Blackstone

• December 2024 New York Buildings For Sale
• Buildings for Sale: Esprit is selling its 900,000-square-foot warehouse at 215 Cole Street in Jersey City. 568 Broadway aka Prince Building’s $200 million loan lands in default, a 12-story office and retail property. 568 Broadway has a high vacancy rate and declining cash flow. Allied Partners and Midtown Equities, are now negotiating with a special servicer for another extension, but foreclosure remains a possibility. Buildings Sold: SL Green sells 11% stake to Japan’s Mori Building Company which values One Vanderbilt at $4.7 billion. SL Green retained a 60% stake in the 1.7 million SF office tower. National Pension Service of …
  
  
• October 2024 New York Commercial Real Estate Market Report
• Office: Hope for longer and larger office spaces was encouraged as more people showed up to work and tenants continued to sign leases. Last month office leasing was 3.5% higher year-over-year. Manhattan’s year-to-date activity of almost 21 million square feet with leasing on track to surpass 30 million square feet for the year. Midtown South leasing volume jumped 45% month-over-month and up 28% from last year, from Yeshiva University’s 160,000-square-foot condominium leasehold at 1293 Broadway. Midtown South 17.4% availability. Average asking rents dropped slightly to foot to $74.56/RSF Midtown leasing activity dropped from 3 million to 1.4 million square feet …
  
  
• September 2024 New York Commercial Real Estate Market Report
• Market Overview: Manhattan Office Leasing volume is likely to surpass 29 million square feet, but still below 2019 levels. Office-to-residential conversions are taking large blocks of space off the market, with more to follow. The pace of office demand has a long way to go in order to absorb the office space that came to the market during Covid. Midtown is having a moment. A few big deals boosted the leasing market last month, and the six largest were in Midtown. Leasing volume grew nearly 60% from the previous month and surpassed the 2019 (pre-pandemic) monthly average of about 3.5 …
  
  
• September 2024 New York New Developments
• Major Developments: The Department of Citywide Administrative Services is directing city agencies to identify underused office space that could be dropped in an effort to cut costs. The project was described to agency heads in the memos as a “mayoral priority”. The process is in the early stages. Proto filed a rezoning application to add to 2950 West 24th Street Proto already owns a 19-story, 360-unit building on the site, which it purchased in 2013 for $35.6 million. Proto is looking to add a 17-story, 415-unit building dubbed the Ocean Queen. Plans call for a 440,000-square-foot building with 15,000 square …
  
  
• September 2024 New York Buildings For Sale
• Buildings for Sale: A group of Goldman Sachs-led lenders took control of the TSX Broadway project after Fortress Investment Group and L&L; Holding Co., along with others, failed to repay the loan when it came due. The 46-story tower sits at the corner of 47th Street at 1568 Broadway. It includes 75,000 square feet of retail space and a 669-room hotel. There is also a Hilton-branded Tempo hotel and Palace Theatre. The vacant property at 329-343 West 25th Street, which comprises the church and rectory, a school building and convent. The site spans three adjacent parcels with a combined lot …
  
  
• August 2024 New York Commercial Real Estate Market Report
• Office Leases: Manhattan office leasing still has a long way to go. Leasing volume during the first half of 2024 was up 16% year-over-year. Even if leasing volume continues at the same pace for the second half of the year, it would still be about one-third below 2019. This past quarter, the Plaza District led leasing, accounting for more than 30% of Manhattan’s leasing volume. The flex office industry leased almost half a million square feet in Manhattan during the highest quarterly volume in the industry since 2019. Certain Midtown corridors are faring better than others. On Park Avenue, for …
  
  
• August 2024 New York New Developments
• Major Developments: Red Apple Real Estate obtained a $57 million construction financing for a 12-story mixed-use project in Chelsea at 280 Eighth Avenue. The 100,000 square-foot building will include 104 residential units, a community space and ground-floor retail. Blackstone signed a deal to expand its headquarters at Rudin's 345 Park Avenue for over 1 million SF. Ares Management expanded its headquarters at 245 Park by more than 130,000 SF to 307,000 SF and JPMorgan Chase reached a deal, in a joint venture with Hines, to acquire 250 Park for more than $300 million. JPMorgan construction crews are building the bank's …
  
  
• July 2024 New York Commercial Real Estate Market Report
• Office: The number of new leases Downtown was 35% below the five-year average. Blackstone is finalizing a deal to expand its headquarters at 345 Park Avenue, upping its lease from 750,000 SF to just over 1 million SF. Blackstone extended its lease by six years to the end of 2034, approximately 55% of the 1.9M SF office building. Two-year old Hudson Yards skyscraper is now 81% leased. Tishman Speyer signed five new lease agreements totaling 129,500 square feet at its Hudson Yards tower. Bloomberg extended its lease for another 11 years at 731 Lexington Avenue in the Plaza District for …
  
  
• June 2024 New York Buildings For Sale
• Buildings for Sale: The Kaufmans are looking to sell a half-empty office building on Third Avenue. The family’s Sage Realty put the 40-story tower at 767 Third Avenue up for sale with Eastdil Secured, which has told potential buyers that the pricing guidance is around $100 million. Aby Rosen’s RFR Holding is trying to unload an office building in Gramercy Park as its lone tenant exits. Anna Delvey need not make an offer. RFR is looking to sell 281 Park Avenue South. It’s unclear how much the company is seeking for the 45,000-square-foot property, though it is willing to either …
  
  
• 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 …
  
  
• April 2024 New York New Developments
• Major Developments: Owners of the retail condos at 697 Fifth Avenue, 647 Fifth Avenue and 205 East 59th Street are suing the city’s Department of Finance, claiming its tax assessments are too high. The anchor tenants at all of these buildings have either ended or renegotiated leases since 2022. The Real Estate Board of New York has proposed increasing average wages and benefits paid to construction workers on projects receiving a new version of the 421a property tax program. Leaders of the Building and Construction Trades Council rejected the offer. The Department of Environmental Protection is going after 2,400 “chronically …
  
  
• 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 …
  
  
• January 2024 New York New Developments
• Major Developments: Gov. Kathy Hochul signed the LLC Transparency Act but made a critical change to keep information on limited liability companies out of public view. The owners behind these entities will have to disclose their names and business addresses to the state government, which will keep it confidential. The governor signed a bill that expands the definition of fraud in rent overcharge cases. Governor Hochul unveiled plans for more than 2,800 homes in Queens. The governor will tap industry to revamp 58 acres of underutilized land at Creedmoor Psychiatric Center. 1,633 homes will be for sale, as two-story homes …
  
  
• January 2024 New York Buildings For Sale
• Buildings for Sale: Pakistan International Airlines Corporation is nearing an agreement to bring its Roosevelt Hotel to market in the first step towards a redevelopment. The hotel on the 43,000-square-foot site by Grand Central Terminal through the state-run. Rene Benko’s Signa forced to sell stake in Chrysler Building. An Austrian court is forcing a sale of Signa Holding’s stake in the landmark Midtown Manhattan property. Benko’s company is believed to hold a 50-percent stake in the 77-story office tower. Lender seeks to foreclose on Isaac Hager’s Trader Joe’s property. G4 alleges his firm owes $140 million on the Williamsburg building. …
  
  
• 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 …
  
  
• 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 …
  
  
• October 2023 New York Buildings For Sale
• Buildings for Sale: US Masters Residential Property Fund is looking to sell its 479-property portfolio piecemeal of largely one- to four-unit properties for $858 million. Blackstone stopped making payments in March 2022 on the $308 million CMBS loan backing 1740 Broadway, a 26-story office tower a block from Carnegie Hall, and gave the keys to the lender. CWCapital was appointed and is now planning to sell the note for the 621,000 SF tower. Extell Development is now asking $195 million for the triplex down from $250 million. The price of the 17,500-square-foot triplex or $11,100 per square foot. A $240 …
  
  
• September 2023 New York New Developments
• Major Developments: Blackstone and Hudson Pacific Properties are joining with Vornado to build a new film studio on Manhattan’s West Side. Dubbed Sunset Pier 94 Studios, the project would be developed as a public-private partnership with New York City Economic Development Corp. The total investment from the three publicly traded firms will be about $350 million. The campus would span 266,000 SF with six soundstages. The development would feature a 1,850 SF amenity space, 25,000 SF of waterfront open space. Vornado has the long-term leasehold on Pier 94 and is providing the lease to the joint venture, in which it …
  
  
• August 2023 New York Commercial Real Estate Market Report
• Office: Landlords usually ask tenants to show proof that they are in good financial standing and can be expected to pay rent every month. Tenants are now asking landlords to open up their books and provide protection in case they go under. Tenants are taking a closer look at the capital stack of buildings and considering the exact implications of a landlord defaulting on their obligations. Distress in U.S. office real estate jumped to $24.8B at the end of the second quarter, up $6.7B from the previous three-month period. Office is now the most distressed commercial real estate asset type …
  
  
• August 2023 New York New Developments
• Major Developments: The value of commercial and multifamily construction declined by 31% year-over-year from January through June. 5 World Trade Center will be the first residential building at the World Trade Center. Gov. Kathy Hochul approved a deal to include 400 income-restricted apartments as part of a 1,200-unit tower. Margaritaville lenders go after El-Gamal and partners for $86 million debt after they triggered a bad boy guarantee by throwing the project into bankruptcy, and the investors are personally on the hook for $86 million in debt. El-Gamal and his partners, Flintlock Construction Services’ Andrew and Stephen Weiss, became personally liable …
  
  
• August 2023 New York Buildings For Sale
• Buildings for Sale: In the first quarter, investors spent less than $500 million buying Manhattan office properties, down from $5 billion in the first quarter of last year. Värde Partners aims to force the sale of Public Hotel. Steve Witkoff and Ian Schrager appeared to have gotten a handle on the debt at their Public Hotel after falling behind on their mortgage. Witkoff and Schrager are facing a UCC foreclosure on their equity in the 367-room hotel at 215 Chrystie Street. The partners owe more than $86 million in mezzanine debt from Värde Partners. The sale is scheduled for Sept. …
  
  
• June 2023 New York Buildings For Sale
• Buildings for Sale: Premier Equities bought the hotel at 1141 Broadway in 2019, and is seeking around $60 million for the 10-story NoMad property. Three Nolita Veracity Equities are slated for a foreclosure auction as the firm struggles to repay a $41 million loan. 31 Prince Street, 46 Spring Street and 48 Spring Street are now more than 121 days delinquent. Appraised value has dropped from $66 million when the loan was issued in March 2018 to $49.5 million. All the properties are walk ups and have a combined 48 residential units, only six of which are rent-regulated and eight …
  
  
• May 2023 New York New Developments
• New Developments: The MTA launched eminent domain proceedings for nine sites in East Harlem. The MTA plans on demolishing existing buildings to make room for some heavy machinery to extend the subway from East 96th Street to East 125th Street. The staging ground at East 116th Street will ultimately become a subway entrance for the extension. A collapsed Lower Manhattan parking garage had open violations. The Manhattan DA is investigating the incident that killed one. The partially collapsed building at 57 Ann Street racked up dozens of violations for decades. Four of those violations remained open when the building, owned …
  
  
• May 2023 New York Buildings For Sale
• Buildings for Sale: Flatiron Building auction set for May 23. The winning bidder will have to produce a $100K check. 300 Park Avenue, Tishman Speyer’s $485 million loan is in a special servicer after the landlord opted to get ahead of an upcoming maturity. The loan on the 770K SF, 25-story building, which was issued in 2013 by German American Capital Corp., is coming due in August. L&L; Holding and its partner are in default on the $92.5 million loan backing the office portion of the 68-story, mixed-use tower at 142 West 57th Street. The $50 million mezzanine B note, …
  
  
• April 2023 New York Buildings For Sale
• Buildings for Sale: 115 Seventh Avenue could sell for half the amount when Argentic Investment Management took control of the seven-story building at Seventh Avenue and 17th Street, hoping to get around $30 million. Gregg Singer is fighting Madison Realty Capital’s attempt to foreclose on the old P.S. 64 site and put the entity into bankruptcy protection a day before a foreclosure auction. Giving Singer one last shot at selling the property or refinancing the debt on it. JDS Development and the retail piece of 9 DeKalb Ave will hold onto condos. JDS Development has listed the 398-unit rental apartments …
  
  
• March 2023 New York New Developments
• New Developments: Extell swaps office for residential at 180 East 125th Street. The 415,000-square-foot project is aiming for 543 apartments, pending the approval of a zoning bonus for locating a grocery store at the building as part of the city’s FRESH foods program. The building will also include 24,500 square feet of commercial space. Bally’s eyes casino bid at Trump’s Bronx golf course at Ferry Point in the Bronx. Bally’s would operate the casino on 10 acres and use the other seven acres for green space or another use, like housing for workers. The end goal for Bally’s would be …
  
  
• March 2023 New York Buildings For Sale
• Buildings for Sale: Related Companies’ fund management arm and BentallGreenOak are ready to walk away from the Point LIC, a small campus of converted warehouses in Long Island City, that sit mostly vacant after six years. BrightSpire Capital is looking to sell the non-performing loans, and the borrowers have agreed to hand the keys to the Point over to whoever buys the debt through a deed-in-lieu of foreclosure. The mortgages on the two buildings total around $150 million. The two properties: a 130,000-square-foot former oil storage warehouse at 2100 49th Avenue, dubbed the Paragon Building, and a 220,000-square-foot building across …
  
  
• February 2023 New York New Developments
• Major Developments: Mayor Adams proposes Manhattan rezoning of Midtown to allow conversions of offices to residential construction in areas that only permit manufacturing and office use. West 23rd to West 41st streets is zoned for manufacturing, which prevents ground-up residential development and conversions of vacant office space for residential use. Office conversions could lead to 20,000 new apartments but would require changes to the Multiple Dwelling Law, including lifting the cap on the city’s residential floor area ratio. Citadel is eyeing a 51-story, Norman Foster-deleased tower at 350 Park Avenue, where it will redevelop properties leased from Vornado Realty Trust …
  
  
• January 2023 New York New Developments
• Major Developments: The Mayor and the Governor laid out initiatives to future-proof New York, including 40 proposals aimed at increasing the housing supply and making business districts more attractive. The city and state will push to increase mass transit options and housing around employment hubs to cut commute times. Other proposals include removing the cap on the residential floor area ratio as well as allowing accessory dwelling units. New York’s Emergency Rental Assistance Program will finally shutter Jan. 15. ERAP provided eviction protection despite running out of rent aid, resulting from a lawsuit settlement Non paying tenants to delay eviction …
  
  
• December 2022 New York Buildings For Sale
• Buildings for Sale: Kushner has listed 18 buildings with more than 325 units in Greenwich and East Village for sale, about a third of the firm’s multifamily portfolio in Manhattan. One is a group of 11 buildings in the East Village with 197 units. There are seven buildings in the East Village and West Village with 129 units. An entire building is for sale for $50 million. The 38-unit co-op at 38 Gramercy Park North, keys to the park included, spans 21,400 square feet and comes with 9,750 square feet of additional development rights. Sale could result in luxury condo …
  
  
• August 2022 New York Buildings For Sale
• Buildings for Sale: Steve Witkoff and Ian Schrager have defaulted on their Public Hotel on the Lower East Side. The developers defaulted on their $189 million mortgage backing the 367-room hotel at 215 Chrystie Street, and are now paying a 9% penalty interest rate. Their lender, Deutsche Bank, is looking to sell the non-performing loan. Aby Rosen has put the Church Missions House for sale at $135 million, or about $3,000 per square foot. It is a six-story, 45,000-square-foot office property located at 281 Park Avenue South. Thor Equities is still trying to sell a Lenox Hill townhouse after 10 …
  
  
• July 2022 New York Buildings For Sale
• Buildings for Sale: Industrial real estate investment volume rose by 31% year-over-year to $1.8 billion. This followed a record-setting fourth quarter of 2021, during which investment volume doubled year-over-year to $5.2 billion and nearly a third of the year’s transactions were completed. The tri-state area had a record $10.6 billion in industrial real estate deals last year, a 64% increase from the previous year. New York City had almost $3.6 billion in industrial real estate investment volume last year, with Queens experiencing a nearly 50% year-over-year increase to nearly $1.5 billion. RXR and the Blackstone Group are marketing 1330 Sixth …
  
  
• June 2022 New York Commercial Real Estate Market Report
• Office: Tiffany & Co. trims HQ office lease to a 10-year extension for its office at 200 Fifth Avenue from 400,000 square feet to 287,000 square feet, lopping off almost a third of its footprint. Blackstone is considering either expanding at 345 Park Avenue or moving and renting 1.5 million square feet. HSBC grabs 265,000 sf at Tishman Speyer’s Spiral. HSBC is expected to move into Hudson Yards skyscraper by January 2024. Macquarie Group signed a 220,000 SF lease to be the first tenant at 660 Fifth Avenue. Wellington Management is planning 71,000 RSF at 799 Broadway. Empire BlueCross BlueShield …
  
  
• May 2022 New York New Developments
• Major Developments: Four Manhattan hotels sold that could reflect how far Hotel values have fallen. Sonesta International Hotels purchased the Benjamin, the Shelburne Hotel & Suites, the Gardens Suites Hotel and the Fifty Hotel & Suites from Denihan Hospitality Group. Google’s campus on Pier 57 in Chelsea is a 630,000-square-foot space that contains three buildings for 450 employees and a two-acre publicly accessible rooftop park, along with a food hall and an outdoor screening area. Blackstone’s agreed to buy American Campus Communities in a deal that values the student housing provider at $12.8 billion, including debt. ACC is the largest …
  
  
• May 2022 New York Buildings For Sale
• Buildings for Sale: SL Green Realty has to sell its $120 million stake in Times Square’s Crowne Plaza hotel, after a judge ruled that investor Andrew Penson has the right to buy it. SL Green and Argent Ventures are fighting over control of the land underneath the 795-room hotel at 1601 Broadway, which is in default on its $330 million mortgage. Brookfield Asset Management and China Investment Corporation are selling One New York Plaza, their 50-story office building in the Financial District. Nightingale Properties is selling 300 Lafayette Street. Bids on the property, which features 63,000 square feet of office …
  
  
• April 2022 New York Commercial Real Estate Market Report
• Office: Developers have started office projects totaling 2.1 million square feet since the beginning of 2021, well below the 3.2 million square feet of office construction starts in 2019 and the 5.7 million square feet of office construction starts in 2020. There are 19 million square feet of office construction underway in Manhattan. Deliveries are expected to surpass supply in both 2022 and 2023, increasing the supply of office stock by 4%, after that, however, office deliveries will likely begin to fall off in 2024, a decline that may continue through 2027. Many office tenants appear to be ready to …
  
  
• 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: …
  
  
• October 2021 New York Buildings For Sale
• Buildings for Sale: The retail condo at 808 Broadway and 104-110 Fourth Avenue is for sale, asking $15.95 million. Halloween Adventure has been operating from the building since 1996, but the store will close up shop after the sale. Three retail condominiums at 385 First Avenue are up for sale for $29 million. Rialto Capital is foreclosing on 33 West 46th Street, a 10-story office and retail building in the Diamond District. The property belongs to the estate of Jorge Justo Neuss, an Argentinian businessman who authorities said killed his wife and then himself late last year. Buildings Sold: Google …
  
  
• September 2021 New York Buildings For Sale
• Buildings for Sale: Edison Properties, which manages the storage provider, is working with Eastdil Secured to find a buyer. The company may be the largest market among Manhattan storage providers. The leasehold for 587 Fifth Avenue, a 10-story, mixed-use building between 47th and 48th Streets, is asking $36 million. Infinity Collective holds the ground lease. The building has 4,000 SF retail and 38,600 square feet of office space. It is 66% leased. The ground lease runs through August 2079, and annual payments rise in fixed steps from $655,000 today to $750,000 in 2036, then drops to $600,000 from 2041 on. …
  
  
• 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 …
  
  
• August 2020 New York New Developments
• New York New Developments 476 new building permits were filed in the three-month period from April through June, spanning 9,309 multi-family units. Nearly half of the footage is residential, just over one-third is commercial, and the rest is split between education and utilities. Amazon said it would increase its fulfillment center square footage by 50% in 2020, that is on top of the 15% increase it reported in 2019. NYC Health + Hospitals’ six administrative offices were consolidated at 50 Water Street and resulted in $200 million in cost savings . HHC signed a 25-year lease for 526,552 square feet. …
  
  
• June 2020 New York Commercial Real Estate Market Report
• Office Office leasing was virtually dead, except for TikTok who just rented 232,000 at 4 Times Square. A few landlords have lowered prices. Many are taking a wait and see attitude until Tenants return to work and the dust has settled. Retail The brick and mortar apocalypse keeps getting worse, as more national chains declare bankruptcy or announce store closings. Mom and pop retail is faring far worse with many lacking reserves to stay in business. Restaurants will hurt even more, once they partially open and have to pay full rent. Sales Building sales were very very slow with only …
  
  
• June 2020 New York New Developments
• New York New Developments Mayor Bill de Blasio signed into law a package of Covid-19 relief bills, including one that temporarily bars landlords from going after restaurants and store owners’ personal assets. Attempting to enforce such provisions constitutes harassment under the measure. New York state’s coronavirus foreclosure ban does not apply to mezzanine loans. The last observation deck at the Chrysler Building closed in 1945 and will now be getting a new one. RFR Realty received unanimous approval from the Landmarks Preservation Commission for the new deck on the terraces that frame the 61st floor of the 77-floor tower. They …
  
  
• April 2020 New York New Developments
• New York New Developments Gov. Andrew Cuomo barred all employees of non-essential businesses from reporting to work, and laid out what amounts to shelter-in-place rules for New Yorkers, though he avoided the phrase. The order exempts food businesses and others deemed essential. After saying he will halt all residential and commercial evictions for 90 days, Cuomo noted that landlords would have a hard time renting out vacant apartments anyway, and real estate agents can’t show apartments under the new workforce rules. About $20 billion in retail property loans are coming due, and it’s unclear how much of that debt will …
  
  
• April 2020 New York Buildings For Sale
• Buildings for Sale: Four years after receiving approval to build a 26-story, 310-key hotel at 1150 Sixth Avenue, developer Morris Moinian has decided to sell the vacant site instead. The midblock site is between West 44th and West 45th streets. It is a great development site with approved plans to build a hotel there, which a new owner could use or not. Brookfield Property Partners and Blackstone Group are reportedly in talks about a possible sale of One Liberty Plaza, a 2.3 million-square-foot office tower in the Financial District. Barneys has put its downtown Manhattan property at 101 Seventh Avenue …
  
  
• 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 …
  
  
• January 2020 New York Buildings For Sale
• Buildings For Sale: Viacom is considering a sale of CBS’ 38-story Midtown headquarters. CBS occupies about a third of the 870,000-square-foot building at 51 West 52nd Street. Orda Management Corp. is looking to sell 225 and 233 Park Avenue South containing about 675,000-square-foot for as much as $800 million. Target signed a lease for a 33,000-square-foot store on 42nd Street between Seventh and Eighth Avenues. The store will be Target’s 10th small-format shop in Manhattan, and is slated to open in 2022. Buildings Sold: McDonald’s sold a three-story retail building containing 5,800-square-foot at 429 Seventh Avenue for $35 million. The …
  
  
• October 2019 New York Buildings For Sale
• Buildings For Sale: Unizo Holdings Co. is selling two office buildings 40 West 25th Street and 685 Third Avenue. Blackstone subsidiary EQ Office put the 622,000-square-foot office building at 65 East 55th Street on the market. Asking more than $800 million. The land underneath Manhattan’s iconic Lipstick Building at 885 Third Avenue is for sale. Buildings Sold: A subsidiary of South Korean-based conglomerate Aju, bought 52 West 36th Street for $85.5 million and 30 West 31st Street for $51.2 million. Combined, the properties have 307 rooms. The seller was Chesapeake Lodging Trust. HUBB NYC purchased three commercial condo units at …
  
  
• August 2019 New York New Developments
• Major Developments: Several New York landlords have resisted leasing large chunks of their buildings to co-working tenants. One prominent owner is Empire State Realty Trust who will not lease to WeWork. The Durst Organization rejected WeWork’s offer to lease 12 floors at the World Trade Center in hopes that there were better offers. Oscar Health is doubling it spaced in Hudson Square and signed a sublease for the fourth floor at One Hudson Square, bringing its total presence to 160,000 square feet. The asking rent was around $80 per square foot. Barneys luxury fashion is reportedly weighing a second bankruptcy, …
  
  
• February 2019 New York New Developments
• The top 10 office lease deals totaled 2.65 million square feet, up more than 885,000 RSF more than the previous months top 10 leases. Deutsche Bank is set to take over 1.1 million square feet of office space at 10 Columbus Circle and will leave 60 Wall Street. Millennium Management signed a lease for 300,000 square feet of space at 399 Park Avenue, relocating from 666 Fifth Avenue. Asking rents are between $73 and $90 per square foot. WeWork signed a lease for 236,000 square feet of space across seven floors at 1440 Broadway, where it will have its own …
  
  
• 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 …
  
  
• January 2019 New York Buildings For Sale
• New York Buildings for Sale: Coca-Cola is looking to sell its building on Fifth Avenue. The soft drink maker has put the 18-story, 354,000-square-foot building it owns at the corner of 55th Street on the market. Coca-Cola, which inherited the building at 711 Fifth Avenue in 1983 with its purchase of Columbia Pictures “has determined that it does not need to retain its investment in the building to support its activities in New York. New York Buildings Sold: SJP Properties and longtime partner Prudential Financial bought the Midtown South office building at 470 Park Avenue South for $245 million. The …
  
  
• 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 …
  
  
• July 2018 New York Buildings For Sale
• New York Buildings for sale: RXR and Walton Street want to sell 237 Park Avenue, with an unofficial price tag of around $1.4 billion. Host Hotels may sell some of its non-core hotels that could exceed $2 billion. Host owns multiple hotels in New York City, including the W Union Square and the New York Helmsley. It is close to selling the W to Westbrook Partners. A subsidiary of Blackstone Group, EQ Office, is putting one of its office buildings near Bryant Park on the block. The 22-story, 350,000-square-foot property is at 114 West 41st Street with an unofficial asking …
  
  
• 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 …
  
  
• April 2018 New York Buildings For Sale
• New York Buildings for sale: Two sites in Staten Island spanning roughly 1.1 million square feet were hitting the market with an asking price of $23 million. The two parcels at 4482 Arthur Kill Road and 742 Sharrotts Road span 24.5 acres. The owner of sports apparel chain Modell’s is in talks to sell its Bronx warehouse for more than $100 million. The chain uses the nearly 300,000-square-foot warehouse on Marconi Street for storage and distribution. Modell’s is close to selling the two-story building, which sits on a 12-acre lot. Magnum Real Estate Group’s Ben Shaoul is in contract to …
  
  
• 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 …
  
  
• 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 …
  
  
• August 2016 New York Buildings For Sale
• Buildings For Sale: The Blackstone Group is shopping its 665,000-square-foot office tower at 1065 Sixth Avenue and hopes to get as much as $700 million. ABC Carpet & Home is shopping around its property at 880-888 Broadway, an office-and-retail condominium that could get upwards of $200 million, or over $2,600 per square foot. ABC has owned and fully occupied the six-story, 76,400-square-foot building since 1981. The property has a 20,600-square-foot retail condo and a 55,800-square-foot condo for office and manufacturing space. It is still not clear if ABC Carpet would vacate upon selling the building or make a sale-leaseback agreement. …
  
  
• July 2016: New York Buildings For Sale
• New York Buildings sold Harry Macklowe and Qatari investment bank QInvest closed on a deal to buy 432 Park Avenue's retail space for $411.1 million. CIM Group is developing the 1,396-foot condo tower in partnership with Macklowe the seller. The cube will include 6,600 square feet of retail space and will be connected to 20,000 square feet of retail space in the tower itself through a 30,000-square-foot underground concourse. Global Holdings is in contract to buy 1250 Broadway, an office tower owned by Jamestown and Murray Hill Properties, for $565 million. 1250 Broadway is a 39-story, 721,000-square-foot tower. The contract …
  
  
• April 2016: New York New Developments
• New Developments Bizzi& Partners, Michael Shvo and New Valley raised $175 million through the EB-5 program from the Chinese for their 91-story tower at 125 Greenwich Street. The developers were about halfway to reaching their goal through the EB-5 program.Vornado plans to combine its One Penn and Two Penn Plaza office buildings to form a 4.2 million-square-foot complex. New renderings for the combined building of one and two Penn plaza show a new glass facade and canopy over Seventh Avenue from Penn Station revealing a reorganized lower-level retail space.Banks are exercising more caution when it comes to financing commercial real …
  
  
• December 2015: New York Buildings For Sale
• New York Buildings sold The Dermot Company is in contract to buy a Kips Bay apartment building from AvalonBay Communities for $175 million, part of its effort to transition into the luxury market. A majority of the 209 units in the building located at 377 East 33rd Street are occupied. The 23-story building consists of 185,549 square feet of residential space and 19,000 square feet of commercial space, which is currently leased by New York University.Forest City Enterprises has agreed to sell its development site at 625 Fulton Street in Downtown Brooklyn to Simon Dushinsky's Rabsky Group for $158 million. …
  
  
• 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 …
  
  
• September 2015: New York Buildings For Sale
• NYC Buildings For Sale Unizo Holdings is buying Sherwood Equities and JPMorgan Chase's 370 Lexington Avenue office building for $247 million. 370 Lexington Avenue contains 311,000-square-foot.350 East 86th Street went into contract with Gary Barnett's Extell Development Company for $100 million. Innovo Property group and Artemis Real Estate Partners bought the 15,500-square-foot retail condo at 202 Canal Street for $44 million.Extell just acquired a 14-story office building at 10 West 47th Street for $74.4 million containing 72,000-square-foot building between Fifth and Sixth avenues. Gaia Real Estate is in contract to buy the rental conversion of a former St. Vincent's Midtown …
  
  
• August 2015: New York Buildings For Sale
• NYC Buildings For Sale The Related Cos. is considering selling a stake in its 10 Hudson Yards office tower now that the building is almost fully leased. The developer is in discussions with Boston Consulting Group to take about 175,000 square feet at 10 Hudson Yards, which would boost the building to near full occupancy before its scheduled completion early next year. A stake sale would allow Related and equity partner Oxford Properties Group to capitalize on the building's value and provide funds to finance further construction at the 28-acre, $20 billion development. Ian Bruce Eichner is shopping around his …
  
  
• 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 …
  
  
• April 2015: New York Buildings For Sale
• New York Buildings sold Chinese insurance company Groups bought the Waldorf Astoria for nearly $2 billion. It was the largest ever Chinese investment in a single Manhattan property and that was negotiated chairman Wu Xiaohui to chairman Jonathan Gray head of real estate for Blackstone.Maddd Equities bought the school component of a 14-story Upper East Side building for $24.5 million. The school is located inside a 181,700-square-foot building at 1225-1239 Second Avenue, located between East 64th and 65th streets. The Grace Institute had owned the roughly 45,200-square-foot space since 1963.David Berley purchased 160-162 Lexington for $24.5 million from Lexington Landmark …
  
  
• March 2015: NYC New Developments
• Major Developments Manhattan Borough President and a City Council member have been talking to developers to find a new plan for the historic South Street Seaport site to prevent a 494-foot tower from being built.The city is looking to revamp a program where property owners can transfer unused air rights to others. -The requirements are so difficult that only 10 successful transfers have been made out of almost 1,000 landmarks.. Those transfers took place in Midtown or Lower Manhattan. The NY state's attorney general's office is closing a 36-story, illegal hotel owned by an affiliate group. The property at 49 …
  
  
• 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 …
  
  
• February 2015: New York Buildings For Sale
• New York Buildings for Sale A Times Square hotel is hitting the market for. The Comfort Inn Times Square South at 305 West 39th Street is for sale asking $35 million. The property was built in 2007, and has a 93% occupancy rate. Rooms are about $180 per night. The price per room is based is about $448,718.A Court Square development site offering more than 167,000 buildable square feet is on the market for $41.5 million. The site is 11,145 square feet. The properties are located at 23-10 45th Avenue, 45-03 23rd Street; 45-05 23rd Street; 45-07 23rd Street; 45-09 …
  
  
• 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 …
  
  
• January 2014 NYC Buildings For Sale
• NYC Buildings For Sale The Rhinelander Children’s Center at 350 East 88th, an Upper East Side townhouse owned by the nonprofit Children’s Aid Society, is for sale, asking $20 million. The four-story, 15,405-square-foot site is 50 feet wide. School programs have included preschool, summer camp and after-school care. Verizon is selling a former telephone-exchange building on West 36th Street near Seventh Avenue as a potential hotel site.Bank of New York Mellon is looking to downsize, and is considering a sale of its 52 story headquarters at 1 Wall Street. Chinese Christian Herald Crusades has put their building at 48 Allen …
  
  
• December 2013 NYC Buildings For Sale
• New York City Buildings For Sale Jeff Greene has switched tactics in Hudson Square. Rather than build a 140,000-square-foot condominium project at 100 Vandam Street, he has decided to sell the parcel for $150 million, or three times what he paid for last year. The move follows a contentious rezoning of the area that will allow for bigger residential developments. India-based Sahara Group is trying to unload the iconic Plaza Hotel along with the Dream Downtown Hotel in Manhattan and Grosvenor House in London, and has received a $1.6 billion offer from a Middle Eastern group for the luxury hotel …
  
  
• 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: NYC Buildings For Sale
• NYC Buildings For Sale Developer Centaur Properties has paid $45 million to acquire a West Chelsea site with close to 110,000 square feet of unused air-rights.A developer known for converting old buildings into condominiums has paid $27 million for the former Ridley Department Story on the Lower East Side.Westwood’s company purchased a five-story townhouse for $13.5 million to plant the designer’s New York City flagship. The 12,000 square-foot townhouse at 14 East 55th Street, next to the St. Regis Hotel, will hold the corporate headquarters as well as a Vivienne Westwood retail store and showroom.Northwood Investors paid $150 million for …
  
  
• August 2012 New York Buildings For Sale
• NYC Buildings For Sale One of the city’s oldest non-profit organizations has put its Gramercy Park headquarters on the block. The Xavier Society for the Blind will sell the 16,000-square-foot building at 154 East 23rd Street, starting with an asking price of $13 million. The organization is downsizing drastically because its services which provide large print and braille books and periodicals are no longer needed due to technological advances. Milstein is selling all but two of his 32 Emigrant Bank branches. Apple Bank is buying all of the branches, and their $3.2 billion in assets, except for the one at …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 Buildings For Sale
• New York Buildings sold TIAA-CREF purchased the 280,000-square-foot office building 475 Fifth Avenue from Barclays Capital Real Estate for $144 million or about $514 per square foot. A joint venture of real estate developer Joseph Moinian and Westbrook Capital acquired 475 Fifth Avenue, located at 41st Street, in 2007 for $160 million, but lender Barclays took the property back in 2009 through a deed in lieu of foreclosure.Stonehenge Partners has closed on the 93-unit apartment building at 1143 Second Avenue and 60th Street. Stonehenge paid KFJ Realty $47 million for the six-story building, which includes 15,000 square feet of retail …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• June 2011 New York Buildings For Sale
• New York Buildings sold Private real estate management firm ING Clarion Partners bought the 42-unit rental building at 44 Berry Street in Williamsburg for $27 million. The 54,000-square-foot, six-story former quinine factory building was developed by Cayuga Capital Management. The fully-leased building includes six retail spaces on the ground floor. The sale of GLC Group's 16-story condominium building in Clinton Hill has closed, a real estate investment group from New York City and Northern California paid $21 million for the Karl Fischer-designed tower, , when 35 to 40 percent of the 49 units at 163 Washington Avenue were in contract …
  
  
• 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 …
  
  
• May 2011 New York Buildings For Sale
• New York Buildings sold Joseph Sitt's Thor Equities and developer Joseph Moinian have completed the long awaited deal to buy out Goldman Sachs at 245 Fifth Avenue for $162 million. The property, near 28th Street, had been up for sale since January, when Moinian and his previous venture partner, Goldman Sachs Whitehall Funds, decided to put the building up for sale through Eastdil Secured. The property was originally purchased for $190 million, or $620 a square foot, at the height of the market in 2007.RXR Realty purchased the Starrett-Leigh building at 601 West 26th Street for $900 million from Shorenstein …
  
  
• May 2010 New York Buildings For Sale
• New York City Buildings sold The retail space at 40 Mercer, the Jean Nouvel-designed condo, has sold for $41.9 million. The space at 465 Broadway contains 9,400 square feet of space at the ground level. SL Green is buying Hines Interests' 600 Lexington Avenue for almost $180 million, or $700 a square foot. The 282,000-square-foot office tower is one of three major city properties of its kind that had been attracting attention from investors while on the market despite the sector's slump. The others are 340 Madison Avenue and 125 Park Avenue. The acquisition for the city's largest landlord follows …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• September 2007 New York Commercial Real Estate Market Report
• Tightening credit may mean the end of the acquisition frenzy and trouble for buyers of recent deals who have not locked in long term financing.Summerset Partners who last month announced it was acquiring 450 Park Avenue for $1,589/RSF. Now, the firm is struggling to close the $510 million deal, because of the rising cost of debt and requirements for more equity. The same is true for all developers such as Macklow who recently completed the $7 billion acquisition of several Manhattan skyscrapers from the The Blackstone Group and an Israeli investment group, who just bought the Lipstick Building at 885 …