Goldman Sachs

• 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 …
  
  
• July 2023 New York New Developments
• Major Developments: NYC office struggles no threat to tax revenue: Worst-case 40% value decline would decrease revenue up to 1.4% by 2027 The city would face a revenue shortfall of $323 million in fiscal year 2025 (which starts on July 1, 2024) if the value of office properties declines 40% from 2023 to 2029. By the time fiscal year 2027 rolls around, that shortfall would be projected to jump to $1.1 billion. That figure represents only 3% of the city’s property tax levy and 1.4% of its tax revenues. The city’s tax revenues may be slightly worse condition than suggested. …
  
  
• 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 …
  
  
• October 2022 New York Buildings For Sale
• Buildings for Sale: Aman Group is looking to sell the hotel portion at the f Crown Building. One person familiar with the matter said the hotel could fetch $600 million. The deal would be structured with a manage-back clause, retaining Aman as operator of the property. UBS seeks $125M for UES apartment tower 408 East 92nd Street for somewhere between $120 million and $125 million, Developed in 2004, the building has an affordability agreement, set to expire in 2026, that subjects 20 percent of its 196 units to rent stabilization in exchange for the 421a property tax abatement. Madison Realty …
  
  
• 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 …
  
  
• July 2021 New York Commercial Real Estate Market Report
• Office: In the depth of the pandemic last year, a majority of New York City office tenants facing lease expirations did not want to commit to a long-term deal. Instead, they opted for shorter extensions. The number of short-term renewals, a deal shorter than five years, was up 46% in 2020 compared to the year before. Almost 20% of Manhattan office space is up for rent, up to about 80 million square feet of space either unrented or for sublet. About a third of commercial leases are to expire in the next three years. Only a fifth of workers are …
  
  
• July 2021 New York New Developments
• Major Developments: Life sciences leasing in New York leased 257,000 square feet, far above the 156,000 square feet rented in all of 2020. The city will throw at least another $500 million into life sciences development, bringing total investment up to $1 billion and signaling more expansion to come. A group of banks led by Wells Fargo and Goldman Sachs provided $3 billion in refinancing for SL Green’s One Vanderbilt. SL Green Realty Corp, the National Pension Service of Korea and Hines Interests own the 67-story skyscraper. The refinancing will pay off $1.75 billion in construction debt on the property. …
  
  
• 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 …
  
  
• July 2020 New York Buildings For Sale
• Buildings For Sale: Residential Cooperatives / Condominiums In the past few years, developers have rushed to build scores of glitzy new projects, flooding the market and spoiling buyers for choice. There are now more than 15,000 unsold condos in the city. Of that 15,000 more than 15% or around 2,600 units is in just six buildings. Lenders are largely working with the building owners to give them time for the market to stabilize. Some of the inventory will be repositioned. In New York City, some developers are hoping to clear a glut of unsold units by offering bulk deals at …
  
  
• June 2020 New York Buildings For Sale
• Buildings Sold: The volume of commercial real estate deals fell to the lowest level in a decade. Deal volume totaled $11 billion, a 71% year-over-year drop. The number of deals, meanwhile, has fallen an average of 36% since January, but saw a drop of 61% between March and April. Although some property types fared better than others, not one ended the month on a high note. Hotel sales descended to $5.1 billion, their lowest level since RCA started recording transactions. The office and industrial sectors performed the “best,” but each still notched a 60% drop in transactions. Shulamit Prager’s Opal …
  
  
• 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 …
  
  
• 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 …
  
  
• October 2018 New York Buildings For Sale
• NYC Buildings Sold: Icon Realty Management bought a four-story residential property in the East Village for $10.4 million. The property, at 21-23 Avenue, contains apartments and four commercial units. The seller is 21-23 Ave. B, LLC, which is controlled by Andrew Chang. Fong’s Great Empire Realty bought the Down Town Association building at 60 Pine Street in Manhattan for $28.3 million The company will lease the landmarked property back to the club. East Harlem Tutorial Program bought a church site in East Harlem for $15.2 million. The package includes St. Lucy’s Church and a School at 342-344 104th Street and …
  
  
• December 2017 New York New Developments
• New York Major Developments: Retailers south of 96th Street that pay more than $250,000 per year in rent also pay a tax on that rent. A new bill would raise the threshold to $500,000, meaning about 2,000 business would escape the tax. London-based rhubarb, a major hospitality company in England, plans to open new restaurants at 30 Hudson Yards and at the Hudson Yards Shops & Restaurants. The restaurant at the mall will contain 5,800 square feet on the fifth floor. At 30 Hudson Yards, rhubarb plans to open a 10,000-square-foot restaurant on the 92nd floor. Soho Properties, in partnership …
  
  
• 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 …
  
  
• February 2017 New York Buildings For Sale
• Buildings For Sale: Forest City Realty Trust is looking to sell its majority stake in a New York retail portfolio to fund manager Madison International Realty. The portfolio encompasses 15 properties and 2.65 million square feet, including 311,000 square feet of retail space at 234 West 42nd Street. MetLife and Beacon Capital Partners are looking to sell the former Goldman Sachs headquarters at 85 Broad Street. The building is a 1.1 million-square-foot building, which is 91% occupied, and valued at up to $700 million. Governor Cuomo wants to sell a 170,000-square-foot building used by the City University of New York …
  
  
• October 2015: New York New Developments
• New Developments The Archdiocese of New York is backing a Midtown East rezoning that would allow St. Patrick's Cathedral to sell its unused air rights to developers. A committee studying the neighborhood's development potential proposed freeing up landmarked properties, like St. Patrick's, to sell air rights anywhere within the rezoned district.Anthony Bourdain is building at Pier 57 in the Meatpacking district, a restaurant complex with 155,000-square foot, 100 culinary stalls and is currently under construction and to be completed in 2016. The Bourdain Market will be the largest of the city's themed restaurant markets.The residents of a co-op building in …
  
  
• 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 …
  
  
• October 2014 New York Buildings For Sale
• New York Buildings sold San Francisco-based Carmel Partners officially completed the purchase of a downtown development site for $171 million. The transaction also includes development rights.Potential buyers are in early discussions interested in buying the Diamond Center of America, a 16-story office tower that is being marketed as a potential redevelopment site. The building, located at 36-42 West 47th Street, is home to some of the top jewelry merchants in the world, but the property has a number of leases set to expire and is seen as a potential site for anything from new commercial development to residential or hospitality …
  
  
• April 2014 New York Buildings For Sale
• NYC Buildings For Sale New York Foundling is asking $47.5 million for a four-story Greenwich Village building it bought for $3 million about 12 years ago. The 14,540-square-foot property at 27 Christopher Street, near Waverly Place, has served as a nursing school and parochial school. The space currently houses the Vincent J. Fontana Center for Child Protection, an organization that offers training to child-care workers.A 20,000-square-foot, multi-level retail space at the base of building at 95 Madison Avenue is for sale.Hiro Real Estate and Goldman Sachs’ landmarked tower at 150 East 42nd Street, also known as the Socony-Mobil Building, is …
  
  
• 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 …
  
  
• November 2012 New York Buildings For Sale
• NYC Buildings For Sale A Flatiron District office building will hit the foreclosure auction block next month with an outstanding lien of close to $41 million, following the issuance of a foreclosure judgment against the property in September. The building, at 119 West 25th Street, had been owned by Brooklyn-based investors Miriam and Michael Chan before it was placed in receivership. The duo purchased the building for $34 million via an LLC in 2006. The 11-story building, which totals 113,000 square feet and has 15,000 square feet of retail, will hit the block November 17.A parking lot in the Chelsea …
  
  
• March 2012 New York Buildings For Sale
• New York Buildings sold SL Green has closed on its acquisition of a 37-story, 390,000-square-foot Midtown office building at 10 East 53rd Street for $252.5 million, or about $647 per square foot, and has sold a 45 percent interest in the building to Canada Pension Plan Investment Board. Canada Pension Plan paid an equity investment of $57.4 million before closing costs.Silverstone Property Group, along with equity partner RWN Real Estate Partners, plan a $12 million repositioning of the Murray Hill apartment building they acquired for $53 million The 17-story, 128-unit building at 247 East 28th Street, was purchased from Samson …
  
  
• 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 …
  
  
• August 2011 New York Buildings For Sale
• NYC Buildings For Sale 397-401 East 8th Street a development site is on the market for $5.2 million, EV Grieve. Chang's McSam Hotel Group purchased the 4,324-square-foot vacant lot, at 397-401 East 8th Street, for $4.9 million site. Chang appears to be in the midst of a selling spree -- he recently unloaded stalled hotel project sites in the Financial District and in Union Square, as well as his new Holiday Inn Express at 126 Water Street. A month after merging with EBSCO Publishing, library reference publisher H.W. Wilson has decided to market its former headquarters and nearby land holdings …
  
  
• 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 …
  
  
• 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 …
  
  
• February 2011 New York New Developments
• New Developments Three years after the Related Cos. began developing its 26-acre Hudson Yards project, the company is now trying to find a tenant willing to commit to occupying at least 600,000 square feet of office space. To land its key tenant, Related is offering either to construct a building and sell it to that company or to provide a big break on the rent. The 12 million-square-foot space, bordered by the High Line and the Hudson River, will run from 10th to 12th avenues and from West 30th to 33rd streets. The $15 billion project is expected to take …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• March 2010 New York New Developments
• Major Developments Affordable housing programs throughout the city are facing trouble unloading units. The city has been praised across the country for its efforts to provide affordable housing to lower- and middle-income households but, while the low-income rentals continue to thrive, the ownership program is struggling, which could be seen as good since it ultimately means less foreclosures.Larry Silverstein believes his commitment to the World Trade Center redevelopment project can be measured not only by his enthusiasm, but also by his own cash. The developer recently proposed several different financing options to the Port Authority of New York & New …
  
  
• 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 Commercial Real Estate Market Report
• Manhattan's office rents are declining more sharply than those in other U.S. markets, though it's probably due to a soaring multi-year run-up. Average Manhattan asking rents were $60.23 per square foot, down from $71.59 a year ago, or an almost 16 percent plummet. Midtown leasing velocity beat its five-year average for the first time in 18 months while the availability rate of office space improved slightly for only the second time since late 2007. There was 1.58 million square feet leased in Midtown in July,up from 1 million in June, besting its 60-month average of 1.32 million square feet. The …
  
  
• August 2009 New York Commercial Real Estate Market Report
• This year, leasing activity in Manhattan will likely be the weakest in decades. Expectation is this is going to be the worst year since keeping records on this in the 1980. There has only been 5.9 million square feet leased in Manhattan through July 1, and expects leasing for the year to be worse than the most recent low of 14 million square feet in 1991. Available office space rose to 41.2 million square feet, the highest level in the past four and a half years. The availability rate reached 11.5 percent, up from 10.5 percent at the end of …
  
  
• 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 …
  
  
• 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 …
  
  
• December 2008 New York New Developments
• New DevelopmentsRecently, banks have begun lending to one another, signifying a slight thaw in credit markets. Yet, the commercial real estate market still seems limited in its ability to get financing. This inability to line up financing has scuttled some major building and lease sales in the past few months, one such example is 17 State Street in the Financial District.About 150,000 jobs have been cut at major financial institutions, and more layoffs may be on the way. Some firms may shed an additional 5 percent of jobs this year if the market doesn't turn around. Citibank has cut 22,000 …
  
  
• November 2008 New York New Developments
• New DevelopmentsIn the last few days, banks have begun lending to one another, signifying a thaw in credit markets that have been frozen for weeks. But despite those promising signs, a chill still seems to be pervading the commercial real estate market. The inability to line up financing has scuttled some major building and lease sales in the past few months, one such example is 17 State Street in the Financial District.With Lehman Brothers locked in bankruptcy, many real estate firms do not have financing to complete construction, meet lease obligations or pay vendors to complete sales, raising the prospect …
  
  
• October 2008 New York New Developments
• New DevelopmentsThe Bush administration proposed granting the Treasury Department the ability to buy up to $700 billion in distressed mortgage-related assets from private firms. The proposal would raise the national debt ceiling to $11.3 trillion. The government also put together a plan that makes investment banks Goldman Sachs and Morgan Stanley holding companies, giving them access to Federal Reserve Bank of New York funds and putting them under stricter regulations. Boutique firms, like Lazard and Evercore Partners, are seizing clients and staff from fallen rivals. Nationwide, financial companies have announced 103,000 layoffs this year. Democrats proposed taxpayers could receive an …
  
  
• 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 …
  
  
• May 2008 New York Commercial Real Estate Market Report
• The State Department of Labor has doubled the possible job cuts on Wall Street than the previous estimates. Predictions indicate that Wall Street will lay off 36,000 employees - one fifth of its entire work force, compared to the 20,000 that the city's Independent Budget Office predicted in March. The bleaker outlook will put a damper on the city's economy, and hurt Manhattan's commercial leasing market in the coming year. If all the layoffs occur, Manhattan will have up to 9 million square feet of office space, direct and sublease on the market.If that does, in fact, get reintroduced to …
  
  
• March 2008 New York New Developments
• New DevelopmentsThe amount of leased in the fourth quarter of 2007 was 34.5 % lower than the amount of leased in the fourth quarter of 2006. Average asking rents fell by 45 cents to $61.46 per square foot in the fourth quarter, down from $61.91 per square foot in the third quarter.In 2007, the office market in Downtown Manhattan had a lower overall vacancy rate than the Midtown market for the first time since 2001. The year-end report showed that Downtown had a 7.6 percent vacancy rate last year, compared to a 7.7 percent rate in Midtown. Downtown saw 412,108 …
  
  
• February 2008 New York Buildings For Sale
• NYC Buildings For SaleGM building Sale. The sale for the GM building could be in doubt as buyers are scared away by the pending lawsuit from Sheldon Solow. Developer Harry Macklowe is trying to sell the General Motors Building to pay off massive debts that are soon due. People wait to see who might try to buy the 50-story tower. Sheldon Solow, Larry Silverstein, Vornado CEO Steven Roth, and Tishman Speyer CEO Jerry Speyer. Bidding is expected to begin at $3.5 billion, and the property might not even sell. A recapitalization could be all that happens in the end. A …
  
  
• November 2007 New York Commercial Real Estate Market Report
• Manhattan office and rental rates have stalled, at an all time high, as vacancy rates start to increase modestly.At the current office rental rates, corporations are exploring cheaper alternatives in Brooklyn, Queens and New Jersey. For instance, Colgate Palmolive and Goldman Sachs are pursuing this strategy as are numerous other corporations and businesses. 7 Subway Extension. Approval for digging tunnels to extend the No. 7 train has been approved by the MTA, a $1.14 billion contract. Building Sales.Last month, Commercial sales fell 67 % over the same period a year ago.Following Archstone-Smith's recent closing on the acquisition by Tishman and …
  
  
• January 2007 New York Commercial Real Estate Market Report
• Two of the largest building sales in New York City history occurred last month.Stuyvesant Town and Peter Cooper Village sold for $5.4 Billion and 666 Fifth Avenue sold for $1.8 Billion. The New York City commercial market will remain hot for the foreseeable future as there are limited new commercial buildings coming on line, retail and office rents at all time highs and there is ample equity available for acquisitions. New office construction is underway at Freedom Tower and the new Goldman Sachs headquarters, but still limited compared to the office demand that is expected. As a result some of …