Staubach scoops REBNY's annual retail award.

In June, 2005, the Real Estate Board of New York (REBNY) presented its 2004 Retail Deal of the Year Awards, which recognize the most creative and significant Manhattan retail deals, at the Retail Committee's annual cocktail party at the 101 Club.

Robert D. Taylor and Patrick A. Smith of Staubach Retail Services won the award for the Most Creative Retail Deal of the Year for the Hard Rock Cafe transaction at 1501 Broadway/221 West 57th Street.

Chase Welles of Northwest Atlantic Real Estate Services, LLC won the award for the Most Significant Deal in Manhattan, for the 85,000 s/f Whole Foods lease at the corner of Bowery and Houston Street.

"We had a record number of entries for this year's Retail Deal of the Year awards," said Steve Spinola, REBNY president.

"The winners exemplify the types of characteristics our judges are looking for when they select the top transactions. Both the Hard Rock Caf6 and Whole Foods deals required creativity, ingenuity and skill on the part of our member brokers. We commend the winners, and all of the entrants, for continuing to make New York City the place major retailers want to be."

The Hard Rock Cafe retained Taylor and Smith to negotiate a rent reduction at the restaurant's current location, 221 West 57th Street, and to find a long-term solution for them by relocating Hard Rock to a better location. The team first attempted to restructure the lease, but then found an ideal new location--the vacant World Wrestling Entertainment restaurant, located at 1501 Broadway.

Despite a series of roadblocks, including the building owner attempting to refinance the property, the brokers approached the owners about selling the building with the agreement that Hard Rock would be released from the lease. Multiple offers for the property came in. The building owners finally found a developer, which would mean the restaurant could get out of its lease. However, that buyer wanted Hard Rock to pay a substantial sum to be released from its lease. Ultimately, a resolution was arranged by the brokers to benefit all parties.

Intel, the new owner of the site, was paid an agreed upon termination fee. World Wrestling Entertainment was released from their lease at 1501 Broadway, and the venue also contributed towards Hard Rock's termination fee.

Hard Rock was able to double its size and is now paying $430,000 per year less in rent than it was paying at its former location.

The Whole Foods transaction was presented the Retail Deal of the Year award because the broker skillfully convinced a major retailer to enter a site that had been vacant for 45 years in a previously blighted and underserved area, and in turn helped to create new energy for the neighborhood sparking a surge of inquiries into the availability of nearby residential and retail space.

The store, opening at a pivotal intersection between the East Village and the Lower East Side will lure new traffic to the area of the Bowery, driving forward the renaissance that has already begun to take shape as part of the Cooper Square Urban renewal area. The new store is scheduled to open in March 2006.

Judges for the submissions were Beth Guastella, Kate Spade; Leslie Heifetz, Citibank, N.A.; Rob Nager, Murray Hill Properties Corp.; Sherri White, Vornado Realty; and Frank Angelino, DeCampo, Diamond & Ash. This year, REBNY members submitted 17 transactions for consideration.

The cocktail party was sponsored by IBEX Construction, W&M Properties, The New York Times and ZE Realty Group, LLC.