George Comfort & Sons

• July 2021 New York Buildings For Sale
• Buildings for Sale: 14 Vesey Street, a rare historically vacant building, is for sale for an undisclosed amount in Downtown, Manhattan. A lot is available at 347 Lexington Avenue for sale to establish a hotel. The asking price is $10,000,000. It is 20 stories tall with 65 rooms. Two properties at 1984-90 3rd Avenue are for sale for $15,000,000. There are four retail units. Buildings Sold: Premier Equities acquired a 17,500-square-foot hotel building at 130 Duane Street for $18 million. The seller was Hersha Hospitality Management. Steven Schnall and Howard Lev sold an 8,300-square-foot, mixed-use building at 287 Bleecker Street …
  
  
• February 2020 New York Commercial Real Estate Market Report
• Total Manhattan office leasing activity was up 2.9% from last year, reaching 42.97 million square feet and up 28.4% above the ten-year average. Average asking rents dipped slightly to $78.75 at the end of the year, following a few large above-market deals. Midtown South had 16.41 million square feet in leasing activity, a 14.5% increase from 2019. With an overall average asking rent of $76.70. Midtown office leasing hit a new all-year high with 2,750,000 square feet in leases signed, up 58% year-over-year. Availability rate of 11.3%, with base rent average fell by nearly $2 to $87.003. Facebook’s 1.5 million-square-foot …
  
  
• February 2020 New York Buildings For Sale
• Buildings Sold: Savanna sold 434 Broadway for more than $103 million to Tokyo Trust Capital Co and MC Real Estate Partners. SL Green Realty bought 707 Eleventh Avenue with plans to attract tech tenants for $90 million. The six-story building had been owned by Kenneth Cole since 2004. Jeff Sutton and Joe Sitt have gone into contract to sell 530 Broadway for $400 million, to a partnership led by Michael Shvo’s firm. Wharton is the majority owner of the trio of 11-story buildings at 530-536 Broadway. Healthcare Trust of America bought a two-story medical office building located at 4337 Broadway …
  
  
• October 2019 New York Commercial Real Estate Market Report
• Market Overview: Leasing was slow last month with the top 10 leases comprising only of 464,100 versus last month total of 2.9 million square feet. The total is also down year-over-year. The top 10 office leasing deals of August 2018 totaled about 1.3 million square feet. EisnerAmper inked a 15-year lease for 125,000 square feet of space at 733 Third Avenue, The landlord is the Durst Organization. New York Times signed a 15-year lease for 57,846 square feet of space at 24-01 44th Road. The landlord is United Nations Federal Credit Union. WeWork firm inked a 15-year lease for 56,000 …
  
  
• June 2019 New York New Developments
• Major Developments: The City Council approved the new headquarters for JPMorgan, the first project to take advantage of New York’s Midtown East rezoning. JPMorgan will stay and rebuild its global headquarters at 1,400 feet and 70 stories tall, and will allow the company to consolidate employees who now work out of multiple different locations. The Port Authority of New York and New Jersey is moving ahead with plans to replace the bus terminal. The agency is moving forward with the formal environmental review process and released a document for public review. Blumenfeld Development Group has received a $235 million refinancing …
  
  
• 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 …
  
  
• March 2016: New York Buildings For Sale
• New York Buildings sold Gary Barnett's Extell Development made another deal with the Duell family, buying four adjacent commercial buildings on Sixth Avenue in the Flatiron District for a combined $50 million. The buildings collectively have about 63,500 buildable square feet. At 116 Seventh Avenue and 204 117th Street for $11 million. Extell also bought 502 Third Avenue, a rental property with ground-floor retail, from the family for another $11 million around the same time.Extell Development is in talks to buy a Greenwich Village commercial property with substantial development rights from the Duell family. 530 Sixth Avenue is an existing …
  
  
• 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 …
  
  
• 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, …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 Buildings For Sale
• New York Buildings For Sale 29 W 30th St is for sale for $55,000,000 a 68,764 SF Class C Office Building.609-615 2nd Avenue is for sale for $33,000,000 a 52,800 SF Retail Building.408-412 W 129th St is for sale for $7,500,000 a 45,080 SF Multi-Family Apartment Units Building.440-446 Saint Nicholas Ave is for sale for $5,000,000 a 29,190 SF Multi-Family Apartment Units Building.119 Madison Avenue and 29 East 30th Street for sale for $19,500,000, having a total size of 132,552 SF.537-543 W 20th St is for sale for $14,000,000 a 27,600 SF Class C Industrial Warehouse Building.164 E 61st St …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …