West 23Rd

• May 2024 New York Commercial Real Estate Market Report
• Office: The chief executive of Manhattan’s second-largest landlord bemoaned free rent and tenant allowances as a “killer.” Vornado needs to commit as much as $300 per square foot on concessions to secure companies as tenants for more than $40 per square foot over 10-year deals. The weighted average rent of Vornado’s Manhattan office buildings is $100 per square foot. Demand for the best office buildings in New York has not only recovered but it’s causing a spillover effect. Large tenants that have lease terminations over the next several years are racing to snap up space while it’s hot in trophy …
  
  
• December 2023 New York Commercial Real Estate Market Report
• Office: Large office owners such as Blackstone, Brookfield, and RXR have already handed lenders the keys to some office buildings, figuring they are worth less than their debt. A $670 million loan on RXR’s 230 Park Avenue also known as the Helmsley Building is set to mature on Dec. 8. The mortgage was sent to special servicing and the landlord is facing “imminent maturity default.” RXR is working to restructure the loan. Scott Rechler’s firm purchased the 35-story, 1.4 million-square-foot landmarked property for $1.2 billion in 2015. It took out a $785 million acquisition loan from American International Group for …
  
  
• October 2023 New York Commercial Real Estate Market Report
• Office: Shorenstein falls behind on payments on its office tower at 1407 Broadway and is 30 days delinquent on the $350 million mortgage. Moody’s downgraded a security holding the mortgage at Columbia Property Trust’s 245-249 West 17th Street in Chelsea. The 281,000-square-foot building’s largest tenant is X, which occupies 76% of the space. Columbia was acquired by PIMCO two years ago for $3.9 billion. Musk stopped paying rent at X offices across the country when he bought the social media giant 11 months ago. For office developers to double down on new projects, they’ll need to command approximately double the …
  
  
• February 2023 New York New Developments
• Major Developments: Mayor Adams proposes Manhattan rezoning of Midtown to allow conversions of offices to residential construction in areas that only permit manufacturing and office use. West 23rd to West 41st streets is zoned for manufacturing, which prevents ground-up residential development and conversions of vacant office space for residential use. Office conversions could lead to 20,000 new apartments but would require changes to the Multiple Dwelling Law, including lifting the cap on the city’s residential floor area ratio. Citadel is eyeing a 51-story, Norman Foster-deleased tower at 350 Park Avenue, where it will redevelop properties leased from Vornado Realty Trust …
  
  
• June 2022 New York Commercial Real Estate Market Report
• Office: Tiffany & Co. trims HQ office lease to a 10-year extension for its office at 200 Fifth Avenue from 400,000 square feet to 287,000 square feet, lopping off almost a third of its footprint. Blackstone is considering either expanding at 345 Park Avenue or moving and renting 1.5 million square feet. HSBC grabs 265,000 sf at Tishman Speyer’s Spiral. HSBC is expected to move into Hudson Yards skyscraper by January 2024. Macquarie Group signed a 220,000 SF lease to be the first tenant at 660 Fifth Avenue. Wellington Management is planning 71,000 RSF at 799 Broadway. Empire BlueCross BlueShield …
  
  
• February 2022 New York Buildings For Sale
• Buildings for Sale: 24-09 Jackson Avenue in Long Island City, Queens, a long-stalled hotel development site in Long Island City, is up for sale. Toyoko Inn is aiming to get around $60 million for its property at 24-09 Jackson Avenue in the Court Square section of the Queens neighborhood. Watermark Capital is exploring a sale of the 226-key hotel at 125 West 26th Street, between Sixth and Seventh avenues. The investment firm has owned the building since 2013, when it purchased it from Magna Hospitality for $113 million. Oceanwide Holdings defaulted on its $175 million loan against 80 South Street, …
  
  
• January 2021 New York Commercial Real Estate Market Report
• Manhattan Office: Breather, the flexible office provider, is to close all of its locations, totaling more than 400 across the U.S., Canada and the U.K. Deutsche Bank could move up to half of its Manhattan employees to smaller U.S. hubs in the next five years, as it plans a major building downsize. The potential move could be another blow to Manhattan’s hobbled office real estate market. Deutsche is in the process of relocating from its 1.6-million-square-foot office at 60 Wall Street to a 1-million-square-foot building at Time Warner Center in Columbus Circle. The new location has workspaces for 4,200 people, …
  
  
• August 2020 New York New Developments
• New York New Developments 476 new building permits were filed in the three-month period from April through June, spanning 9,309 multi-family units. Nearly half of the footage is residential, just over one-third is commercial, and the rest is split between education and utilities. Amazon said it would increase its fulfillment center square footage by 50% in 2020, that is on top of the 15% increase it reported in 2019. NYC Health + Hospitals’ six administrative offices were consolidated at 50 Water Street and resulted in $200 million in cost savings . HHC signed a 25-year lease for 526,552 square feet. …
  
  
• October 2019 New York Buildings For Sale
• Buildings For Sale: Unizo Holdings Co. is selling two office buildings 40 West 25th Street and 685 Third Avenue. Blackstone subsidiary EQ Office put the 622,000-square-foot office building at 65 East 55th Street on the market. Asking more than $800 million. The land underneath Manhattan’s iconic Lipstick Building at 885 Third Avenue is for sale. Buildings Sold: A subsidiary of South Korean-based conglomerate Aju, bought 52 West 36th Street for $85.5 million and 30 West 31st Street for $51.2 million. Combined, the properties have 307 rooms. The seller was Chesapeake Lodging Trust. HUBB NYC purchased three commercial condo units at …
  
  
• 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 Buildings For Sale
• New York Buildings for Sale: Coca-Cola is looking to sell its building on Fifth Avenue. The soft drink maker has put the 18-story, 354,000-square-foot building it owns at the corner of 55th Street on the market. Coca-Cola, which inherited the building at 711 Fifth Avenue in 1983 with its purchase of Columbia Pictures “has determined that it does not need to retain its investment in the building to support its activities in New York. New York Buildings Sold: SJP Properties and longtime partner Prudential Financial bought the Midtown South office building at 470 Park Avenue South for $245 million. The …
  
  
• September 2018 New York New Developments
• New York Major Developments: Manhattan dominated the list of New York City’s top 10 largest real estate projects in July. Marx Development Group’s roughly 213,000-square-foot hotel and retail project at 450 11th Avenue in Hudson Yards. Covenant House is planning a 12-story, 60-unit building in Hudson Yards about 53,000 square feet. Its new project would replace a smaller eight-story youth homeless shelter currently on the site of 460 West 41st Street. 323 East 61st Street from the William Macklowe Company will span about 50,000 square feet and stand six stories and 74 feet tall. WeWork just signed a 258,344-square-foot lease …
  
  
• November 2017 New York Buildings For Sale
• Buildings For Sale: HSBC and Edge Fund Advisors put a 48% stake in the office portion of 1540 Broadway on the market, hoping to get around $445 million. Brookfield Property Partners is looking to sell its 2.3 million-square-foot office tower at One Liberty Plaza and could go for as much as $1.6 billion which works out to $695 per square foot. Brookfield is open to selling the entire tower or a partial stake. RFR Realty is looking to sell the 38,000-square-foot commercial condominium at the base of the Park Avenue Place of 60 East 55th Street, which RFR developed in …
  
  
• February 2017 New York Buildings For Sale
• Buildings For Sale: Forest City Realty Trust is looking to sell its majority stake in a New York retail portfolio to fund manager Madison International Realty. The portfolio encompasses 15 properties and 2.65 million square feet, including 311,000 square feet of retail space at 234 West 42nd Street. MetLife and Beacon Capital Partners are looking to sell the former Goldman Sachs headquarters at 85 Broad Street. The building is a 1.1 million-square-foot building, which is 91% occupied, and valued at up to $700 million. Governor Cuomo wants to sell a 170,000-square-foot building used by the City University of New York …
  
  
• December 2016 New York Buildings For Sale
• Buildings For Sale: Brookfield Property Partners has put the 45-story office tower at 245 Park Avenue up for sale. Sources close with the 1.8 million-square-foot tower believe it is worth north of $2.1 billion, or more than $1,200 per square foot. Lightstone Group hopes to sell the retail space and garage at the base of the Marriott Moxy Hotel in the Garment District, which is under construction, for $64 million. The developer is looking to offload a 4,000-square-foot retail condo and 27,000-square-foot garage at the 16-story building at 485 Seventh Avenue. Buildings Sold: United American Land bought 65 Spring Street …
  
  
• August 2016 New York Buildings For Sale
• Buildings For Sale: The Blackstone Group is shopping its 665,000-square-foot office tower at 1065 Sixth Avenue and hopes to get as much as $700 million. ABC Carpet & Home is shopping around its property at 880-888 Broadway, an office-and-retail condominium that could get upwards of $200 million, or over $2,600 per square foot. ABC has owned and fully occupied the six-story, 76,400-square-foot building since 1981. The property has a 20,600-square-foot retail condo and a 55,800-square-foot condo for office and manufacturing space. It is still not clear if ABC Carpet would vacate upon selling the building or make a sale-leaseback agreement. …
  
  
• October 2015: New York New Developments
• New Developments The Archdiocese of New York is backing a Midtown East rezoning that would allow St. Patrick's Cathedral to sell its unused air rights to developers. A committee studying the neighborhood's development potential proposed freeing up landmarked properties, like St. Patrick's, to sell air rights anywhere within the rezoned district.Anthony Bourdain is building at Pier 57 in the Meatpacking district, a restaurant complex with 155,000-square foot, 100 culinary stalls and is currently under construction and to be completed in 2016. The Bourdain Market will be the largest of the city's themed restaurant markets.The residents of a co-op building in …
  
  
• September 2013: NYC Buildings For Sale
• NYC Buildings For Sale Developer Centaur Properties has paid $45 million to acquire a West Chelsea site with close to 110,000 square feet of unused air-rights.A developer known for converting old buildings into condominiums has paid $27 million for the former Ridley Department Story on the Lower East Side.Westwood’s company purchased a five-story townhouse for $13.5 million to plant the designer’s New York City flagship. The 12,000 square-foot townhouse at 14 East 55th Street, next to the St. Regis Hotel, will hold the corporate headquarters as well as a Vivienne Westwood retail store and showroom.Northwood Investors paid $150 million for …
  
  
• May 2013: NYC New Developments
• NYC New Developments Waterman Interests has signed a new 75-year deal with Benenson Capital Partners for the master lease at 400 Park Avenue. The Benenson family has owned the East 54th Street site since 1971. In 2010, Waterman along with some institutional investors paid $35 million to RFR Realty for the leasehold on the 270,000-square-foot property. At the time, the leasehold had 17 years remaining. Manhattan hotels have been popping up especially in the area around 29th Street. . Now there are nearly a dozen hotels clustered on and around 29th Street, including the trendy Ace Hotel, which opened in …
  
  
• June 2012 New York New Developments
• Major Developments A judge has rejected a bid by an investment partner at the Domino Sugar Factory to block its partner from recapitalizing the proposed $1.5 billion project. Express has signed for a flagship space in Times Square, believed to be at 1552 Broadway.The first retail stores at the World Trade Center site could open for business by March 2015. Westfield, which has a 50 percent stake in the WTC site’s retail space, said the first retailers will be announced in the first half of next year. The openings would come more than 13 years after the destruction of the …
  
  
• 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 …
  
  
• 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 New Developments
• New Developments Companies such as Boston Properties and Vornado Realty Trust are in negotiations with potential tenants and may even proceed with construction without securing leases. Boston Properties may be the first to break ground by the end of 2011. The company is finalizing negotiations to anchor a 1 million-square-foot tower at Eighth Avenue and 55th StreetRelated Companies CEO Stephen Ross said he was confident about attracting tenants for the first phase of the development, which will include four million square feet of office space. "I think we're going to surprise people," he said. "We're talking to nine tenants at …
  
  
• 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 …
  
  
• March 2011 New York New Developments
• Major Trends The laws that cap rent increases on 1 million city apartments expire in June, and landlord groups, tenant advocates and politicians all agree that they should be extended. Last time the laws were up for a renewal, in 2003, Senate Republicans threatened to let them expire and ended up forcing the Democrats to accept a simple renewal. Now the Democrats think they have a better chance of getting a good deal for tenants. The real estate industry is desperate to renew a tax break known as 421-a, which spurs new apartment building development, and Sheldon Silver believes developers …
  
  
• February 2011 New York New Developments
• New Developments Three years after the Related Cos. began developing its 26-acre Hudson Yards project, the company is now trying to find a tenant willing to commit to occupying at least 600,000 square feet of office space. To land its key tenant, Related is offering either to construct a building and sell it to that company or to provide a big break on the rent. The 12 million-square-foot space, bordered by the High Line and the Hudson River, will run from 10th to 12th avenues and from West 30th to 33rd streets. The $15 billion project is expected to take …
  
  
• January 2011 New York Buildings For Sale
• New York City Buildings sold Google paid $1.77 billion in cash for its new office at 111 Eighth Avenue. Google will occupy 550,000 square feet in the 2.9 million-square-foot Chelsea building, located between 15th and 16th streets. Google's ability to pay cash helped it succeed in the purchase. MCR Development has acquired a portfolio of 10 Marriott and Hilton hotels for $164 million, marking one of the largest hotel deals in the country so far this year. The collection of mostly extended-stay hotels, include 1,100 rooms across New York, New Jersey, Connecticut and Pennsylvania. The seller, developer Briad Group, held …
  
  
• October 2010 New York Buildings For Sale
• New York City Buildings sold SL Green, the largest commercial office landlord in New York, agreed to sell 19 West 44th Street in Manhattan to Deka Immobilien for $123.2 million. SL Green will continue to manage and lease the building as part of the sale agreement with Deka. SL Green originally bought the 292,000-square-foot Class B property in 2004 for $67 million. Since the acquisition, SL Green has renovated the lobby, windows and heating and cooling systems, and raised occupancy to 99 percent, compared to 86 percent in 2004. SL Green Realty is expected to gain $66 million profit on …