11/23/08

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Retail Deal of the Year

A deal that brought big-box retailer Home Depot to Manhattan for the first time and a lease that helped to upgrade a rundown portion of 14th Street won retail Deal of the Year honors for 2003. Newmark brokers were among the winners for both awards.

The Real Estate Board of New York presented the awards at a cocktail party at the 101 Club last month.

Moshe Sukenik and Christopher Mongeluzo from Newmark & Company and Peter Cirlin and Steven Schwartz from Retail Realty won the award for the Most Creative Retail Deal of the Year for the Home Depot/Hasbro transaction at 28 and 40 West 23rd Street.

There were numerous obstacles, including complex deal structuring which required negotiations with four parties. But after much deliberation, Home Depot decided take the 110,000-square-foot space, a move that will transform the 23rd Street corridor between Broadway and Sixth Avenue.

Jeffrey Roseman and Paul Berkman from Newmark New Spectrum Realty and Bruce Shepard from E.M.B. Associates won the award for the Transaction that Most Benefits Manhattan's Retail Market for a deal that brought the Guitar Center to 25 West 14th Street.

The building had in recent years become rundown and home to low-end discount and variety stores. Because it is the largest and most visible building on the street, the Guitar Center lease helps to revitalize the 14th Street thoroughfare.