021 : TidalScale , the industry leader in software-defined server technology , today announces a reseller agreement with GlassHouse Systems US , a leading infrastructure , security , and managed services provider .

1

Date

4/15/2021

Type

Licensee

Business Partner

Country

United States

News Snippet

TidalScale Announces Global Reseller Agreement with GlassHouse Systems US

LOS GATOS -- April 14 , 2021 : TidalScale , the industry leader in software-defined server technology , today announces a reseller agreement with GlassHouse Systems US , a leading infrastructure , security , and managed services provider .

Sources

1

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