Bank Of America

• December 2023 New York Buildings For Sale
• Buildings for Sale: 222 Broadway is for sale. The owner is hoping for a price between $150 million and $200 million. The office portion of the 780,000-square-foot building is only 31% occupied after Bank of America. WeWork also leased a large portion of the space, and the location is part of the company’s bankruptcy. The property is said to be a “blank canvas opportunity for an investor to either re-lease the building as office, or convert some or all of the building to residential,”eyeing a price of somewhere between $150 million and $200 million. Disney is looking to sell UWS …
  
  
• October 2023 New York New Developments
• Major Developments: The Adams administration laid out a framework to change the area’s light manufacturing zoning to allow for higher density residential and commercial use. The rezoning is expected to create between 1,150 and 1,500 below market–rate apartments, depending on the options developers select under the Mandatory Inclusionary Housing law. NY City's plan to rezone a 13-block stretch of Atlantic Avenue in Brooklyn would spur the construction of 4,000 apartments, up to 38 % affordable. The projects would have to deliver affordable units and other benefits required by the new zoning. Other rezonings in the works include a 46-block area …
  
  
• January 2022 New York Commercial Real Estate Market Report
• Office: Core Club signed a 20-year lease to take up to 60,000 square feet at 711 Fifth Avenue. The club is expected to take occupancy late next year, after outgrowing its 32,000-square-foot space at 60 East 55th Street. Touro College is consolidating its scattered Manhattan footprint in the heart of Times Square. The private university system has signed a 32-year lease for 243K SF at 3 Times Square tower. Touro intends to relocate much of the graduate and undergraduate programming at its three Manhattan locations. Bloomberg LP agreed to take an additional 191,000 square feet at 919 Third Avenue. Bloomberg …
  
  
• September 2020 New York New Developments
• New York New Developments The Metropolitan Transportation Authority plans to cut service by 40% if Washington does not send $12 billion in federal aid, crippling the city’s chances to come back from the pandemic. The timeline for the overhaul of John F. Kennedy International Airport will likely be pushed back years because of plummeting passenger demand. Passenger volume is down 85%, and officials warn that passenger numbers might not match last year’s level of nearly 62 million passengers until 2023. July was the slowest month of the year for large construction applications. The total size of the 10 biggest projects …
  
  
• May 2020 New York Commercial Real Estate Market Report
• Manhattan Office Office Leasing in April was near zero with brokers unable to show, so the only deal done were started long ago. March was dead quiet and all showings stopped in Mid March. February leaving numbers showed a 41% drop in month-over-month leasing volume compared to January, across all three Manhattan sub-markets. Leasing volume for the quarter totaled 6.82 million square feet, the fewest since the third quarter of 2013. Office leasing in Manhattan ended the first quarter of 2020 on a low note, with the coronavirus pandemic putting a damper on all types of economic activity. Manhattan Retail: …
  
  
• July 2019 New York New Developments
• Major Developments: The top office leases made up more square footage than last month. The top 10 totaled 1.7 million square feet, up from 1.5 million square feet the previous month. EmblemHealth renewed its 15-year lease for 440,000 square feet of space at 55 Water Street. The landlord is the Retirement Systems of Alabama. New York City Human Resources Administration renewed its 10-year lease for 342,496 square feet of space at 250 Livingston Street. The Department of Environmental Protection will also occupy the entire eighth floor as part of the lease. The landlord is Clipper Equity. Colgate-Palmolive Company renewed its …
  
  
• 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 …
  
  
• January 2019 New York New Developments
• NYC Major Developments: Overall, November’s top office leases outpaced October’s top office leases. The 10 biggest deals signed last month totaled 1.8 million square feet, up 400,000 square feet from October’s total of 1.4 million square feet. The largest office lease in November was signed in Grand Central. Bloomberg LP renewed its 11-year lease for 468,000 square feet of space at 120 Park Avenue. Ralph Lauren expanded its lease for 350,000 square feet of space at 601 West 26th Street. RXR Realty refinanced the property with a $900 million loan from New York Community Bank. Peloton signed a lease for …
  
  
• December 2018 New York Buildings For Sale
• Buildings For Sale: DNA Development is looking to sell 12 West 48th Street and wants to double what it paid in 2016. The building is a four-story, 31,000-square-foot property. DNA purchased it in 2016 from Extell Development for $37 million. The property was a parking garage. The garage was demolished and DNA is in the process of replacing it with a retail building with a glass facade. The project should be finished next year with around 11,000-square-foot on the ground floor and a basement storefront. Bank of America will aid Anbang Insurance Group to sell its $5.5 billion portfolio of …
  
  
• January 2018 New York New Developments
• Co-working is coming for two of the country’s leading office building owners. Blackstone Group-owned Equity Office and Houston-based Hineshave both released RFPs looking for partners to help them gain experience in the co-working business currently dominated by WeWork. Equity Office is particularly interested in figuring out how to make tenants more interested in their Howard Hughes office complex in Los Angeles, and the company expects responses to their RFP in the next few days. WeWork has lately been seeing explosive growth and is currently valued at $20 billion. The firm has launched a gym and elementary school in recent months …
  
  
• December 2017 New York Buildings For Sale
• New York Buildings For Sale: Isaac Chetrit is looking to sell off a pair of office buildings. Chetrit and partner Sioni Group are asking around $190 million and $200 million for the properties at 15 West 47th Street and 22 West 48th Street. Brookfield Property Partners is looking to sell its 2.3 million-square-foot office tower at One Liberty Plaza in Lower Manhattan, which could trade for as much as $1.6 billion. Offers on the Park Lane Hotel were due, but no buyers showed up willing to pay the $1 billion the property was expected to obtain. The 47-story hotel overlooking …
  
  
• November 2015: New York Buildings For Sale
• New York Buildings sold Condo developer Six Sigma is in contract to buy a six-story self-storage facility near the northern end of the High Line in Chelsea for $54 million at 517-523 West 29th Street. The seller is self-storage Nicholas Sprayregen. The six-story, 55,000-square-foot, warehouse is one of 14 facilities in Manhattan, Brooklyn, Queens and the Bronx. The site is zoned for up to 74,000 buildable square feet. Vornado Realty Trust purchased 265 West 34th Street for $28.5 million. Vornado acquired the property from a group led by Manhattan attorney William Silverman. The deal gives the company three contiguous properties …
  
  
• March 2015: New York Buildings For Sale
• NYC Buildings For Sale General Growth Properties is putting an 85,000 square feet of fully-leased Noho office space up for sale located a 200 Lafayette Street.Just three years after paying $360 million for an office tower at 575 Lexington Avenue, Normandy Real Estate Partners is looking to sell.The Chetrit Group is seeking a buyer for its Hudson Yards development site, but in the interim, the firm is planning on spending $29 million to more than double the buildable square footage the property allows as-of-right.433 Fifth Avenue is for sale asking $30 million for a six-story Midtown commercial building. The 17,000-square-foot …
  
  
• January 2015: New York Buildings For Sale
• New York Buildings sold Jeff Sutton and General Growth Properties are buying the Crown Building at Fifth Avenue and 57th Street for $1.75 billion. The price works out to $4,490 per square foot, which sets a new world record for the price of an entire office building. The nearly 400,000-square-foot tower includes roughly 50,000 square feet of valuable retail space with retail tenants including: Bulgari , Mikimoto, Bank of America and Piaget. Broad Street Development purchased two Noho apartment buildings for a combined $178.5 million. The properties are located at 298 and 304 Mulberry Street. The buildings house 182 apartments, …
  
  
• September 2014: Manhattan New Developments
• New Developments The city approved Gregg Singer's plan to convert a former Alphabet City public school into a college dormitory. The landmarked building aka P.S. 64 is locateded at 605 East 9th Street. The Department of Buildings approved Singer's plan exam for the conversion.The city's last Office Depot will shut its doors near Times Square at the end of the year. Manhattan building owners keep building even taller buildings. The trick is to bring record height skyscrapers with the minimum of big chunks of useless hidden space. The Bank of America tower at 1111 Avenue of the Americas, which is …
  
  
• 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 …
  
  
• 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 …
  
  
• March 2013 New York Buildings For Sale
• NYC Buildings For Sale The nearly 41,600-square-foot Colonial Revival U.S. Post Office location at 217 West 18th Street between Seventh and Eighth avenues is for sale.The SUNY board of trustees voted to close the Cobble Hill-based Long Island College Hospital. The sale of the 200,000-square-foot building, which could be converted into a residential development, may bring up to $500 million.Lehman Brothers is looking to sell its 90 percent stake in 425 Park Avenue. The 31-story, 567,340-square-foot building, located in Midtown East, is to be demolished and replaced with a 650,000-square-foot Norman Foster-designed office tower being developed by L&L Holdings, which …
  
  
• November 2012 New York New Developments
• New Developments The Chrysler Building just got a little greener. The Owner has received a LEED gold certification for the 1.2 million-square-foot office tower. Tishman spent two years updating the building’s energy, waste, water and maintenance systems. The upgrades include new plumbing fixtures that will cut the property’s water consumption by 64 percent; a waste-management policy that will ensure 81 percent of the building’s waste is recycled; and a 21 percent reduction in energy usage. The city’s plan to sell of three historic but outdated office buildings in Lower Manhattan, all of which would likely become luxury housing or hotels, …
  
  
• September 2012 New York Buildings For Sale
• NYC Buildings For Sale A Coney Island development site ready for a 22-story building is hitting the market for $14 million.The property is located at 271 Seabreeze Avenue, near the Atlantic Ocean and adjacent to the Coney Island boardwalk and Seaside Park. It is zoned for residential, hotel or senior living use, and plans drawn up by owners American Development Group would sustain up to 153 apartments, or 183 extended-stay hotel rooms, and 102 parking spaces.A troubled 12-story commercial loft building Noho is scheduled for auction next month, after CW Capital foreclosed on the mortgage and sold the debt to …
  
  
• July 2012 New York New Developments
• Major Developments While details are sparse, Bowery Boogie is well underway on the 65,000-square-foot building, which has been covered in scaffolding for weeks. The renovation is being carried out by Lower East Side architecture firm Studio Castellano. The city’s Economic Development Corporation wants proposals from developers who would like to build and maintain underutilized industrial plots in three New York City boroughs. These include 95,000 square feet at 2399 Watson Avenue in the Bronx’s Zerega section, 80,000 square feet in East New York, Brooklyn, 53,000 square feet in Sunset Park, Brooklyn and 40,000 square feet in Queens’ College Point Corporate …
  
  
• 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 …
  
  
• March 2012 New York Commercial Real Estate Market Report
• Manhattan’s slumping office market is about to be get worse, when 6 million square feet of new office space will be delivered to the market — the most since 1989.The unsteady economy and the compression of the financial services industry have lessened demand for office space recently. Developers point to the city’s growing tech, law and media sectors for relief, though those tenants tend to prefer using smaller space more efficiently to signing for extremely large blocks. The developers of the buildings, 1 World Trade Center, 4 World Trade Center and 51 Astor Place, say they aren’t worried because of …
  
  
• 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 …
  
  
• December 2011 New York New Developments
• New Developments Local 32BJ, the union representing more than 22,000 commercial building workers in New York City, voted to authorize their bargaining committee to call a strike if necessary. The union has been in contract talks with the Realty Advisory Board on Labor Relations, since November 15th. The union opposes the landlords' proposal to establish a different wage and benefit structure for new hires, which they claim will create a two-tier system designed to push out workers with seniority. If negotiations fail by 12:01 am on Jan. 1, 2012, the union could strikeThe Service Employees International Union Local 32BJ, which …
  
  
• 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 …
  
  
• August 2011 New York New Developments
• New Developments Lower Manhattan ends string of positive news as BofA shrinks its footprint by 3,000,000 SF and Nomura departs for Midtown The giant, 900,000-square-foot relocation and expansion lease by Nomura Holdings America signed in Midtown late last month punctuated an improved second quarter in the Manhattan office-leasing market. "Midtown, Midtown South and Downtown all recorded positive absorption in the second quarter," Bank of America announced it would give up nearly 3 million square feet in Lower Manhattan, increasing competition for the area's landlords. There was a media flurry last week over word that Coach, the luxury handbag maker, is …
  
  
• July 2011 New York New Developments
• New Developments Governor Andrew Cuomo, signed a statewide property tax cap legislation, caps property tax increases at 2 percent, or the rate of inflation, whichever is less. Only a 60 percent vote in local communities override Cuomo's legislation. "We are beginning a new era in which New York will no longer be the tax capital of the nation," Cuomo said Community activists opposing the Rudin family's proposed takeover of the St. Vincent's Hospital campus in Greenwich Village dropped their court appeal without ever appearing before a judge.New York led a second consecutive month of U.S. housing price gains. Nationwide home …
  
  
• July 2011 New York Commercial Real Estate Market Report
• New York City saw almost no job growth in May. The revised gain for May was 10,200 jobs, putting the year-to-date gain at 42,300, up from 38,900 jobs a month earlier. The flat result should be viewed only a small "bump in the road" to recovery rather than a negative shift in momentum. The biggest losses, 2,800 jobs, were in health services. The real estate and hotel sectors added zero jobs.Stephen Ross' Related Companies is currently in talks with nine prospective tenants for its Hudson Yards development, each seeking more than one million square feet of space. Ross said he'll …
  
  
• 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 …
  
  
• February 2011 New York New Developments
• New Developments Three years after the Related Cos. began developing its 26-acre Hudson Yards project, the company is now trying to find a tenant willing to commit to occupying at least 600,000 square feet of office space. To land its key tenant, Related is offering either to construct a building and sell it to that company or to provide a big break on the rent. The 12 million-square-foot space, bordered by the High Line and the Hudson River, will run from 10th to 12th avenues and from West 30th to 33rd streets. The $15 billion project is expected to take …
  
  
• January 2011 New York New Developments
• New Developments Columbia University may be moving forward with plans for a $6.3 billion expansion after the U.S. Supreme Court rejected an appeal by local businesses whose properties may be subject to eminent domain. The justices refused to question findings by a state development agency and said that the area is blighted and that the expansion has a legitimate public purpose. Several years back, retail giant Walmart tried to open stores in Queens and Staten Island, but backed off after fierce community opposition. Now the discount chain store is trying again to break into the New York City market, since …
  
  
• December 2010 New York New Developments
• New Developments Manhattan condominium prices climbed 9.4 percent in August, compared to the same month a year earlier. Transactions borough-wide increased 12.8 percent during that time, as well. Despite this recovery from 2009, activity and pricing are still a far away from pre-crash levels. This year, through August 31, has posted the second-lowest transaction count. A final hearing was held for the public to weigh in on Riverside Center, the proposed complex that Extell Development wants to build on the Upper West Side. The city council subcommittee on zoning and franchises heard more than four hours of testimony on the …
  
  
• November 2010 New York New Developments
• Major Developments Despite a slight rise in the vacancy rate, which rose .5 points to 9.3 percent on top of the decline in asking rents. To illustrate the demand can be seen by a new retailer trying to elbow into the high-traffic area, an existing store agreed to relinquish its space after its lease was bought out.New York City had $4.74 billion worth of delinquent commercial property loans as of Oct. 1, down 0.6 percent from one month ago, when there was $4.77 billion outstanding. The decline can be largely accounted for by Joseph Moinian's 1775 Broadway which had been …
  
  
• September 2010 New York New Developments
• New Developments A deal with Silverstein Properties over how to pay for two towers was approved by the Port Authority of New York & New Jersey. The plan calls for the restoration of the east side of the site to at least street level and the completion of the WTC Transportation Hub. The funding needed for the project is now projected to be between $1.1 billion to $1.3 billion.A crucial City Council subcommittee and committee voted in favor of an office tower at 15 Penn Plaza proposed by developer Vornado Realty Trust. Although opposition to the 1,216-foot-tall tower stemmed from …
  
  
• 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 …
  
  
• 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 …
  
  
• March 2010 New York New Developments
• Major Developments Affordable housing programs throughout the city are facing trouble unloading units. The city has been praised across the country for its efforts to provide affordable housing to lower- and middle-income households but, while the low-income rentals continue to thrive, the ownership program is struggling, which could be seen as good since it ultimately means less foreclosures.Larry Silverstein believes his commitment to the World Trade Center redevelopment project can be measured not only by his enthusiasm, but also by his own cash. The developer recently proposed several different financing options to the Port Authority of New York & New …
  
  
• 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 …
  
  
• October 2009 New York New Developments
• Major Developments Stalled construction projects are not having much of a psychological impact on the city. Despite an increasing number of delayed projects, including 250 West 55th Street, 99 Church Street and Solow's First Avenue project, any psychological effects are likely to be short-lived, because the projects will be completed eventually. Large banks are only about halfway done with their commercial real estate losses. The U.S. commercial real estate losses could reach 10 or 15 percent of loans in this cycle. Banks with retail and office loans face the highest risk.The Plaza hotel is on tough times. The building's lower …
  
  
• April 2009 New York New Developments
• New Developments New York City Department of Parks & Recreation officials showed its plans for parks around the new Yankee Stadium, which was built on land within the footprint of two parks that residents want replaced. The parks department plans to a park with a track and athletic field, plus two stories of parking, in the area. The department will also build tennis courts and parkland. The old Yankee Stadium will become Heritage Field Park by spring 2011.Stellar Management's president is in negotiations to settle a lawsuit against Landesbank Baden, Deutsche Hypo and State Street Bank after they allegedly cut …
  
  
• 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 …
  
  
• October 2008 New York Commercial Real Estate Market Report
• Real estate executives are expecting an additional 20 million square feet of surplus office to hit the market as Wall Street employees lose their jobs in addition to the announced Bank of America's takeover of Merrill Lynch, Lehman Brothers' bankruptcy and an unsure future for American International Group. That may lead rents, which have already declined 10 to 15 percent, to decrease.The market has been showing a decline in taking rents, the bottom line after price negotiations and accounting for concessions, the summer months may have brought the first of a surge in owners their published asking rents is slowly …