West 37Th Street

• October 2024 New York Commercial Real Estate Market Report
• Office: Hope for longer and larger office spaces was encouraged as more people showed up to work and tenants continued to sign leases. Last month office leasing was 3.5% higher year-over-year. Manhattan’s year-to-date activity of almost 21 million square feet with leasing on track to surpass 30 million square feet for the year. Midtown South leasing volume jumped 45% month-over-month and up 28% from last year, from Yeshiva University’s 160,000-square-foot condominium leasehold at 1293 Broadway. Midtown South 17.4% availability. Average asking rents dropped slightly to foot to $74.56/RSF Midtown leasing activity dropped from 3 million to 1.4 million square feet …
  
  
• September 2024 New York Commercial Real Estate Market Report
• Market Overview: Manhattan Office Leasing volume is likely to surpass 29 million square feet, but still below 2019 levels. Office-to-residential conversions are taking large blocks of space off the market, with more to follow. The pace of office demand has a long way to go in order to absorb the office space that came to the market during Covid. Midtown is having a moment. A few big deals boosted the leasing market last month, and the six largest were in Midtown. Leasing volume grew nearly 60% from the previous month and surpassed the 2019 (pre-pandemic) monthly average of about 3.5 …
  
  
• May 2024 New York Buildings For Sale
• Buildings for Sale: Chanel and LVMH are in talks to purchase 745 Fifth Avenue from Paramount . LVMH’s interest in the property, when it was believed not to be the only bidder. The 35-story building is at the corner of 58th Street along an iconic retail corridor. Milsteins to unload all of their UWS Dorchester Towers condos. They are seeking $375 million for all of its 324 condo units at the Dorchester Towers on the Upper West Side. Default reported for $250 million CMBS loan at 25 Broadway. Debt at landmarked Cunard Building sent to special servicing. The $250 million …
  
  
• March 2023 New York New Developments
• New Developments: Extell swaps office for residential at 180 East 125th Street. The 415,000-square-foot project is aiming for 543 apartments, pending the approval of a zoning bonus for locating a grocery store at the building as part of the city’s FRESH foods program. The building will also include 24,500 square feet of commercial space. Bally’s eyes casino bid at Trump’s Bronx golf course at Ferry Point in the Bronx. Bally’s would operate the casino on 10 acres and use the other seven acres for green space or another use, like housing for workers. The end goal for Bally’s would be …
  
  
• November 2022 New York Buildings For Sale
• Buildings for Sale: Stefan Soloviev is negotiating to sell 9 West 57th Street and is finalizing an agreement to sell the prestigious office tower. The 50-story, 1.6 million-square-foot building, was last appraised in July 2016 at $3.4 billion, or over $2,000 per square foot. LoanCore Capital filed a lawsuit against a joint ownership venture at 111 East 59th Street, which includes Dune Real Estate Partners and Puma Construction Corporation. The lender alleged the owners defaulted on $193.4 million in loans and is calling for the forced sale of the retail and office property. Proceeds from a forced sale would go …
  
  
• January 2022 New York New Developments
• Market Overview: The Terminal 1 project at John F. Kennedy International Airport is ready to take off with a new $9.6 billion price. The terminal has been restructured, moving forward after a two-year delay. A consortium led by the Carlyle Group along with Johnson Loop Capital Infrastructure and Union Labor Life Insurance Company will finance the development, which is now expected to break ground in mid-2022. The latest cost estimate includes $7.2 billion for design and construction and $2.3 billion in “financing and other costs.” The new Terminal 1 will include 23 international gates across 2.4 million square feet, spanning …
  
  
• November 2021 New York Buildings For Sale
• Buildings for Sale: A CMBS trustee filed to foreclose on the loan on the defaulted loan secured by the 470 Broadway property citing $22.9 million in debt. The debt consists of $18 million in unpaid principal, $2.6 million in unpaid interest and $2.3 million in protective advances. Thor was delinquent on a $105 million loan at 597 Fifth Avenue, after missing payments in August and September 2020. PBC is seeking a buyer for its 865,000-square-foot building at 452 Fifth Avenue where HSBC’s New York office is located. The building is expected to go for at least $850 million, or $982 …
  
  
• March 2021 New York Commercial Real Estate Market Report
• Manhattan Office: Office subleases increased to 29 million square feet, well over the 27 million square feet recorded during the financial crisis in 2009. The office availability rate rose for the eighth consecutive month to a record-high of 14.9%, up 0.6% points from the previous month of 4.9 points from a year ago. Leasing volume was 1.9 million square feet, but still 47% below the pre-pandemic monthly average. The average asking rent declined for the seventh consecutive month to $73.65 per square foot per year, the lowest average since April 2018. Only about 14-15% of employees were in their New …
  
  
• November 2020 New York Buildings For Sale
• Buildings For Sale: Four New York Plaza, a 22-story, 1.1-million-square-foot office building in the Financial District, is for sale. The current owners, Edge Fund Advisors and HSBC Alternative Investments, purchased the property in 2012 for $270 million and could sell it for $300 million. Brookfield Asset Management is looking to sell its life-sciences real estate portfolio for around $3 billion. The investment company is marketing the 2.3 million-square-foot portfolio. A 12-story building in New York’s Diamond District has hit the market for $113 million. The building at 576 Fifth Avenue contains both retail space on the lower levels and office …
  
  
• October 2020 New York Buildings For Sale
• Buildings For Sale: Korean lender Shinhan Investment wants to sell its $60 million mezzanine loan on the Public Hotel at 215 Chrystie Street in the Lower East Side. The 367-room hotel has been closed since late March. Cindat USA is looking to sell a preferred equity stake in a portfolio of seven Manhattan hotels it bought in 2016 as part of a joint-venture with Hersha Hospitality Trust. The company is eyeing pricing that would value the 1,087-room portfolio in the low-$400 million range. Buildings Sold: Highgate’s deal to purchase a $2.8 billion portfolio of hotels from Colony Capital will put …
  
  
• March 2020 New York Buildings For Sale
• Buildings for Sale: 2 Grand Central Tower was built in the 1980s and is for sale. Rockwood Capital is the seller of the 44-story building. They are expecting to sell for $580 million or about $850/RSF. CBS is looking to sell 51 West 52nd Street for more than $1 billion for its nicknamed Black Rock. The broadcaster, which merged with Viacom late last year in a $25 billion deal, announced that the company would look to sell the building. Amazon has been in talks to acquire the Lord & Taylor building from WeWork. The deal could be valued close to …
  
  
• February 2019 New York Buildings For Sale
• Buildings For Sale: GFP Real Estate and Northwind Group are looking for a new equity partner to buy 60- 80% of the equity in the property known as 7 Hanover Square which was the former Guardian Life headquarters in the Financial District. Anbang Insurance Group is looking to offload a $5.5 billion hotel portfolio including properties in New York, Chicago, and San Francisco. SL Green Realty and its partners are soon going to put the 500,000-square-foot office building at 521 Fifth Avenue on the market. SL Green Realty is considering selling the Art Deco “News Building” at 220 East 42nd …
  
  
• 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 …
  
  
• October 2017 New York New Developments
• Major Developments: The Port Authority of New York & New Jersey seems to be leaning toward building a new bus terminal on the Eighth Avenue site, rather than expand to another location. The plan now is to build two new floors on top of the terminal that is already in place. Those levels would be for the buses while the three lower levels are being rebuilt. Barry Diller officially declared Pier 55 dead after years of legal disputes and around $40 million in pre-construction costs A startup wants to pay landlords $10,000 per month or more to install intelligent, electronic …
  
  
• 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. …
  
  
• 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 …
  
  
• April 2016: New York New Developments
• New Developments Bizzi& Partners, Michael Shvo and New Valley raised $175 million through the EB-5 program from the Chinese for their 91-story tower at 125 Greenwich Street. The developers were about halfway to reaching their goal through the EB-5 program.Vornado plans to combine its One Penn and Two Penn Plaza office buildings to form a 4.2 million-square-foot complex. New renderings for the combined building of one and two Penn plaza show a new glass facade and canopy over Seventh Avenue from Penn Station revealing a reorganized lower-level retail space.Banks are exercising more caution when it comes to financing commercial real …
  
  
• February 2016: New York New Developments
• New Developments Water Street in the Financial District is a pedestrian wasteland. The BID aims to change that with a retail makeover. A re-zoning could make way for 167,357 square feet of new retail space, most of which would be built into existing arcade space on the ground floors of various buildings. It is essential to the revitalization of Lower Manhattan. The top 25 office tenants in Manhattan take up more than 56 million square feet of space, with JPMorgan Chase occupying 4.67 million square feet and Citigroup, occupying 4.49 million square feet. The City of New York occupies 7.22 …
  
  
• September 2015: New York New Developments
• Sam Chang plans to build a 25-story, 175-key hotel on a Garment District development site. The hotelier filed a permit application to build a 60,000-square-foot hotel at 338 West 39th Street, near Ninth Avenue. He bought the 12-story factory building for $22.4 million.The Hakimian Organization is in the process of acquiring 16,000 square feet of air rights from the landmarked Helen Hayes Theatre. This would allow the company to build a 246-key hotel at 250 West 49th Street containing 96,000-square-foot hotel on the property. The plans call for a renovation of the existing eight-story, 58,000-square-foot building, and add another 16 …
  
  
• July 2015: New York Buildings For Sale
• New York Buildings sold Thor Equities sold a Midtown development site at 520 Fifth Avenue to Ceruzzi Properties and an unidentified Chinese partner for $275 million, after purchasing it for $150 million in 2011. Ceruzzi , a Fairfield, Conn.-based real estate investor, plans to follow through with Sitt's plans to develop for a 71-story residential, hotel and retail tower on the site. The plot has approximately 300,000 buildable square feet, between 43rd and 44th streets and has been vacant since two prewar buildings were demolished there when purchased the site. Real estate investor Arthur Shapolsky is in contract to buy …
  
  
• 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 …
  
  
• July 2014: NYC Building Sold & For Sale
• {dynamic_word1} Buildings {dynamic_word3} A development firm bought a pair of Financial District buildings from the Century 21 department store company for $46 million.The San Francisco-based investment and building firm inked a contract to buy a development site at 112-118 Fulton Street in Lower Manhattan from the Lightstone Group for more than $170 million.375 West Broadway may be {dynamic_word3} for $125 million. It {dynamic_word3} for $81 million last year.Michael Shvo is in contract to buy 22 Thames Street, or 125 Greenwich Street, from Fisher Brothers and Steven Witkoff for around $180 million.A New York-based asset firm is nearing a deal to …
  
  
• February 2014 New York New Developments
• New Developments A Brooklyn fashion networking company away is moving into Manhattan. Manufacture NYC, a program that gives budding designers access to industrial sewing machines and design software, conducted an exhaustive search for a budget-friendly spot in Brooklyn before finally giving up and settling on a space in Manhattan’s Garment District. 7-Eleven is trying to gain acceptance in Manhattan. Since entering Manhattan in 2011 the number of locations has quadrupled from eight to 37 stores.Hospitals are increasingly opening full-service walk-in clinics in an effort to reduce inpatient costs. As a result, outpatient medical facilities are cropping up throughout the city. …
  
  
• January 2014 NYC Buildings For Sale
• NYC Buildings For Sale The Rhinelander Children’s Center at 350 East 88th, an Upper East Side townhouse owned by the nonprofit Children’s Aid Society, is for sale, asking $20 million. The four-story, 15,405-square-foot site is 50 feet wide. School programs have included preschool, summer camp and after-school care. Verizon is selling a former telephone-exchange building on West 36th Street near Seventh Avenue as a potential hotel site.Bank of New York Mellon is looking to downsize, and is considering a sale of its 52 story headquarters at 1 Wall Street. Chinese Christian Herald Crusades has put their building at 48 Allen …
  
  
• 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 …
  
  
• February 2013 NYC Buildings For Sale
• Buildings For Sale In one of the largest land deals in years, Sheldon Solow has reached an agreement with a consortium led by JDS Development Group to sell a parcel of land overlooking the East River for roughly $200 million. The full-block piece of land is zoned for residential use, and there are intentions to build a 37-story tower and a 47-story tower on the site, with a total of more than 830 units. The deal is being financed primarily by a $125 million loan from UBS. The parcel being sold is the smaller of two plots totaling nine acres …
  
  
• 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, …
  
  
• September 2012 New York Buildings For Sale
• NYC Buildings For Sale A Coney Island development site ready for a 22-story building is hitting the market for $14 million.The property is located at 271 Seabreeze Avenue, near the Atlantic Ocean and adjacent to the Coney Island boardwalk and Seaside Park. It is zoned for residential, hotel or senior living use, and plans drawn up by owners American Development Group would sustain up to 153 apartments, or 183 extended-stay hotel rooms, and 102 parking spaces.A troubled 12-story commercial loft building Noho is scheduled for auction next month, after CW Capital foreclosed on the mortgage and sold the debt to …
  
  
• February 2012 New York Buildings For Sale
• NYC Buildings For Sale The Sapir Organization, the developer of Manhattan's Trump Soho, is planning to put the hotel and its unsold condominium units on the auction block. The auction will likely take place later in the spring.Aby Rosen's RFR Holding is in contract to buy back the debt for far less than the $144.2 million face value at the Midtown development site at 610 Lexington Avenue.Although the vacant property, where Rosen sought to build the Shangri-La Hotel, New York, is in contract to RFR Holding. Several more properties in the William Gottlieb estate have hit the sales market, encouraging …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• December 2009 New York New Developments
• New Developments Commercial lenders did not throw out all of their standards in the recent cycle of easy credit. When developer Aby Rosen structured his $133 million loan for the acquisition and development of the Shangri-La hotel at 614 Lexington Avenue in 2007, the mortgage document included a personal guaranty to cover losses in the event of a default. Similarly, when Kent Swig negotiated $49 million in loans with Lehman Brothers Holdings to develop a hotel and condo project at 45 Broad Street in the Financial District in 2006 and 2007, the bank demanded a similar guaranty in the mortgage …
  
  
• August 2009 New York New Developments
• New Developments After many years of construction on Fulton Street, small business owners are now able to apply for grants from the city to improve storefronts that have been obstructed or damaged by the construction. The Fulton Nassau Crossroads Program, funded by the Lower Manhattan Development Corporation, offers free design, engineering and construction management, along with $275,000 for construction, to buildings located on Fulton and Nassau streets.Law firm Orrick Herrington & Sutcliffe may sign a lease for 220,000 square feet at 51 West 52nd Street. They will take the space previously occupied by UBS and Cushman & Wakefield. Cushman will …
  
  
• 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 …
  
  
• April 2007 New York Buildings For Sale
• New York Buildings sold Midtown portfolio, 8 office buildings, 6.5 million SF total, was sold to Macklowe Properties for $7 billion. 450 West 33rd Street, a 1.7 million SF office building, was sold to Broadway Partners for $700 million. 14 Wall Street, a 1 million SF office building, was sold to John Zamir, Capstone Equities for $325 million. Bruckner Plaza (The Bronx), a 386,000 SF shopping center, was sold to Vornado Realty Trust for $165 million. Albee Square Mall (Brooklyn) with a 70-year ground lease was sold to Acadia Realty Trust and P/A Associates for $125 million. 102-05 Ditmars Blvd …