Clarion Partners

• June 2024 New York New Developments
• Major Developments: New York City’s Conversion Accelerator Program has received interest from 64 office landlords seeking to convert their office properties to housing. Four buildings that have already been converted or begun construction through the accelerator, creating about 2,100 apartments. 650 First Avenue and 980 Sixth Avenue have received permits to begin renovations for reuse. The accelerator, announced in August, assists developers in navigating city laws and bureaucracy to expedite complex conversion projects. Coupled with Mayor Eric Adams’ plan to rezone Midtown, the initiative's aim is to create 20,000 apartments from underutilized office stock over the next decade. City Planning …
  
  
• 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 …
  
  
• November 2023 New York Buildings For Sale
• Buildings for Sale: CIM Group will hand the keys to 1440 Broadway back to its lender. It saw the $399 million loan backed by the Midtown building go to special servicing this month. Buildings Sold: Extell sold 1710 Broadway for $173 million. In 2017, Extell paid $268 million for it. Extell is working to get plans approved for a 54-story, 673-unit hotel to replace the six-story. Sherwood sells Times Square hotel for $165 million. Apollo Global Management and Newbond Holdings are buying the 317-key hotel at 2 Times Square. The 200,000-square-foot hotel has 317 rooms. The transaction would break down …
  
  
• February 2023 New York Buildings For Sale
• Buildings for Sale: Chetrit to pay off the floating-rate loan $481 million. The Chetrit Group is facing default on a $481 million loan, covering 43 properties that the developer is now looking to sell. APF Properties is looking to sell its plot at 24 West 57th Street, for north of $80 million. As a development site, the property holds about 140,000 square feet of buildable space as of right. Maverick sues Chetrit over unfinished Penn Station hotel. Lender alleged the developer neglected matured loans, didn’t complete the project. Maverick Real Estate Partners sued for the second time going after the …
  
  
• 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 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 …
  
  
• November 2018 New York Buildings For Sale
• NYC Buildings For Sale: Barnett’s Extell Development put the 600-unit building at 555 10th Avenue on the market with an asking price of $775 million. The owners of 417 Park Avenue are making another push to co-op the apartment building. 417 Park is a 13-story building that has fielded interest from a number of buyers in recent years, including a $250 million offer from Kushner Companies. Trinity Real Estate is looking to ground lease one of its Hudson Square development sites in a deal that could be worth $180 million or more. Trinity Church put the development site at the …
  
  
• February 2018 New York New Developments
• New York Major Developments: The supply of hotel rooms in the Financial District grew 10.7% last year, with another 1,917 rooms in the pipeline. Hotels continue to be built despite the softening of the overall hotel market. There are more hotel rooms slated to come online in 2018 than any year since, at least 2000. Developers have already delivered 26,193 rooms since 2013. Kushner Companies’ retail condominium at the old New York Times building could be facing challenges in the wake of Guy Fieri’s restaurant closing. Guy’s American Kitchen & Bar, a yet-to-be opened food hall run by celebrity chef …
  
  
• January 2016: New York Buildings For Sale
• New Developments Retail:Overseas retail Brands operate 39% of the stores on Fifth and Madison Avenues and in Soho. Of the 906 retailers, Soho is the most nationally-diverse area, with 24 countries represented. Fifth Avenue had 17 non-U.S. outlets and Madison Avenue had 13. Italianstores had the largest number of stores in those areas.Footlocker and Nike signed leases for large spaces on Broadway. Footlocker signed a $15 million deal to lease 36,000 square feet at 1460 Broadway and Nike signed a $16 million lease for 55,000 square feet at 529 Broadway.Gap signed two leases at 1514 Broadway, into two stores for …
  
  
• January 2016: New York New Developments
• New Developments Retail:Overseas retail Brands operate 39% of the stores on Fifth and Madison Avenues and in Soho. Of the 906 retailers, Soho is the most nationally-diverse area, with 24 countries represented. Fifth Avenue had 17 non-U.S. outlets and Madison Avenue had 13. Italianstores had the largest number of stores in those areas.Footlocker and Nike signed leases for large spaces on Broadway. Footlocker signed a $15 million deal to lease 36,000 square feet at 1460 Broadway and Nike signed a $16 million lease for 55,000 square feet at 529 Broadway.Gap signed two leases at 1514 Broadway, into two stores for …
  
  
• July 2013: New York City Buildings For sale
• New York Buildings sold Abe Talass' Eretz Group will pay about $210 million for a Midtown office tower belonging to Westbrook Partners and the Moinian Group. The 300,000-square-foot 295 Madison Avenue is part of a portfolio that Westbrook was marketing in April that is expected to get about $1 billion. The deal is expected to close in September. The $1.3 billion sale of 650 Madison Avenue, which entered into a contract, Crown Acquisitions and Highgate Holdings, see value in the property's retail component. Carey Watermark Investors announced the company's acquisition of the 226-room Holiday Inn Manhattan 6th Avenue, at 125 …
  
  
• 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 …