Deutsche Bank

• 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 …
  
  
• November 2022 New York Buildings For Sale
• Buildings for Sale: Stefan Soloviev is negotiating to sell 9 West 57th Street and is finalizing an agreement to sell the prestigious office tower. The 50-story, 1.6 million-square-foot building, was last appraised in July 2016 at $3.4 billion, or over $2,000 per square foot. LoanCore Capital filed a lawsuit against a joint ownership venture at 111 East 59th Street, which includes Dune Real Estate Partners and Puma Construction Corporation. The lender alleged the owners defaulted on $193.4 million in loans and is calling for the forced sale of the retail and office property. Proceeds from a forced sale would go …
  
  
• 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 New Developments
• Major Developments: The state advanced the $7 billion redesign of Penn Station, The state will begin accepting bids from architecture and engineering firms for the redesign of the station. Proposals are due in July and a winner will be selected in the fall. J-51 joins 421a in the graveyard of real estate benefits as The decades-old tax exemption program J-51, which incentivized landlords to renovate apartment buildings expired on June 29. Rent board approves first full-year, post-Covid hike of 3.25%. Landlords and tenants, both unhappy with vote, say reform is needed to the chagrin of both sides, the Rent Guidelines …
  
  
• November 2021 New York Commercial Real Estate Market Report
• Office: The Durst Organization signed Venable LLP for a 15-year lease for nearly 158,000 square feet, at One Five One, formerly known as 4 Times Square. Prospective tenants are looking for 6.5 million square feet of office space up 64% from the first quarter of this year. Crédit Agricole’s 167,000-square-foot relocation within 1301 Sixth Avenue. BDO USA’s 143,000-square-foot lease at Tishman Speyer’s 200 Park Avenue. Interpublic Group of Companies 514,000 square feet at 100 West 33rd Street. Fried, Frank, Harris Shriver & Jacobson 400,000 square feet at 1 New York Plaza. City of New York 313,000 square feet at 60 …
  
  
• 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 …
  
  
• June 2021 New York New Developments
• New Developments The Gateway tunnel is back on track. Federal officials completed their environmental review of the $11.6 billion rail tunnel, giving the project the green light. The move comes after years of delays from the Trump administration. The plan calls for building a new rail tunnel beneath the Hudson River, which would connect New Jersey’s Bergen Palisades to New York’s Penn Station. The approval could potentially advance real estate acquisitions and other pre-construction activities. State lawmakers are seeking to give New York City more control over Cuomo’s Penn Station expansion and new development in the surrounding area. A recently …
  
  
• March 2021 New York New Developments
• New York New Developments New York’s moratorium on commercial evictions and foreclosures and a bill to replace it has hit a roadblock. The current ban from March 2020 moratorium on commercial evictions and foreclosures, which he has repeatedly extended. The latest extension, through a Jan. 23 executive order, prevents those actions from taking place until Feb. 22. But Cuomo has yet to take action on legislation that would make the ban semi-permanent. The state Senate proposed a bipartisan commission to review Cuomo’s orders, and Assembly Democrats have also called for the revocation of those powers. The rate of positive Covid …
  
  
• 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 …
  
  
• 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 …
  
  
• 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, …
  
  
• April 2019 New York New Developments
• Major Developments: Gyms and athletic wear retailers once again dominated the retail leasing scene last month in New York City, securing four of the top 10 biggest deals. The rest mostly comprised of restaurants. The biggest retail lease deals signed last month totaled 188,100 square feet, down 41,600 square feet from January’s total of 229,700 square feet. In February of 2018, the top 10 retail leases totaled 108,200 square feet. Hermès of Paris inked a lease for 40,000 square feet of space at 706 Madison Avenue for a new flagship location. The building’s landlord is Friedland Properties. Brooklyn Boulders signed …
  
  
• 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 …
  
  
• December 2018 New York New Developments
• Major Developments: After months of speculation, Amazon made its long-awaited HQ2 announcement. The Seattle-based company will divide its second headquarters between Crystal City in Virginia and Long Island City in New York. New York State plans to dole out $1.7 billion in tax credits and grants to Amazon for choosing Long Island City. This month’s top office leases accounted for more square footage than last month. The top 10 office lease deals last month totaled 1.9 million square feet, larger than September’s top 10 leases, which totaled 1.1 million square feet. City of New York signed the largest lease of …
  
  
• August 2018 New York Buildings For Sale
• New York Buildings for sale: Brookfield Property Partners is in talks to buy a stake in the 1,400-unit Waterside Plaza complex in Kips Bay. The $600 million deal is not yet finalized and there’s no guarantee it will go through. The complex includes apartments, stores and space rented to the British International School of New York. The owner is Richard Ravitch. A six story building at 75 Warren Street is for sale for $12,950,000 or $1,199.07 SF. It has commercial space with 16-foot ceilings. 240 Fifth Avenue is a 5 story commercial building for sale with an asking price of …
  
  
• July 2018 New York New Developments
• New York Major Developments: The top 10 office lease deals totaled 2.4 million square feet, larger than last month’s top 10 leases, which totaled 1.9 million square feet. 1) Deutsche Bank signed a lease for 1,100,000 square feet of office space at 1 Columbus Circle. 2) Facebook signed a lease for 370,000 square feet of office space at 770 Broadway. 3) McKinsey & Co. signed a lease for 186,000 square feet of office space at 3 World Trade Center. 4) Blank Rome signed a lease for 138,000 square feet at 1271 Sixth Avenue. The firm is taking the 15th, 16th …
  
  
• September 2017 New York New Developments
• New York Major Developments: Brookfield Property Partners are in talks to become a partner in one of the largest redevelopment projects underway in New York City. Brookfield is negotiating to acquire a stake in the St. John’s Terminal site, which Westbrook Partners and Atlas Capital Partners are planning to transform into a five-tower, 1.7 million-square-foot mixed-use complex. The three-block-long site which consists of north, south and center sections would hold 1,586 rental apartments, offices, a hotel and around 400,000 square feet of retail space next to Hudson River Park’s Pier 40. Manhattan’s hotel market may be nearing the end of …
  
  
• June 2017 New York New Developments
• Major Developments: Developer David Marx continues to put the pieces together for an upcoming Aloft hotel at 450 11th Avenue, refinancing the project with $67 million in loans. The de Blasio administration is finally moving forward with a proposal it announced 18 months ago to curtail the city’s emerging self-storage industry as part of City Hall’s plan to preserve middle-class jobs by regulating development in certain manufacturing zones. Several retail brands are on the lookout for large spaces in the borough, including discount clothier Primark. Former Mayor Michael Bloomberg donated $75 million towards the construction of the Shed, an arts …
  
  
• May 2017 New York New Developments
• New York Major Developments: The Port Authority of New York and New Jersey is rethinking plans to move its Midtown bus terminal a block west and is now considering renovating the existing station. The bi-state agency ordered a study of its current bus terminal to assess the cost of revamping its existing facility. Officials have estimated that moving the terminal would cost $10 billion. Earlier this year the Port Authority dedicated $3.5 billion to creating a new terminal. The borough’s hoteliers saw revenue per available room dip to its lowest point of the current cycle, as the hotel market struggles …
  
  
• March 2017 New York New Developments
• New York Major Developments: The city is taking another attempt at rezoning the Garment District, a move that will likely rollback rules that require landlords to lease a portion of their building to the fashion industry. The possible rezoning is connected to the Mayor’s plans to build a new manufacturing campus in Brooklyn. The Bloomberg administration tried to rezone the Garment District in 2009, but stopped the plan due to opposition. In the fourth quarter of 2016, absorption rate was negative in all three Manhattan office submarkets: Downtown, Midtown, and Midtown South for a total net absorption of negative 277,988 …
  
  
• January 2017 New York New Developments
• Major Developments: Wall Street firms with leases expiring in the near term are searching for new offices, in part because they believe President-elect Donald Trump will reduce corporate taxes and roll back regulations. Wall Street companies went from occupying 32% of Manhattan’s office stock to 25% in the last four years, during which time TAMI firms have increased from 19% to 24%. Hospitals in the city are big spenders on construction to update and expand their facilities. New York University’s new $1 billion academic building will have an all-glass facade that allows neighbors to peer into students’ lives. The university …
  
  
• September 2016 New York Buildings For Sale
• Buildings For Sale: Kevin Maloney’s Property Markets Group is looking to sell a newly built and still empty rental tower in Long Island City. PMG built the 45-story, 391-unit tower at 23-01 42nd Road in partnership with Vector Group and toyed with the possibility of turning the units into condominiums, filing a $364.2 million condo plan. Leasing at the tower is set to begin next week, with average asking rents of $62 per square foot. Since the building’s condo plan was approved, a potential buyer could opt to sell the units instead of renting them out. PMG and partner Hakim …
  
  
• August 2016 New York New Developments
• Major Developments Hershey Company plans to open a new flagship store at the base of 20 Times Square, a location that will triple its current 2,200-square-foot space at Times Square. The new location will be a block away from the company’s rival, Mars Inc.’s M&M; World. Gary Barnett’s plans to raze 10 buildings on the block including 10 West 47th Street. Extell secured permits to demolish 10 West 47th and 2 West 47th, 3-13 West 46th Street, 562 and 564 Fifth Avenue. Extell bought 10 West 47th, a 72,000-square-foot office building for $74.4 million. L+M Development Partners and Hornig Capital …
  
  
• June 2016: New York New Developments
• New Developments Apple is in talks with 767 Fifth Avenue's owners to take all or part of FAO Schwarz' former 61,000-square-foot space. Apple is looking to take over the space permanently, but is balking at paying market-rate rent. Rates for retail spaces in that section of Fifth Avenue range from about $2,700 to $4,450 per square foot. Related Companies is to receive $88 million in financing from Deutsche Bank to fund 300 Lafayette Street in Soho. Related received a $69 million construction loan and a $19 million project loan to fund the seven-story, 80,000-square-foot office and retail development. The building …
  
  
• February 2016: New York Buildings For Sale
• New York Buildings sold Billy Macklowe sold a majority stake in his 12-story office building at 156 William Street to LaSalle Investment Management for around $55 million. LaSalle closed on a majority interest in the 250,000-square-foot building December 31st, with William Macklowe Co. retaining a minority and managing stake in the property. Macklowe also sold two commercial condominium units at 156 William Street to an independent children's school for $27.2 million. The building is located a few blocks from the school's main campus at 241 Water Street. William Macklowe Co. acquired 156 William Street from private equity firm Capstone Equities …
  
  
• November 2015: New York New Developments
• New Developments Developer Bo Jin Zhu filed permit applications for a nine-story hotel and a 16-story apartment building at 412 West 126th Street and 402 West 126th Street. The two buildings together will contain a total of 129,000 square feet of space. UBS is looking for 700,000 and 900,000 square feet in Midtown for its New York headquarters. The company is being forced to move by its current landlord.The Columbus Avenue retail corridor on the Upper West Side has gone from zero vacancies in a 15-block stretch along Columbus Avenue to 14. The spike in retail vacancies is due to …
  
  
• July 2013: New York City New Developments
• New York City New Developments Internet radio provider Pandora Media has slated a 52,450-square-foot lease at 125 Park Avenue. Warner Music Group is looking at a 225,000-square-foot space at 7 West 34th Street. Warner currently has space at 75 Rockefeller Center, and faces a deadline with its lease expiring next year. Still, the company is also looking over options to move elsewhere.Planet Fitness gym has inked two Manhattan leases in a city expansion effort. The largest contiguous block of class A office space in Midtown will soon come available at 1221 Sixth Avenue. About 537,000 square feet of space will …
  
  
• May 2013: NYC New Developments
• NYC New Developments Waterman Interests has signed a new 75-year deal with Benenson Capital Partners for the master lease at 400 Park Avenue. The Benenson family has owned the East 54th Street site since 1971. In 2010, Waterman along with some institutional investors paid $35 million to RFR Realty for the leasehold on the 270,000-square-foot property. At the time, the leasehold had 17 years remaining. Manhattan hotels have been popping up especially in the area around 29th Street. . Now there are nearly a dozen hotels clustered on and around 29th Street, including the trendy Ace Hotel, which opened in …
  
  
• February 2013: New York City New Developments
• The Federal Emergency Management Agency gave New Yorkers whose homes were devastated by Hurricane Sandy a 30-day extension on applications for home repairs. The Transitional Sheltering Assistance program, which has helped New Yorkers continue living in participating hotels and motels, will also be extended. Governor Cuomo requested that FEMA grant extensions. Alexander McQueen plans to decamp to 747 Madison Avenue. The designer will lease a double-height 3,300-square-foot space owned by Jeff Sutton, paying $1,300 per square foot during the 15-year lease. Fashion label Escada previously took up a portion of the retail space. Before that, Valentino occupied the space during …
  
  
• October 2012 New York New Developments
• New Developments The re-zoning of Midtown is to affect the area from Lexington to Fifth avenues and East 39th to East 57th streets. Developers can buy additional air rights from the city. Within a smaller Grand Central Sub district developers can buy from owners of landmarked properties that are under built. Argent Ventures controls nearly all of those air rights through its ownership of the Grand Central terminal. The record sale price was about $6,000 a square foot in 2008 in residential, and has now reached more than $10,000 a square foot. The very-rich have finally unleashed the liquidity that …
  
  
• 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 …
  
  
• 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 …
  
  
• October 2011 New York New Developments
• New Developments Time Warner is evaluating its plan to possibly move out of the Time Warner Center and consolidate its operations at new headquarters elsewhere to save costs. Time Warner moved to Columbus Circle in 2004, where it had partnered with Related Companies to build the building that is its company headquarters now. Many of its leases, including ones for more than 2 million square feet of space in Midtown, will expire as soon as 2017 and 2018. Since not many buildings could hold all of Time Warner's 6,000 employees in the city, possible alternative options would be Hudson Yards, …
  
  
• September 2011 New York Buildings For Sale
• NYC Buildings For Sale The Apthorp JPMorgan Chase and Wells Fargo are two of the banks among the final candidates that bid for parts of $9.65 billion in U.S. property loans owned by Anglo Irish Bank. The lenders are interested in acquiring pieces of the $4.52 billion of performing loans. Investor groups led by private-equity firms Blackstone Group, together with Deutsche Bank, and Lone Star Funds also submitted offers for parts of the portfolio, which includes $5.13 billion of subperforming and non-performing debt. Anglo Irish aims to sell off its loans after it was seized by the Irish government in …
  
  
• 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 …
  
  
• 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 …
  
  
• April 2011 New York New Developments
• Major Trends Bruce Ratner wants to construct the world's tallest prefabricated structure at the Atlantic Yards site in Brooklyn, according to the New York Times. The 34-story proposed tower would include 400 affordable apartment units, fulfilling a promise Ratner made when he took over the site. The annual rate of building permits issued for new privately-owned U.S. housing units fell by another 8.2 percent in February to a record-low 517,000, according to the latest data from the Commerce Department, backing up analysts' predictions that a sustained recovery in the housing market is still elusive. The permitting rate, which is indicative …
  
  
• April 2011 New York Commercial Real Estate Market Report
• Manhattan's office leasing market is on pace for its best year ever after February brought some 3 million square feet worth of deals,. That's far above the nine-year monthly average of 1.9 million square feet of office leases. The banner month also comes on the heels of a busy January, when 2.6 million square feet were snapped up in Manhattan office lease transactionsManhattan townhouses see 2010 sales uptickBoth the single-family and multi-family Manhattan townhouse markets showed signs of improvement last year, according to the Corcoran Group, which released its first annual Townhouse Report today. In the single-family market, the number …
  
  
• 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 Buildings For Sale
• New York City Buildings sold Developer Continuum Company is to put $40 million into the troubled One Madison Park residential development and finish up the project, after reaching a deal with the developer and creditors. The deal, which is contingent upon bankruptcy court approval, would fund the costs of a proposed restructuring on a loan from lender iStar. The lender gained control of the building in April, after asserting that the builder had failed to pay it $12 million in interest between October 2009 and February 2010, and owed upwards of $200 million. Larry Gluck's Stellar Management purchased the 374-unit …
  
  
• 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 …
  
  
• October 2010 New York Buildings For Sale
• New York City Buildings sold SL Green, the largest commercial office landlord in New York, agreed to sell 19 West 44th Street in Manhattan to Deka Immobilien for $123.2 million. SL Green will continue to manage and lease the building as part of the sale agreement with Deka. SL Green originally bought the 292,000-square-foot Class B property in 2004 for $67 million. Since the acquisition, SL Green has renovated the lobby, windows and heating and cooling systems, and raised occupancy to 99 percent, compared to 86 percent in 2004. SL Green Realty is expected to gain $66 million profit on …
  
  
• August 2010 New York New Developments
• New Developments Community Board 7 voted to disapprove Extell's plans for an eight-acre Riverside Center project, unless the developer agrees to build according to some modifications. The plan for the new development that would span 59th to 61st street and West End Avenue to the edge of the West Side Highway includes five skyscrapers, at least 2,500 apartments, 210,000 square feet of retail, a hotel, a movie theater, an underground automobile service center, a new K-8 school and three acres of open space. The Alex is facing an $81.7 million foreclosure suit after Anglo Irish Bank sold the note on …
  
  
• 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 …
  
  
• June 2010 New York New Developments
• New Developments New York University may enter the public approval process for its new Silver Towers site, the crown jewel of its wildly controversial 2031 expansion plan. The biggest hurdle for the school will be gaining approval from the Landmarks Preservation Commission, which will have final say on whether NYU can build on the landmark Bleecker Street site. The proposed building will be a "slender pinwheel tower," and is rumored to be planned for a 40-story structure. New York University dropped in on Community Board 3's zoning committee meeting and had little to say about how its 6 million-square-foot expansion …
  
  
• 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 …
  
  
• April 2010 New York New Developments
• New Developments The number of small- to mid-size medical and bio-pharmacy companies in the city has quadrupled to 120 from 2002, due to the city's recruitment and the accessibility of academic centers in the area. The Upper East Side girls' prep school has cancelled its expansion into the nearby apartment building. The Brearley School, at 610 East 83rd Street, had been angling to buy half the building at 85 East End Avenue, for use as additional teaching space but has fallen through. Extended Stay Hotels may accept a $905 million investment offer from Starwood Capital Group and associated investors in …
  
  
• 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 …
  
  
• December 2009 New York New Developments
• New Developments Commercial lenders did not throw out all of their standards in the recent cycle of easy credit. When developer Aby Rosen structured his $133 million loan for the acquisition and development of the Shangri-La hotel at 614 Lexington Avenue in 2007, the mortgage document included a personal guaranty to cover losses in the event of a default. Similarly, when Kent Swig negotiated $49 million in loans with Lehman Brothers Holdings to develop a hotel and condo project at 45 Broad Street in the Financial District in 2006 and 2007, the bank demanded a similar guaranty in the mortgage …
  
  
• 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 …
  
  
• September 2009 New York New Developments
• New Developments New building permits issued in the first five months of 2009 showed a year-over-year drop in all five boroughs for the second year in a row. Citywide, permits were down 48.5 percent from the same period last year to 720, and were down 69 percent from the first half of 2007, when the building boom was still in full force. Of the five boroughs, Manhattan saw the biggest drop from last year, with 18 building permits filed between January and May, or 72.3 percent fewer than in the same period of 2008. This number was off 71.9 percent …
  
  
• August 2009 New York Buildings For Sale
• Manhattan Buildings sold George Comfort & Sons and RCG Longview finally completed a $600 million deal with Deutsche Bank to purchase Worldwide Plaza. Rather than creating a joint venture, Deutsche Bank will just provide a $470 million mortgage for George Comfort and put up about $135 million in equity. The price comes to about $375 a square foot for the 1.6 million-square-foot tower at 825 Eighth Avenue, and the deal is expected to close this month. As part of the agreement, Deutsche Bank will write down the original $1 billion mortgage it held on the property when Macklowe Properties bought …
  
  
• August 2009 New York New Developments
• New Developments After many years of construction on Fulton Street, small business owners are now able to apply for grants from the city to improve storefronts that have been obstructed or damaged by the construction. The Fulton Nassau Crossroads Program, funded by the Lower Manhattan Development Corporation, offers free design, engineering and construction management, along with $275,000 for construction, to buildings located on Fulton and Nassau streets.Law firm Orrick Herrington & Sutcliffe may sign a lease for 220,000 square feet at 51 West 52nd Street. They will take the space previously occupied by UBS and Cushman & Wakefield. Cushman will …
  
  
• July 2009 New York New Developments
• New Developments The Federal Reserve has few deals for the start of its program to aid the commercial real estate market. Today is the first monthly deadline for investors to apply for loans to buy new commercial mortgage-backed securities through the Term Asset-Backed Securities Loan Facility. The Fed will start accepting investor requests for loans to purchase older CMBS.James Abadie, head of New York operations for construction firm Bovis Lend Lease, has resigned amid investigations of the company for alleged overbilling and bribery. Bovis is working on the September 11th Memorial and the demolition of the Deutsche Bank building.Global real …
  
  
• May 2009 New York New Developments
• New Developments Hyatt Hotel & Resorts is opening two new hotels in the next year under its new brand name called Andaz. One hotel is scheduled to open across from Bryant Park on 41st Street and Fifth Avenue next year, and the second, at 75 Wall Street, is to open in September. The 41st Street hotel will offer time-share units on the top floors, and the downtown hotel, converted from the former JP Morgan Chase building, will have 253 rooms, with condo units on the 18th through 42nd floors.Hotel Developer Sam Chang filed plans for a 225-key Hyatt Place hotel …
  
  
• April 2009 New York Buildings For Sale
• Manhattan Buildings sold Real estate investor Robert Gans bought the closed Scores West building at 533-535 West 27th Street for $9.58 million. The 10,000-square-foot venue closed when its license was revoked. The asking price for the building, between 10th and 11th avenues, was to be around $40 million.The New York Times Company and W. P. Carey & Co., an investment management company, entered into a $225 million sale-leaseback transaction for space at the Times' Manhattan headquarters. The sale-leaseback involves 750,000 square feet over 21 floors of the 52-story building on Eighth Avenue between 40th and 41st streets. The lease extends …
  
  
• 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 …
  
  
• February 2009 New York Buildings For Sale
• Manhattan Buildings soldZar Property bought an eight-story commercial building in Soho for $12.65 million. The building, at 64-68 Wooster Street, between Broome and Spring streets, is occupied by the Ohio Theatre company. The Rockefeller Group has sold its land lease at 1627 Broadway to United American Land for $26 million. Tenants include Duane Reade and the Snapple Theater. United American Land said it is evaluating options because the air rights would allow about 120,000 additional square feet to be built at the location. The property no longer fit into the company's long-term plans. New York Buildings For SaleDeutsche Bank is …
  
  
• January 2009 New York Buildings For Sale
• Manhattan Buildings sold Only two Manhattan building transactions worth over $90 million have taken place so far this quarter. In October, Lloyd Goldman purchased 1372 Broadway, between 37th and 38th streets, for $274 million. Private-equity firm Brickman purchased 95 Morton Street, at Greenwich Street for $96.5 million. Only nine office space transactions over $2.5 million have occurred this quarter. There were 41 such transactions in the fourth quarter last year. Coach closed on the purchase of its 12-story West Side corporate headquarters at 516 West 34th Street at 10th Avenue for $1.7 million. Memorial Sloan-Kettering Cancer Center bought a four-story …
  
  
• January 2009 New York New Developments
• New Developments Lenders are going into bankruptcy and the sales market is disappearing, causing developers all over New York to face choices about how to ride out this down cycle.Over $400 billion in mortgages on commercial properties, including office towers and shopping malls, are to come due by the end of 2009. Even if these properties are performing well, they could go into foreclosure if mortgage holders are unable to pay off the loans. The commercial real estate market has shifted from property sales toward the purchase and sale of debt, where the loan, rather than the actual real estate, …
  
  
• December 2008 New York Buildings For Sale
• NYC Buildings For SaleThe site of the former Drake Hotel on Park Avenue between 56th and 57th streets has six bidders, down from more than 20 bidders, including Larry Silverstein, the Related Companies and Apollo Real Estate Partners. Macklowe Properties has been assembling the site over the last decade, but now is facing foreclosure on the property. At the height of the market, the land, which can support up to 600,000 square feet, could have been purchased for $1,300 a buildable foot, but now will probably sell for less than half of that price.Real estate firm George Comfort & Sons …
  
  
• October 2008 New York Buildings For Sale
• NYC Buildings For SaleThe sale of Harry Macklowe's Drake Hotel site on Park Avenue could bring in a record price between $900 and $1,000 per buildable foot for the project between 56th and 57th streets. It was reported that Macklowe's lender Deutsche Bank AG brought a suit against the developer for defaulting on $482 million lent for the purchase of the site to build a hotel, retail and condominium. Three of American International Group's buildings in the city could be put up for sale to raise money and repay the company's $85 billion federal loan. AIG's headquarters at 70 Pine …
  
  
• July 2008 New York New Developments
• New DevelopmentsThe city has reached a deal with a developer that will bring schools to a mixed-use development planned for Midtown East. With financing from New York City Educational Construction Fund, the World Wide Group will build a new elementary school and a new high school that would replace the High School for Art and Design. In exchange, the city will lease the developer a 1.5-acre site at East 57th Street and Second Avenue. World Wide plans to build 200,000 square feet of retail and 488,000 square feet of residential space. Mayor Michael Bloomberg unveiled a plan to rejuvenate the …
  
  
• February 2008 New York New Developments
• New DevelopmentsNew York City's office market has gained on the world's two most expensive cities, London and Hong Kong. London vaulted over Hong Kong to become the world's priciest office market with rent for Class A hitting $265 per square foot. The peak rate in New York City's Midtown reached $225 per square foot. The next most expensive U.S. office markets were San Francisco, with a rate of $110 per square foot; Boston, with a rate of $90 per square foot; and Manhattan's Downtown, with a rate of $65 per square foot. Steven Witkoff, Developer, pulled bid to develop Pier …
  
  
• October 2007 New York Commercial Real Estate Market Report
• Highest Manhattan rents surpassing $200/RSFWith Class A market vacancies in Midtown at 5.1%, (levels not seen since 2001), Landlords are competing to see who can charge the highest rents. Highest asking rents of $225/RSF are reported for the top floors of 9 West 57th Street, $185 for the remaining floor at One Brant Park, to name a just a few. A sampling of 80 Class A Office buildings leased from April to September showed an increase in average direct lease rents from $99.00 to $107.50 per RSF. Governor Moves Closer to a Costlier Javits Plan The Spitzer administration told hotel …