West 57Th

• 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 …
  
  
• August 2024 New York Buildings For Sale
• Buildings for Sale: The CMBS loan for 200 million at 500 Fifth Avenue, a 727,757-square-foot office property in Midtown, was moved to special servicing because of imminent maturity default. Meyer Chetrit’s 65 Broadway. The $151 million CMBS loan tied to the FiDi office building had landed in special servicing in February. Cash flow couldn’t cover loan payments, The American Express Building was reappraised at $104 million below the loan balance. Lexin Capital is selling a development site at 75 Nassau Street asking $75 million, either in an outright sale or through the sale of a partial stake. The site is …
  
  
• 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 …
  
  
• January 2024 New York Commercial Real Estate Market Report
• Office: Paul, Weiss, Rifkind, Wharton & Garrison leased 765,000 sf at 1345 Sixth Avenue for 20-years. WeWork and the landlord agreed to modify its lease for a shorter term at a lower rent to keep its 300,000 SF lease at 1440 Broadway. HPS Investment Partners’ signed a renewal and expansion for 159,000 SF at 40 W. 57th Street. Verizon recently listed 143,000 square feet for sublease at 155 Delancey Street. Ralph Lauren signed an 11-year renewal for 133,000 SF headquarters at 650 Madison Avenue, shrinking its footprint by 39%. Quinn Emanuel Urquhart & Sullivan signed a 132,000 SF lease at …
  
  
• 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 …
  
  
• November 2023 New York Commercial Real Estate Market Report
• Office: Office leasing in activity jumped 26% from the second quarter to the third. But much of that was upheld by two large leases and availability remained at record highs. Finding office tenants has been a slog for Manhattan landlords. Midtown and Midtown South have improved as “flight to quality” companies upgrading to better Class A space. Midtown South’s availability hit a new all-time high with an 18.6% jump. One of New York City’s prominent real estate law firms is going out of business, Stroock & Stroock & Lavan. Their demise is a blow to New York’s real estate industry. …
  
  
• November 2023 New York Buildings For Sale
• Buildings for Sale: CIM Group will hand the keys to 1440 Broadway back to its lender. It saw the $399 million loan backed by the Midtown building go to special servicing this month. Buildings Sold: Extell sold 1710 Broadway for $173 million. In 2017, Extell paid $268 million for it. Extell is working to get plans approved for a 54-story, 673-unit hotel to replace the six-story. Sherwood sells Times Square hotel for $165 million. Apollo Global Management and Newbond Holdings are buying the 317-key hotel at 2 Times Square. The 200,000-square-foot hotel has 317 rooms. The transaction would break down …
  
  
• 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 …
  
  
• September 2023 New York Commercial Real Estate Market Report
• Office: New York City’s office demand index increased by 7.4% year-over-year. Office occupancy will increase to 55% to 65% by year-end and likely set a post-pandemic record. On the most popular midweek days it could trend over 80%. Office leasing has begun to rebound. Gross leasing volume is up 11.6% from this time last year, the fastest growth rate since mid-2021. New York’s office market remains challenged, as a result of the work-from-home policies that became popular during the pandemic lockdown. The office occupancy rate was just 48% the week of July 26th. Office landlords will take lease renewals over …
  
  
• July 2023 New York Buildings For Sale
• Buildings for Sale: Paramount Global, the parent company of CBS, is considering a sale of its broadcast center at 524 West 57th Street. Invesco is looking to sell its leasehold on 430 West 15th Street, a fully leased 100,000-square-foot converted parking garage, for $90 million, far less than the $150 million it paid Live Nation occupies all eight stories and 100,000 on a sublease it obtained from Palantir Technologies in 2017. Buildings Sold: Davean Holdings’ and Meadow Partners' sold a pair of Greenwich Village apartment buildings with 67 units to a European family for $50 million. Two walk ups at …
  
  
• July 2023 New York Commercial Real Estate Market Report
• Office: Microsoft is subleasing more than 42,000 square feet. Savanna exits 110 William Street as Pacific Oak restructures and the city agency takes 640,000 sf. The 20-year deal accounts for more than two-thirds of the entire footprint of the 32-story, 930,000-square-foot building. The tenant news comes as the owners reached an agreement with Invesco Real Estate to restructure more than $334 million in debt. Savanna will transfer its 40% ownership stake to Pacific Oak, . Pacific Oak would then invest between $110 million and $130 million of equity for tenant improvements. An existing $85.7 million mezzanine debt would be converted …
  
  
• June 2023 New York New Developments
• Major Developments: The U.S. Supreme Court ruled unanimously that Hennepin County wrongfully pocketed the excess proceeds from the sale of Geraldine Tyler’s condo unit. Tyler owed the county $15,000, a sum that ballooned from $2,311 in unpaid property taxes. To settle the debt, the county sold her condo unit for $40,000 and kept all of it. The court agreed that this violated the Fifth Amendment’s takings clause, reversing the Eighth Circuit’s decision in the county’s favor. NYC’s lien sale, debt from overdue taxes, water bills and the like is sold to an investment trust that can foreclose on the property …
  
  
• 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, …
  
  
• 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 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 …
  
  
• November 2022 New York Commercial Real Estate Market Report
• Office: Tenants leased 9.2 million square feet in the quarter, up 26% from the previous quarter and 28% from the same period last year. Financial services, insurance and real estate tenants were the top-leasing industries during the quarter, accounting for 47% of square footage leased. Year-to-date leasing volume stands at 24.2 million square feet, an approximately 50% climb from last year. Leasing volume this year is on track to outpace last year’s total by 29%. Manhattan’s availability rate dropped to 16.4%, its lowest level since March 2021. The market’s 4.7% decline in availability from 17.2% in the second quarter was …
  
  
• 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 …
  
  
• 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: …
  
  
• July 2021 New York Buildings For Sale
• Buildings for Sale: 14 Vesey Street, a rare historically vacant building, is for sale for an undisclosed amount in Downtown, Manhattan. A lot is available at 347 Lexington Avenue for sale to establish a hotel. The asking price is $10,000,000. It is 20 stories tall with 65 rooms. Two properties at 1984-90 3rd Avenue are for sale for $15,000,000. There are four retail units. Buildings Sold: Premier Equities acquired a 17,500-square-foot hotel building at 130 Duane Street for $18 million. The seller was Hersha Hospitality Management. Steven Schnall and Howard Lev sold an 8,300-square-foot, mixed-use building at 287 Bleecker Street …
  
  
• 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 …
  
  
• March 2021 New York Buildings For Sale
• Buildings Sold: SL Green Realty is unloading its stake in Midtown’s Tower 46. The real estate investment trust is in contract to sell its 25% interest in the commercial condominium units at 55 West 46th Street to a Brookfield Asset Management real estate fund for a gross valuation of $275 million, or $793 per square foot. DivcoWest is going to buy a Hudson Square building and has an exclusive agreement to buy Jamestown Properties’ 325 Hudson Street. Pricing for the 10-story, 225,000-square-foot building is north of $150 million. CBS Broadcasting, an entity owned by ViacomCBS, bought a site at 500 …
  
  
• December 2019 New York Commercial Real Estate Market Report
• Market Overview: Office: Midtown saw 1,070,000 square feet in office leases signed, up 37% from the prior month but down 39% year-over-year. The availability rate rose to 11.5% with the average asking rent hitting a new high of $89.45. Midtown South leasing increased to 420,000 square feet up 27% from the prior month but down 9% year-over-year. The availability rate dropped to 9%, average asking rent down to $83.56 per square foot. Lower Manhattan saw leasing pick up with 260,000 square feet, up 62% from the month before and up 68% year-over-year. The availability rate dropped further to 11.8% and …
  
  
• November 2019 New York Commercial Real Estate Market Report
• Office leasing volume from the top 10 leases was 820,500 square feet. With half of them coming from WeWork, who will be out of the market for a while if at all. Other big tenants include law firms, branding agencies and Knotel. Manhattan Retail: Retail leasing for gyms and restaurants were among the largest deals. The top was Ikea’s first Queens location. Manhattan Sales: Manhattan investment sales hit a two-year low with $995 million in deals recorded, 52% down from June and 59% below the 12-month average. The borough’s largest deal was Savanna’s $180 million buy of 360 Lexington Avenue …
  
  
• November 2019 New York New Developments
• Major Developments: Barneys has been sold to Authentic Brands Group and B. Riley for around $270 million. The new owners will likely shut Barneys’ locations, including its 275,000-square-foot flagship property at 660 Madison Avenue. IBM is looking for 500,000 square feet to consolidate its New York office space from multiple locations including a WeWork. IBM’s lease at WeWork’s 88 University runs through 2024. Vornado Realty Trust has encountered more retail challenges as Forever 21 filed for bankruptcy protection. However, Forever 21 may be able to keep its stores at 435 Seventh Avenue and 1540 Broadway open for a bit longer. …
  
  
• October 2019 New York Commercial Real Estate Market Report
• Market Overview: Leasing was slow last month with the top 10 leases comprising only of 464,100 versus last month total of 2.9 million square feet. The total is also down year-over-year. The top 10 office leasing deals of August 2018 totaled about 1.3 million square feet. EisnerAmper inked a 15-year lease for 125,000 square feet of space at 733 Third Avenue, The landlord is the Durst Organization. New York Times signed a 15-year lease for 57,846 square feet of space at 24-01 44th Road. The landlord is United Nations Federal Credit Union. WeWork firm inked a 15-year lease for 56,000 …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• September 2018 New York Buildings For Sale
• NYC Buildings Sold: Invesco buying the office condo at 1745 Broadway from SL Green Realty and Ivanhoe Cambridge for an estimated $633 million (although in transfer documents the price was $596 million). 250 Water Street development site was bought by the Howard Hughes Corp for $183 million. 101 West 57th Street hotel was bought by the Hilton Grand Vacations for $174 million. Michael Shvo has purchased the office portion of 685 Fifth Avenue from General Growth Partners. Shvo has partnered with the Wings Group, BLG Capital and Deutsche Finance America to purchase floors five through 20 of the building for …
  
  
• August 2018 New York Buildings For Sale
• New York Buildings for sale: Brookfield Property Partners is in talks to buy a stake in the 1,400-unit Waterside Plaza complex in Kips Bay. The $600 million deal is not yet finalized and there’s no guarantee it will go through. The complex includes apartments, stores and space rented to the British International School of New York. The owner is Richard Ravitch. A six story building at 75 Warren Street is for sale for $12,950,000 or $1,199.07 SF. It has commercial space with 16-foot ceilings. 240 Fifth Avenue is a 5 story commercial building for sale with an asking price of …
  
  
• July 2018 New York New Developments
• New York Major Developments: The top 10 office lease deals totaled 2.4 million square feet, larger than last month’s top 10 leases, which totaled 1.9 million square feet. 1) Deutsche Bank signed a lease for 1,100,000 square feet of office space at 1 Columbus Circle. 2) Facebook signed a lease for 370,000 square feet of office space at 770 Broadway. 3) McKinsey & Co. signed a lease for 186,000 square feet of office space at 3 World Trade Center. 4) Blank Rome signed a lease for 138,000 square feet at 1271 Sixth Avenue. The firm is taking the 15th, 16th …
  
  
• 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 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 …
  
  
• 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 …
  
  
• March 2018 New York New Developments
• New York Major Developments: The city is moving forward with plans to make way for 4.5 million square feet of development on Governors Island. The Trust for Governors Island held its first meeting to discuss rezoning part of the island for commercial real estate development. Beauty chain L’Occitane en Provence is relocating its Fifth Avenue store of 3,378-square-foot lease at 555 Fifth Avenue. The building had an asking retail rent of $1,100 per square foot. L’Occitane’s lease is expiring nearby at 610 Fifth Avenue. Facing high costs and lower than expected profits, retailers on some of Manhattan’s most expensive thoroughfares …
  
  
• February 2018 New York Commercial Real Estate Market Report
• New York Office: Manhattan’s office market saw average asking rents fall in 2017 for the first time in seven years, as landlords lowered prices and more expensive spaces left the market. Average asking rents declined slightly to $72.74 per square foot. Lower Manhattan asking rents increased year-over-year (up 6.8% to $63 per square foot). Hudson Yards/Manhattan West supplanted the Plaza District as Manhattan’s most expensive submarket, though its small size 7.74 million square feet compared to the Plaza District’s 55.3 million square feet, makes it much more sensitive to shifts in pricing. The submarkets of Soho, Murray Hill, Hudson Square, …
  
  
• January 2018 New York Commercial Real Estate Market Report
• Office rents on Fifth Avenue are the second-most expensive in the country. Average asking rents on the Midtown stretch between 50th and 61st streets clocked in at $116.04 per square foot, and at the top end of the range reached $185 per square foot. Manhattan’s office-leasing market stood tall. Tenants flocked to get deals done, particularly in new buildings on the Far West Side and in Lower Manhattan, pushing leasing volumes ahead of last year’s figures. In fact, half of the year’s Top 10 most valuable office leases were inked at Hudson Yards and Manhattan West. The 10 biggest new …
  
  
• November 2017 New York New Developments
• New York Major Developments: New construction starts for nonresidential projects tripled to more than $3 billion due largely to massive undertakings at the Jacob K. Javits Convention Center and the Moynihan Train Hall. The total dollar volume for nonresidential construction starts in New York City jumped to $3.66 billion, a 203% increase from $1.21 billion a year earlier. Most of the private air rights along the High Line are used. New York City is seeking to sell its own air rights to West Chelsea property owners for $500 per square foot. The Department of City Planning proposed a rule change …
  
  
• 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 …
  
  
• August 2017 New York New Developments
• New York Major Developments: Starwood Mortgage Capital provided a $105 million loan for Aurora Capital Associates and William Gottlieb Real Estate’s Restoration Hardware project in the Meatpacking District. The 10-year loan retires a $60 million loan from Wells Fargo. Aurora and Gottlieb are building a 60,000-square-foot retail project at 9-19 Ninth Avenue, where Restoration Hardware signed a 15-year lease worth $250 million. Northern Manhattan’s commercial real estate market was sluggish. A total of 138 properties sold in 154 deals for a total dollar volume of $694 million uptown, down 64% year-over-year. The average price per buildable square foot at development …
  
  
• May 2017 New York Buildings For Sale
• New York Buildings For Sale: L&L; Holding Company and PGIM Real Estate are looking to sell three interconnected Chelsea office buildings. The firms own the buildings at 511-541 West 25th Street, between 10th and 11th avenues. They bought them from the Related Companies for $160 million in 2014. Sources said they are seeking about $200 million, or $1,000 per square foot, for the buildings. Billy Macklowe and Principal Real Estate Investors are looking to sell a Midtown office building at 311 West 43rd Street. The partnership purchased the 186,000-square-foot building in 2015 for $107 million from Atlas Capital. The 43rd …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 New Developments
• New Developments U.S. commercial real estate values continue to experience a slowdown in growth in 2016. Despite the slight uptick, property value appreciation has slowed significantly, after near-double-digit gains in each of the past few years. Cap rates have stopped declining. The City Council approved plans to rezone portions of the Financial District that will allow landlords to fill unused space with retail. 20 buildings along Water Street can fill in 110,000 square feet of pedestrian arcades. In exchange, the landlords are required to upgrade nearby plazas and any of the arcades larger than 7,500 square feet must go through …
  
  
• June 2016: New York Buildings For Sale
• New York Buildings sold RXR Realty">RXR Realty was near a $1.7 billion deal to acquire the 42-story office tower at 1285 Sixth Avenue and has finally closed, marking one of the city's biggest commercial transactions of the year. RXR financed the purchase with $1.2 billion in loans. AXA Financial, formerly owned both buildings, with 1285 Sixth Avenue owned through a joint venture between AXA and JPMorgan Asset Management. AXA put the adjacent properties up for sale last summer and was looking for as much as $4 billion for the two buildings combined. Caerus Group closed on its $38.2 million purchase …
  
  
• 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 …
  
  
• 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 …
  
  
• July 2015 New York Commercial Real Estate Market Report
• There are Deals for large retail spaces are distracting from awareness that pockets of vacancies in some areas of the city may indicateing e that rents have maxed topped out, and could be heading lower soonfor a correction. Sephora Among the recent leaseds was a 20,000-square-foot deal Sephora got on Lower Fifth Avenue and Foot Locker's 36,000-square-foot lease south of the Times Square bow tie. The Meatpacking District, aside from the opening of the Whitney Museum, continues to be the $250 million, 70,000 square-foot lease tenant-of-the-moment. Big deals are happening where asking rents for the three retail spaces are $200 …
  
  
• June 2015: New York Buildings For Sale
• New York Buildings sold The Sapir Organization and CIM Group sold 11 Madison Avenue for $2.6 billion to SL Green. SL Green Realty Corp. agreed to pay $2.3 billion, and spend an additional $300 million for building improvement costs. 11 Madison contains a 2.2 million-square-foot building.Prodigy is buying a 12-story building at 331 Park Avenue South for $51 million, including air rights from nearby properties. Prodigy is paying $49 million to buy 114 East 25th Street, a 42,000-square-foot loft-style property.Crown Acquisitions and Oxford Properties Group bought the entire office and retail base of 641 Fifth Avenue (Olympic Tower), after paying …
  
  
• June 2015: New York New Developments
• Foot traffic on madison avenue has declined by 200,000 people over the last seven months when the Whitney closed in October. While many luxury retailers still maintain locations there, some of them are global brands that are simply there for the status and are actually losing money on the area rents.The City Council approved plans for One Vanderbilt, the 63-story, 1.6 million-square-foot office tower to be built next to Grand Central Station. The tower will be anchored by TD Bank, with 200,000 square feet. One Vanderbilt will deliver critically-needed, state-of-the-art Class A office space and dramatically upgrade Grand Central's overburdened …
  
  
• 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 …
  
  
• May 2015: New York Buildings For Sale
• New York Buildings sold Eliot Spitzer's sale of the Crown Building for $1.78 billion to Jeff Sutton and General Growth Properties set an all-time price per-square-foot record. The deal, which closed last month, marks the highest price paid per square foot ever paid for an entire office building. At 390,000 square feet, the price breaks down to $4,564 per square foot.Extell Development and the Group.">Carlyle Group sold a portion of their Riverside Center project on the Far West Side for $410.8 million to James Linsley's GID Development Group. GID purchased 40 Riverside Boulevard, one of five buildings in the 8-acre …
  
  
• 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 …
  
  
• December 2014 NYC Buildings purchased & For to purchase
• New York Buildings sold The developer who is turning Verizon's former downtown headquarters into luxury condominiums has bought the building's 40,000-square-foot retail space for $40 million.A Developer acquired a three-story Upper West Side commercial building located at 2307 Broadway for $25.9 million. The 9,900-square-foot property, between West 83rd and 84th streets, is home to a Duane Reade store on the ground floor. There are offices on the upper floors.A Financial services firm acquired a 16-story office building at 21 Penn Plaza in Midtown from Savanna and the Feil Organization for an undisclosed price.A Canadian property investor and Chicago-based Callahan Capital …
  
  
• November 2014 NYC Buildings purchased & For to purchase
• New York Buildings sold Two properties in Midtown East were just sold for $18 million. A five-building development site at 134-142 Bowery sold for $45.3 million.A Midtown East-based real estate investment firm bought 66 Pearl Street for $30.1 million.Emmes Asset Management is selling a Midtown South office building at 158 West 27th Street for a sizable profit. The 118,000-square-foot building is in contract for $82.5 million.New York University bought a 151,000-square-foot building in Noho for $157 million, with plans to convert it into a temporary space for athletic facilities.Ashkenazy Acquisition Corporation bought a pair of adjacent retail buildings a block …
  
  
• June 2014 New York Buildings For Sale
• New York Buildings For Sale The Rubin Museum of Art is looking to sell a Chelsea development site that delivers more than 70,000 buildable square feet of space. The site, which is now a seven-story building, is expected to go for $60 million. The site at 115 Seventh Avenue near West 17th Street is most valuable as a condominium-and-retail project. Thus, the current structure would have to be demolished.A local investment company that has for decades owned a building which houses a drug abuse treatment facility has put the property on the market. Many in the industry think the property …
  
  
• 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 …
  
  
• May 2014 New York Commercial Real Estate Market Report
• With Manhattan retail rents skyrocketing retailers such as Rizzoli Bookstore and J&R; Music and Computer World have shuttered. Retail tenants are increasingly turning to hybrid models to be profitable. Despite being one of the wealthiest places in the nation and a shopping mecca for 50 million plus tourists, Manhattan still has more vacant retail space than anyone can count. This is caused by Landlord seeking higher rents than tenants can profitably operate. The two emerging centers for tech office tenants in the city are the Manhattan corridor spanning 14th Street through 42nd Street, and Downtown Brooklyn. Tech firms are looking …
  
  
• 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 …
  
  
• March 2014 New York New Developments
• New Developments 68 Charlton Street Extell Development has submitted plans for a 22-story residential building in Hudson Square that would include the neighborhood its first affordable housing.Flushing Commons. Architect Perkins Eastman announced the master plan. Phase one will have 150 residential units and 220,000 square feet of office space, along with 1,600 parking spaces. Phase two will have 450 residential units and 280,000 square feet of commercial space, a 62,000-square-foot YMCA and an additional 15,000 square feet for community facilities. There will also be A 1.5-acre town square, built around a central fountain plaza.Phase one is aiming for an April …
  
  
• 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 …
  
  
• 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, …
  
  
• 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 …
  
  
• October 2013: NYC New Developments
• NYC New Developments Ace Hotel is converting a 10-story building at 225 Bowery into a hotel, despite earlier plans to turn it into apartments. The Lower East Side building’s owner, the Salvation Army Chinese Community Center, will close within the year. Ace is serving as a silent partner and developer on this and the Jarmulowsky Bank project at 52 Canal Street. That development, from DLJ Real Estate Capital Partners, is slated to be a 12-story, 105-unit hotel, and will be operated by Ace under a different name.Fairway Market is coming to the World Trade Center neighborhood. The market just signed …
  
  
• 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 …
  
  
• August 2013: New York Buildings For Sale
• NYC Buildings For Sale A 20,083-square-foot residential development site at 505-511 West 43rd Street is for sale. The site is asking about $300 per buildable square foot, or nearly $50 million.The site, located between 10th and 11th Avenues, can accommodate 160,664 square feet of zoning floor area and 190 residential units but is complicated by its location above an active Amtrak rail line. As a result, potential development will require two special permits, to be obtained through the city’s Uniform Land Use Review Procedure.LCOR, a national investment, management and development company, is quietly shopping around its leasehold in a 17-story, …
  
  
• 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 …
  
  
• 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 …
  
  
• April 2013 NYC Buildings For Sale
• NYC Buildings For Sale Harbor Group International is planning to sell its property at 1412 Broadway in Times Square South for about $250 million. Harbor Group purchased the 420,000-square-foot office building for $150 million in 2010. Harbor upgraded the building’s lobby, elevator cabs and base façade, as well as upgrading a small retail annex at 1420 Broadway, which is also part of the property. United Cerebral Palsy has put its East 23rd Street building on the block. Located at 122-130 East 23rd Street, the 60,000-square-foot building is being marketed as a development site. The sales price is expected to be …
  
  
• 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 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 Commercial Real Estate Market Report
• Major Trends Rising anxiety over the so-called fiscal cliff caused construction employment in New York to fall 5.2 percent year-over-year. The prospect of federal tax increases, combined with spending cuts, has made contractors anxious, and resulted in 16,100 fewer construction jobs in New York, year-over-year — bringing the number of construction jobs statewide down to 292,200. The City Planning Commission approved Durst Fetner Residential’s 625 West 57th Street, a 753-unit development at the Hudson River. The striking pyramid design, by Bjarke Ingles Group, includes a central terrace that is almost the size of a football field. Two Trees Management’s new …
  
  
• 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 …
  
  
• December 2012 New York New Developments
• New Developments 13 new hotels in the pipeline for the Lower East Side, tripling the number of hotel rooms in the neighborhood over the next few years. Four new hotels are scheduled to open, boosting the existing inventory by approximately 30 percent. Six other projects in various stages of construction and four of which are on a two-block strip along upper Orchard Street will add another 900 rooms. And three other recent proposals, a 130-room boutique hotel in the landmarked Jarmulowsky Bank building on Canal Street, a 376 room hotel/condo combination building on Chrystie Street and a Broome Street project …
  
  
• October 2012 New York Buildings For Sale
• NYC Buildings For Sale SL Green Realty is looking to sell its 575,000-square-foot building at 120 West 45th Street, known as Tower 45, for a price of $270 million or more.Morgan Stanley’s Prime Property Fund has put its New York Marriott East Side on the block for $350 million. The hotel has 646 rooms and is located at 525 Lexington Avenue and 49th Street. The 2.3 million-square-foot office tower at 11 Madison Park is hitting the market with a sales price of $1.5 billion. Sapir bought the building in 2003 for $675 million; in 2010 CIM Group purchased a 49 …
  
  
• 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 …
  
  
• 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 …
  
  
• June 2012 New York Buildings For Sale
• NYC Buildings For Sale Forest City Ratner is looking to find an investor to take as much as a 49 percent stake in 8 Spruce Street, the tallest residential building in New York. The 76-story, 903-unit Frank Gehry-designed building is now 80 percent occupied.Thor Equities is seeking $45 million for the three-story, 15,525-square-foot building, at 446 West 14th Street, between Washington Street and 10th Avenue that it bought for $23.4 million in 2007.Vornado Realty Trust is marketing its stakes in three New York City-area malls, as the investment trust looks to exit the sector. Vornado wants to unload a 32.4 …
  
  
• 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 …
  
  
• February 2012 New York Commercial Real Estate Market Report
• Manhattan office leasing activity hit its highest level since 2000, with tenants signing new deals for more than 30 million square feet. The velocity of office leasing slowed in the third quarter though it improved in the fourth quarterThe city’s low office vacancy rates and slowly rising rents are overshadowing a disturbing office leasing trend. Ground-up office projects have been unable to secure major tenants, which in turn have stifled development. News that Silverstein Properties might cap off 3 World Trade Center at seven stories because of its inability to land a tenant, is just the most recent example. Three …
  
  
• 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 Buildings For Sale
• NYC Buildings For Sale The Apthorp JPMorgan Chase and Wells Fargo are two of the banks among the final candidates that bid for parts of $9.65 billion in U.S. property loans owned by Anglo Irish Bank. The lenders are interested in acquiring pieces of the $4.52 billion of performing loans. Investor groups led by private-equity firms Blackstone Group, together with Deutsche Bank, and Lone Star Funds also submitted offers for parts of the portfolio, which includes $5.13 billion of subperforming and non-performing debt. Anglo Irish aims to sell off its loans after it was seized by the Irish government in …
  
  
• 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 …
  
  
• 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 …
  
  
• December 2010 New York Buildings For Sale
• New York City Buildings sold Developer Continuum Company is to put $40 million into the troubled One Madison Park residential development and finish up the project, after reaching a deal with the developer and creditors. The deal, which is contingent upon bankruptcy court approval, would fund the costs of a proposed restructuring on a loan from lender iStar. The lender gained control of the building in April, after asserting that the builder had failed to pay it $12 million in interest between October 2009 and February 2010, and owed upwards of $200 million. Larry Gluck's Stellar Management purchased the 374-unit …
  
  
• August 2010 New York Buildings For Sale
• New York City Buildings sold An investment fund affiliated with residential and commercial property owner Stonehenge Partners closed on the $67.34 million purchase of the former St. Vincent's Hospital residential building at 555 Sixth Avenue in Greenwich Village. Investors in the purchase include an entity called SITQ, which is a subsidiary of Canadian investment fund Caisse de dépôt et placement du Québec, and another Canadian institutional investor. Stonehenge won the 180,000-square-foot building in an auction which followed the bankruptcy of the hospital in April. Hotel owners Richard Born and Ira Drukier, principals with BD Hotels, led a partnership that bought …
  
  
• May 2010 New York New Developments
• New Developments Of the many players featured in the high-stakes drama unfolding at Stuyvesant Town and Peter Cooper Village, David Tepper, who has bought more than $800 million worth of controlling bonds at the property over the last 18 months, is proving to be one of the most volatile and polarizing. Tepper took legal action to guide the distressed property to his liking. But his attitude toward Stuyvesant Town, one of the biggest commercial-deals-gone-sour, is one of optimism. Tepper sees an opportunity for bankruptcy and restructuring, a move he believes would save millions. The city's Economic Development Corp. issued two …
  
  
• February 2010 New York New Developments
• New Developments The year-end review of Manhattan commercial real estate casts doubt on 2010's outlook. Commercial property sales volume was weak through the end of 2009, with projections suggesting that the total volume for the year was just $5.7 billion, a decline from $23.6 billion in 2008 and $62.8 billion in 2007.Manhattan commercial property sales volume remained slow through the end of 2009. Total commercial property sales for the year were just $5.5 billion, down from the peak level of $62.8 billion in 2007, and less than a third of the total sales made in 2008. There is pent-up energy …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• September 2009 New York Commercial Real Estate Market Report
• Manhattan's office rents are declining more sharply than those in other U.S. markets, though it's probably due to a soaring multi-year run-up. Average Manhattan asking rents were $60.23 per square foot, down from $71.59 a year ago, or an almost 16 percent plummet. Midtown leasing velocity beat its five-year average for the first time in 18 months while the availability rate of office space improved slightly for only the second time since late 2007. There was 1.58 million square feet leased in Midtown in July,up from 1 million in June, besting its 60-month average of 1.32 million square feet. The …
  
  
• 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 2009 New York Buildings For Sale
• Manhattan Buildings sold The AIG buildings -- 70 Pine Street, which might become a landmark, and 72 Wall Street -- sold for less than $140 million, under $100 a foot. Youngwoo & Associates and Kumho Investment Bank agreed to buy the buildings, AIG's former headquarters, which total 1.4 million square feet. The buyers are expected to create a mixed-use development that could include residential and retail space, and will have to put down at least a $10 million deposit at the contract signing. Because of anti-terror legislation, the Department of State will have to approve the overseas buyer.The president of …
  
  
• June 2009 New York Buildings For Sale
• Manhattan Buildings sold A second-floor duplex at the Plaza Hotel Residences sold for $2,751 per square foot, about half the price that similarly sized units were closing for last year. The three-bedroom unit with 4,283 square feet was sold by the developer, Elad Properties, to a company called Paradeplatz Ltd. for $11.786 million. The condo faces Central Park in the rehabilitated hotel at 768 Fifth Avenue. The Windermere has been sold to Windermere Property LLC, a company that made an agreement with the city to repair the landmarked building. The former owner and Tokyo-based developer Toa Construction had reached a …
  
  
• 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, …
  
  
• September 2008 New York New Developments
• New DevelopmentsMacklowe Properties demolished the old Drake Hotel at Park Avenue and 56th Street but has not started building 440 Park Avenue yet. Extell still has not filed plans for its West 57th and 58th Street project, which was supposed to be a 50-story hotel-condo. Starwood Capital cleared a low-rise fur shop between the Economist building and the Buckingham Hotel; plans for a Crillon hotel haven not been realized. TriBeach has stopped work on its Eighth Avenue 37-story hotel-condo building, leaving a crater in two buildings on the lot between 46th and 47th streets. Although the plans have not been …
  
  
• May 2008 New York Buildings For Sale
• 650 Madison Avenue, a 27-story, 600,000 RSF office building, was sold to Ashkenazy Acquisition Corp. for $695 million. 1250 Broadway, a 39-story, 670,000 RSF office building, was sold to Murray Hill Properties for $310 million. 100 Fifth Avenue, a 19-story, 240,000 RSF office building, was sold to Rock New York (100-104 Fifth Avenue) LLC for $152 million. 100-104 Fifth Avenue, a 20-story, 270,000 RSF office building, was sold to Rock Investments for $150 million. 370 Canal Street, a 20-story hotel, 360 rooms total, was sold to Magna Hospitality Group for $83 million. 8 Gramercy Park South and 141 East 33rd …
  
  
• 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 …
  
  
• December 2007 New York New Developments
• New DevelopmentsNew York City Hotels For Sale:The Hotel industry has been largely unaffected by the credit crisis as record-breaking occupancy and room rates moderate overall industry conditions.V3 Hotel Management purchased 237 Duffield Street for $9.5 million and is planning a $40 million, 22-story luxury hotel, with 180 rooms and 17,000 square feet of retail space. John Lam is building twin hotel towers half a block away, a Sheraton and an "Aloft" hotel.Andre Balazs, , wants to sell to sell Hotel QT of New York, and the three Standard Hotels in Los Angeles, Hollywood and Miami. As a condition of the …
  
  
• 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 Buildings For Sale
• NYC Buildings For Sale10-14 West 57th Street is on the market for sale for up to $200 million due to its redevelopment value.Forbes plans to sell its 60 Fifth Avenue headquarters and plans to move to a new building.New York Buildings sold5
  
  
• July 2007 New York Commercial Real Estate Market Report
• New York City New Construction:Sitt of Thor Equities scaling back plans for Coney Island from 2 billion to 1.5 billion. Sitt has already spent $120 million buying up land. Dropped 40 story tower. Rental apartment and condominiums and making project less dense.New York City Buildings Leases:Davis Polk renewed and expanded lease to 650,000 sf at 450 Lexington Avenue.MTV Networks Entertainment Group leases 400,000 sf at 345 Hudson Street.Limited Brands renewed lease of 125,000 sf at 400 Lafayette Street.BBDO renewed lease of 41,000 sf at 1375 Broadway.Choice Logistics leases 34,000 sf at 1 Whitehall Street.NaviSite Corporation leases 33,000 sf at 395 …
  
  
• March 2007 New York Buildings For Sale
• New York City Buildings For Sale Freedom Tower is for sale and bids are being solicited by the Port Authority of NY/NJ. 1344 York Avenue, a 470,000 RSF building, is for sale, asking $500 Million. 90 Fifth Avenue, a 129,000 RSF building, is for sale, asking $100 Million. Manhattan Buildings Sold 450 West 33rd Street, a 800,000 RSF office building, sold for about $700 Million. One Park Avenue, a 913,000 RSF office building, sold for $550 Million or $602/RSF. 2 Park Avenue, a 960,000 RSF office building, was sold for $519 Million. 1745 Broadway, a 675,000 RSF office building, was …