West 42Nd Street

• 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 …
  
  
• May 2023 New York Buildings For Sale
• Buildings for Sale: Flatiron Building auction set for May 23. The winning bidder will have to produce a $100K check. 300 Park Avenue, Tishman Speyer’s $485 million loan is in a special servicer after the landlord opted to get ahead of an upcoming maturity. The loan on the 770K SF, 25-story building, which was issued in 2013 by German American Capital Corp., is coming due in August. L&L; Holding and its partner are in default on the $92.5 million loan backing the office portion of the 68-story, mixed-use tower at 142 West 57th Street. The $50 million mezzanine B note, …
  
  
• April 2023 New York New Developments
• Major Developments: Gov. Kathy Hochul dismissed doubts around Penn Station’s redevelopment and expansion, as the plan appears to be in trouble. The development is expected to yield 18 million square feet of commercial space and around 1,200 apartments. Vornado controls five of the eight development sites. State authorities approved a plan to partially pay for the redevelopment of the transit station, estimating that payments in lieu of taxes from private development could generate up to $3.75 billion for the project. The donut and coffee chain last year led the city in ubiquity again with 620 storefronts, five more than the …
  
  
• November 2022 New York New Developments
• Major Developments: Related Companies is planning a 1.3 million-square-foot office project at 514 West 36th Street. The property, also known as 517 West 35th Street, was at one time part of a 1.4 million-square-foot, mixed-use project. SL Green and Caesars Entertainment have teamed up to bring a proposed Caesars Palace to 1515 Broadway, even though they have encountered opposition. The DoubleTree’s rooms are among thousands that remain vacant as hotels that never reopened. 46 New York properties with more than 10,400 rooms still remain closed. Industrial real estate demand is cooling after leasing 150 million square feet of warehouse space …
  
  
• October 2022 New York Commercial Real Estate Market Report
• Office: September office occupancy numbers may represent a new normal. As more companies are settling into a wide range of work policies, from full-time, never or somewhere in between. The pandemic-induced drop in office use is projected to have a devastating effect on the market. The city’s office buildings will fall in value by 28%, or $49 billion. The stretch along Third Avenue from 42nd Street to 59th Street is becoming a stark example of the downside to the city’s ongoing flight to quality. The city’s office vacancy rate is at 19%, it is 29% on the 17-block corridor, nearly …
  
  
• July 2022 New York Buildings For Sale
• Buildings for Sale: Industrial real estate investment volume rose by 31% year-over-year to $1.8 billion. This followed a record-setting fourth quarter of 2021, during which investment volume doubled year-over-year to $5.2 billion and nearly a third of the year’s transactions were completed. The tri-state area had a record $10.6 billion in industrial real estate deals last year, a 64% increase from the previous year. New York City had almost $3.6 billion in industrial real estate investment volume last year, with Queens experiencing a nearly 50% year-over-year increase to nearly $1.5 billion. RXR and the Blackstone Group are marketing 1330 Sixth …
  
  
• 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 …
  
  
• April 2022 New York Buildings For Sale
• Buildings for Sale: Sapir is selling 260 and 261 Madison Avenue for about $600 million. The two office properties span close to 1 million square feet and are approximately 80% leased. Simon Development and BPG, are selling the 43-story, 466-unit Alta+ complex at 29-22 Northern Boulevard in Queens. The building is 97% occupied. Blackstone Firm hands over keys to 1740 Broadway. Office property’s $308M loan transferred to special servicing. Bank Leumi is seeking to foreclose on a $120 million loan on Seaport Residences (aka One Seaport), a planned 60-story condo tower that has long been plagued by the building’s tilt: …
  
  
• March 2022 New York Commercial Real Estate Market Report
• Office: Tech companies leased 76% more space year-over-year in the last three quarters of 2021. Santander Bank is relocating its headquarters to WeWork and subletting 160,000 square feet at 437 Madison Avenue. Hermès inked a lease at 550 Madison Avenue. The brand signed a three-floor, 71,757-square-foot lease relocating from 55 East 59th Street. Mutual of America Financial Group signed a lease for 252,000 square feet it already occupies. A year before the company brought in a joint venture partner to co-own the 766,000-square-foot property. First Service Residential took 48,000 square feet at the Midtown building across the ninth and 10th …
  
  
• October 2021 New York Buildings For Sale
• Buildings for Sale: The retail condo at 808 Broadway and 104-110 Fourth Avenue is for sale, asking $15.95 million. Halloween Adventure has been operating from the building since 1996, but the store will close up shop after the sale. Three retail condominiums at 385 First Avenue are up for sale for $29 million. Rialto Capital is foreclosing on 33 West 46th Street, a 10-story office and retail building in the Diamond District. The property belongs to the estate of Jorge Justo Neuss, an Argentinian businessman who authorities said killed his wife and then himself late last year. Buildings Sold: Google …
  
  
• June 2021 New York New Developments
• New Developments The Gateway tunnel is back on track. Federal officials completed their environmental review of the $11.6 billion rail tunnel, giving the project the green light. The move comes after years of delays from the Trump administration. The plan calls for building a new rail tunnel beneath the Hudson River, which would connect New Jersey’s Bergen Palisades to New York’s Penn Station. The approval could potentially advance real estate acquisitions and other pre-construction activities. State lawmakers are seeking to give New York City more control over Cuomo’s Penn Station expansion and new development in the surrounding area. A recently …
  
  
• October 2020 New York New Developments
• New York New Developments Vacant office and retail space will have a domino effect on the city’s budget and economy. The Metropolitan Transportation Authority faces a $12 billion budget deficit by 2021. The low office numbers have also led to a projected $9 billion drop in sales tax and other revenues. About 24,000 New Yorkers have lost their lives to the coronavirus. The unemployment rate is 16% and just 10% of workers have returned to the office by September. Personal income tax revenue may drop by $2 billion this fiscal year. Only a third of hotel rooms are occupied, and …
  
  
• August 2020 New York Commercial Real Estate Market Report
• Manhattan Office: Manhattan office leasing in the second quarter of 2020 totalled just 3.18 million square feet. That is 50% of the prior quarter and down 72% year-over-year. This is the slowest quarter for Manhattan office leasing since 2009. Office workers have been working from home during Covid. How many will remain at home after Covid has yet to be determined. Midtown saw 1.88 million square feet in leasing activity in the quarter, down 52% year-over-year. Midtown South leasing activity declined 87% year-over-year to just 640,000 square feet. Leasing activity downtown fell 73% year-over-year to 660,000 square feet. Manhattan’s Office …
  
  
• July 2020 New York Commercial Real Estate Market Report
• Manhattan office leasing in the second quarter of 2020 totalled just 3.18 million square feet, ½ the previous quarter and down 72% from the previous year and the slowest quarter for office leasing since 2009. Manhattan’s overall availability increased 0.4% points to 10.6%, the highest since early 2015. Manhattan’s asking rent average slightly decreased. Subleases have remained constant. Office leasing activity in April (1.35 million square feet) and May (1.42 million), in June, it was remaining at 410,000 square feet . Midtown Office 1.88 million square feet in leasing activity in the quarter, down 52% year-over-year. The largest lease was …
  
  
• February 2020 New York Commercial Real Estate Market Report
• Total Manhattan office leasing activity was up 2.9% from last year, reaching 42.97 million square feet and up 28.4% above the ten-year average. Average asking rents dipped slightly to $78.75 at the end of the year, following a few large above-market deals. Midtown South had 16.41 million square feet in leasing activity, a 14.5% increase from 2019. With an overall average asking rent of $76.70. Midtown office leasing hit a new all-year high with 2,750,000 square feet in leases signed, up 58% year-over-year. Availability rate of 11.3%, with base rent average fell by nearly $2 to $87.003. Facebook’s 1.5 million-square-foot …
  
  
• 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 …
  
  
• May 2019 New York New Developments
• Major Developments: Financial services accounted for 39% of the leasing activity, of which 13% was leased by co-working companies. Coworking had accounted for 12% of leasing volume last year and 5% in 2017. TAMI followed with 16% of leasing volume in the first quarter. There were six Midtown deals over 100,000 square feet. Sumitomo’s 266,000 square foot renewal and expansion at 277 Park Avenue and the Bank of Montreal’s 215,000 square foot relocation to 151 West 42nd Street. Job growth in New York City increased by 1.8% with 68,700 jobs added by the private sector from 2018 to 2019. The …
  
  
• March 2019 New York Commercial Real Estate Market Report
• Manhattan Office: 2018 was record-setting year for Manhattan’s office market. Leasing including new deals and expansions hit 32.2 million square feet. 17 million RSF of new office space will be hitting the market over the next few years, so new developments are in heated competition to land elite tenants. Midtown office leasing rose 81% in December compared to November, totaling 3.15 million square feet and making 2018’s fourth quarter the submarket’s strongest quarter since 2001. The availability rate dropped by 0.4% points to 10.3%, while the average asking rent rose to $78.43 per square foot. Leasing activity in Midtown South …
  
  
• October 2018 New York New Developments
• New York Major Developments: The number of extended-stay luxury hotel rooms are on the rise, increasing to 34% over the past five years. Occupancy rates are coming back higher than typical rooms at an encouraging 77%. Amazon 4-Star opened in Soho at 72 Spring Street and is similar to Amazon Books, but will sell a range of products, all of which must have a rating of at least 4 stars by Amazon customers. Women-only meeting space provider Luminary is opening its first location in NoMad. The company signed a 15,000-square-foot lease at 1204 Broadway. The 12-year deal spans the third …
  
  
• 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 …
  
  
• 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 …
  
  
• May 2018 New York New Developments
• New York Major Developments: 666 Fifth Avenue announced that the tower lost $25 million in 2017, largely due to the debt service on the property outweighing its net income. Chinese developer Zhonghong Holdings has defaulted on more than $174 million debt, just one year after the company tried to buy a senior living facility chain. Brookdale Senior Living for $4 billion. Co-working companies have stepped up their game in New York City, increasingly competing with traditional commercial landlords for the same tenants. Sixteen co-working companies have leased 664,000 square feet in the city so far in 2018. Brookfield Property Partners …
  
  
• February 2018 New York Buildings For Sale
• New York Buildings for sale: Columbia Property Trust is looking to sell a nearly 400,000-square-foot Midtown building entirely leased to NYU Langone Medical Center. the 25-story property at 222 East 41st Street, which in 2016 saw one of the bigger long-term medical-use lease deals in recent years. Joseph P. Day Realty, which has owned the 100,000-square-foot property at 9 East 40th Street for around 50 years, is now looking to sell and could fetch between $65 million and $70 million. The 18-story building sits half a block from Bryant Park, between Fifth and Madison Avenues. JPMorgan Chase, Olmstead Properties and …
  
  
• February 2017 New York New Developments
• Major Developments: Jared Kushner sold his equity stake in 666 Fifth Avenue though the identity of the buyer and what they paid for remains unknown. Kushner paid $1.8 billion for 666 Fifth Avenue in 2007, he then sold off a major stake in the retail portion to Carlyle Group and Crown Acquisitions for $525 million. The Chinese Investment in foreign property increased by more than half last year. The U.S. received the bulk of those investments, totaling $14.3 billion. New York University signed a lease for 58,000 square feet at 180 Madison Avenue, and has committed to taking another 41,000 …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• November 2015: New York New Developments
• New Developments Developer Bo Jin Zhu filed permit applications for a nine-story hotel and a 16-story apartment building at 412 West 126th Street and 402 West 126th Street. The two buildings together will contain a total of 129,000 square feet of space. UBS is looking for 700,000 and 900,000 square feet in Midtown for its New York headquarters. The company is being forced to move by its current landlord.The Columbus Avenue retail corridor on the Upper West Side has gone from zero vacancies in a 15-block stretch along Columbus Avenue to 14. The spike in retail vacancies is due to …
  
  
• May 2015: New York New Developments
• New Developments China's largest publicly-traded developer is buying a majority stake in at 130 West 42nd Street, a 30-story office building for $125 million. Real estate funds are receiving more investment from pension funds, endowments and institutional investors. Madison Capital is buying a retail space encompassing at least 32,000 square feet at 549-555 and 557-559 Broadway in Soho for $400 million. Asking rent for the new ground-floor retail space will likely exceed $1,000 per square foot. Scholastic paid $25.5 million for the 10-story property at 557-559 Broadway in 2010, and $255 million for the 12-story property at 549-555 Broadway last …
  
  
• 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; …
  
  
• 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 …
  
  
• October 2013 NYC Buildings For Sale
• NYC Buildings For Sale The ground lease for the Time Hotel, the 192-room boutique Theater District property formerly owned by hotelier Vikram Chatwal, is to hit the foreclosure auction block. Discussions between Hampshire Hotels and special servicer have collapsed.The owner of three adjacent parcels at the corner of 42nd Street and Ninth Avenue near Times Square has put the site on the market, expecting offers of about $2 million per year in triple net rent, meaning the tenant pays taxes and other expenses.Millennium Partners, a developer of luxury mixed-use properties, is seeking a buyer for the 335,000-square foot Ritz-Carlton Hotel …
  
  
• June 2013 New York City New Developments
• NY New Developments The Federal Department of Transportation will give New York $185 million to help build a rail tunnel under the Related Companies’ Hudson Yards project that will allow for high-speed train service between Manhattan and Newark, N.JTwo recent Plaza District office leases have broken new price records, being the most expensive office leases since 2008. Hedge fund Ruane, Cunniff & Goldfarb and the Brazil-based Banco Itaú will pay just under $200 per square foot for space at 9 West 57th Street and the GM Building.The Lower East Side is getting a new 12-story, 44,000-square-foot, 38-unit residential building at …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• January 2012: Manhattan City New Developments
• Manhattan New Developments Cornell University, in partnership with Technion-Israel Institute of Technology will build a 2 million-square-foot applied science and engineering campus on Roosevelt Island. Atlantic Philanthropies a charitable organization founded by billionaire Charles Feeney made the $350 million gift to go towards the creation of Cornell University's 2 million-square-foot applied science and engineering campus on Roosevelt Island. Feeney, who made billions of dollars through co-founding the Duty Free Shoppers Group, graduated from Cornell's School of Hotel Management in 1956, and has been consistently making donations to his alma mater.Brooklyn politicians were still hoping on another phrase the mayor uttered …
  
  
• November 2011 New York Buildings For Sale
• New York Buildings sold Africa Israel USA sold the Clock Tower building at 5 Madison Avenue for $165 million.and close January 2012. The buyer has made a $5 million deposit -- $2 million of which is non-refundable. Savanna formed a partnership with the Feil Organization to purchase the office building 21 Penn Plaza for $137 million. Previously Savanna picked up nearby 31 Penn Plaza for $130 million. It's also acquired 100 Wall Street, 80 Broad Street, 386 Park Avenue South, 104 West 40th Street, 1375 Broadway and 5 Hanover Square through a $550 million real estate investment fund it closed …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• April 2010 New York New Developments
• New Developments The number of small- to mid-size medical and bio-pharmacy companies in the city has quadrupled to 120 from 2002, due to the city's recruitment and the accessibility of academic centers in the area. The Upper East Side girls' prep school has cancelled its expansion into the nearby apartment building. The Brearley School, at 610 East 83rd Street, had been angling to buy half the building at 85 East End Avenue, for use as additional teaching space but has fallen through. Extended Stay Hotels may accept a $905 million investment offer from Starwood Capital Group and associated investors in …
  
  
• 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 …
  
  
• 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 …
  
  
• March 2009 New York New Developments
• The New York State Appellate Division ruled in favor of the Atlantic Yards project today in a lawsuit that challenged the project's environmental review process. Mayor Michael Bloomberg released a statement in support of the project, saying it will "create thousands of jobs and generate badly needed tax revenue." Bloomberg said the court's approval is a big step towards the start of construction for the delayed project.Proskauer Rose backed out of taking space at Mort Zuckerman's 250 West 55th Street, and now is in talks to move in again. Zuckerman put the 1 million-square-foot project on hold when the law …
  
  
• February 2008 New York Buildings For Sale
• NYC Buildings For SaleGM building Sale. The sale for the GM building could be in doubt as buyers are scared away by the pending lawsuit from Sheldon Solow. Developer Harry Macklowe is trying to sell the General Motors Building to pay off massive debts that are soon due. People wait to see who might try to buy the 50-story tower. Sheldon Solow, Larry Silverstein, Vornado CEO Steven Roth, and Tishman Speyer CEO Jerry Speyer. Bidding is expected to begin at $3.5 billion, and the property might not even sell. A recapitalization could be all that happens in the end. A …
  
  
• 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 …
  
  
• January 2007 New York Buildings For Sale
• New York Buildings sold Stuyvesant Town and Peter Cooper Village, a 11,232 residential units in 110 buildings was sold to Tishman Speyer, Blackrock Realty for $5.4 billion. 666 Fifth Avenue was sold to Kushner for $1.8 billion or $1,200/RSF. Kushner is reported to be selling the retail space of 99,000 SF for $640 Million. 350 Park Avenue, a 37-story, 538,000 sf office building, was sold to Vornado Realty Trust Holdings for $542 million. 1330 6th Avenue was sold to Macklow for $498 million. 1330 6th Avenue is a 522,000 RSF class A office building. 2207 Broadway and 390 West End …