Success Stories

Agency Leasing:

Scarsdale, NY –
1 Palmer Avenue

Abstract:

1 Palmer Avenue in Scarsdale is a newly constructed, two-story retail and office building with underground parking, located directly in front of Balducci’s supermarket. After a year on the market with a Manhattan-based brokerage company, only a small portion of the second floor had successfully been leased. Subsequently, Admiral was hired by the investment group which purchased the property from the original developer, and leased the entire property within four months of the building’s completion.

CHALLENGES:

  • The property had a challenging history with the local municipality, because the original developer had several design and permitting differences with the town, which complicated the tenant approval and permitting process.
  • Ownership had hired a well-respected Manhattan-based retail real estate firm to lease the property, but after one year, only a small portion of the second floor had been leased.

Solution:

  • Admiral leased the entire property within four months of the building’s completion to the following strongly financed regional and national companies:
  • We analyzed the demographics and lifestyle of the local neighborhood and surrounding areas, including assessments of the locations of schools, homes and offices in relation to the property. We also surveyed the adjacent properties and the neighborhood to see what retail categories are already present and successful, as well as what retail was missing.
  • Admiral posted the property on industry websites, scheduled regular e-mail campaigns and conducted active canvassing, focusing on the retail and office uses that would be a good fit for area demographics.
  • Admiral generated a standard LOI to use when negotiating terms with potential lessees, and worked through multiple rounds of business terms with each potential lessee.
  • Admiral pro-actively liaised with the town planner, and illustrated to the town planner the benefits of the new tenancies to the area. We worked closely with the tenants’ and landlord’s architects and attorneys in working through the municipality’s entitlement and approval process.

Client BENEFITS:

  • Admiral leased the entire property within four months of the building’s completion to the following strongly financed regional and national companies:
    • Choice Pet Supply
    • William Raveis Real Estate
    • Hand and Stone Spa
  • We analyzed the demographics and lifestyle of the local neighborhood and surrounding areas, including assessments of the locations of schools, homes and offices in relation to the property. We also surveyed the adjacent properties and the neighborhood to see what retail categories are already present and successful, as well as what retail was missing.
  • Admiral posted the property on industry websites, scheduled regular e-mail campaigns and conducted active canvassing, focusing on the retail and office uses that would be a good fit for area demographics.
  • Admiral generated a standard LOI to use when negotiating terms with potential lessees, and worked through multiple rounds of business terms with each potential lessee.
  • Admiral pro-actively liaised with the town planner, and illustrated to the town planner the benefits of the new tenancies to the area. We worked closely with the tenants’ and landlord’s architects and attorneys in working through the municipality’s entitlement and approval process.