CONDO HOTEL IN THE WORKS

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By : LOIS WEISS

 LINCOLN Property Company of Dallas is working on early plans to develop a new condo hotel mid-block by the Peninsula Hotel on W. 55th Streer right off Fifth Ave.

The townhouses already combined are at 12-18 W. 55th St. and will include and the air rights from the landmarked 9 W. 54th St.

Other nearby air rights purchases are possible to tip the future development up over the current 120,000 buildable feet.

No one returned calls for comment.

It all means that couture-quality evening gown and bridal designer Miriam Rigler is moving after 55 years at 14 W. 55th St. to 41 E. 60th St. this fall.

Faith Hope Consolo, Joseph A. Aquino, and Andrew Becerra Jr. of Prudential Douglas Elliman's Retail Leasing and Sales Division found the dressmaker the 1,800-foot, long-term lease. Robert Hinds of Eastgate Realty worked for the building in negotiations.

Primedia is consolidating and relocating its headquarters from Fifth Avenue into roughly 135,000 feet at 261 Madison Ave. between 38th and 39th streets.

The media conglomerate, which publishes Sail, Motor Trend, Guns & Ammo and other niche publications, has 200,000 feet spread over Midtown.

"When you are in six locations, there are redundancies and loss factors all over the place," said Willem VanDooijeweert, Primedia real estate director. "Sixty thousand feet is a considerable savings."

Primedia is currently headquartered at 745 Fifth Ave. and has digs at 200 Madison, 1440 Broadway and 249 W. 17th St. It also has about 40,000 square feet in 261, and another 33,000 feet across the street in 260 Madison, both owned by The Sapir Organization, which is providing exterior signage as part of the new lease.

"It's a good match because of the existing relationship with the ownership," said David Falk of Newmark Knight Frank, who represented Primedia along with colleagues David Kaplansky and Scott Panzer.

Alex Sapir, who was just appointed president of the family company, handled the nine-month-long transaction himself. He ripped up the two current leases to accomplish the new, high-$30s deal plus build-out designed by the tenant. The space includes the third to sixth floors plus the ninth and tenth.

"We are thrilled to have the prestigious media company Primedia join our tenant roster," said Sapir.

Falk noted, "There is still pent-up demand for tenants looking for over 50,000 high-end feet in Midtown and Midtown South. But if someone has 20,000 feet on a mid-rise floor in a 'B' building, it's not like people are knocking down the door. There is demand in certain sectors and industries." Capiche?

The office building on top of Barney's at 660 Madison Ave. has been sold in an off-market transaction to Scott Lawlor's Broadway Partners for $220 million, or $863 a square foot.

The 255,000-square-foot building was purchased in November 2003 for $160 million by current sellers, the Brener Group of Beverly Hills, with Mermel & McClain, who have filled it with high-end high-rent-paying hedge funds. No comments all around.

By LOIS WEISS

June 7, 2006 -- LINCOLN Property Company of Dallas is working on early plans to develop a new condo hotel mid-block by the Peninsula Hotel on W. 55th Streer right off Fifth Ave.

The townhouses already combined are at 12-18 W. 55th St. and will include and the air rights from the landmarked 9 W. 54th St.

Other nearby air rights purchases are possible to tip the future development up over the current 120,000 buildable feet.

No one returned calls for comment.

It all means that couture-quality evening gown and bridal designer Miriam Rigler is moving after 55 years at 14 W. 55th St. to 41 E. 60th St. this fall.

Faith Hope Consolo, Joseph A. Aquino, and Andrew Becerra Jr. of Prudential Douglas Elliman's Retail Leasing and Sales Division found the dressmaker the 1,800-foot, long-term lease. Robert Hinds of Eastgate Realty worked for the building in negotiations.

Primedia is consolidating and relocating its headquarters from Fifth Avenue into roughly 135,000 feet at 261 Madison Ave. between 38th and 39th streets.

The media conglomerate, which publishes Sail, Motor Trend, Guns & Ammo and other niche publications, has 200,000 feet spread over Midtown.

"When you are in six locations, there are redundancies and loss factors all over the place," said Willem VanDooijeweert, Primedia real estate director. "Sixty thousand feet is a considerable savings."

Primedia is currently headquartered at 745 Fifth Ave. and has digs at 200 Madison, 1440 Broadway and 249 W. 17th St. It also has about 40,000 square feet in 261, and another 33,000 feet across the street in 260 Madison, both owned by The Sapir Organization, which is providing exterior signage as part of the new lease.

"It's a good match because of the existing relationship with the ownership," said David Falk of Newmark Knight Frank, who represented Primedia along with colleagues David Kaplansky and Scott Panzer.

Alex Sapir, who was just appointed president of the family company, handled the nine-month-long transaction himself. He ripped up the two current leases to accomplish the new, high-$30s deal plus build-out designed by the tenant. The space includes the third to sixth floors plus the ninth and tenth.

"We are thrilled to have the prestigious media company Primedia join our tenant roster," said Sapir.

Falk noted, "There is still pent-up demand for tenants looking for over 50,000 high-end feet in Midtown and Midtown South. But if someone has 20,000 feet on a mid-rise floor in a 'B' building, it's not like people are knocking down the door. There is demand in certain sectors and industries." Capiche?

The office building on top of Barney's at 660 Madison Ave. has been sold in an off-market transaction to Scott Lawlor's Broadway Partners for $220 million, or $863 a square foot.

The 255,000-square-foot building was purchased in November 2003 for $160 million by current sellers, the Brener Group of Beverly Hills, with Mermel & McClain, who have filled it with high-end high-rent-paying hedge funds. No comments all around.