Macklowe Properties

• 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 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 …
  
  
• 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 …
  
  
• April 2018 New York Buildings For Sale
• New York Buildings for sale: Two sites in Staten Island spanning roughly 1.1 million square feet were hitting the market with an asking price of $23 million. The two parcels at 4482 Arthur Kill Road and 742 Sharrotts Road span 24.5 acres. The owner of sports apparel chain Modell’s is in talks to sell its Bronx warehouse for more than $100 million. The chain uses the nearly 300,000-square-foot warehouse on Marconi Street for storage and distribution. Modell’s is close to selling the two-story building, which sits on a 12-acre lot. Magnum Real Estate Group’s Ben Shaoul is in contract to …
  
  
• January 2015: New York Buildings For Sale
• New York Buildings sold Jeff Sutton and General Growth Properties are buying the Crown Building at Fifth Avenue and 57th Street for $1.75 billion. The price works out to $4,490 per square foot, which sets a new world record for the price of an entire office building. The nearly 400,000-square-foot tower includes roughly 50,000 square feet of valuable retail space with retail tenants including: Bulgari , Mikimoto, Bank of America and Piaget. Broad Street Development purchased two Noho apartment buildings for a combined $178.5 million. The properties are located at 298 and 304 Mulberry Street. The buildings house 182 apartments, …
  
  
• January 2015: NYC New Developments
• New Developments A new building by Cape Advisors at 535 Greenwich Street would have 26 floors and 116 condo units, on an L-shaped lot. The 57,500-square-foot warehouse site with 42,500-square-feet of buildable air rights. Kaled Management filed plans for a 10-story apartment building at 711 West End Avenue, also known as 306 West 95th Street. Alchemy Properties unveiled plans for a new 24-story tower in NoMad at 846-850 Sixth Avenue. It will contain 52 residences totaling 105,973 square feet or 2,000 square each condo. The tower will rise 316 feet and have a 3,100 square feet retail space. Demolition permits …
  
  
• December 2014: NYC New Building Developments
• New Developments The prices of U.S. commercial buildings are higher than the peak in 2007. Since January 2010, the Moody's/RCA Commercial Property Price Indices has seen a climb of 40 percent.The Bronx borough president's South Bronx waterfront redevelopment project looks to be moving forward.A Movie theater chain is on the search for eight retail spaces in New York City and on Long Island to either lease to buy.Prior to constructing 55 Hudson Yards the 1.3 million square feet office development, the developer Related will have to pay up to $180 million to buy the building bonuses that help in the …
  
  
• August 2014 New York Buildings Purchased & For Sale
• New York Buildings sold A Hong Kong-based Investment firm, bought SpringHill Suites by Marriott in Midtown for $82 million. Hidrock Realty sold the 173-room, Gene Kaufman-designed property at 25 West 37th Street for $82 million. The hotel opened last year.Madison Realty Capital has teamed with RWN Real Estate Partners to purchase a pair of buildings along Frederick Douglas Boulevard in Harlem for about $30 million.Real estate investment firm KUB Capital is in contract to acquire a one-story Soho baby stroller store and adjacent parking lot for a sum of $50 million.A White Plains, N.Y.-based real estate investment trust is in …
  
  
• January 2014: New York New Developments
• NYC New Developments Brookfield Property Partners has increased its cash offer to buy Brookfield Office Properties to roughly $5.1 billion. Brookfield Office's board plans to recommend to shareholders to accept this new offer. In place of cash, shareholders can receive one limited partnership unit under the offer. In September, Brookfield Property's offer was valued at $5 billion. Hotel developer Zelig Weiss is planning a new 183-room hotel to Wythe Avenue in Williamsburg. The 150,000-square-foot building will be located at 55 Wythe Avenue. Citibank signed a lease worth more than $1 billion to renew its 2.7 million-square-foot lease in a two-building …
  
  
• 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 …
  
  
• 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 …
  
  
• October 2011 New York Buildings For Sale
• New York Buildings sold TIAA-CREF purchased the 280,000-square-foot office building 475 Fifth Avenue from Barclays Capital Real Estate for $144 million or about $514 per square foot. A joint venture of real estate developer Joseph Moinian and Westbrook Capital acquired 475 Fifth Avenue, located at 41st Street, in 2007 for $160 million, but lender Barclays took the property back in 2009 through a deed in lieu of foreclosure.Stonehenge Partners has closed on the 93-unit apartment building at 1143 Second Avenue and 60th Street. Stonehenge paid KFJ Realty $47 million for the six-story building, which includes 15,000 square feet of retail …
  
  
• September 2011 New York New Developments
• Major NYC Developments The London-based Children's Investment Fund inked its first New York City real estate investment this month, providing $250 million in first mortgages for Macklowe Properties' condominium conversion of the luxury apartment building 737 Park Avenue in Lenox Hill. The fund, makes investments in a wide range of industries globally, and gives a portion of its profits to children's charities around the world. "It is the first direct real estate investment we have made in New York," New York State Attorney General Eric Schneiderman is hindering federal efforts to negotiate a foreclosure settlement with Wall Street banks on …
  
  
• 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 …
  
  
• May 2010 New York Buildings For Sale
• New York City Buildings sold The retail space at 40 Mercer, the Jean Nouvel-designed condo, has sold for $41.9 million. The space at 465 Broadway contains 9,400 square feet of space at the ground level. SL Green is buying Hines Interests' 600 Lexington Avenue for almost $180 million, or $700 a square foot. The 282,000-square-foot office tower is one of three major city properties of its kind that had been attracting attention from investors while on the market despite the sector's slump. The others are 340 Madison Avenue and 125 Park Avenue. The acquisition for the city's largest landlord follows …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• September 2008 New York New Developments
• New DevelopmentsMacklowe Properties demolished the old Drake Hotel at Park Avenue and 56th Street but has not started building 440 Park Avenue yet. Extell still has not filed plans for its West 57th and 58th Street project, which was supposed to be a 50-story hotel-condo. Starwood Capital cleared a low-rise fur shop between the Economist building and the Buckingham Hotel; plans for a Crillon hotel haven not been realized. TriBeach has stopped work on its Eighth Avenue 37-story hotel-condo building, leaving a crater in two buildings on the lot between 46th and 47th streets. Although the plans have not been …
  
  
• August 2008 New York New Developments
• New DevelopmentsOffice availability rises along with asking rents. Manhattan commercial rents increased in the year's first half even as the available for leasing increased. Average asking rents increased to $71.35 per square foot in June up from $63.46 per square foot in June, 2007. Despite an increase in leasing activity in the second quarter, the total for the first half of the year was 10.47 million square feet, a decline of about 1.5 million square feet from the same period in 2007. Some commercial landlords are raising the rents higher than ever before. L&L; Holding Company is asking for a …
  
  
• August 2008 New York Buildings For Sale
• NYC Buildings For SaleStarrett City's bidders have been narrowed down to four finalists. Bids for the 46-tower Brooklyn complex were between $600 million and $1 billion, and government officials and Starrett City Associates are expected to choose the new owner by Sept. 1. Starrett City's 140 acres near Jamaica Bay in Brooklyn have retail space, a power plant, a sports center, office space, parking garages and vacant land.Large LeasesBurberry is in negotiation for offices at 444 Madison Avenue, for 68,448 square feet. The asking rent is around $85 per square foot. Burberry is also planning a ground-floor retail store.The world's …
  
  
• 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 …
  
  
• July 2008 New York Buildings For Sale
• NYC Buildings For SaleThe four Macklowe Properties buildings has received nearly 100 bids from around the globe for them. The buildings are Worldwide Plaza, 1540 Broadway in Times Square, Tower 56 at 126 East 56th Street and 527 Madison Avenue. Meanwhile, a San Francisco-based real estate investment firm is reportedly buying the Park Avenue Tower and 850 Third Avenue for $930 million and may take 1301 Sixth Avenue for $1.45 billion.New York Buildings sold
  
  
• April 2007 New York Buildings For Sale
• New York Buildings sold Midtown portfolio, 8 office buildings, 6.5 million SF total, was sold to Macklowe Properties for $7 billion. 450 West 33rd Street, a 1.7 million SF office building, was sold to Broadway Partners for $700 million. 14 Wall Street, a 1 million SF office building, was sold to John Zamir, Capstone Equities for $325 million. Bruckner Plaza (The Bronx), a 386,000 SF shopping center, was sold to Vornado Realty Trust for $165 million. Albee Square Mall (Brooklyn) with a 70-year ground lease was sold to Acadia Realty Trust and P/A Associates for $125 million. 102-05 Ditmars Blvd …