Harlem

• October 2024 New York Buildings For Sale
• Buildings for Sale: Brookfield is weighing a sale of the retail at 685 Fifth Avenue. 135 East 57th Street, is for sale A judge signed an order on Sept. 6 backdating Cohen’s eviction to his initial default on June 26. The Wallace family is now open to either a new reconstituted ground lease or even a full sale, with all options on the table. Albert Monasebian and Nader Hakakian launched into workout talks after defaulting on the loan backed by 16 East 40th Street, a 12-story building. The partners quit making payments on the $32 million loan. They received a …
  
  
• July 2024 New York Commercial Real Estate Market Report
• Office: The number of new leases Downtown was 35% below the five-year average. Blackstone is finalizing a deal to expand its headquarters at 345 Park Avenue, upping its lease from 750,000 SF to just over 1 million SF. Blackstone extended its lease by six years to the end of 2034, approximately 55% of the 1.9M SF office building. Two-year old Hudson Yards skyscraper is now 81% leased. Tishman Speyer signed five new lease agreements totaling 129,500 square feet at its Hudson Yards tower. Bloomberg extended its lease for another 11 years at 731 Lexington Avenue in the Plaza District for …
  
  
• July 2024 New York New Developments
• Major Developments: The Adams administration’s plan to rezone a 46-block area of the Bronx is moving forward, with a final City Council vote expected this summer. New York City Planning Commission signed off on the plan, which targets the areas surrounding the four new Metro-North Stations planned for Co-op City, Hunts Point, Morris Park and Parkchester/Van Nest. The stations are expected to be built by 2027. The rezoning is expected to pave the way for 7,474 apartments, and add more than 300,000 gross square feet of retail space, 1.6 million square feet of life-science space and 1.2 million square feet …
  
  
• December 2023 New York New Developments
• Major Developments: The U.S. Immigration Fund of a 22-acre megaproject that was supposed to deliver more than 3,000 units of housing in Brooklyn is at risk of losing control of several still-unbuilt development sites. to foreclose on six sites owned by Greenland USA. Steve Cohen details his Queens casino plan dba Metropolitan Park would be an 8 billion project near Citi Field and spread over 50 acres of parking lots surrounding Citi Field, home to the Mets. Hard Rock International is partnering with Cohen on the project. Cohen’s plan includes a hotel, music venue, food hall and 20 acres of …
  
  
• 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 …
  
  
• October 2023 New York Buildings For Sale
• Buildings for Sale: US Masters Residential Property Fund is looking to sell its 479-property portfolio piecemeal of largely one- to four-unit properties for $858 million. Blackstone stopped making payments in March 2022 on the $308 million CMBS loan backing 1740 Broadway, a 26-story office tower a block from Carnegie Hall, and gave the keys to the lender. CWCapital was appointed and is now planning to sell the note for the 621,000 SF tower. Extell Development is now asking $195 million for the triplex down from $250 million. The price of the 17,500-square-foot triplex or $11,100 per square foot. A $240 …
  
  
• September 2023 New York Buildings For Sale
• Buildings for Sale: Vornado weighs sale of Farley building in quest for liquidity. The Farley Building which Vornado and Related Cos redeveloped from a former U.S. Post Office was leased to Meta Platforms, Facebook's parent company, in 2020 in a 730,000 SF, 15-year deal that was a bright light for the market during the worst of the pandemic. The Metropolitan College of New York is looking to sell two of its floors at an office building at 60 West Street. Metropolitan College has struggled since the pandemic, feeling a sizable drop in enrollment. Buildings Sold: Capital One is selling a …
  
  
• June 2023 New York Buildings For Sale
• Buildings for Sale: Premier Equities bought the hotel at 1141 Broadway in 2019, and is seeking around $60 million for the 10-story NoMad property. Three Nolita Veracity Equities are slated for a foreclosure auction as the firm struggles to repay a $41 million loan. 31 Prince Street, 46 Spring Street and 48 Spring Street are now more than 121 days delinquent. Appraised value has dropped from $66 million when the loan was issued in March 2018 to $49.5 million. All the properties are walk ups and have a combined 48 residential units, only six of which are rent-regulated and eight …
  
  
• May 2023 New York New Developments
• New Developments: The MTA launched eminent domain proceedings for nine sites in East Harlem. The MTA plans on demolishing existing buildings to make room for some heavy machinery to extend the subway from East 96th Street to East 125th Street. The staging ground at East 116th Street will ultimately become a subway entrance for the extension. A collapsed Lower Manhattan parking garage had open violations. The Manhattan DA is investigating the incident that killed one. The partially collapsed building at 57 Ann Street racked up dozens of violations for decades. Four of those violations remained open when the building, owned …
  
  
• 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 …
  
  
• March 2023 New York Buildings For Sale
• Buildings for Sale: Related Companies’ fund management arm and BentallGreenOak are ready to walk away from the Point LIC, a small campus of converted warehouses in Long Island City, that sit mostly vacant after six years. BrightSpire Capital is looking to sell the non-performing loans, and the borrowers have agreed to hand the keys to the Point over to whoever buys the debt through a deed-in-lieu of foreclosure. The mortgages on the two buildings total around $150 million. The two properties: a 130,000-square-foot former oil storage warehouse at 2100 49th Avenue, dubbed the Paragon Building, and a 220,000-square-foot building across …
  
  
• 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 …
  
  
• January 2023 New York Commercial Real Estate Market Report
• Office: AECOM renewed its lease at 100 Park Avenue, but renewed for only 45,000 square feet from 108,000 square feet. Asking rent for the space was $65 per square foot. Crowell & Moring leases 71,000 sf at Brookfield's Two Manhattan West. GameChanger signed a 25,000-square-foot lease at 124 East 14th Street aka Zero Irving. The company will occupy the 17th and 18th floors. Asking rents started at $120 per square foot. Pandora takes 27,000 sf at 1540 Broadway. The asking rent on the 15-year lease at the former Bertelsmann Building was $82.00 per square foot. CompStak signed a five-year lease …
  
  
• January 2023 New York Buildings For Sale
• Buildings for Sale: Quarters into bankruptcy, the co-living firm’s flagship property in Williamsburg has hit the market. Developer David D. Dweck is looking to sell the 160-bedroom, 62,600-square-foot campus on North 6th Street between Bedford and Driggs Avenues for $65 million. Fred Ohebshalom is under pressure from Stillwater Asset Management who is looking to foreclose on the nine-story office building at 226 East 54th Street after purchasing the building’s debt. 180 Nassau Street is facing foreclosure after Pink Stone allegedly failed to service the debt 103-unit apartment building. Ezra Unger is once again facing foreclosure at 427 Marcy Avenue as …
  
  
• October 2022 New York Buildings For Sale
• Buildings for Sale: Aman Group is looking to sell the hotel portion at the f Crown Building. One person familiar with the matter said the hotel could fetch $600 million. The deal would be structured with a manage-back clause, retaining Aman as operator of the property. UBS seeks $125M for UES apartment tower 408 East 92nd Street for somewhere between $120 million and $125 million, Developed in 2004, the building has an affordability agreement, set to expire in 2026, that subjects 20 percent of its 196 units to rent stabilization in exchange for the 421a property tax abatement. Madison Realty …
  
  
• September 2022 New York Commercial Real Estate Market Report
• Retail: Bed Bath & Beyond is closing hundreds of stores and laying off a large percentage of its workforce. About 150 of its lower-performing stores would be closed in the near future, marking a footprint reduction of about 16% of its 955 stores. Free People, an Urban Outfitters subsidiary, is responsible for more than $13 million in back and future rent at 58-60 Ninth Avenue. Mayor Eric Adams announced a crackdown on abandoned dining sheds. The mayor believes that sheds are dangerous or a haven for rats, and he wants to root out those who use the sheds for illegal …
  
  
• September 2022 New York Buildings For Sale
• Buildings for Sale: Related Companies is looking to sell the Equinox Hotel, at 33 Hudson Yards. The 212-key property, which includes office and retail space, opened in 2019. The property includes office and retail space and opened in 2019. Pacific Oak Capital and Savanna have defaulted on their loan for 110 William Street in the Financial District. Cornell Realty Management owns a 15% stake in Churchill Real Estate’s Penn Plaza building at 257-263 West 34th Street filed for Chapter 11 bankruptcy. Buildings Sold: SL Green, along with foreign investors, paid $445 million for the 337,000-square-foot Plaza District office tower at …
  
  
• 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 …
  
  
• April 2022 New York New Developments
• Major Developments A New York state bill would change disclosure rules for limited liability companies, requiring them to disclose “beneficial owners,” defined as those who have a membership interest in the LLC on the LLC’s annual tax returns, and that the Department of State assign each beneficial owner an identification number that would appear in a database along with the LLCs tied to that person. City Council Committee revealed an influx of filings for eviction and the moratorium was lifted, threatening to overwhelm legal aid providers. The flood of eviction cases could swamp the court system. Courts have turned to …
  
  
• January 2022 New York Buildings For Sale
• Buildings for Sale: All Year Holdings has filed for Chapter 11 bankruptcy with $1.6 billion in debt. The filing in Manhattan federal court came a day after the company discovered a $37.8 million confession of judgment was entered by Yoel Goldman, its troubled founder and sole owner, without the approval of All Year’s board. The company has $1.17 billion in assets, including 69 commercial units and 1,648 residential units. It has about $1.6 billion in outstanding debt, consisting of $800 million in bonds issued in Israel and about $760 million in property-level mortgage debt. Brookfield Asset Management is looking to …
  
  
• May 2021 New York Buildings For Sale
• Buildings for Sale: The $19.5 million loan on the 72-key hotel at the Mave Hotel at 62 Madison Avenue has been sent to the special servicer. The loan is now more than 90 days past due. Buildings Sold: HFZ Capital Group and the Marble Collegiate Church have lost control of their NoMad joint venture. Mezzanine lender Vanbarton Group took control of the development site at Fifth Avenue and West 29th Street, where the church has stood since 1854, in a UCC foreclosure auction. 604 Fifth Avenue sold to the Japanese snack chain Minamoto Kitchoan for just under $45 million. The …
  
  
• February 2021 New York New Developments
• New York New Developments Real estate leaders in New York have admitted that there’s a long road ahead before things return to normal or a new normal. WeWork recently exited four locations in Midtown, Soho and the Meatpacking District. Knotel declared bankruptcy. Gov. Andrew Cuomo is pushing a plan to get employees back in office buildings and office landlords are on board. Cuomo announced that rapid testing would be used in state-designated orange zones to open office buildings, along with restaurants and theaters. He said that major commercial operators with space totaling more than 100 million square feet have already …
  
  
• 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 …
  
  
• January 2021 New York New Developments
• New York New Developments Covid-19 vaccines are being distributed. A return to the office likely will not happen until early summer. It will take months for the vaccine rollout to become effective and for employees to reach herd immunity, meaning remote work will continue into the next year and office rents will continue to drop. Some companies are planning their return to the office in light of the vaccine news. In New York, 25 new tenants per week were searching for office space in the first two weeks of December, up from 20 per week in November. New York has …
  
  
• September 2020 New York New Developments
• New York New Developments The Metropolitan Transportation Authority plans to cut service by 40% if Washington does not send $12 billion in federal aid, crippling the city’s chances to come back from the pandemic. The timeline for the overhaul of John F. Kennedy International Airport will likely be pushed back years because of plummeting passenger demand. Passenger volume is down 85%, and officials warn that passenger numbers might not match last year’s level of nearly 62 million passengers until 2023. July was the slowest month of the year for large construction applications. The total size of the 10 biggest projects …
  
  
• July 2020 New York Buildings For Sale
• Buildings For Sale: Residential Cooperatives / Condominiums In the past few years, developers have rushed to build scores of glitzy new projects, flooding the market and spoiling buyers for choice. There are now more than 15,000 unsold condos in the city. Of that 15,000 more than 15% or around 2,600 units is in just six buildings. Lenders are largely working with the building owners to give them time for the market to stabilize. Some of the inventory will be repositioned. In New York City, some developers are hoping to clear a glut of unsold units by offering bulk deals at …
  
  
• June 2020 New York New Developments
• New York New Developments Mayor Bill de Blasio signed into law a package of Covid-19 relief bills, including one that temporarily bars landlords from going after restaurants and store owners’ personal assets. Attempting to enforce such provisions constitutes harassment under the measure. New York state’s coronavirus foreclosure ban does not apply to mezzanine loans. The last observation deck at the Chrysler Building closed in 1945 and will now be getting a new one. RFR Realty received unanimous approval from the Landmarks Preservation Commission for the new deck on the terraces that frame the 61st floor of the 77-floor tower. They …
  
  
• May 2020 New York Commercial Real Estate Market Report
• Manhattan Office Office Leasing in April was near zero with brokers unable to show, so the only deal done were started long ago. March was dead quiet and all showings stopped in Mid March. February leaving numbers showed a 41% drop in month-over-month leasing volume compared to January, across all three Manhattan sub-markets. Leasing volume for the quarter totaled 6.82 million square feet, the fewest since the third quarter of 2013. Office leasing in Manhattan ended the first quarter of 2020 on a low note, with the coronavirus pandemic putting a damper on all types of economic activity. Manhattan Retail: …
  
  
• May 2020 New York New Developments
• New York New Developments The number of new building filings in January and February dropped 28% and 23%, respectively, from a year ago. RFR Realty abandoned a deal to buy 900 Third Avenue for $400 million and a retail condo at 1600 Broadway in Times Square for more than $200 million. Extell’s controversial East Harlem development site is destined to become a low-rise office building. The developer began his assemblage in 2014 by purchasing the East 124th Street parcel for $39 million. The Empire State Development agency said real estate services must be conducted remotely for all transactions, “including but …
  
  
• May 2020 New York Buildings For Sale
• Buildings Sold: Jonathan Rose Companies bought a large affordable-housing apartment building on the Upper West Side for $94 million. The Midtown-based company paid $93.83 million to buy the 217-unit Tower West building at 65 West 96th Street from the Starrett Corporation. Habib American Bank acquired the organization’s building at 150 East 45th Street for $28.25 million. The Children’s Aid Society sold its Midtown headquarters, as the nonprofit organization relocates to a property it purchased in Harlem. RedSky acquired the site for $83.5 million in 2009, and filed plans for a 40-story apartment building with 470 rental units in 2018. Seven …
  
  
• March 2020 New York New Developments
• Major Developments: Cosi has filed for Chapter 11 for the second time in four years. The company has locations across the U.S. Modell’s Sporting Goods is renegotiating leases in more than 150 locations across 10 states. They sent letters to 19 landlords pleading with them to “dig deeper” so the retailer can avoid filing for bankruptcy. The latest proposal to expand Penn Station includes buying a full city block to the south for an entirely new terminal with eight tracks. The governor now has sights on West 30th and West 31st streets between Seventh and Eighth avenues for the “Empire …
  
  
• February 2020 New York Buildings For Sale
• Buildings Sold: Savanna sold 434 Broadway for more than $103 million to Tokyo Trust Capital Co and MC Real Estate Partners. SL Green Realty bought 707 Eleventh Avenue with plans to attract tech tenants for $90 million. The six-story building had been owned by Kenneth Cole since 2004. Jeff Sutton and Joe Sitt have gone into contract to sell 530 Broadway for $400 million, to a partnership led by Michael Shvo’s firm. Wharton is the majority owner of the trio of 11-story buildings at 530-536 Broadway. Healthcare Trust of America bought a two-story medical office building located at 4337 Broadway …
  
  
• September 2019 New York New Developments
• Major Developments: Signs of an escalating trade war between the U.S. and China caused real estate stocks to dip but then largely performed well compared to the overall market. Nuveen is joining Taconic Investment Partners on its $230 million purchase of a portion of ABC campus on the Upper West Side. The new owners plan to convert one of the properties, an office building at 125 West End Avenue, into space for life science tenants. No plans are clear for the other two properties: studio space at 320 West 66th Street and a property known as Lot 61. WeWork has …
  
  
• August 2019 New York Commercial Real Estate Market Report
• Manhattan leasing activity which includes both renewals and new leases totaled 20.26 million square feet. The first half of 2019 saw 15% less activity than the second half of 2018, but this was still 12.2% above the five year average. Asking rents continued to rise to record highs, with an average of $77.82 across Manhattan and $84.51 in Midtown in large part to a boom in Downtown. Office leasing in Midtown South was flat year-over-year with 7.02 million square feet in total volume. TAMI tenants were on top here with 54% of total activity from WarnerMedia’s 1.3 million-square-foot sale-leaseback deal …
  
  
• July 2019 New York Buildings For Sale
• Buildings Sold: The land under the Dream Downtown hotel in Chelsea sold for $175 million. The buyer of the hotel and retail condominium units at 355 West 16th Street was Worth Capital Holdings 52 LLC, with Charles R. Holzer as managing member. VRV Corporation sold two adjacent, five-story mixed-use buildings at 213 and 215 First Avenue for $19.65 million. The corporation had owned the buildings, which have 28 apartments combined, for decades. The buyers were two limited liability companies that listed Abraham Sanieoff as manager. First Republic Bank loaned $11.3 million for the purchase. Entities tied to Sanieoff recently picked …
  
  
• June 2019 New York New Developments
• Major Developments: The City Council approved the new headquarters for JPMorgan, the first project to take advantage of New York’s Midtown East rezoning. JPMorgan will stay and rebuild its global headquarters at 1,400 feet and 70 stories tall, and will allow the company to consolidate employees who now work out of multiple different locations. The Port Authority of New York and New Jersey is moving ahead with plans to replace the bus terminal. The agency is moving forward with the formal environmental review process and released a document for public review. Blumenfeld Development Group has received a $235 million refinancing …
  
  
• April 2019 New York New Developments
• Major Developments: Gyms and athletic wear retailers once again dominated the retail leasing scene last month in New York City, securing four of the top 10 biggest deals. The rest mostly comprised of restaurants. The biggest retail lease deals signed last month totaled 188,100 square feet, down 41,600 square feet from January’s total of 229,700 square feet. In February of 2018, the top 10 retail leases totaled 108,200 square feet. Hermès of Paris inked a lease for 40,000 square feet of space at 706 Madison Avenue for a new flagship location. The building’s landlord is Friedland Properties. Brooklyn Boulders signed …
  
  
• April 2019 New York Buildings For Sale
• Buildings For Sale: AEW Capital Management is looking to sell its boutique office building at 360 Lexington Avenue. The Boston-based investment firm put the 26-story building at the corner of Lexington and East 40th Street on the market with a price around $190 million A pair of office buildings in the Garment District is on the market with an asking price of $140 million, which span more than 200,000 square feet combined. The larger of the two buildings, 142 West 36th Street, is 17 stories tall on the block between Seventh Avenue and Broadway with a total of 119,203 square …
  
  
• March 2019 New York New Developments
• New York Major Developments Amazon has decided against coming to New York City. The company won’t build a new campus in Queens. Amazon was reconsidering its selection of New York, amid fierce political opposition. Much of the blowback sprung from the $3 billion state and city incentive offered to the company to come to the city. The company also indicated that it isn’t planning to reboot a search for another location, instead will focus on its new headquarters. The gallery space at Sotheby’s auction house is being upgraded and expanded at their headquarters on 1334 York Avenue for $55 million. …
  
  
• March 2019 New York Buildings For Sale
• Buildings For Sale: CIM Group is considering selling 246 Spring Street, the former Trump Soho Hotel. 77 East Third Street, the Hells Angels motorcycle gang is selling its clubhouse to a New York LLC known as East 3rd Street. 130 Bowery, the high-end events space Capitale, formerly the Bowery Savings Bank headquarters will be sold through auction and does not have an asking price. The building contains 32,000 square feet. The owners are open to selling it vacant so the space can be repurposed. China Oceanwide Holdings is putting 80 South Street on the market. The Beijing-based company purchased the …
  
  
• February 2019 New York New Developments
• The top 10 office lease deals totaled 2.65 million square feet, up more than 885,000 RSF more than the previous months top 10 leases. Deutsche Bank is set to take over 1.1 million square feet of office space at 10 Columbus Circle and will leave 60 Wall Street. Millennium Management signed a lease for 300,000 square feet of space at 399 Park Avenue, relocating from 666 Fifth Avenue. Asking rents are between $73 and $90 per square foot. WeWork signed a lease for 236,000 square feet of space across seven floors at 1440 Broadway, where it will have its own …
  
  
• January 2019 New York Commercial Real Estate Market Report
• Manhattan Office: The technology sector and co-working have become a strong driver of office leasing in Manhattan. Nearly 4 million square feet of Manhattan office leasing activity, a 77% increase from the previous year. The strong showing, bolstered by several blockbuster deals, kept the market on track to hit a post-recession record in 2018. In the third quarter, there were no leases closed over 100,000 square feet in Lower Manhattan. small_column_chart_by_brian Manhattan Retail: Retail rents continue to fall albeit at a slower pace with with average asking rents down by an average of 25% from the peak. Year-over-year, rents increased …
  
  
• December 2018 New York Buildings For Sale
• Buildings For Sale: DNA Development is looking to sell 12 West 48th Street and wants to double what it paid in 2016. The building is a four-story, 31,000-square-foot property. DNA purchased it in 2016 from Extell Development for $37 million. The property was a parking garage. The garage was demolished and DNA is in the process of replacing it with a retail building with a glass facade. The project should be finished next year with around 11,000-square-foot on the ground floor and a basement storefront. Bank of America will aid Anbang Insurance Group to sell its $5.5 billion portfolio of …
  
  
• October 2018 New York Buildings For Sale
• NYC Buildings Sold: Icon Realty Management bought a four-story residential property in the East Village for $10.4 million. The property, at 21-23 Avenue, contains apartments and four commercial units. The seller is 21-23 Ave. B, LLC, which is controlled by Andrew Chang. Fong’s Great Empire Realty bought the Down Town Association building at 60 Pine Street in Manhattan for $28.3 million The company will lease the landmarked property back to the club. East Harlem Tutorial Program bought a church site in East Harlem for $15.2 million. The package includes St. Lucy’s Church and a School at 342-344 104th Street and …
  
  
• August 2018 New York New Developments
• New York Major Developments: New York City’s hotel market had a better-than-expected first quarter in 2018, with revenue per available room growing 7.4%. Warehouse space is at its tightest level since the first dot-com boom, and it’s driving business. The second quarter saw availability fall to 7.2%, the lowest level since 2000, as demand continues to outpace supply. Hotel and condominium developer Lightstone Group plans to build a fourth Moxy Hotel in Manhattan at the site of a lighting store in the Bowery. Lightstone is in contract to acquire the building at 151 Bowery from Emmut Properties. Chinese insurers, conglomerates …
  
  
• June 2018 New York Buildings For Sale
• New York Buildings for sale: An entity managed by hedge funder Mark Sonnino is selling 555 West 25th Streets office property for $52 million, four years after paying $27 million in an all-cash deal. The six-story loft building has just over 51,000 rentable square feet. The Church of Saint Monica, at 413 East 79th Street, plans to sell 102,170 square feet of development rights at 406 East 80th Street to 79 East Owner LLC, an entity tied to Extell Development for around $35.8 million. The deal comes with an option for Extell to purchase an additional 6,748 square feet of …
  
  
• May 2018 New York Buildings For Sale
• New York Buildings for sale: SL Green Realty and partner Ivanhoe Cambridge are in contract to sell the office portion of 1745 Broadway for $633 million, or $939 per square foot. The buyer is an “institutional client of Invesco Real Estate.” The owners put the 685,000-square-foot office condo, which spans floors 2 through 26 in the 50-story building up for sale. Vornado Realty Trust said they had a “handshake” deal to sell the company’s 49.5% stake in 666 Fifth Avenue to the, Kushner Companies. It intends to retain its ownership in the building’s retail condominium, even if the deal to …
  
  
• 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 …
  
  
• February 2018 New York New Developments
• New York Major Developments: The supply of hotel rooms in the Financial District grew 10.7% last year, with another 1,917 rooms in the pipeline. Hotels continue to be built despite the softening of the overall hotel market. There are more hotel rooms slated to come online in 2018 than any year since, at least 2000. Developers have already delivered 26,193 rooms since 2013. Kushner Companies’ retail condominium at the old New York Times building could be facing challenges in the wake of Guy Fieri’s restaurant closing. Guy’s American Kitchen & Bar, a yet-to-be opened food hall run by celebrity chef …
  
  
• 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 …
  
  
• January 2018 New York Buildings For Sale
• New York Buildings For Sale: Chinese developer is looking to sell the 50-story, 492-key Holiday Inn Manhattan-Financial District. There is no official asking price for the hotel, which opened in 2014, but assumed to be north of $300 million for the property. RFR Realty has given up on developing condominiums at 67 Vestry Street, opting to sell the site to Elliott Aronson’s Iliad Realty Group for $55.5 million. New York Buildings Sold: Sunny K Realty paid $13.5 million for an 18-unit mixed-use building at 18 East 23rd Street. The Gramercy Park property includes 16 apartments and two commercial units, and …
  
  
• October 2017 New York Buildings For Sale
• Buildings Sold: Gaw Capital Partners is looking to obtain a $170 million loan to make one of the largest single-asset New York City hotel deals of the year: the $340 million purchase of the Standard Hotel from Dune Capital Management and Greenfield Partners. Extell Development purchased a drug rehabilitation center building with seven-floors, 27,000-square-foot property at 500 West 57th Street that is entirely leased to substance-abuse treatment center ACI for $19 million. Charles Ekblom, a now-deceased landlord, bought it from Columbia University in the 1960s, and the building was placed in a family trust until the sale. A famous recording …
  
  
• June 2017 New York Buildings For Sale
• New York Buildings Sold: Kobe Bussan, which operates a chain of supermarkets in Japan, sold two empty lots at 439-443 West 54th Street in Hell’s Kitchen. The buying entity is Yaus Special Clinton District LLC. WanXin Media purchased the Midtown office building and vacant lot at 7-15 West 44th Street for $68 million. WanXin plans to develop a boutique luxury hotel and Chinese cultural center which has 90,000 buildable square feet. If approved, the hotel will include 96 rooms and restaurant space in a 19-story building, seven stories taller and nearly 40,000 square feet larger than the existing building at …
  
  
• May 2017 New York New Developments
• New York Major Developments: The Port Authority of New York and New Jersey is rethinking plans to move its Midtown bus terminal a block west and is now considering renovating the existing station. The bi-state agency ordered a study of its current bus terminal to assess the cost of revamping its existing facility. Officials have estimated that moving the terminal would cost $10 billion. Earlier this year the Port Authority dedicated $3.5 billion to creating a new terminal. The borough’s hoteliers saw revenue per available room dip to its lowest point of the current cycle, as the hotel market struggles …
  
  
• March 2017 New York New Developments
• New York Major Developments: The city is taking another attempt at rezoning the Garment District, a move that will likely rollback rules that require landlords to lease a portion of their building to the fashion industry. The possible rezoning is connected to the Mayor’s plans to build a new manufacturing campus in Brooklyn. The Bloomberg administration tried to rezone the Garment District in 2009, but stopped the plan due to opposition. In the fourth quarter of 2016, absorption rate was negative in all three Manhattan office submarkets: Downtown, Midtown, and Midtown South for a total net absorption of negative 277,988 …
  
  
• January 2017 New York New Developments
• Major Developments: Wall Street firms with leases expiring in the near term are searching for new offices, in part because they believe President-elect Donald Trump will reduce corporate taxes and roll back regulations. Wall Street companies went from occupying 32% of Manhattan’s office stock to 25% in the last four years, during which time TAMI firms have increased from 19% to 24%. Hospitals in the city are big spenders on construction to update and expand their facilities. New York University’s new $1 billion academic building will have an all-glass facade that allows neighbors to peer into students’ lives. The university …
  
  
• December 2016 New York Commercial Real Estate Market Report
• Office leasing Manhattan leasing activity stood at 28.13 million square feet year-to-date at the end of October, up 5.4% through the first 10 months of 2015. Year-over-year leasing activity in Midtown held relatively steady, down 8.2% compared to last year. In Midtown South, leasing activity was 420,000 square feet, down more than 50% from the same month last year. Tenants signed deals to take more than 2 million square feet of office space in October, down more than a third from the same period last year. Midtown South leasing volume between the beginning of July and the end of October …
  
  
• December 2016 New York New Developments
• Major Developments: The city’s Human Resources Administration will renew its lease for 264,358 square feet at 109 East 16th Street and plans to spend more than $20 million on renovations. The proposed lease has a starting rent of $76.83 per square foot. As the market for land sales in Manhattan has cooled off amid a real estate slowdown, air rights trades have plummeted. The dollar volume spent on Manhattan air rights through the end of September totaled $70.69 million. That sum was down roughly 74% from the $269.78 million spent on deals that closed through the first nine months of …
  
  
• October 2016 New York New Developments
• Major Developments:The Related Companies is planning a 63-unit mixed-use building at 501 West 18th Street in Chelsea. The 10-story building will contain 97,800 square feet of residential space, along with 10,300 square feet of commercial space that will be divided across two retail units on the ground floor. Related bought the pair of parking lots which are adjacent to the IAC building in 2014 from investors Barry Haskell and Matthew Resnicoff. The $205 million price or $700 per square foot set a record for the neighborhood. The developer secured $125 million in financing for the purchase. Tishman Speyer filed plans …
  
  
• October 2016 New York Buildings For Sale
• Buildings For Sale Ashkenazy Acquisitions and Deka Immobilien put the New York Marriott East Side hotel on the market 17 months after buying it. The sellers are unlikely to get more than the $270 million they paid for the 525 Lexington Avenue property in 2015. The landmarked building spans 319,319 square feet and includes 655 hotel rooms and the 525LEX restaurant. Jona Rechnitz, the developer at the forefront of a probe into corruption at the New York Police Department, is looking to sell a Midtown development site for $26 million. JSR Capital bought the property at 238 Madison Avenue in …
  
  
• September 2016 New York New Developments
• Major Developments: SL Green Realty says it has shaken a pesky lawsuit that threatened to stall the construction of its office building near Grand Central Terminal, One Vanderbilt. The REIT has settled a lawsuit filed by the owner of Grand Central, which alleged that the office landlord and the city rendered his 1.2 million square feet of air rights useless when it rezoned the area. The settlement was made possible, in part, by the recent sale of a stake in Grand Central to Michael Dell’s MSD Capital. In 2012, the Witkoff Group announced it would build a new hotel at …
  
  
• July 2016: New York Buildings For Sale
• New York Buildings sold Harry Macklowe and Qatari investment bank QInvest closed on a deal to buy 432 Park Avenue's retail space for $411.1 million. CIM Group is developing the 1,396-foot condo tower in partnership with Macklowe the seller. The cube will include 6,600 square feet of retail space and will be connected to 20,000 square feet of retail space in the tower itself through a 30,000-square-foot underground concourse. Global Holdings is in contract to buy 1250 Broadway, an office tower owned by Jamestown and Murray Hill Properties, for $565 million. 1250 Broadway is a 39-story, 721,000-square-foot tower. The contract …
  
  
• May 2016: New York Buildings For Sale
• New York Buildings sold Sierra Assets Group bought at 160 East 56th Street a Midtown office building for $18.7 million. The building has 42 units which are mostly office tenants with some retail and contain 51,900 square feet. David Associates, sued three of the property's managing members in October to fairly partition the proceeds from the sale, citing constant friction between the owners. The owners countersued, claiming they were owed income from the property that was never distributed.The Renatus Group bought two contiguous mixed-use buildings at 152-154 7th Avenue for $10.5 million from Michael Connolly. One of the building's three …
  
  
• March 2016: New York New Developments
• New Developments Joseph Beninati's Bauhouse Group filed Friday for Chapter 11 bankruptcy for the LLC entity that owns the 3 Sutton Place development site in Midtown. There is an upcoming foreclosure auction by Gamma's who holds more than $180 million in debt on the property at 426-432 East 58th Street. Bauhouse defaulted on nearly $129 million in loans last month that it had received from Gamma, led by Richard Kalikow, for its planned 68-story, Norman Foster-designed condo tower, also known as 3 Sutton Place. The $4 billion World Trade Center Transportation Hub is about to open. It will connect to …
  
  
• January 2016: New York Buildings For Sale
• New Developments Retail:Overseas retail Brands operate 39% of the stores on Fifth and Madison Avenues and in Soho. Of the 906 retailers, Soho is the most nationally-diverse area, with 24 countries represented. Fifth Avenue had 17 non-U.S. outlets and Madison Avenue had 13. Italianstores had the largest number of stores in those areas.Footlocker and Nike signed leases for large spaces on Broadway. Footlocker signed a $15 million deal to lease 36,000 square feet at 1460 Broadway and Nike signed a $16 million lease for 55,000 square feet at 529 Broadway.Gap signed two leases at 1514 Broadway, into two stores for …
  
  
• November 2015: New York Buildings For Sale
• New York Buildings sold Condo developer Six Sigma is in contract to buy a six-story self-storage facility near the northern end of the High Line in Chelsea for $54 million at 517-523 West 29th Street. The seller is self-storage Nicholas Sprayregen. The six-story, 55,000-square-foot, warehouse is one of 14 facilities in Manhattan, Brooklyn, Queens and the Bronx. The site is zoned for up to 74,000 buildable square feet. Vornado Realty Trust purchased 265 West 34th Street for $28.5 million. Vornado acquired the property from a group led by Manhattan attorney William Silverman. The deal gives the company three contiguous properties …
  
  
• October 2015: New York Buildings For Sale
• New York Buildings sold Jerry Gottesman, the chair of Edison Properties, just closed on the $43.1 million purchase of 45-47 West 27th Street in NoMad.Kamber Management closed on its $365 million purchase of Tower 45 from SL Green Realty. The sale price values the class-A, 460,000-square-foot office tower, located at 120 West 45th Street, at $830 per square foot. SL Green Realty agreed to sell two retail development sites, at 570 Fifth Avenue and 574 Fifth Avenue in Midtown, getting $125.4 million. SL Green bought the two sites from Extell Development in 2013 for a total of $78.7 million. Walter …
  
  
• August 2015: New York New Developments
• Brookfield Property Partners paid $69 million to acquire Planned Parenthood's 72,500-square-foot space at Vectra Management Group's 424 West 33rd Street. Planned Parenthood had paid $34 million for the commercial condominium in 2012. Vectra still holds the title to the remaining 68,300 square feet in the 13-story building.Plans for a new Marriott hotel at 151 Maiden Lane in the Financial District have been done by Architect Peter Poon who is designing the new 33-story building. Fortis Property Group is developing the 271-room hotel project . The project also includes a taller, 52-story residential tower with 95 units. The developer bought the …
  
  
• August 2015: New York Buildings For Sale
• NYC Buildings For Sale The Related Cos. is considering selling a stake in its 10 Hudson Yards office tower now that the building is almost fully leased. The developer is in discussions with Boston Consulting Group to take about 175,000 square feet at 10 Hudson Yards, which would boost the building to near full occupancy before its scheduled completion early next year. A stake sale would allow Related and equity partner Oxford Properties Group to capitalize on the building's value and provide funds to finance further construction at the 28-acre, $20 billion development. Ian Bruce Eichner is shopping around his …
  
  
• March 2015: NYC New Developments
• Major Developments Manhattan Borough President and a City Council member have been talking to developers to find a new plan for the historic South Street Seaport site to prevent a 494-foot tower from being built.The city is looking to revamp a program where property owners can transfer unused air rights to others. -The requirements are so difficult that only 10 successful transfers have been made out of almost 1,000 landmarks.. Those transfers took place in Midtown or Lower Manhattan. The NY state's attorney general's office is closing a 36-story, illegal hotel owned by an affiliate group. The property at 49 …
  
  
• February 2015: NYC New Developments
• Mitsui Fudosan started construction on 55 Hudson Yards. Its $1.4 billion office tower which is part of the 28-acre megaproject on Manhattan's West Side.Property Markets Group is planning to convert a four-story commercial building at 548 West 22nd Street into a 19-story residential development.Brookfield Office Properties said the total development cost for the first of its two Manhattan West office towers is more than $2 billion.A joint venture between Madison Equities, Building and Land Technology (BLT) and Joseph's Sitt Thor Equities received a $275 million construction loan to acquire and complete the gut renovation of 212 Fifth Avenue. BRP Corp. …
  
  
• January 2015: NYC New Developments
• New Developments A new building by Cape Advisors at 535 Greenwich Street would have 26 floors and 116 condo units, on an L-shaped lot. The 57,500-square-foot warehouse site with 42,500-square-feet of buildable air rights. Kaled Management filed plans for a 10-story apartment building at 711 West End Avenue, also known as 306 West 95th Street. Alchemy Properties unveiled plans for a new 24-story tower in NoMad at 846-850 Sixth Avenue. It will contain 52 residences totaling 105,973 square feet or 2,000 square each condo. The tower will rise 316 feet and have a 3,100 square feet retail space. Demolition permits …
  
  
• December 2014: NYC New Building Developments
• New Developments The prices of U.S. commercial buildings are higher than the peak in 2007. Since January 2010, the Moody's/RCA Commercial Property Price Indices has seen a climb of 40 percent.The Bronx borough president's South Bronx waterfront redevelopment project looks to be moving forward.A Movie theater chain is on the search for eight retail spaces in New York City and on Long Island to either lease to buy.Prior to constructing 55 Hudson Yards the 1.3 million square feet office development, the developer Related will have to pay up to $180 million to buy the building bonuses that help in the …
  
  
• September 2014: New York Buildings For Sale
• New York Buildings sold A Greenwich, Conn.-based real estate investor group purchased the leasehold interest at the Midtown Extended-Stay Marriott at 144 East 48th Street from AEW Capital Management for $89.6 million. Barclays gave a $57 million loan.The single-room-occupancy Camden Hotel, which the 24th Precinct on the Upper West Side once ranked as the area's second most dangerous building, has sold for $15 million.A Real estate developer purchased the Quad Cinema in Greenwich Village and will embark on a renovation that will see the independent theater redone as a repertory house.Normandy Real Estate Partners is purchasing a 50 percent stake …
  
  
• August 2014 New York Buildings Purchased & For Sale
• New York Buildings sold A Hong Kong-based Investment firm, bought SpringHill Suites by Marriott in Midtown for $82 million. Hidrock Realty sold the 173-room, Gene Kaufman-designed property at 25 West 37th Street for $82 million. The hotel opened last year.Madison Realty Capital has teamed with RWN Real Estate Partners to purchase a pair of buildings along Frederick Douglas Boulevard in Harlem for about $30 million.Real estate investment firm KUB Capital is in contract to acquire a one-story Soho baby stroller store and adjacent parking lot for a sum of $50 million.A White Plains, N.Y.-based real estate investment trust is in …
  
  
• August 2014:NYC New Developments
• New Developments The large retirement investment firm is the buyer in a $365 million deal to acquire the leased fee interest in 2 Herald Square.Wharton Properties received a $95 million construction loan to develop a six-story, 33,000-square-foot Harlem retail building to be anchored by Whole Foods. Natixis Real Estate Capital provided a three-year, interest-only loan that comes with two options to extend it for a 12-month period. The site at 100 West 125th Street, near Lenox Avenue, will hold Whole Foods as well as Olive Garden, TD Bank, Burlington Coat Factory and American Eagle. All leases are for 20 years; …
  
  
• May 2014 New York New Developments
• Major Developments Duane Reade recently vacated a location next to department store H&M; and is now on the market. The unofficial asking rent for the property is nearly $8 million per year. Commune Hotels & Resorts, a San Francisco-based joint partnership between Thompson Hotels and Joie De Vivre Hotels, has plans to develop two more hotels in Manhattan. One will operate under the Thompson Hotel brand, while the other will have a different hotel brand. The properties, for which Commune has already inked deals, are looking to open in 2016. The lineup for Westfield Group’s central shopping hall within the …
  
  
• April 2014 New York New Developments
• New Developments The planned performing-arts center at the World Trade Center in Lower Manhattan has stiff competition for funds. The $469 million dollar project now sits in limbo while the new Mayor, Bill de Blasio, comes to a decision about the future of the planned center.The Port Authority of New York and New Jersey board of commissioners are fighting over subsidies for 3 World Trade Center, the 80-story, $2.3 billion tower in the Financial District. The project is currently stalled. Developer Larry Silverstein and Port Authority’s Vice Chair are pushing for the subsidies that they said would allow for construction …
  
  
• April 2014 New York Commercial Real Estate Market Report
• Office leasing in Midtown rebounded in February, as employment growth surpassed the 2007 pre-recession peak, and drove demand up and pushed up asking rents.The criteria that office tenants value the most make up the two most basic variables for space in Manhattan, location and the vintage of the building, is undergoing a sea change, creating unpredictable results in pricing.The Meatpacking District area appears to be undergoing a dramatic makeover. One that involves the construction of a number of sleek office towers. In turn, those new structures are attracting a whole new breed of upscale retail tenants into the area.Nonprofit and …
  
  
• January 2014: New York New Developments
• NYC New Developments Brookfield Property Partners has increased its cash offer to buy Brookfield Office Properties to roughly $5.1 billion. Brookfield Office's board plans to recommend to shareholders to accept this new offer. In place of cash, shareholders can receive one limited partnership unit under the offer. In September, Brookfield Property's offer was valued at $5 billion. Hotel developer Zelig Weiss is planning a new 183-room hotel to Wythe Avenue in Williamsburg. The 150,000-square-foot building will be located at 55 Wythe Avenue. Citibank signed a lease worth more than $1 billion to renew its 2.7 million-square-foot lease in a two-building …
  
  
• December 2013: New York City New Developments
• New York City New Developments The state Public Authorities Control Board gave unanimous approval to the Empire State Development Corporation's $225 million National Urban League complex in Harlem. The project will include a civil rights museum, affordable housing and commercial space. Construction at 125th Street site will begin after the expiration of tenants' leases in 2015. The businesses currently occupying the site can apply for a low-interest loan for relocation services. However, lawsuits may still delay the complex.The Metropolitan Transportation Authority is looking to increase revenue by increasing the number of retail stores at subway stations and converting small spaces …
  
  
• November 2013: NY New Developments
• NY New Developments Harlem's rapid development and emergence as a viable tourist and business destination has suddenly led to a spike in the demand for hotels in the area, so much so that the neighborhood is now short of about 1,500 hotel rooms. Even future growth in the hotel industry will not be able to meet demand. Although two hotels are in the works with a 210-room property near the old Victoria Theater on 125th Street and a 230-room property near Columbia University's West Harlem expansion. The Landmarks Preservation Commission has recently voted in favor of the Nordstrom tower cantilever, …
  
  
• September 2013: Manhattan New Developments
• Manhattan New Developments Architect Santiago Calatrava has been chosen to design the newGreek Orthodox Archdiocese Church of St. Nicholas at 130 Liberty Street. It will sit just south of the site of the World Trade Center Transportation Hub that the architect also designed..Sheldon Solow clock is running out at his long-dormant, six-acre lot between East 38th and East 41st streets on First Avenue. Mr. Solo could lose his permits and public approvals for a $4 billion project if he does not build a foundation for the office building or one of several apartment towers by this November.The battle to secure …
  
  
• July 2013: New York City New Developments
• New York City New Developments Internet radio provider Pandora Media has slated a 52,450-square-foot lease at 125 Park Avenue. Warner Music Group is looking at a 225,000-square-foot space at 7 West 34th Street. Warner currently has space at 75 Rockefeller Center, and faces a deadline with its lease expiring next year. Still, the company is also looking over options to move elsewhere.Planet Fitness gym has inked two Manhattan leases in a city expansion effort. The largest contiguous block of class A office space in Midtown will soon come available at 1221 Sixth Avenue. About 537,000 square feet of space will …
  
  
• May 2013 New York Buildings For Sale
• NYC Buildings For Sale Vornado Realty Trust plans on selling Harlem Park, a plot of land that was previously designated for the development of an office building. The site, located at 1800 Park Avenue at 125th Street, will most likely get $62 million in proceeds and a $22 million net gain.Officials at the Italian American Museum in Little Italy are planning to sell their three-story building to a real estate developer. The property is not landmarked and the zoning lot allows for an 85-foot, or more, six-story building. A new owner would allow the 1,000-square-foot museum to occupy a bigger …
  
  
• April 2013: Manhattan New Developments
• Manhattan New DevelopmentsThe Hudson Yards area is shaping up to be something of an office-{dynamic_word2} battleground, with the Moinian Group, Extell Development, the Related Companies and Brookfield Office Properties hunting for office tenants. Moinian's proposed 1.8 milllion-square-foot 3 Hudson Boulevard. Related's under-construction, 1.7 million-square-foot Coach building at 10th Avenue and 30th Street; and Brookfield's planned Manhattan West, which could bring 5.4 million square feet of office and residential space to Ninth Avenue. Extell has also proposed a 1.7 million-square-foot tower in the area dubbed 1 Hudson Yards. Peebles Corporation will pay $160 million for 346 Broadway, a 13-story building. Peebles …
  
  
• March 2013 New York Buildings For Sale
• NYC Buildings For Sale The nearly 41,600-square-foot Colonial Revival U.S. Post Office location at 217 West 18th Street between Seventh and Eighth avenues is for sale.The SUNY board of trustees voted to close the Cobble Hill-based Long Island College Hospital. The sale of the 200,000-square-foot building, which could be converted into a residential development, may bring up to $500 million.Lehman Brothers is looking to sell its 90 percent stake in 425 Park Avenue. The 31-story, 567,340-square-foot building, located in Midtown East, is to be demolished and replaced with a 650,000-square-foot Norman Foster-designed office tower being developed by L&L Holdings, which …
  
  
• March 2013: New York New Developments
• New York New Developments Acadia Realty Trust has defended its stance on hiring non-union workers for its City Point megaproject and responded to a trade group's accusation that the development exploits the community and wastes taxpayer dollars. They believe that City Point will generate thousands of jobs and enhance Downtown Brooklyn's quality of life. Acadia is committed to maximizing local and minority contracting and employment as they create a LEED-certified development with the affordable housing, retail and entertainment options that the neighborhood well deserves.A trio of Russian entrepreneurs is redeveloping a three-acre sports complex, slated to be the largest in …
  
  
• February 2013: New York City New Developments
• The Federal Emergency Management Agency gave New Yorkers whose homes were devastated by Hurricane Sandy a 30-day extension on applications for home repairs. The Transitional Sheltering Assistance program, which has helped New Yorkers continue living in participating hotels and motels, will also be extended. Governor Cuomo requested that FEMA grant extensions. Alexander McQueen plans to decamp to 747 Madison Avenue. The designer will lease a double-height 3,300-square-foot space owned by Jeff Sutton, paying $1,300 per square foot during the 15-year lease. Fashion label Escada previously took up a portion of the retail space. Before that, Valentino occupied the space during …
  
  
• January 2013 NY New Developments
• NY New Developments Starchitect Norman Foster’s plans for the renovation of the New York Public Library flagship on Fifth Avenue were revealed, with features including a multi-level atrium, Bryant Park views and a teen center. Project construction will kick off this summer and will be completed in 2018. A long-stalled Midtown construction site has started construction again on a residential project at 325 Lexington Avenue. Permits for construction were renewed in July 2011. The new plans call for a ground floor restaurant and bar, 103 apartments with two full-floor penthouses, a club room and a fitness center. Construction may have …
  
  
• November 2012 New York New Developments
• New Developments The Chrysler Building just got a little greener. The Owner has received a LEED gold certification for the 1.2 million-square-foot office tower. Tishman spent two years updating the building’s energy, waste, water and maintenance systems. The upgrades include new plumbing fixtures that will cut the property’s water consumption by 64 percent; a waste-management policy that will ensure 81 percent of the building’s waste is recycled; and a 21 percent reduction in energy usage. The city’s plan to sell of three historic but outdated office buildings in Lower Manhattan, all of which would likely become luxury housing or hotels, …
  
  
• October 2012 New York New Developments
• New Developments The re-zoning of Midtown is to affect the area from Lexington to Fifth avenues and East 39th to East 57th streets. Developers can buy additional air rights from the city. Within a smaller Grand Central Sub district developers can buy from owners of landmarked properties that are under built. Argent Ventures controls nearly all of those air rights through its ownership of the Grand Central terminal. The record sale price was about $6,000 a square foot in 2008 in residential, and has now reached more than $10,000 a square foot. The very-rich have finally unleashed the liquidity that …
  
  
• September 2012 New York New Developments
• New Developments The Related Companies has won wage-cutting agreements with some four dozen construction unions in its efforts to save money at the $15 billion development of Hudson Yards. The developer, one of the most outspoken for the need to cut construction costs during contract negotiations with unions last year, got the groups to agree to cut wages and benefit packages by 10 percent to ensure they would be commissioned to work the massive construction project expected to carry on for the next decade. The deal is not yet final.With public support, the Kingsbridge Armory ice rink plan may appear …
  
  
• July 2012 New York Buildings For Sale
• Buildings for Sale Vantage Properties and Area Property Partners have unloaded the Savoy Park apartment complex in Harlem for more than $210 million, satisfying the outstanding balance on the senior mortgage. Larry Silverstein is cutting his losses and moving on from Lexington Avenue. His Silverstein Properties and the California State Teachers’ Retirement System have entered contract to sell the 35-story office building at 575 Lexington Avenue for about $360 million to Normandy Real Estate Partners and New York Life Insurance. The deal is worth $10 million less than the agreement the owners nearly struck with Rockrose Development, before Henry Elghanayan …
  
  
• July 2012 New York New Developments
• Major Developments While details are sparse, Bowery Boogie is well underway on the 65,000-square-foot building, which has been covered in scaffolding for weeks. The renovation is being carried out by Lower East Side architecture firm Studio Castellano. The city’s Economic Development Corporation wants proposals from developers who would like to build and maintain underutilized industrial plots in three New York City boroughs. These include 95,000 square feet at 2399 Watson Avenue in the Bronx’s Zerega section, 80,000 square feet in East New York, Brooklyn, 53,000 square feet in Sunset Park, Brooklyn and 40,000 square feet in Queens’ College Point Corporate …
  
  
• May 2012 New York New Developments
• New Developments Morgan Stanley just signed a lease for almost 1.2 million square feet of space at Brookfield Office Properties Inc.'s 1 New York Plaza in lower Manhattan. The bank, which currently occupies about 816,000 square feet at the building, will expand by an additional 337,000 square feet. The agreement is the largest office lease for a single building in New York since 2008. Mayor Michael Bloomberg’s push to modernize Midtown East office buildings has become a legacy issue as the mayor’s reign whines to a close. Bloomberg wants to re-zone the area bounded by Third and Fifth avenues and …
  
  
• April 2012 New York New Developments
• New Developments A joint venture partnership including New York Ace Hotel owner and GFI Capital Resources Group Gross’ GB Lodging is set to puchase the Temple Court building, a nine-story city landmark at 5 Beekman Street formerly owned by the Chetrit Group and Bonjour Capital.Mayor Michael Bloomberg signed a bill to declare a formal state of emergency in New York City with regard to housing, allowing him to extend rent regulations for another three year even thought there is a Supreme Court challenge The mayor cited a citywide residential vacancy rate of 3.5 percent. Legally, rent regulations must be terminated …
  
  
• March 2012 New York New Developments
• New Developments There are thousands of acres of rooftop space in New York City where growing farm operations are looking to expand. Groups such as Gotham Greens, Brooklyn Grange and BrightFarms are looking for elevated space where they can grow crops to sell to local restaurants and supermarketsSheldon Solow outdueled his West 57th Street rival and acquired an office building on the block at a near record price. Solow, bid $120 million for 12 West 57th Street to beat out One57 developer Gary Barnett, president of Extell Development, for the 12-story property. The price works out to more than $1,400 …
  
  
• February 2012 New York New Developments
• New York Major Developments The 226-room Courtyard Marriott on East 92nd Street may close this spring, in the wake of two years of legal battles, including a lawsuit against Marriott International. It is scheduled to lay off 59 employees by March 30. Having already ceded some of its demand to recent upstart office markets like Midtown South and downtown Manhattan, Midtown East is the subject of a Department of City Planning review intending to probe whether it needs to incentivize commercial property upgrades in the area Midtown East has more than 70 million square feet of office space, 13 Fortune …
  
  
• December 2011 New York New Developments
• New Developments Local 32BJ, the union representing more than 22,000 commercial building workers in New York City, voted to authorize their bargaining committee to call a strike if necessary. The union has been in contract talks with the Realty Advisory Board on Labor Relations, since November 15th. The union opposes the landlords' proposal to establish a different wage and benefit structure for new hires, which they claim will create a two-tier system designed to push out workers with seniority. If negotiations fail by 12:01 am on Jan. 1, 2012, the union could strikeThe Service Employees International Union Local 32BJ, which …
  
  
• November 2011 New York New Developments
• New Developments The Chelsea Art Museum located at 556 West 22nd Street is about to be replaced by Hewlett-Packard, which has special plans for the building. HP signed a 10-year lease for the entire 34,500 feet inside the three-story museum building at 556 West 22nd Street near 11th Avenue.. Drastic job and spending cuts are in the cards for 2013 for the New York City construction industry, according to a report released today by the New York Building Congress entitled "New York City Construction Outlook 2011-2013." Construction spending is expected to total $27.7 billion this year.The average number of construction …
  
  
• October 2011 New York New Developments
• New Developments Time Warner is evaluating its plan to possibly move out of the Time Warner Center and consolidate its operations at new headquarters elsewhere to save costs. Time Warner moved to Columbus Circle in 2004, where it had partnered with Related Companies to build the building that is its company headquarters now. Many of its leases, including ones for more than 2 million square feet of space in Midtown, will expire as soon as 2017 and 2018. Since not many buildings could hold all of Time Warner's 6,000 employees in the city, possible alternative options would be Hudson Yards, …
  
  
• 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 …
  
  
• September 2011 NYC Commercial Real Estate Market Report
• Brookfield Office Properties, could complete its massive development site between Ninth avenue and Dyer avenue and 31st and 33rd streets, called "Manhattan West," by 2017, CEO Ric Clark said. The plan calls for four buildings, two of which are 2 million square feet each and span the north and south sides of the project, with another 1 million-square-foot building occupying the southwest corner. The fourth, a smaller building whose square footage is still undetermined, will be used for retail or office space. Construction is slated to begin on the project in January, and the first of the two biggest buildings …
  
  
• August 2011 New York Buildings For Sale
• NYC Buildings For Sale 397-401 East 8th Street a development site is on the market for $5.2 million, EV Grieve. Chang's McSam Hotel Group purchased the 4,324-square-foot vacant lot, at 397-401 East 8th Street, for $4.9 million site. Chang appears to be in the midst of a selling spree -- he recently unloaded stalled hotel project sites in the Financial District and in Union Square, as well as his new Holiday Inn Express at 126 Water Street. A month after merging with EBSCO Publishing, library reference publisher H.W. Wilson has decided to market its former headquarters and nearby land holdings …
  
  
• 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 Buildings For Sale
• New York Buildings sold Private real estate management firm ING Clarion Partners bought the 42-unit rental building at 44 Berry Street in Williamsburg for $27 million. The 54,000-square-foot, six-story former quinine factory building was developed by Cayuga Capital Management. The fully-leased building includes six retail spaces on the ground floor. The sale of GLC Group's 16-story condominium building in Clinton Hill has closed, a real estate investment group from New York City and Northern California paid $21 million for the Karl Fischer-designed tower, , when 35 to 40 percent of the 49 units at 163 Washington Avenue were in contract …
  
  
• May 2011 New York New Developments
• Major Developments Mall of America developer Triple Five has reached a deal with lenders and New Jersey Gov. Chris Christie's administration to reboot and expand the stalled Xanadu complex in the Meadowlands,. The checkered, 2.4 million-square-foot complex, originally envisioned as a retail and entertainment destination that would rejuvenate East Rutherford, has sat incomplete along the New Jersey Turnpike for years, sapping up $1.9 billion in the process and developing a reputation as the poster child for failed boom-time real estate projects.Real estate investment firms Savanna and Monday Properties are launching a $30 million capital improvement for a 20-story, 260,000-square-foot commercial …
  
  
• May 2011 New York Commercial Real Estate Market Report
• The Manhattan office vacancy rate increased in the first quarter of 2011 even as employment in the professional sector rose at the fastest rate since 2000. There were 11,500 new office workers in the first three months of this year. The first-quarter vacancy rate rose even as employment moved up because, large blocks of space being added to the market from tenants who signed relocation deals last year, and because many firms have excess space for their new hires.New York City office rentals got more expensive in the first quarter of 2011, even as vacancy and absorption rates remained mostly …
  
  
• April 2011 New York Buildings For Sale
• New York Buildings sold Host Hotels & Resorts closed on the $313.5 million sale of the New York Helmsley Hotel, which will be reflagged under the Westin Hotels & Resorts brand in mid-2012 after an extensive renovation. Host Hotels, will renovate the hotel, at 212 East 42nd Street, with a complete overhaul of its 775 guest rooms as well as a meeting space upgrade.Dune Real Estate Partners has agreed to pay $190 million for Anglo Irish Bank's mortgage loan on the embattled Mark Hotel on the Upper East Side. The note, which had a face value of around $300 million, …
  
  
• 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 …
  
  
• December 2010 New York New Developments
• New Developments Manhattan condominium prices climbed 9.4 percent in August, compared to the same month a year earlier. Transactions borough-wide increased 12.8 percent during that time, as well. Despite this recovery from 2009, activity and pricing are still a far away from pre-crash levels. This year, through August 31, has posted the second-lowest transaction count. A final hearing was held for the public to weigh in on Riverside Center, the proposed complex that Extell Development wants to build on the Upper West Side. The city council subcommittee on zoning and franchises heard more than four hours of testimony on the …
  
  
• November 2010 New York New Developments
• Major Developments Despite a slight rise in the vacancy rate, which rose .5 points to 9.3 percent on top of the decline in asking rents. To illustrate the demand can be seen by a new retailer trying to elbow into the high-traffic area, an existing store agreed to relinquish its space after its lease was bought out.New York City had $4.74 billion worth of delinquent commercial property loans as of Oct. 1, down 0.6 percent from one month ago, when there was $4.77 billion outstanding. The decline can be largely accounted for by Joseph Moinian's 1775 Broadway which had been …
  
  
• October 2010 New York Commercial Real Estate Market Report
• Overall asking rent for Manhattan office space climbed slightly to $47.73 per square foot in August, up from $47.57 per square foot in July. The vacancy rate in Manhattan also showed modest improvement, dropping gradually month-over-month to 13.4 percent, from 13.7 percent. Compared to August 2009, vacancy was down .5 percent. Of all the boroughs prime office neighborhoods, the Downtown market struggled the most showing its slowest leasing momentum since September 2009, as the vacancy rate remained steady at 14.3 percent. Midtown, however, showed promise: 10.55 million square feet has been leased so far this year, up 56 percent from …
  
  
• October 2010 New York New Developments
• Major Developments The number of retail condominiums for sale in the city is on the rise, with this year's supply already up 30 percent as developers have adjusted to the new economic landscape. Next year, there will be more going through the pipeline once the foreclosures and loans are settled. While an influx of new retail space coming on the market could test the recovery as pent-up demand diminishes, things are, so far, looking good for developers. The first phase of the Second Avenue Subway is running two years behind schedule and is set to run $420 million over budget. …
  
  
• August 2010 New York New Developments
• New Developments Community Board 7 voted to disapprove Extell's plans for an eight-acre Riverside Center project, unless the developer agrees to build according to some modifications. The plan for the new development that would span 59th to 61st street and West End Avenue to the edge of the West Side Highway includes five skyscrapers, at least 2,500 apartments, 210,000 square feet of retail, a hotel, a movie theater, an underground automobile service center, a new K-8 school and three acres of open space. The Alex is facing an $81.7 million foreclosure suit after Anglo Irish Bank sold the note on …
  
  
• July 2010 New York New Developments
• New York Developments The closure of St. Vincent's Hospital in Greenwich Village dominated the news, neighborhood institution succumbing to financial troubles. Despite the credit crunch, New York-area hospitals are finding ways to fund major expansion projects. Through the support of philanthropists, often from the real estate sector, there's funding to build state-of-the-art health care institutions, keeping New York a world leader in health care. The Port Authority of New York & New Jersey yesterday approved an agreement with the city, under which the city will reimburse the agency up to $44 million for building underground foundations and infrastructure for a …
  
  
• June 2010 New York New Developments
• New Developments New York University may enter the public approval process for its new Silver Towers site, the crown jewel of its wildly controversial 2031 expansion plan. The biggest hurdle for the school will be gaining approval from the Landmarks Preservation Commission, which will have final say on whether NYU can build on the landmark Bleecker Street site. The proposed building will be a "slender pinwheel tower," and is rumored to be planned for a 40-story structure. New York University dropped in on Community Board 3's zoning committee meeting and had little to say about how its 6 million-square-foot expansion …
  
  
• March 2010 New York Buildings For Sale
• Manhattan Buildings sold Harry Macklowe is getting out of residential real estate with the sale of all three of his apartment buildings to Equity Residential, for a combined purchase price of $475 million: The buildings are Rivertower at 520 East 54th Street for $150 million, the Longacre House at 305 West 50th Street, and 777 Sixth Avenue, each with 293 units and a little more than $80 million in debt. Macklowe has also sold the Drake Hotel site at Park Avenue and 56th Street for $305 million. NYC Buildings For Sale Two more boom-era Manhattan projects are headed to foreclosure …
  
  
• January 2010 New York New Developments
• New Developments Mort Zuckerman, chairman and CEO of Boston Properties, discussed his outlook on commercial real estate and whether the national recovery is on its way. While he was somewhat pessimistic about the industry as a whole, there are some pockets of the country that are moving toward stabilization. The industry in general is in a fairly weakened condition. In the major cities the commercial real estate is doing reasonably well but in the minor cities they are having more difficulty.Hudson River Park, the five-mile waterfront band stretching from Battery Park to 59th Street, is short on cash and may …
  
  
• 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 …
  
  
• October 2009 New York New Developments
• Major Developments Stalled construction projects are not having much of a psychological impact on the city. Despite an increasing number of delayed projects, including 250 West 55th Street, 99 Church Street and Solow's First Avenue project, any psychological effects are likely to be short-lived, because the projects will be completed eventually. Large banks are only about halfway done with their commercial real estate losses. The U.S. commercial real estate losses could reach 10 or 15 percent of loans in this cycle. Banks with retail and office loans face the highest risk.The Plaza hotel is on tough times. The building's lower …
  
  
• July 2009 New York New Developments
• New Developments The Federal Reserve has few deals for the start of its program to aid the commercial real estate market. Today is the first monthly deadline for investors to apply for loans to buy new commercial mortgage-backed securities through the Term Asset-Backed Securities Loan Facility. The Fed will start accepting investor requests for loans to purchase older CMBS.James Abadie, head of New York operations for construction firm Bovis Lend Lease, has resigned amid investigations of the company for alleged overbilling and bribery. Bovis is working on the September 11th Memorial and the demolition of the Deutsche Bank building.Global real …
  
  
• June 2009 New York New Developments
• New Developments Developers of a Jean Nouvel-designed skyscraper adjacent to the Museum of Modern Art have applied to build a tower seven stories taller than the original proposal unveiled two years ago was 75 stories tall. The building has been controversial, with Community Board 5 criticizing its height and bulk in a resolution in March 2008. The mixed-use project from Houston-based international developer Hines Interests will have 100 hotel rooms and 120 condominium units on the upper floors, and also include a 60,000-square-foot expansion of MoMa's galleries on the second to the fifth floors. The amount of space for the …
  
  
• May 2009 New York New Developments
• New Developments Hyatt Hotel & Resorts is opening two new hotels in the next year under its new brand name called Andaz. One hotel is scheduled to open across from Bryant Park on 41st Street and Fifth Avenue next year, and the second, at 75 Wall Street, is to open in September. The 41st Street hotel will offer time-share units on the top floors, and the downtown hotel, converted from the former JP Morgan Chase building, will have 253 rooms, with condo units on the 18th through 42nd floors.Hotel Developer Sam Chang filed plans for a 225-key Hyatt Place hotel …
  
  
• February 2009 New York New Developments
• New Developments Lehman Brothers filed suit to begin foreclosure proceedings on Kent Swig's 45 Broad Street. Swig had been planning to build a 62-story Nobu Hotel and Residences on the property, with 77 luxury condos, 128 hotel rooms and 13,000 square feet of retail. Trump Marina Hotel Casino Trump Entertainment Resorts has struck a deal with lenders and note holders had until Jan. 21 to try negotiating a restructuring of its debt. Trump had delayed paying a $53.1 million bond interest payment that was due in December, and the 30-day grace period expired. The Atlantic City, N.J.-based company had hoped …
  
  
• January 2009 New York New Developments
• New Developments Lenders are going into bankruptcy and the sales market is disappearing, causing developers all over New York to face choices about how to ride out this down cycle.Over $400 billion in mortgages on commercial properties, including office towers and shopping malls, are to come due by the end of 2009. Even if these properties are performing well, they could go into foreclosure if mortgage holders are unable to pay off the loans. The commercial real estate market has shifted from property sales toward the purchase and sale of debt, where the loan, rather than the actual real estate, …
  
  
• December 2008 New York New Developments
• New DevelopmentsRecently, banks have begun lending to one another, signifying a slight thaw in credit markets. Yet, the commercial real estate market still seems limited in its ability to get financing. This inability to line up financing has scuttled some major building and lease sales in the past few months, one such example is 17 State Street in the Financial District.About 150,000 jobs have been cut at major financial institutions, and more layoffs may be on the way. Some firms may shed an additional 5 percent of jobs this year if the market doesn't turn around. Citibank has cut 22,000 …
  
  
• November 2008 New York New Developments
• New DevelopmentsIn the last few days, banks have begun lending to one another, signifying a thaw in credit markets that have been frozen for weeks. But despite those promising signs, a chill still seems to be pervading the commercial real estate market. The inability to line up financing has scuttled some major building and lease sales in the past few months, one such example is 17 State Street in the Financial District.With Lehman Brothers locked in bankruptcy, many real estate firms do not have financing to complete construction, meet lease obligations or pay vendors to complete sales, raising the prospect …
  
  
• November 2008 New York Buildings For Sale
• NYC Buildings For Sale236 Second Avenue, an East Village 12,366-square-foot building, formerly housing Gateway Schools is on the market, along with an adjacent townhouse. It is located at 15th Street has seven floors contains nine classrooms, a gym, multi-purpose room, art room, library, offices and a courtyard.1540 Broadway may be for sale as the remaining Harry Macklowe's Midtown portfolio moves into the final phase.Bossert Hotel Developer RAL Companies walked from its agreement to purchase the former Bossert Hotel, located at 98 Montague Street, for $92 million from the Watchtower Group. The property will return to the market soon, probably with …
  
  
• October 2008 New York New Developments
• New DevelopmentsThe Bush administration proposed granting the Treasury Department the ability to buy up to $700 billion in distressed mortgage-related assets from private firms. The proposal would raise the national debt ceiling to $11.3 trillion. The government also put together a plan that makes investment banks Goldman Sachs and Morgan Stanley holding companies, giving them access to Federal Reserve Bank of New York funds and putting them under stricter regulations. Boutique firms, like Lazard and Evercore Partners, are seizing clients and staff from fallen rivals. Nationwide, financial companies have announced 103,000 layoffs this year. Democrats proposed taxpayers could receive an …
  
  
• August 2008 New York New Developments
• New DevelopmentsOffice availability rises along with asking rents. Manhattan commercial rents increased in the year's first half even as the available for leasing increased. Average asking rents increased to $71.35 per square foot in June up from $63.46 per square foot in June, 2007. Despite an increase in leasing activity in the second quarter, the total for the first half of the year was 10.47 million square feet, a decline of about 1.5 million square feet from the same period in 2007. Some commercial landlords are raising the rents higher than ever before. L&L; Holding Company is asking for a …
  
  
• March 2008 New York New Developments
• New DevelopmentsThe amount of leased in the fourth quarter of 2007 was 34.5 % lower than the amount of leased in the fourth quarter of 2006. Average asking rents fell by 45 cents to $61.46 per square foot in the fourth quarter, down from $61.91 per square foot in the third quarter.In 2007, the office market in Downtown Manhattan had a lower overall vacancy rate than the Midtown market for the first time since 2001. The year-end report showed that Downtown had a 7.6 percent vacancy rate last year, compared to a 7.7 percent rate in Midtown. Downtown saw 412,108 …
  
  
• January 2008 New York New Developments
• New DevelopmentsNew Construction BrooklynAt 75 Flatbush Avenue, a permit to build a 21-story, 108-unit new Flatiron has been issued. The 150,000-square-foot building, which is going up Extension will be 262 feet tall.Developers of the Domino Sugar Refinery, a historic landmark, will be part of an ambitious $1.2 billion, 10-year residential development project.Major Market News Columbia Expansion Approved. The City Council voted to rezone a 35-acre section of Harlem, allowing Columbia University's $7 billion expansion. Columbia plans to expand onto 17 of the rezoned acres, bounded by Broadway, Riverside Drive, West 129th Street and West 133rd Street.The Federal Reserve's proposal to …
  
  
• December 2007 New York Commercial Real Estate Market Report
• Demand for Manhattan office space exceeds the pace of new construction. As a result office vacancy rates continue to decline and rental rates continue their upward climb. New DevelopmentsThe Federal government has approved $1.3 billion for the Second Avenue subway's first phase. The first phase is expected to cost more than $4 billion and is scheduled to open in 2014. A new television transmission may make unnecessary the 408-foot spire planned to broadcast tower on of roof the Freedom Tower. If not built, the tower will be reduced from its symbolic 1,776 feet to 1,368 feet tall, the height of …
  
  
• October 2007 New York Commercial Real Estate Market Report
• Highest Manhattan rents surpassing $200/RSFWith Class A market vacancies in Midtown at 5.1%, (levels not seen since 2001), Landlords are competing to see who can charge the highest rents. Highest asking rents of $225/RSF are reported for the top floors of 9 West 57th Street, $185 for the remaining floor at One Brant Park, to name a just a few. A sampling of 80 Class A Office buildings leased from April to September showed an increase in average direct lease rents from $99.00 to $107.50 per RSF. Governor Moves Closer to a Costlier Javits Plan The Spitzer administration told hotel …
  
  
• August 2007 New York Commercial Real Estate Market Report
• The office market is red hot with little space. Major Corporations are starting to announce relocations out of the city as prices in prime locations are over $100/RSF.There are a number of new office building talked about being built space delivery is years away.New York City New Construction:A new, 1.5-million-square-foot office tower by the Extell Corporation at 34th Street and Eleventh Avenue is expected to begin in 2009 and completed in 2012.Reisman Properties plans to build the first luxury hotel in Harlem, on Fifth Avenue from 125th to 126th streets.According to the Neighborhood Economic Development Advocacy Project, more than 14,000 …
  
  
• 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 …