Bed Bath & Beyond

• February 2024 New York Buildings For Sale
• Buildings for Sale: The defaulted loan on Blackstone's 1740 Broadway is for sale after a $430 million drop in value. The $308 million CMBS loan on 1740 Broadway is on the market for roughly $150 million. Albert Kalimian’s firm put the property at 200 West 67th Street up for sale. Kalimian had defaulted on the $194 million mortgage which matured in November. The 310-unit luxury property rental income covered 87% of borrowing costs. Rialto Capital is suing Metropole on behalf of the lenders for failing to make $215 million CMBS loan payments on 681 Fifth Avenue, a 12-story building since …
  
  
• March 2023 New York Commercial Real Estate Market Report
• Office: Net absorption was down over the same period, ending the year at negative 2.8 million square feet, nearly 23% below the year-earlier figure. The Manhattan office space improved marginally over the year to just below 17%, while average asking rent rose slightly to $75.41 per square foot. Midtown’s Plaza District was 621,000 square feet. Times Square area had a negative absorption of 484,000 square feet. Penn Plaza/Garment District submarket with net absorption of negative 1.3 million square feet. The Financial District has more than 25 %. U.N. Plaza was the tightest office submarket with an availability rate of 5.2%, …
  
  
• 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 …
  
  
• September 2022 New York Commercial Real Estate Market Report
• Retail: Bed Bath & Beyond is closing hundreds of stores and laying off a large percentage of its workforce. About 150 of its lower-performing stores would be closed in the near future, marking a footprint reduction of about 16% of its 955 stores. Free People, an Urban Outfitters subsidiary, is responsible for more than $13 million in back and future rent at 58-60 Ninth Avenue. Mayor Eric Adams announced a crackdown on abandoned dining sheds. The mayor believes that sheds are dangerous or a haven for rats, and he wants to root out those who use the sheds for illegal …
  
  
• September 2021 New York New Developments
• New Developments New York City has a 10.5% unemployment rate, almost twice the national average. The city has lost around 500,000 jobs since the start of the pandemic that have yet to be replaced. Mayor Bill de Blasio announced that the vaccine mandate would begin on August 17 and require many indoor businesses to check for proof of vaccination before allowing patrons to enter. At that point, penalties for compliance failure will begin at $1,000 and can rise to $5,000 for repeat offenders. 63% of the city’s population is at least partially vaccinated, with 56% of the population fully vaccinated. …
  
  
• June 2021 New York Commercial Real Estate Market Report
• Office: Companies that listed their offices for sublease are now pulling them off the market. At least 589,000 square feet of space that was offered for sublease has been delisted. Subleases now account for 30% of total vacant office space. 3.5 million square feet of office space was offered for sublease in the first quarter of the year, compared to 4 million square feet in the fourth quarter of 2020, and 4.6 million square feet in the third quarter of that year. Average asking rent was $72.97 a foot, down 0.4% from March and 8.3% from a year ago. Net …
  
  
• February 2021 New York New Developments
• New York New Developments Real estate leaders in New York have admitted that there’s a long road ahead before things return to normal or a new normal. WeWork recently exited four locations in Midtown, Soho and the Meatpacking District. Knotel declared bankruptcy. Gov. Andrew Cuomo is pushing a plan to get employees back in office buildings and office landlords are on board. Cuomo announced that rapid testing would be used in state-designated orange zones to open office buildings, along with restaurants and theaters. He said that major commercial operators with space totaling more than 100 million square feet have already …
  
  
• January 2021 New York Commercial Real Estate Market Report
• Manhattan Office: Breather, the flexible office provider, is to close all of its locations, totaling more than 400 across the U.S., Canada and the U.K. Deutsche Bank could move up to half of its Manhattan employees to smaller U.S. hubs in the next five years, as it plans a major building downsize. The potential move could be another blow to Manhattan’s hobbled office real estate market. Deutsche is in the process of relocating from its 1.6-million-square-foot office at 60 Wall Street to a 1-million-square-foot building at Time Warner Center in Columbus Circle. The new location has workspaces for 4,200 people, …
  
  
• December 2020 New York New Developments
• New York New Developments The planned redevelopment of the Grand Hyatt Hotel could consist of a supertall tower rising more than 1,600 feet. The development at 109 East 42nd Street is tentatively called the Project Commodore. The proposed building would have 2.1 million square feet of office space, a 500-room hotel, around 10,000 square feet of open-air public space with 43,370 square feet of retail. Vornado Realty Trust has suspended its efforts to sell two office towers that it co-owns with the Trump Organization. They had been looking for a buyer for its 70% stake in the buildings, located at …
  
  
• November 2020 New York New Developments
• New York New Developments Tourism in NYC has fallen by 80% and nearly 9 in 10 office employees are still working remotely. The New York City Employees’ Retirement System ramped up its exposure only to see it underperform the stock market by $260 million and rack up at least $110 million in fees between 2016 and 2019. The pandemic has shaved $16 billion off projected construction spending in 2020 and 2021. The New York Building Congress estimates spending will reach $55.5 billion this year, down from the $65.9 billion previously forecasted. Next year, spending will be just about flat at …
  
  
• October 2020 New York New Developments
• New York New Developments Vacant office and retail space will have a domino effect on the city’s budget and economy. The Metropolitan Transportation Authority faces a $12 billion budget deficit by 2021. The low office numbers have also led to a projected $9 billion drop in sales tax and other revenues. About 24,000 New Yorkers have lost their lives to the coronavirus. The unemployment rate is 16% and just 10% of workers have returned to the office by September. Personal income tax revenue may drop by $2 billion this fiscal year. Only a third of hotel rooms are occupied, and …
  
  
• August 2020 New York Commercial Real Estate Market Report
• Manhattan Office: Manhattan office leasing in the second quarter of 2020 totalled just 3.18 million square feet. That is 50% of the prior quarter and down 72% year-over-year. This is the slowest quarter for Manhattan office leasing since 2009. Office workers have been working from home during Covid. How many will remain at home after Covid has yet to be determined. Midtown saw 1.88 million square feet in leasing activity in the quarter, down 52% year-over-year. Midtown South leasing activity declined 87% year-over-year to just 640,000 square feet. Leasing activity downtown fell 73% year-over-year to 660,000 square feet. Manhattan’s Office …
  
  
• March 2020 New York New Developments
• Major Developments: Cosi has filed for Chapter 11 for the second time in four years. The company has locations across the U.S. Modell’s Sporting Goods is renegotiating leases in more than 150 locations across 10 states. They sent letters to 19 landlords pleading with them to “dig deeper” so the retailer can avoid filing for bankruptcy. The latest proposal to expand Penn Station includes buying a full city block to the south for an entirely new terminal with eight tracks. The governor now has sights on West 30th and West 31st streets between Seventh and Eighth avenues for the “Empire …
  
  
• 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 …
  
  
• 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 …