Modell’s good to go on 51st
MODELL’S Sporting Goods is opening a new flagship in the former Sports Authority space at 845 Third Ave. on the northeast corner of East 51st Street.
The Rudin-owed 21-story tower takes up the entire block front between East 51st and 52nd streets.
The 21,000-square-foot store encompasses the ground and second floor along with a storage basement.
Robert Steinman represented Rudin Management inhouse. Asking rent for the ground was $250 per square foot.
Last spring, Modell’s had considered and rejected a that joint wouldbid with have Sports divvied Directup all the Sports Authority stores prior to its bankruptcy filing. Later during the bankruptcy process, Dick’s Sporting Goods put its dibs on 28 stores, but last month, after due diligence, handed this one back to Rudin. Knowing his interest, Bill Rudin contacted Modell’s Chief Executive Mitchell
Modell, and within two weeks, shook hands on a 10year lease that was signed on Monday.
“He was very excited to open there,” said Rudin. “Mitch and I have known each other for a long time, and it’s great when business and friendship merge. His is a quintessential New York family and so are we.”
“It will be our flagship store with expanded men’s and women’s assortments,” said Modell.
Including this one, Modell’s has four stores opening in November with two in New Jersey, and one in Brooklyn to encompass 44 in the five boroughs and 159 overall.
Modell predicts the holiday retail season will depend on the weather and the local teams. “If it’s a cold December, and the Giants and Knicks go long into the season, it will be good. But if it’s a warm winter, and the teams are lousy, it remains to be seen. If it is 82 [degrees] like last week, we’ll get out Tshirts and swim trucks.” Partnersson closedferent includingmacherA Investmentventureon properties,and Schlemmerthreethe Benen-Ham-of dif- Co. ABS BuildingThe uniqueat 145 East catalog 57th st. companying and once has ownedbeen an the occupantbuildsinceIt now 1926. occupies the 7,500square-foot retail space on the ground, mezzanine and basement through 2023. The venture paid $62.75 million to Grupo Victor Malzoni, which bought it in 2010 for $34 million.
After spending $10 million on a capital improvement program but facing 25,000 square feet of leasing and more work, they decided to cash out.
The Italian investors hired the JLL team of Glenn
Tolchin, Yoav Oelsner, and Anthony Ledesma to market the property that sits along Billionaire’s Row.
“The market for an asset like this was at a premium given the lack of inventory as well as the low interest rate environment,” said Tolchin. While global investors kicked the bricks, they were unwilling to take on the leasing risk that is a no-brainer for locals like ABS and Benenson. Gregg Schenker and Randy Modell of ABS Partners represented the buying venture while colleagues Robert Finkelstein and Alex Kaskel will handle the leasing. Schenker says the asking rent will be in the $60s per square foot, but will be higher for the vacant penthouse. “We set aside substantial funds for work and improvements,” Schenker added.
ABS and Benenson also bought the fee at the AMC movie theater at 66 Third Ave. that has a ground lease through July 2037 and also paid $17 million for a medical building at 407 E. 70 St. which was sold by the doctors through Cushman & Wakefield and then leased back.