Technology-driven hedge fund Two Sigma is in the marketplace for a serious area enlargement and consolidation that might be price a fortune to numerous Manhattan landlords.
Although it’s hardly ever in the press, the worldwide, privately held agency boasts $58 billion in belongings beneath administration. It’s at the moment headquartered in a mini-campus at 100 and 101 Sixth Ave. in Tribeca, in response to its Web web site.
Now, we’re advised by sources that the setup and ground plates there not work for the corporate. With lease expirations looming in 2023, Two Sigma is prowling for bigger new digs — of 400,000 to 600,000 sq. ft — in both the FiDi space or Midtown South. Cushman & Wakefield is alleged to be main the search.
Landing Two Sigma can be a breakthrough for a number of older workplace buildings which can be both vacant or quickly shall be. Among them: EQ’s 1740 Broadway, Paramount Group’s 60 Wall St., Rudin’s 3 Times Square and 80 Pine St., RXR’s Five Times Square and Nightingale’s 111 Wall St.
Large blocks are additionally up for grabs at Brookfield’s brand-new Two Manhattan West, Tishman Speyer’s Spiral and L&L Holdings’ 425 Park Ave., in addition to at two fully redesigned towers — Brookfield’s 660 Fifth Ave. and Olayan Group’s 550 Madison Ave.
There’s life ultimately for the long-planned Alamo Drafthouse cinema complicated at Fosun’s 28 Liberty St. The Texas-based luxurious chain accomplished its chapter sale to Altamont Capital Partners final week and plans to open the FiDi location this fall.
Progress was sluggish at 28 Liberty since we first reported Alamo’s 40,000 square-foot lease there again in 2017. Repeated delays had been blamed on building points associated to the tower’s landmark standing.
However, the newest stall clearly needed to do with the corporate’s troubled funds after the pandemic shut down film theaters in March of 2020.
Now, as cinemas reopen and Hollywood gears up for main manufacturing once more, Alamo plans to broaden with a number of new theaters across the United States, together with one on Staten Island.
The fashionable Upper East Side eatery Flex Mussels will quickly be flexing its muscle tissue — and getting extra legroom — when it strikes later this yr from cramped quarters at 174 E. 82 St. to extra spacious digs at 1431 Third Ave., across the nook.
The new location was previously Turkish cafe Beyoglu. Flex Mussels proprietor Alexandra Shapiro made the deal by way of CBRE brokers Gary Trock and Zach Parisi.
Shapiro needed a new dwelling close by for Flex Mussels earlier than the pandemic shutdown final yr. Trock and Parisi noticed a chance on the Beyoglu location, the place the lease was expiring.
The new area has 1,690 sq. ft on the bottom, 1,770 sq. ft on the second ground and 1,770 extra in the basement — permitting for a lot of extra seats than the present 2,000 sq. ft on East 82nd Street.
In addition, Flex Mussels can even have 30 outside seats at its new digs, in contrast with solely eight on the previous spot. It will reopen on June 8 and transfer in the fourth quarter this yr or the primary quarter of 2022. Flex additionally has an outpost in the West Village.
The menu gives mussels in 22 completely different broths, from traditional French white wine, garlic and herbs to Thai-style curry-coconut broth, lemongrass, kaffir lime, coriander, lime and ginger.
The Times Square Alliance has a new chief: Tom Harris, who served as appearing president after former President Tim Tompkins stepped down in December after 19 years.
It shouldn’t come as a shock. Harris — a 23-year veteran of the NYPD and a graduate of St. Joseph’s College and Marist College — has spent 13 years on the Alliance. Nonetheless, a search committee led by Alliance board Chairman Eric Rudi spent months on an “exhaustive” seek for Tompkins’ everlasting successor.
With Broadway theaters nonetheless darkish and workplaces principally empty whilst vacationers return, the alliance faces probably the hardest problem of all the town’s 76 business-improvement districts.
“Times Square is .1 percent of the city landmass and 15 percent of the city’s economy.” Harris mentioned. “We will not recover from this pandemic until Times Square recovers.”