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Futterman wins deal of the year.

The Real Estate Board of New York (REBNY) has presented its 2005 Retail Deal of the Year Awards, which recognize the most creative and significant retail deals, at the Retail Committee's annual cocktail party at the 10l Club.

Robert K. Futterman and Karen Bellantoni of Robert K. Futterman and Associates won the award for the Most Creative Retail Deal of the Year for the Apple store at 767 Fifth Avenue.

James Kuhn and Amira Yunis of Newmark Knight Frank won the award for the retail deal that Most Significantly Benefits Manhattan for Trader Joe's at 140 East 14th Street.

Chase Welles of Northwest Atlantic Real Estate Services, LLC won the award for the Most Creative Deal in the Outer Boroughs for the Whole Foods at 3rd Street and 3rd Avenue in Brooklyn.

"This year's winners are the architects behind three of the most important retail deals in New York City, which have helped major retailers make their mark in the city," said Steve Spinola, REBNY President. "The winners displayed creativity and skill in closing these significant deals and we commend the winners and all of the entrants for participating. We're proud to recognize these submissions."

The Most Creative Retail Deal was awarded to Robert K. Futterman & Associates, LLC, which, in cooperation with Open Realty of Dallas, TX, represented Apple Computer Inc. in the lease of 22,500 s/f of lower-level space for a retail flagship store on the Plaza at 767 Fifth Avenue, the GM Building. The deal, which took two years to complete, required much creativity because of the design, construction and ownership of a glass element the retailer sought to create with the street-level exposure that would be critical to its retail operation.

After numerous offers and acceptances, design reviews, submissions to the City Planning Commission, and deal points negotiated and renegotiated an agreement was reached for Apple to lease the Plaza of 767 Fifth Avenue. The completed deal is the result of the creativity and design vision of Harry Macklowe, the ingenuity and branding philosophy of Apple, and the tenacity and diplomacy of the brokers to get the deal done. As a result, the new Apple flagship location has restored the Plaza and made it an attraction for the public and passersby.

The Trader Joe's lease at 140 East 14th Street by Newmark Knight Frank was presented the award for the deal that most significantly benefits Manhattan.

The deal, which resulted in the opening of Trader Joe's first Manhattan store, faced numerous challenges at every step of the way, including the store's location which is just east of Union Square. In addition, NYU, the building's owner, wanted a suitable tenant for the space as it would be located in NYU's dormitory. After hitting several dead ends, Trader Joe's became interested and was just the type of tenant that was right for the area and met NYU's needs. Once the retailer became interested in the space, there were challenges that needed to be overcome in the physical layout of the space that made it difficult to house a retail operation like Trader Joe's.

After much negotiation, the city made accommodations for the retailer to load and unload its trucks outside of its designated area. Also, to ensure that Trader Joe's could get a liquor license, the space was divided into two parts. Through perseverance and creative thinking, the deal transformed a city block and has been tremendously successful for the landlord and the tenant.

The Whole Foods at 3rd Street and 3rd Avenue, by Northwest Atlantic Real Estate Services, LLC was presented the award for Most Creative Deal in the Outer Boroughs. The location was chosen because 3rd street is one of the connecting streets between Cobble Hill and Park Slope, allowing easy access for both pools of shoppers.

The anticipated opening of Whole Foods Market has sparked much interest in the area from developers of both residential and commercial projects. Partially motivated by this interest, The Department of City Planning has proposed a rezoning of the Gowanus Canal area from 3rd Street to Union Street for a mixed use loft district with artists' residential, light manufacturing and service retail. Whole Foods will provide a meeting place for Brooklyn Heights and Park Slope and has already contributed to an important dialogue about the future of a long underused industrial area of Brooklyn.

Judges for this year's submissions were Robin Abrams, The Lansco Corporation; Tom Bow, The Durst Organization; Jenna LaPietra, PP, AICP, The Port Authority of NY & NJ; Ronette Riley, Ronette Riley Architects; and Joseph Weishar, New Vision Studio.

The cocktail party was sponsored by: Massey Knakal Realty Services, Vornado Realty Trust, The New York Times, Real Estate Weekly, Rose Associates, Inc., The Durst Organization, Jack Resnick & Sons, and Zeckendorf Development, LLC.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jun 21, 2006
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