Landlord Also Tapped the Full-Service Brokerage Firm to Reposition and Market Chelsea Office Property
New York-based dermatologist Dr. Bobby Buka, who counts celebrities Sarah Jessica Parker and Julianne Moore as patients, will open his sixth medical office at 247 East 28th Street following the completion of a lease signed by ABS Partners Real Estate. The new location, known as Kips Bay Dermatology, sits on the corner of 28th Street and Second Avenue and offers 1,200 square feet of ground-floor retail space. Kips Bay Dermatology is slated to open in August 2017.
John Brod, Mark Tergesen and Joseph Italiaander of ABS Partners represented the landlord, MB Grayson, a subsidiary of May Bao, in the transaction, while the tenant was represented by Michael Yadgard of Maxwelle New York. Asking rent in the deal was $85 per square foot.
“Kips Bay was the next natural location for Dr. Buka, who attracts clientele from all over New York City. The new office at 247 East 28thStreet will draw patients from several Midtown East neighborhoods, like Murray Hill, in addition to clients from the Upper East Side and Queens, who previously had to travel to offices downtown,” said Brod, a partner at ABS.
In addition to enlisting ABS to lease the retail space at 247 East 28th Street, May Bao, which is a subsidiary of the Beijing-based ShoKai Group, also hired the firm to reposition and exclusively market a 14-story commercial building at 224 West 30th Street. The Chelsea property, which was formerly a fur manufacturing facility, is being converted into 160,000 square feet of high-end, modernized office space. Rents at the building are expected to start at $55 per square foot.
“Once fully renovated, 224 West 30th Street will provide a high-end option for office tenants that are looking for a powerful presence on Manhattan’s West Side. This area is going through a tremendous period of development and we expect interest to continue growing among commercial tenants, especially as more office inventory hits the market,” said Caseley, a partner at ABS.
247 East 28th Street is a residential building in Manhattan’s Kips Bay neighborhood. The ground-floor retail space offers 35 feet of frontage along 28th Street and is easily accessible via the 28th Street 6 subway station. The surrounding neighborhood offers Kips Bay Dermatology patients access to nearby medical facilities, including Bellevue Hospital and the VA NY Harbor Healthcare System.
About ABS Partners Real Estate
ABS Partners Real Estate, LLC is a premier New York-based real estate services firm. Founded by industry leaders, ABS has assembled a dynamic team of professionals with expertise in all facets of real estate services, including owner-advisory services, leasing, sales and property management. ABS also specializes in land use and ground lease consultation, the transfer of development rights, fractional ownership valuation, FAR valuation, and services specifically related to the issues faced by families holding real estate for multiple generations over. In addition to its service-related activities, the Principals of ABS are actively engaged in partnerships to own real estate. Brokers at ABS have the opportunity to participate in those partnerships. The founders of the firm believe that by owning real estate the members of the firm are better able to serve its clients by gaining a deeper, first-hand understanding of the needs of property owners.
