Mogull Closes $150 Million in Leases for BankUnited

REAL ESTATE WEEKLY  Mogull removes big question mark from $150M Manhattan bank deal  By Holly Dutton  8:15 am, February 20, 2013  A $150 million retail deal years in the making has finally been closed.  Veteran broker Kim Mogull told Real Estate Weekly that BankUnited has singed three leases for New York City locations with an aggregate value of $150 million.  The Florida-based commercial bank’s flagship location will be an 11,000 s/f space at 960 Sixth Avenue in Herald Square. It will operate two more locations from a 5,500 s/f space at 299 Park Avenue on the northeast corner of 48th Street, and a 14,000 s/f triplex at 136 East 57th Street on the southeast corner of Lexington Avenue.  “Mogull Realty has been a trusted business partner throughout our retail expansion in the tri-state area and in Florida. Kim Mogull is 100% client driven with unrivaled loyalty and integrity.” said Frank Martorana, BankUnited's senior executive vice president. "Those traits are extremely rare in this day and age, particularly in a market as competitive as New York City."  Over the last decade, Mogull represented BankUnited's principals leasing branches on behalf of their previous bank, North Fork. "The principals of BankUnited have been Mogull Realty clients for over a dozen years," said Mogull. "We assisted with their expansion, relocation and disposition needs throughout bank mergers, acquisitions and the sale of North Fork. Our next collaborative endeavor is launching and expanding BankUnited."  BankUnited’s founders previously worked for the now closed North Fork and were subject to a five-year non-compete agreement, according to Mogull, CEO of Mogull Realty,.  Although she managed to secure locations early on, BankUnited was unable to open prior to 2013.  This left the broker with the question of what signage to use in the windows of the soon-to-be banks.  She decided on question marks which, she said, “built buzz” around the neighborhood, especially at the flagship location. “With its strong business relationships, dedication to service and of course, fantastic branch locations, I am confident that BankUnited will quickly emerge as one of New York’s powerful commercial banks and stimulate new opportunities, investments and job creation,” said Mogull.  “We are proud to be a part of their launch and ongoing growth.” Mogull said the bank had signed “very long-term leases,” which had each been executed within 6-8 months of each other. Renovations are underway at all three locations, which will officially open some time in March.  Representing the locations in the deals were Robert Kaplan, Hidrock Realty (960 Sixth) Annette Healey, CBRE (299 Park Ave.) and Richard Halpern, Silk & Halpern (136 E57th).  About Mogull Realty:  Mogull Realty is a privately owned, full-service real estate company with offices in New York and Florida. Mogull Realty specializes in marketing and leasing high-end, signature properties and in representing Class A credit tenants that include BankUnited, Hospitality Holdings and Aspinal of London.  Mogull Realty has a 27-year track record of bringing world class tenants to properties it represents. In Times Square, Mogull Realty leased the entire retail component of 1600 Broadway, which included the transformative M&M's World deal. On behalf of Rockefeller Group Development Corp. and Oceana, Mogull relocated the elegant seafood restaurant into 22,000 square feet in The McGraw Hill Building. Mogull Realty brought both The Gansevoort Hotel Group's New York and Florida portfolio as well as The Trump Organization's retail portfolio to 100% occupancy concluding leases with tenants such as Godiva, Megu, David Barton Gym, Curve Apparel and Capital One Bank.  As the exclusive agent for T-Mobile, Mogull Realty completed 51 transactions on the East coast within a 12-month time span. On SCOOP's behalf, Mogull Realty opened stores throughout Chicago, Connecticut, Florida, East Hampton and New York City. Mogull Realty has a successful track record of securing high profile locations across the country for its signature restaurant clients such as bringing STK and STKout to The Grace Building, New York City; and The Cosmopolitan Hotel of Las Vegas to our nation's capital, Washington, D.C., where the modern steakhouse is scheduled to open 2013 QTR 4.  For more information on Mogull Realty, please visit www.mogullrealty.com.