HERALD SQUARE CHIROPRACTIC DOUBLES IT'S OFFICE SPACE

Okada & Company is pleased to announce the successful leasing of part of the 12th floor at 45 West 34th Street. The tenant, Herald Square Chiropractic & Sport doubled in size and took 3,154 SF. They relocated from the 8th floor in the building. Founding partner & principal chiropractic sport physician Dr. Chris Cueto wrote to his clients and staff..."With 4 years of service in Herald Square, we've observed a considerable amount of growth and demand that we have no choice but to open a bigger space to accommodate our patients; in fact double the current space" David Ho, Vice President of Okada & Company represented Herald Square Chiropractic, and Richard Price of EVO Real Estate Group represented the Landlord.

Looking for similar space in Midtown or Downtown Manhattan? Please call us at 212-244-4240 ext. 305 or email at info@okadaco.com

++++++++

Okada & Company is a multifaceted, progressive, and full service commercial real estate advisory and investment firm. With over four decades of New York City experience, Okada & Company has become the "go-to" in office and retail tenant representation.

++++++++

Keep In Touch!!!

Facebook: https://www.facebook.com/okadacompany/
Instagram: https://www.instagram.com/okada_nyc/
Twitter: https://twitter.com/OkadaCompany

 

SMALL GIRLS PR TAKES OVER AOL SPACE

Okada & Company is pleased to announce the sublease of 6,900SF on the 11th floor at 150 West 22nd Street in the Flatiron section of Midtown South Manhattan. The tenant Small Girls PR is a New York-based digital agency that offers services such as digital PR and event production in its own creative way, earning Small Girls PR the status “a go-to buzz builder for tech & media companies and "one of the most successful boutique agencies in NYC" according to BuzzFeed. The sub-landlord is a subsidiary of internet giant AOL Inc.

Ken Lerner, Vice President of Okada & Company represented the tenant, and David Hollander, Executive Vice President of CBRE represented the sub-landlord.

++++++++

Looking for similar space in Flatiron or Midtown/Downtown Manhattan? Please call us at 212-244-4240 ext. 305 or email at info@okadaco.com

++++++++

Okada & Company is a multifaceted, progressive, and full service commercial real estate advisory and investment firm. With over four decades of New York City experience, Okada & Company has become the "go-to" in office and retail tenant representation.

++++++++

Keep In Touch!!!

Facebook: https://www.facebook.com/okadacompany/
Instagram: https://www.instagram.com/okada_nyc/
Twitter: https://twitter.com/OkadaCompany
 

MUJI USA DOUBLES FASHION DISTRICT OFFICES

Japanese Retail Company MUJI USA has expanded their NYC office of 6,250 Square Feet at 250 West 39th Street from their original 2,900 square ft. Catherine O'Toole & Gregory Gang of CBC Advisors represented the landlord.

 Since 2007, MUJI has opened 17 retail locations thus far in North America bringing their worldwide tally to close to 700 stores. Christopher Okada also represented MUJI USA in the opening of their retail locations at 475 5th Avenue (North American Flagship), 54 Cooper Square (SoHo), 620 8th Avenue (NY Times Building), 16 West 19th Street (Chelsea).

 "In 2017, retailers really need to focus on their online and retail user/customer experience. MUJI really has been focusing on this since their inception. I believe it's paying off in a big way these days.” Okada said.

LAW FIRM EXPANDS TO 45 WEST 34TH STREET

Nancy Burner & Associates, P.C. is a full service elder law firm concentrating in the areas of Estate Planning, Trust and Estate Administration and Litigation, Special Needs Planning, Guardianship and Elder Law.  Headquartered in Suffolk County, the law firm is expanding it's practice to New York City with the acquisition of 1,996 SF at 45 West 34th Street. The asking rent was $57/SF.

David Ho of Okada & Company represented the tenant and Dana Moskowitz, Richard Price, and Robert Rosenberg of EVO Real Estate Group represented the landlord.

45 West 34th Street is a property acquired jointly with the principals of EVO Real Estate Group, Newmark Holdings, and Okada Acquisition Company in 2012. The property underwent a $15M gut renovation project, and is now 96% leased.

 

SWIM & RESORT FASHION COMPANY TAKES UNION SQUARE

New York, NY - April 25th, 2017 - Okada & Company is pleased to announce the successful lease of the retail at 3 East 17th Street Street in the Union Square section of Manhattan.

3 East 17th Street, NYC

3 East 17th Street, NYC

The tenant, Everything But Water is a women's apparel company with over 100 retail outlets throughout the country. For over 30 years they've specialized in the sale of swim and resort fashion all year-round.

Everything But Water took 2,200SF of retail which is currently occupied by women's intimates company Journelle. The 10 Year lease was structured by David Ho & Francis Leung of Okada & Company who represented the landlord. RKF represented the tenant.

Okada & Company is a multifaceted, progressive, and full service commercial real estate advisory and investment firm. With over four decades of New York City experience, Okada & Company has become one

HISTORICAL MANHATTAN INVESTMENT SALES NUMBERS

Since we submitted our Q1 2017 numbers we've received numerous requests for a historical view on where we are. This is a quick snapshot and insight into what the first quarters looked like over the past 10 years.

Q1 2007: $17.2B
Q1 2008: $5.0B
Q1 2009: $1.5B
Q1 2010: $1.53B
Q1 2011: $3.1B
Q1 2012: $5.7B
Q1 2013: $5.5B
Q1 2014: $9.6B
Q1 2015: $16.7B
Q1 2016: $10B
Q1 2017: $4.58B

Q1 2007 - Q1 2017 ($Billions)



 

HELL'S KITCHEN CONDO PROJECT SELLS OUT

Okada Acquisition Company is pleased to announce the completion and sell-out of 55-unit residential condominium project 432 West 52nd Street. Sales of the 60,000SF development commenced in October, 2014. The project was also featured on Season 5 of Bravo TV's Million Dollar Listing New York.

Okada Acquisitions head Christopher Okada stated "I loved this deal. When we launched sales we wondered if we would miss the market. Six months from the launch, we owned it without any debt. The team and people involved were amazing, and it was featured on TV. It wasn't all rainbows and unicorns however. My father passed away 1 month after we purchased it (which was devastating) and from Q2' 2015 onward there was a lot more competition in the immediate area. I also clearly remember people doubting we could get the sales numbers we achieved. In the end, I'm really happy with the partnership, the talented people involved, and the process in general."

MANHATTAN RETAIL VACANCIES HIT 4.1%

The New York City retail market experienced a slight decline in market conditions in the first quarter 2017. The vacancy rate went from 3.8% in the previous quarter to 4.1% in the current quarter. Net absorption was negative (54,419) square feet, and vacant sublease space increased by 12,981 square feet. Quoted rental rates increased from fourth quarter 2016 levels, ending at $89.86 per square foot per year. A total of 3 retail buildings with 114,528 square feet of retail space were delivered to the market in the quarter, with 2,381,590 square feet still under construction at the end of the quarter.

Net Absorption

Retail net absorption was slightly negative in New York City first quarter 2017, with negative (54,419) square feet absorbed in the quarter. In fourth quarter 2016, net absorption was negative (37,262) square feet, while in third quarter 2016, absorption came in at positive 560,933 square feet. In second quarter 2016, negative (157,549) square feet was absorbed in the market.

Tenants moving out of large blocks of space in 2017 include: Room & Board moving out of 30,500 square feet at 105 Wooster St; and Harlem NYC moving out of 30,000 square feet at 256 W 125th St.

Tenants moving into large blocks of space in 2017 include: Bed Bath & Beyond moving into 20,361 square feet at 5 W 125th St; TJ Maxx moving into 20,000 square feet at 5 W 125th street and Bed Bath & Beyond moving into 20,000 square feet at 2431 Broadway.

Vacancy

New York City’s retail vacancy rate increased in the first quarter 2017, ending the quarter at 4.1%. In prior quarters, the market has seen an overall increase in the vacancy rate, with the rate going from 3.7% in the second quarter 2016, to 3.5% at the end of the third quarter 2016, 3.8% at the end of the fourth quarter 2016.

The amount of vacant sublease space in the New York City market has trended up over the past four quarters. At the end of the second quarter 2016, there were 44,053 square feet of vacant sublease space. Currently, there are 88,375 square feet vacant in the market.

Largest Lease Signings

The largest lease signings occurring in 2017 include: the 47,286-square-foot-lease signed by Nordstrom Rack at 855 Avenue of the Americas; the 39,821-square-foot-deal signed by Target at 111 W 33rd St; and the 30,045-square-foot-lease signed by Town Sports International at 2 Astor Pl.

Nationwide Store Closings

Over the next 2 quarters several big chain retail companies have annouced the closing of over 3500 retail outlets throughout the country.

MANHATTAN OFFICE LEASING ACTIVITY UP 27%

Q1 2017 MANHATTAN OFFICE LEASING

4 World Trade Center

4 World Trade Center

Year-Over-Year the office leasing activity increased by approximately 27.63% in Q1 2017 in Manhattan's main business districts. Although there was a negative net absorption of 1.65 million square feet, compared with Q1 2016's negative 2.28 million square feet, there was 630,000SF of more leasing activity.

Although there was more activity the overall vacancy rate increased to 8.4% by the end of the first quarter. Comparatively, the vacancy rate was 8.2% at the end of the fourth quarter 2016, 8.2% at the end of the third quarter 2016, and 8.1% at the end of the second quarter 2016.

Class-A projects reported a vacancy rate of 9.4% at the end of the first quarter 2017, 9.2% at the end of the fourth quarter 2016, 9.5% at the end of the third quarter 2016, and 9.4% at the end of the second quarter 2016.

 Class-B projects reported a vacancy rate of 7.4% at the end of the first quarter 2017, 7.3% at the end of the fourth quarter 2016, 6.9% at the end of the third quarter 2016, and 6.8% at the end of the second quarter 2016.

 Class-C projects reported a vacancy rate of 5.8% at the end of the first quarter 2017, 5.4% at the end of fourth quarter 2016, 5.1% at the end of the third quarter 2016, and 5.3% at the end of the second quarter 2016.

The Financial District and World Trade Center area had its best quarter in two years. Leases including Spotify’s 378,000 square foot lease at 4 World Trade Center, brought the area to 2.3 million square feet of activity. This is 44 percent above the quarterly average since 2007.

In areas of Midtown South where activity is usually highest among tech and advertising firms, rents increased 11.7% to an average of $76.65 per square foot. Downtown rents dipped 2.2 percent to $56.45 per square foot, while Midtown rents crept up 1.1 percent to $75.78 per square foot.

There are about 11.7 million square feet worth of new office space expected to hit the market in Manhattan through 2020. Half of that space is committed.

MANHATTAN INVESTMENT SALES DOWN 50%

1 Vanderbilt

1 Vanderbilt

In the first quarter of 2017, Manhattan commercial real estate sales transactions were down about 50% compared to the same time in 2016. The market has been anticipating this slow down for some time, however, it comes as a big surprise that the numbers would be so drastic.

Recapitalization transactions and equity investments took center stage as 60 Wall Street and 1 Vanderbilt found new partners. Both transactions were foreign Asian capital sources, namely GIC from Singapore and National Pension Service of Korea respectively.

Not only was the total volume of sales transactions down, the number of deals were down 26%, and the average price per deals were down 32%. All indications point to a lackluster quarter, and a slow start to commercial real estate sales throughout the city. 

Okada & Company founder Christopher N. Okada believes "...it's a perfect storm of the city's lack of incentivizing development through 421-A programs [which may have just been revived], the financial institutions lending restrictions from laws like Dodd-Frank,  a rise in interest rates, a gap between what sellers are expecting and what purchasers are willing to take, and simply put a cooling of a red hot recovery... we knew it was coming. I guess the big question is; what's the next right move?"

 

CLICK HERE FOR THE MARKET REPORT

 

 

Okada & Company's Top 5 in Q1 2017

What a fast quarter! I feel time flies even quicker these days. From a new POTUS, to Snapchat going public, what a time to be alive. New York City has especially seen some pretty remarkable events. From the opening of the Second Avenue Subway, to the record breaking number of protestors marching down Fifth Avenue, to Winter Storm Stella, it was all very interesting.

For us at Okada & Company, we too had a pretty remarkable quarter.

Here are the top 5 pretty awesome things that happened to us in the first quarter:

 

5. Supporting friend Paul Massey on his Mayoral Run

Paul Massey Is Running For Mayor!! We had a chance to meet up with a friend of our firm Paul Massey in a private fund raiser at the New York Athletic Club on January 9th. He's a good guy with lots of ideas. Good Luck Paul!

 

4. Hello ClickPay Good Bye Roku | 45 West 34th Street

It's the circle of real estate life. Entertainment and hardware provider Roku has left the building. They were a great tenant at 45 West 34th Street, but as our occupancy is over 95% we couldn't give them the extra space they needed. However, we're super excited to have signed up internet company ClickPay as one of our newest tenants. ClickPay a subsidiary of NovelPay is a service provider to landlords and makes paying rent and HOA fees a cinch. Credit is due to Dana Moskowitz & Richard Price at EVO Real Estate Group for handling the leasing there. Congrats all around.

 

3. 50th Transaction With Falcon Properties

Flacon.jpg

In March of 2017, Okada & Company completed its 50th lease transaction with Falcon Properties. The business relationship started in 2006, a time when Falcon Properties did not work with other real estate firms. After some convincing they opened doors to our book of clients and the rest is history. Congratulations & Thank You to everyone at Falcon Properties!

 

2. Third Time Selling 256 west 15th Street

Selling a property in Chelsea is always great. But selling it three times in a 3.5 year time span? Now that's rare! I wrote about it briefly here however, the key thing to note is that every time it sold, it was profitable.

 

1. OUR NEW WEBSITE!

Okada Web.jpg

Our last website was created in October of 2009. It's truly remarkable how much has changed in New York, in the United States, and in Technology. Our newest update tells a better story of our history, our accomplishments, and our value propositions.

For more information of Okada & Company please visit us at www.okadaco.com


 

Third Time's A Charm: Just Sold

256 West 15th Street

SUCCESSFUL TRANSACTION

Okada & Company is pleased to announce the sale of 256 West 15th Street, New York, NY in the amount of $14.1M. This is the third time Okada & Company has sold the property since 2013. Christopher Okada & David Ho represented the sellers in the transaction Daniel Tamir of DTE represented the purchaser.

Okada & Company is a multi-faceted commercial real estate firm that specializes in commercial leasing and investment sales in the Midtown and Downtown sub-markets of Manhattan. 

Looking for a good deal? Click Here

To see our work. Click Here

 

DAVEK Umbrellas Lands New Office Diggs

Known to be one of the world's toughest umbrellas, Davek Umbrellas has moved its offices to 115 West 30th Street. Alexander Vellios of Okada & Company represented the fashion accessories company, and Adam Justin of Justin Management represented the landlord.

Okada & Company is a multi-faceted commercial real estate firm that specializes in commercial leasing and investment sales in the Midtown and Downtown sub-markets of Manhattan. 

Looking for a good office deal? Contact Us Here
 

Real Estate Weekly: Young Gun Okada Has His Eye On Big Invesments

Christopher Okada started his vocation with a handicap. The 36-year-old — now in his 11th year as founder and CEO of real estate investment firm Okada & Co. — had to constantly prove his dealmaking prowess because his looks didn’t inspire confidence.

“I definitely had people tell me: ‘Wow, you look so young,’” he said.

Okada compensated for his baby face with the boundless energy youth provides. He likened his firm’s early years to that of a start-up, with survival depending more on determination rather than business acumen.

“It was a very fun time. (We were) very much like a start-up… I was very nervous and very excited. I was 25-years-old and I felt like I was ready for war,” he said. “When it was go time, I didn’t care if I was young or old. I just wanted to win.”

He has since flipped his youth to have a positive effect. He considers himself to be physically durable, enough to defeat the demands of constant dealmaking and competitors; and he expects everyone else in his company to keep up.

“I have a lot of resilience. I can get back up faster and think quicker… I’m willing to push myself physically. And when I say physically, I mean setting up more meetings and making more phone calls,” he said.

“Today, being young and ambitious is very advantageous. The company feeds off of this energy.”

While many real estate executives cite oblique and poetic reasons for exceling in moving Manhattan real estate, Okada declined to engage in ambiguous ramblings. He’s in it for the payoff, and he competes ferociously to get it. “There’s no feeling in real estate like winning and the payoff,” he said.

Okada, who started in real estate as part of his father’s Manhattan firm, got his first payday 18 months into his career.

“I went to go work for my father and I started doing leasing in the Plaza District. Within 18 months, I sold my first building. The total commission was $76,000. I was 24-years-old and I felt that was a tremendous amount of money. I was very proud to be able to give my father $38,000 in one shot.

“From that point on, I was hooked. I never experienced anything like that. At 24-years-old, making $38,000 in a single check, it’s a lot. That closing was really what kept me in real estate,” he said.

He has gone far since then. His firm has closed $150 million in acquisitions over the past four years. This includes partial interest in 432 West 52nd Street, a former St. Vincent’s Hospital facility that has been converted into luxury condos, and a $9.5 million deal for the retail space at 135 West 52nd Street, which used to be a location for a Flatotel hotel.

He attributes a fraction of his achievements to a tribal division in business. He said that as an Asian company, his firm has directly benefitted from the migration of Asian firms into Manhattan.

“We’re Asian. I gotta throw it out there. In New York City right now, it’s very hot to be Asian. Every single year, we somehow make money bringing Asian companies. We capitalize off of that,” he said.

Nonetheless, he refuses to credit his ethnicity for his firm’s trajectory. “There are many Asian companies that only work with other Asians. That’s not us at all. We work with everyone,” he said.

“People come to us because we have the best deals and the best strategy. They come to Okada because they want good deals. Period. And we work like hell to find them.”

The Real Deal: Chetrit sells retail condo at Flatotel conversion tied to alleged money laundering

The fight over stolen cash allegedly tied up in the Chetrit Group’s condominium and office conversion at 135 West 52nd Street continues, but sales at the property are apparently proceeding regardless.

A group of investors including the principals of real estate advisory and investment firm Okada & Co., Christopher Okada and Francis Leung, paid $9.5 million for a 5,000-square-foot commercial condominium at the property, the former Flatotel in Midtown.

BLT Prime steakhouse has leased the space from the group, the Wall Street Journal reported.

Chetrit, along with partner Clipper Equity, bought the 254,000-square-foot property in 2013 for $180 million. The developers planned 109 condominium units at the property, all but 22 of which had sold as of last week.

A lawsuit filed in October by Almaty, Kazakhstan’s largest city, and BTA, one of the country’s largest banks, alleged that Chetrit had accepted a $40 million investment of what the suit alleged was stolen money. The suit was settled in November. Chetrit has prevented the alleged thieves from taking their money out of the project, pending resolution of the charges against them.

Chetrit has a $100 million stake in the project, according to court papers. [WSJ, third item] – Ariel Stulberg

Clarification: Clipper, while a partner in the project, was not named in the lawsuit filed by BTA and Almaty. The text has been updated to reflect such.

The Real Deal: St. Vincent’s Midtown resi conversion is 50 percent sold

A former St. Vincent’s nursing facility in Hell’s Kitchen converted into luxury condos by JVL Property Group, Okada Acquisitions and Zion Enterprises is 50 percent sold in about six months after sales launched.

432 West 52nd Street, NYC

432 West 52nd Street, NYC

The 55-unit project hit the market in October, with condos priced in what Okada president Christopher Okada called the “affordable luxury” range — between $610,000 to $2.4 million, working out to $1,400 to $1,600 per square foot.

“It’s a very vibrant mix of people that have been purchasing,” Okada said. “I think it’s the price point.”

Buyers have included young couples, parents buying for their children who are studying in the city, and foreign nationals looking for a pied-à-terre. Construction is 100 percent complete, and new residents have already started moving in.

The building’s priciest units, rather than being penthouses, are ground-floor level duplexes with outdoor space on both the below-ground and first-floor levels. The highest recorded sale to date was one of these, at $1.6 million. Two others, including a $2.4 million, one-bedroom, 1.5 bathroom duplex, are still listed.

Listing broker Jaclyn Boulan of Stribling & Associates described the setup as townhouse-style living.

The Chetrit Group started the residential conversion but then sold the partially completed project to the current group of developers in June for $41.4 million. Chetrit held onto two adjacent lots, where it has plans to build a160-unit residential project at 416 West 52nd Street and a townhouse at 422 West 52nd Street.