86Th Street

• February 2024 New York New Developments
• Major Developments: LVMH Moët Hennessy Louis Vuitton, the parent company of Louis Vuitton, Christian Dior and jewelry designer Tiffany & Co., is in negotiations to acquire 745 Fifth Avenue, a 35-story tower. LVMH is competing against other bidders for the property. SL Green acquired 2 Herald Square leasehold for next to nothing; it had completed a deal to acquire a 95% stake in the leasehold at 2 Herald Square: SL Green paid $7 million to settle the property’s $182.5 million mortgage. The City Comptroller is suing Lloyd Goldman’s development company over allegations that it failed to pay the wages required …
  
  
• December 2023 New York Buildings For Sale
• Buildings for Sale: 222 Broadway is for sale. The owner is hoping for a price between $150 million and $200 million. The office portion of the 780,000-square-foot building is only 31% occupied after Bank of America. WeWork also leased a large portion of the space, and the location is part of the company’s bankruptcy. The property is said to be a “blank canvas opportunity for an investor to either re-lease the building as office, or convert some or all of the building to residential,”eyeing a price of somewhere between $150 million and $200 million. Disney is looking to sell UWS …
  
  
• April 2023 New York Commercial Real Estate Market Report
• Office: Twitter listed 200,000 square feet of space up for sublease at its Chelsea offices. The connected buildings at 245 West 17th Street and 249 West 17th Street. Touro University at 3 Times Square adding 66K sf across two more floors bringing, total footprint in the tower to nearly 310,000 square feet. STV leased 65,000 square feet at 350 Fifth Avenue and will occupy the full 10th and part of the 11th floor. Asking rent for the 16-year lease was $69 per square foot. StubHub leased 3 World Trade Center and signed a 44,000-square-foot lease on the 59th floor of …
  
  
• February 2023 New York Buildings For Sale
• Buildings for Sale: Chetrit to pay off the floating-rate loan $481 million. The Chetrit Group is facing default on a $481 million loan, covering 43 properties that the developer is now looking to sell. APF Properties is looking to sell its plot at 24 West 57th Street, for north of $80 million. As a development site, the property holds about 140,000 square feet of buildable space as of right. Maverick sues Chetrit over unfinished Penn Station hotel. Lender alleged the developer neglected matured loans, didn’t complete the project. Maverick Real Estate Partners sued for the second time going after the …
  
  
• July 2022 New York New Developments
• Major Developments: The state advanced the $7 billion redesign of Penn Station, The state will begin accepting bids from architecture and engineering firms for the redesign of the station. Proposals are due in July and a winner will be selected in the fall. J-51 joins 421a in the graveyard of real estate benefits as The decades-old tax exemption program J-51, which incentivized landlords to renovate apartment buildings expired on June 29. Rent board approves first full-year, post-Covid hike of 3.25%. Landlords and tenants, both unhappy with vote, say reform is needed to the chagrin of both sides, the Rent Guidelines …
  
  
• May 2022 New York Buildings For Sale
• Buildings for Sale: SL Green Realty has to sell its $120 million stake in Times Square’s Crowne Plaza hotel, after a judge ruled that investor Andrew Penson has the right to buy it. SL Green and Argent Ventures are fighting over control of the land underneath the 795-room hotel at 1601 Broadway, which is in default on its $330 million mortgage. Brookfield Asset Management and China Investment Corporation are selling One New York Plaza, their 50-story office building in the Financial District. Nightingale Properties is selling 300 Lafayette Street. Bids on the property, which features 63,000 square feet of office …
  
  
• July 2021 New York Commercial Real Estate Market Report
• Office: In the depth of the pandemic last year, a majority of New York City office tenants facing lease expirations did not want to commit to a long-term deal. Instead, they opted for shorter extensions. The number of short-term renewals, a deal shorter than five years, was up 46% in 2020 compared to the year before. Almost 20% of Manhattan office space is up for rent, up to about 80 million square feet of space either unrented or for sublet. About a third of commercial leases are to expire in the next three years. Only a fifth of workers are …
  
  
• April 2021 New York New Developments
• New York New Developments Gov. Andrew Cuomo has signed a measure that expands commercial eviction and foreclosure protections for some small businesses until May. Saadia Group, Lord & Taylor’s new owner, has found a new headquarters at 275 Madison Avenue. The proposed development at 250 Water Street will look a bit different from what the developer originally envisioned. A revised design will shrink the project’s size by about 27%, from 757,000 square feet to 550,000 square feet. The tallest building will be reduced in height from 470 feet to 345 feet. The Down Town Association, lower Manhattan’s oldest social club …
  
  
• February 2021 New York Buildings For Sale
• Buildings Sold: Dynamic Star continues to snap up properties as it moves forward with a massive mixed-use project in the Bronx. Dynamic Star purchased a concrete plant site along the Major Deegan Expressway for $21 million. The development firm intends to incorporate the new parcel into Fordham Landing, the $3.5 billion megaproject it’s planning in University Heights near the Harlem River. A $75 million loan tied to the Gramercy Park Hotel sold to an anonymous buyer. JPMorgan Chase sold the debt, which has a maximum principal amount of $75 million, to RDAC 8 LLC. The loan is secured by the …
  
  
• July 2020 New York Commercial Real Estate Market Report
• Manhattan office leasing in the second quarter of 2020 totalled just 3.18 million square feet, ½ the previous quarter and down 72% from the previous year and the slowest quarter for office leasing since 2009. Manhattan’s overall availability increased 0.4% points to 10.6%, the highest since early 2015. Manhattan’s asking rent average slightly decreased. Subleases have remained constant. Office leasing activity in April (1.35 million square feet) and May (1.42 million), in June, it was remaining at 410,000 square feet . Midtown Office 1.88 million square feet in leasing activity in the quarter, down 52% year-over-year. The largest lease was …
  
  
• January 2020 New York Buildings For Sale
• Buildings For Sale: Viacom is considering a sale of CBS’ 38-story Midtown headquarters. CBS occupies about a third of the 870,000-square-foot building at 51 West 52nd Street. Orda Management Corp. is looking to sell 225 and 233 Park Avenue South containing about 675,000-square-foot for as much as $800 million. Target signed a lease for a 33,000-square-foot store on 42nd Street between Seventh and Eighth Avenues. The store will be Target’s 10th small-format shop in Manhattan, and is slated to open in 2022. Buildings Sold: McDonald’s sold a three-story retail building containing 5,800-square-foot at 429 Seventh Avenue for $35 million. The …
  
  
• December 2019 New York Commercial Real Estate Market Report
• Market Overview: Office: Midtown saw 1,070,000 square feet in office leases signed, up 37% from the prior month but down 39% year-over-year. The availability rate rose to 11.5% with the average asking rent hitting a new high of $89.45. Midtown South leasing increased to 420,000 square feet up 27% from the prior month but down 9% year-over-year. The availability rate dropped to 9%, average asking rent down to $83.56 per square foot. Lower Manhattan saw leasing pick up with 260,000 square feet, up 62% from the month before and up 68% year-over-year. The availability rate dropped further to 11.8% and …
  
  
• May 2019 New York New Developments
• Major Developments: Financial services accounted for 39% of the leasing activity, of which 13% was leased by co-working companies. Coworking had accounted for 12% of leasing volume last year and 5% in 2017. TAMI followed with 16% of leasing volume in the first quarter. There were six Midtown deals over 100,000 square feet. Sumitomo’s 266,000 square foot renewal and expansion at 277 Park Avenue and the Bank of Montreal’s 215,000 square foot relocation to 151 West 42nd Street. Job growth in New York City increased by 1.8% with 68,700 jobs added by the private sector from 2018 to 2019. The …
  
  
• January 2018 New York Commercial Real Estate Market Report
• Office rents on Fifth Avenue are the second-most expensive in the country. Average asking rents on the Midtown stretch between 50th and 61st streets clocked in at $116.04 per square foot, and at the top end of the range reached $185 per square foot. Manhattan’s office-leasing market stood tall. Tenants flocked to get deals done, particularly in new buildings on the Far West Side and in Lower Manhattan, pushing leasing volumes ahead of last year’s figures. In fact, half of the year’s Top 10 most valuable office leases were inked at Hudson Yards and Manhattan West. The 10 biggest new …
  
  
• November 2016 New York New Developments
• New York Major Developments: Construction spending in New York City is expected to soar to $127.5 billion by the end of 2018, showing that the building boom still has legs. Predictions that spending will reach $43.1 billion in 2016, a 26% increase from 2015’s construction spending in 2017 is projected to reach $42.1 billion and then $42.3 billion in 2018. Non-residential construction of $17 billion projected in 2016, a 27% increase from last year. Office construction accounts for 20 million square feet of new space will be added over the next five years, much of it in Hudson Yards. Tishman …
  
  
• 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 Commercial Real Estate Market Report
• Retail The average asking rent for Manhattan's most expensive retail corridor on Fifth Avenue between 49th and 59th streets rose 4 % from $3,420 in fall 2014 to $3,683 this spring. Asking rents for ground-floor retail space along East 57th Street between Fifth and Park avenues were up 60 % from fall 2014. Eight of Manhattan's major retail corridors saw moderate rent growth from the previous quarter. Five of Manhattan's hottest retail corridors saw asking rents get double-digit %age increases year-over-year, with two of them rising over 20 %. Herald Square, 34th Street from Fifth to Seventh avenues, saw rents …
  
  
• February 2013 NYC Buildings For Sale
• Buildings For Sale In one of the largest land deals in years, Sheldon Solow has reached an agreement with a consortium led by JDS Development Group to sell a parcel of land overlooking the East River for roughly $200 million. The full-block piece of land is zoned for residential use, and there are intentions to build a 37-story tower and a 47-story tower on the site, with a total of more than 830 units. The deal is being financed primarily by a $125 million loan from UBS. The parcel being sold is the smaller of two plots totaling nine acres …
  
  
• January 2012: Manhattan City New Developments
• Manhattan New Developments Cornell University, in partnership with Technion-Israel Institute of Technology will build a 2 million-square-foot applied science and engineering campus on Roosevelt Island. Atlantic Philanthropies a charitable organization founded by billionaire Charles Feeney made the $350 million gift to go towards the creation of Cornell University's 2 million-square-foot applied science and engineering campus on Roosevelt Island. Feeney, who made billions of dollars through co-founding the Duty Free Shoppers Group, graduated from Cornell's School of Hotel Management in 1956, and has been consistently making donations to his alma mater.Brooklyn politicians were still hoping on another phrase the mayor uttered …
  
  
• 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 …
  
  
• June 2011 New York New Developments
• New Developments Companies such as Boston Properties and Vornado Realty Trust are in negotiations with potential tenants and may even proceed with construction without securing leases. Boston Properties may be the first to break ground by the end of 2011. The company is finalizing negotiations to anchor a 1 million-square-foot tower at Eighth Avenue and 55th StreetRelated Companies CEO Stephen Ross said he was confident about attracting tenants for the first phase of the development, which will include four million square feet of office space. "I think we're going to surprise people," he said. "We're talking to nine tenants at …
  
  
• January 2011 New York New Developments
• New Developments Columbia University may be moving forward with plans for a $6.3 billion expansion after the U.S. Supreme Court rejected an appeal by local businesses whose properties may be subject to eminent domain. The justices refused to question findings by a state development agency and said that the area is blighted and that the expansion has a legitimate public purpose. Several years back, retail giant Walmart tried to open stores in Queens and Staten Island, but backed off after fierce community opposition. Now the discount chain store is trying again to break into the New York City market, since …
  
  
• November 2010 New York Buildings For Sale
• New York City Buildings soldJRK Hotel Group has sold the 193-room Hotel Roger Williams, at 131 Madison Avenue, to LaSalle Hotel Properties. LaSalle acquired the hotel's leasehold interest for $90 million, along with around $4.5 million in other costs which closed recently. JRK, who acquired the property on the corner of 31st Street in 2003, will retain management of the hotel. Embattled developer Kent Swig lost ownership of 5 Hanover Square after Manhattan-based real estate firm Savanna bought the discounted mortgage on the 325,000-square-foot building. Savanna paid $51.5 million in cash to Capital One Bank, a 14 percent discount from …
  
  
• May 2010 New York New Developments
• New Developments Of the many players featured in the high-stakes drama unfolding at Stuyvesant Town and Peter Cooper Village, David Tepper, who has bought more than $800 million worth of controlling bonds at the property over the last 18 months, is proving to be one of the most volatile and polarizing. Tepper took legal action to guide the distressed property to his liking. But his attitude toward Stuyvesant Town, one of the biggest commercial-deals-gone-sour, is one of optimism. Tepper sees an opportunity for bankruptcy and restructuring, a move he believes would save millions. The city's Economic Development Corp. issued two …
  
  
• March 2010 New York New Developments
• Major Developments Affordable housing programs throughout the city are facing trouble unloading units. The city has been praised across the country for its efforts to provide affordable housing to lower- and middle-income households but, while the low-income rentals continue to thrive, the ownership program is struggling, which could be seen as good since it ultimately means less foreclosures.Larry Silverstein believes his commitment to the World Trade Center redevelopment project can be measured not only by his enthusiasm, but also by his own cash. The developer recently proposed several different financing options to the Port Authority of New York & New …
  
  
• November 2009 New York New Developments
• Major NYC Developments 11 Times Square, the city's largest office tower, remains entirely unleased more than two years after breaking ground in 2007. Some give the owner little chance of holding on to the 1 million-square-foot building without a significant debt restructuring. They cite the current weak economy, the 25 percent decline in rents, and the cost of the building, a pricey $1,100 per square foot as the reason. There are currently no signed leases for the 40-story glass commercial tower stationed across from the Port Authority terminal, which is three-quarters completed.JPMorgan Chase may hold onto its 60-story office property …
  
  
• August 2009 New York New Developments
• New Developments After many years of construction on Fulton Street, small business owners are now able to apply for grants from the city to improve storefronts that have been obstructed or damaged by the construction. The Fulton Nassau Crossroads Program, funded by the Lower Manhattan Development Corporation, offers free design, engineering and construction management, along with $275,000 for construction, to buildings located on Fulton and Nassau streets.Law firm Orrick Herrington & Sutcliffe may sign a lease for 220,000 square feet at 51 West 52nd Street. They will take the space previously occupied by UBS and Cushman & Wakefield. Cushman will …
  
  
• March 2009 New York New Developments
• The New York State Appellate Division ruled in favor of the Atlantic Yards project today in a lawsuit that challenged the project's environmental review process. Mayor Michael Bloomberg released a statement in support of the project, saying it will "create thousands of jobs and generate badly needed tax revenue." Bloomberg said the court's approval is a big step towards the start of construction for the delayed project.Proskauer Rose backed out of taking space at Mort Zuckerman's 250 West 55th Street, and now is in talks to move in again. Zuckerman put the 1 million-square-foot project on hold when the law …