30 Park Avenue

• August 2024 New York New Developments
• Major Developments: Red Apple Real Estate obtained a $57 million construction financing for a 12-story mixed-use project in Chelsea at 280 Eighth Avenue. The 100,000 square-foot building will include 104 residential units, a community space and ground-floor retail. Blackstone signed a deal to expand its headquarters at Rudin's 345 Park Avenue for over 1 million SF. Ares Management expanded its headquarters at 245 Park by more than 130,000 SF to 307,000 SF and JPMorgan Chase reached a deal, in a joint venture with Hines, to acquire 250 Park for more than $300 million. JPMorgan construction crews are building the bank's …
  
  
• December 2023 New York Commercial Real Estate Market Report
• Office: Large office owners such as Blackstone, Brookfield, and RXR have already handed lenders the keys to some office buildings, figuring they are worth less than their debt. A $670 million loan on RXR’s 230 Park Avenue also known as the Helmsley Building is set to mature on Dec. 8. The mortgage was sent to special servicing and the landlord is facing “imminent maturity default.” RXR is working to restructure the loan. Scott Rechler’s firm purchased the 35-story, 1.4 million-square-foot landmarked property for $1.2 billion in 2015. It took out a $785 million acquisition loan from American International Group for …
  
  
• April 2022 New York Commercial Real Estate Market Report
• Office: Developers have started office projects totaling 2.1 million square feet since the beginning of 2021, well below the 3.2 million square feet of office construction starts in 2019 and the 5.7 million square feet of office construction starts in 2020. There are 19 million square feet of office construction underway in Manhattan. Deliveries are expected to surpass supply in both 2022 and 2023, increasing the supply of office stock by 4%, after that, however, office deliveries will likely begin to fall off in 2024, a decline that may continue through 2027. Many office tenants appear to be ready to …
  
  
• April 2020 New York New Developments
• New York New Developments Gov. Andrew Cuomo barred all employees of non-essential businesses from reporting to work, and laid out what amounts to shelter-in-place rules for New Yorkers, though he avoided the phrase. The order exempts food businesses and others deemed essential. After saying he will halt all residential and commercial evictions for 90 days, Cuomo noted that landlords would have a hard time renting out vacant apartments anyway, and real estate agents can’t show apartments under the new workforce rules. About $20 billion in retail property loans are coming due, and it’s unclear how much of that debt will …
  
  
• April 2018 New York New Developments
• New York Major Developments: An Upper East Side retail site that has been vacant for more than two years will soon be Morton Williams. A curated version of the supermarket is coming to 1251 Third Avenue, the former site of a Talbot’s. The grocery store chain has taken 13,000 square feet across two floors, with an asking rent of $2 million per year. Chinese investment in the United States’ commercial real estate has plummeted by 55% last year, dropping from $16.2 billion in 2016 to $7.3 billion in 2017. Purplebricks, a London-based discount brokerage, received $177 million equity investment from …
  
  
• September 2015: New York Buildings For Sale
• NYC Buildings For Sale Unizo Holdings is buying Sherwood Equities and JPMorgan Chase's 370 Lexington Avenue office building for $247 million. 370 Lexington Avenue contains 311,000-square-foot.350 East 86th Street went into contract with Gary Barnett's Extell Development Company for $100 million. Innovo Property group and Artemis Real Estate Partners bought the 15,500-square-foot retail condo at 202 Canal Street for $44 million.Extell just acquired a 14-story office building at 10 West 47th Street for $74.4 million containing 72,000-square-foot building between Fifth and Sixth avenues. Gaia Real Estate is in contract to buy the rental conversion of a former St. Vincent's Midtown …
  
  
• June 2015: New York Buildings For Sale
• New York Buildings sold The Sapir Organization and CIM Group sold 11 Madison Avenue for $2.6 billion to SL Green. SL Green Realty Corp. agreed to pay $2.3 billion, and spend an additional $300 million for building improvement costs. 11 Madison contains a 2.2 million-square-foot building.Prodigy is buying a 12-story building at 331 Park Avenue South for $51 million, including air rights from nearby properties. Prodigy is paying $49 million to buy 114 East 25th Street, a 42,000-square-foot loft-style property.Crown Acquisitions and Oxford Properties Group bought the entire office and retail base of 641 Fifth Avenue (Olympic Tower), after paying …
  
  
• April 2015: New York Buildings For Sale
• New York Buildings sold Chinese insurance company Groups bought the Waldorf Astoria for nearly $2 billion. It was the largest ever Chinese investment in a single Manhattan property and that was negotiated chairman Wu Xiaohui to chairman Jonathan Gray head of real estate for Blackstone.Maddd Equities bought the school component of a 14-story Upper East Side building for $24.5 million. The school is located inside a 181,700-square-foot building at 1225-1239 Second Avenue, located between East 64th and 65th streets. The Grace Institute had owned the roughly 45,200-square-foot space since 1963.David Berley purchased 160-162 Lexington for $24.5 million from Lexington Landmark …
  
  
• February 2015: New York Buildings For Sale
• New York Buildings for Sale A Times Square hotel is hitting the market for. The Comfort Inn Times Square South at 305 West 39th Street is for sale asking $35 million. The property was built in 2007, and has a 93% occupancy rate. Rooms are about $180 per night. The price per room is based is about $448,718.A Court Square development site offering more than 167,000 buildable square feet is on the market for $41.5 million. The site is 11,145 square feet. The properties are located at 23-10 45th Avenue, 45-03 23rd Street; 45-05 23rd Street; 45-07 23rd Street; 45-09 …
  
  
• November 2014 NYC Buildings purchased & For to purchase
• New York Buildings sold Two properties in Midtown East were just sold for $18 million. A five-building development site at 134-142 Bowery sold for $45.3 million.A Midtown East-based real estate investment firm bought 66 Pearl Street for $30.1 million.Emmes Asset Management is selling a Midtown South office building at 158 West 27th Street for a sizable profit. The 118,000-square-foot building is in contract for $82.5 million.New York University bought a 151,000-square-foot building in Noho for $157 million, with plans to convert it into a temporary space for athletic facilities.Ashkenazy Acquisition Corporation bought a pair of adjacent retail buildings a block …
  
  
• October 2013: NYC New Developments
• NYC New Developments Ace Hotel is converting a 10-story building at 225 Bowery into a hotel, despite earlier plans to turn it into apartments. The Lower East Side building’s owner, the Salvation Army Chinese Community Center, will close within the year. Ace is serving as a silent partner and developer on this and the Jarmulowsky Bank project at 52 Canal Street. That development, from DLJ Real Estate Capital Partners, is slated to be a 12-story, 105-unit hotel, and will be operated by Ace under a different name.Fairway Market is coming to the World Trade Center neighborhood. The market just signed …
  
  
• September 2011 New York New Developments
• Major NYC Developments The London-based Children's Investment Fund inked its first New York City real estate investment this month, providing $250 million in first mortgages for Macklowe Properties' condominium conversion of the luxury apartment building 737 Park Avenue in Lenox Hill. The fund, makes investments in a wide range of industries globally, and gives a portion of its profits to children's charities around the world. "It is the first direct real estate investment we have made in New York," New York State Attorney General Eric Schneiderman is hindering federal efforts to negotiate a foreclosure settlement with Wall Street banks on …
  
  
• July 2011 New York New Developments
• New Developments Governor Andrew Cuomo, signed a statewide property tax cap legislation, caps property tax increases at 2 percent, or the rate of inflation, whichever is less. Only a 60 percent vote in local communities override Cuomo's legislation. "We are beginning a new era in which New York will no longer be the tax capital of the nation," Cuomo said Community activists opposing the Rudin family's proposed takeover of the St. Vincent's Hospital campus in Greenwich Village dropped their court appeal without ever appearing before a judge.New York led a second consecutive month of U.S. housing price gains. Nationwide home …
  
  
• July 2008 New York New Developments
• New DevelopmentsThe city has reached a deal with a developer that will bring schools to a mixed-use development planned for Midtown East. With financing from New York City Educational Construction Fund, the World Wide Group will build a new elementary school and a new high school that would replace the High School for Art and Design. In exchange, the city will lease the developer a 1.5-acre site at East 57th Street and Second Avenue. World Wide plans to build 200,000 square feet of retail and 488,000 square feet of residential space. Mayor Michael Bloomberg unveiled a plan to rejuvenate the …
  
  
• July 2007 New York Commercial Real Estate Market Report
• New York City New Construction:Sitt of Thor Equities scaling back plans for Coney Island from 2 billion to 1.5 billion. Sitt has already spent $120 million buying up land. Dropped 40 story tower. Rental apartment and condominiums and making project less dense.New York City Buildings Leases:Davis Polk renewed and expanded lease to 650,000 sf at 450 Lexington Avenue.MTV Networks Entertainment Group leases 400,000 sf at 345 Hudson Street.Limited Brands renewed lease of 125,000 sf at 400 Lafayette Street.BBDO renewed lease of 41,000 sf at 1375 Broadway.Choice Logistics leases 34,000 sf at 1 Whitehall Street.NaviSite Corporation leases 33,000 sf at 395 …
  
  
• July 2007 New York Buildings For Sale
• New York Buildings sold 60 Wall Street, a 47-story, 1.6 million sf office building, was sold to Paramount Group for $1 , 200 million. Harlem portfolio, 4,000 residential units, was sold to Urban American Management; City Investment Fund for $940 million. 885 Third Avenue (Lipstick Building), a 587,000 sf office building, was sold to Metropolitan Real Estate Investors for $607 million. 229 West 43rd Street (New York Times Building), a 746,000 sf office building, was sold to Africa Israel Investments for $525 million. Brooklyn and Queens portfolio of 2,000 residential units was sold for $250 million. 1328 Broadway (2 Herald …