Oxford Properties

• February 2024 New York Commercial Real Estate Market Report
• Retail: Del Frisco’s Double Eagle Steakhouse renewal for 25,000 SF restaurant at 1121 Sixth Avenue. Madewell signed a 10-year lease to consolidate its two Brooklyn stores along North 6th Street in Williamsburg for 8,300 sf. Barnea Bistro signed a 15-year lease at 114 West 47th Street in Times Square for 7,602 sf. Max Deals, the home goods retailer, signed a 20-year lease at the base of a new residential construction located at 1049 Ogden Avenue in Highbridge for 5,800 sf. TFogo de Chão, the Brazilian steakhouse, signed a new lease in the Oculus mall at 3 World Trade Center in …
  
  
• February 2024 New York Buildings For Sale
• Buildings for Sale: The defaulted loan on Blackstone's 1740 Broadway is for sale after a $430 million drop in value. The $308 million CMBS loan on 1740 Broadway is on the market for roughly $150 million. Albert Kalimian’s firm put the property at 200 West 67th Street up for sale. Kalimian had defaulted on the $194 million mortgage which matured in November. The 310-unit luxury property rental income covered 87% of borrowing costs. Rialto Capital is suing Metropole on behalf of the lenders for failing to make $215 million CMBS loan payments on 681 Fifth Avenue, a 12-story building since …
  
  
• October 2023 New York Buildings For Sale
• Buildings for Sale: US Masters Residential Property Fund is looking to sell its 479-property portfolio piecemeal of largely one- to four-unit properties for $858 million. Blackstone stopped making payments in March 2022 on the $308 million CMBS loan backing 1740 Broadway, a 26-story office tower a block from Carnegie Hall, and gave the keys to the lender. CWCapital was appointed and is now planning to sell the note for the 621,000 SF tower. Extell Development is now asking $195 million for the triplex down from $250 million. The price of the 17,500-square-foot triplex or $11,100 per square foot. A $240 …
  
  
• 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. …
  
  
• June 2023 New York New Developments
• Major Developments: The U.S. Supreme Court ruled unanimously that Hennepin County wrongfully pocketed the excess proceeds from the sale of Geraldine Tyler’s condo unit. Tyler owed the county $15,000, a sum that ballooned from $2,311 in unpaid property taxes. To settle the debt, the county sold her condo unit for $40,000 and kept all of it. The court agreed that this violated the Fifth Amendment’s takings clause, reversing the Eighth Circuit’s decision in the county’s favor. NYC’s lien sale, debt from overdue taxes, water bills and the like is sold to an investment trust that can foreclose on the property …
  
  
• 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 …
  
  
• November 2022 New York New Developments
• Major Developments: Related Companies is planning a 1.3 million-square-foot office project at 514 West 36th Street. The property, also known as 517 West 35th Street, was at one time part of a 1.4 million-square-foot, mixed-use project. SL Green and Caesars Entertainment have teamed up to bring a proposed Caesars Palace to 1515 Broadway, even though they have encountered opposition. The DoubleTree’s rooms are among thousands that remain vacant as hotels that never reopened. 46 New York properties with more than 10,400 rooms still remain closed. Industrial real estate demand is cooling after leasing 150 million square feet of warehouse space …
  
  
• July 2022 New York Buildings For Sale
• Buildings for Sale: Industrial real estate investment volume rose by 31% year-over-year to $1.8 billion. This followed a record-setting fourth quarter of 2021, during which investment volume doubled year-over-year to $5.2 billion and nearly a third of the year’s transactions were completed. The tri-state area had a record $10.6 billion in industrial real estate deals last year, a 64% increase from the previous year. New York City had almost $3.6 billion in industrial real estate investment volume last year, with Queens experiencing a nearly 50% year-over-year increase to nearly $1.5 billion. RXR and the Blackstone Group are marketing 1330 Sixth …
  
  
• September 2021 New York Buildings For Sale
• Buildings for Sale: Edison Properties, which manages the storage provider, is working with Eastdil Secured to find a buyer. The company may be the largest market among Manhattan storage providers. The leasehold for 587 Fifth Avenue, a 10-story, mixed-use building between 47th and 48th Streets, is asking $36 million. Infinity Collective holds the ground lease. The building has 4,000 SF retail and 38,600 square feet of office space. It is 66% leased. The ground lease runs through August 2079, and annual payments rise in fixed steps from $655,000 today to $750,000 in 2036, then drops to $600,000 from 2041 on. …
  
  
• July 2020 New York Commercial Real Estate Market Report
• Manhattan office leasing in the second quarter of 2020 totalled just 3.18 million square feet, ½ the previous quarter and down 72% from the previous year and the slowest quarter for office leasing since 2009. Manhattan’s overall availability increased 0.4% points to 10.6%, the highest since early 2015. Manhattan’s asking rent average slightly decreased. Subleases have remained constant. Office leasing activity in April (1.35 million square feet) and May (1.42 million), in June, it was remaining at 410,000 square feet . Midtown Office 1.88 million square feet in leasing activity in the quarter, down 52% year-over-year. The largest lease was …
  
  
• September 2019 New York Commercial Real Estate Market Report
• Market Overview: Midtown office leasing continued to slow, totaling just under 1 million square feet, down 21% from the month before and 26% year-over-year. The availability rate stayed flat at 10.6% while average asking rent rose to $88.20. Leasing activity in Midtown South slowed with 610,000 square feet in leases signed, a 20% decline from last month. The availability rate ticked down to 10%, and the average asking rent fell to $83.12 per square foot. Lower Manhattan office leasing jumped to 890,000 square feet, nearly double the month prior, making the first half of 2019 the submarket’s strongest half-year since …
  
  
• September 2019 New York New Developments
• Major Developments: Signs of an escalating trade war between the U.S. and China caused real estate stocks to dip but then largely performed well compared to the overall market. Nuveen is joining Taconic Investment Partners on its $230 million purchase of a portion of ABC campus on the Upper West Side. The new owners plan to convert one of the properties, an office building at 125 West End Avenue, into space for life science tenants. No plans are clear for the other two properties: studio space at 320 West 66th Street and a property known as Lot 61. WeWork has …
  
  
• November 2018 New York New Developments
• New York Major Developments: L&L; Holding Company and Normandy Real Estate Partners are trying to upgrade the Terminal Stores warehouse in West Chelsea into a $1.8 billion property in four years. They plan to spend an additional $220 million to renovate the property which will need approvals from the city Landmarks Preservation Commission, call for the creation of 100,000 square feet of glass penthouse space on top of the building. The project’s setup is estimating rents of $135 per square foot for the penthouse office space. New York City hotel developers are about to lose nearly half of the land …
  
  
• January 2018 New York Commercial Real Estate Market Report
• Office rents on Fifth Avenue are the second-most expensive in the country. Average asking rents on the Midtown stretch between 50th and 61st streets clocked in at $116.04 per square foot, and at the top end of the range reached $185 per square foot. Manhattan’s office-leasing market stood tall. Tenants flocked to get deals done, particularly in new buildings on the Far West Side and in Lower Manhattan, pushing leasing volumes ahead of last year’s figures. In fact, half of the year’s Top 10 most valuable office leases were inked at Hudson Yards and Manhattan West. The 10 biggest new …
  
  
• September 2016 New York New Developments
• Major Developments: SL Green Realty says it has shaken a pesky lawsuit that threatened to stall the construction of its office building near Grand Central Terminal, One Vanderbilt. The REIT has settled a lawsuit filed by the owner of Grand Central, which alleged that the office landlord and the city rendered his 1.2 million square feet of air rights useless when it rezoned the area. The settlement was made possible, in part, by the recent sale of a stake in Grand Central to Michael Dell’s MSD Capital. In 2012, the Witkoff Group announced it would build a new hotel at …
  
  
• January 2016: New York Buildings For Sale
• New Developments Retail:Overseas retail Brands operate 39% of the stores on Fifth and Madison Avenues and in Soho. Of the 906 retailers, Soho is the most nationally-diverse area, with 24 countries represented. Fifth Avenue had 17 non-U.S. outlets and Madison Avenue had 13. Italianstores had the largest number of stores in those areas.Footlocker and Nike signed leases for large spaces on Broadway. Footlocker signed a $15 million deal to lease 36,000 square feet at 1460 Broadway and Nike signed a $16 million lease for 55,000 square feet at 529 Broadway.Gap signed two leases at 1514 Broadway, into two stores for …
  
  
• January 2016: New York New Developments
• New Developments Retail:Overseas retail Brands operate 39% of the stores on Fifth and Madison Avenues and in Soho. Of the 906 retailers, Soho is the most nationally-diverse area, with 24 countries represented. Fifth Avenue had 17 non-U.S. outlets and Madison Avenue had 13. Italianstores had the largest number of stores in those areas.Footlocker and Nike signed leases for large spaces on Broadway. Footlocker signed a $15 million deal to lease 36,000 square feet at 1460 Broadway and Nike signed a $16 million lease for 55,000 square feet at 529 Broadway.Gap signed two leases at 1514 Broadway, into two stores for …
  
  
• December 2015: New York Buildings For Sale
• New York Buildings sold The Dermot Company is in contract to buy a Kips Bay apartment building from AvalonBay Communities for $175 million, part of its effort to transition into the luxury market. A majority of the 209 units in the building located at 377 East 33rd Street are occupied. The 23-story building consists of 185,549 square feet of residential space and 19,000 square feet of commercial space, which is currently leased by New York University.Forest City Enterprises has agreed to sell its development site at 625 Fulton Street in Downtown Brooklyn to Simon Dushinsky's Rabsky Group for $158 million. …
  
  
• 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 …
  
  
• August 2015: New York Buildings For Sale
• NYC Buildings For Sale The Related Cos. is considering selling a stake in its 10 Hudson Yards office tower now that the building is almost fully leased. The developer is in discussions with Boston Consulting Group to take about 175,000 square feet at 10 Hudson Yards, which would boost the building to near full occupancy before its scheduled completion early next year. A stake sale would allow Related and equity partner Oxford Properties Group to capitalize on the building's value and provide funds to finance further construction at the 28-acre, $20 billion development. Ian Bruce Eichner is shopping around his …
  
  
• July 2015: New York New Developments
• New York University's campus expansion plans to expand the school by about 2 million square feet in Greenwich Village hasve been approved by Tthe New York State Court of Appeals.s gave an approval to New York University's campus expansion plans to expand the school by about 2 million square feet in Greenwich Village. Neighborhood activists sued to prevent the expansion, claiming it used land that was permanently designated for public park use. The plan will create new high rises on two blocks between West Third and Houston Streets and La Guardia Place and Mercer Street. FAO Schwarz is close to …
  
  
• June 2015: New York Buildings For Sale
• New York Buildings sold The Sapir Organization and CIM Group sold 11 Madison Avenue for $2.6 billion to SL Green. SL Green Realty Corp. agreed to pay $2.3 billion, and spend an additional $300 million for building improvement costs. 11 Madison contains a 2.2 million-square-foot building.Prodigy is buying a 12-story building at 331 Park Avenue South for $51 million, including air rights from nearby properties. Prodigy is paying $49 million to buy 114 East 25th Street, a 42,000-square-foot loft-style property.Crown Acquisitions and Oxford Properties Group bought the entire office and retail base of 641 Fifth Avenue (Olympic Tower), after paying …
  
  
• February 2015: NYC New Developments
• Mitsui Fudosan started construction on 55 Hudson Yards. Its $1.4 billion office tower which is part of the 28-acre megaproject on Manhattan's West Side.Property Markets Group is planning to convert a four-story commercial building at 548 West 22nd Street into a 19-story residential development.Brookfield Office Properties said the total development cost for the first of its two Manhattan West office towers is more than $2 billion.A joint venture between Madison Equities, Building and Land Technology (BLT) and Joseph's Sitt Thor Equities received a $275 million construction loan to acquire and complete the gut renovation of 212 Fifth Avenue. BRP Corp. …
  
  
• June 2014 New York Buildings For Sale
• New York Buildings For Sale The Rubin Museum of Art is looking to sell a Chelsea development site that delivers more than 70,000 buildable square feet of space. The site, which is now a seven-story building, is expected to go for $60 million. The site at 115 Seventh Avenue near West 17th Street is most valuable as a condominium-and-retail project. Thus, the current structure would have to be demolished.A local investment company that has for decades owned a building which houses a drug abuse treatment facility has put the property on the market. Many in the industry think the property …
  
  
• March 2014 New York Buildings For Sale
• New York Buildings sold The ELO Organization, a developer that owns the site of gentlemen’s club Rick’s Cabaret, has acquired a 12-story Garment District office building for $29.6 million from the Eretz Group. The 44,300-square-foot property at 39-41 West 38th Street. Asking rents were an average $38 per square foot at the property, International buyers purchased $5.5 billion worth of Manhattan office towers last year, from China, Canada and the United Arab Emirates. Last year’s sales were twice as much as the previous record of $3 billion in 2007. Fosun from China bought One Chase Manhattan Plaza, for over $700 …
  
  
• October 2013: NYC New Developments
• NYC New Developments Ace Hotel is converting a 10-story building at 225 Bowery into a hotel, despite earlier plans to turn it into apartments. The Lower East Side building’s owner, the Salvation Army Chinese Community Center, will close within the year. Ace is serving as a silent partner and developer on this and the Jarmulowsky Bank project at 52 Canal Street. That development, from DLJ Real Estate Capital Partners, is slated to be a 12-story, 105-unit hotel, and will be operated by Ace under a different name.Fairway Market is coming to the World Trade Center neighborhood. The market just signed …
  
  
• 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 …
  
  
• March 2011 New York New Developments
• Major Trends The laws that cap rent increases on 1 million city apartments expire in June, and landlord groups, tenant advocates and politicians all agree that they should be extended. Last time the laws were up for a renewal, in 2003, Senate Republicans threatened to let them expire and ended up forcing the Democrats to accept a simple renewal. Now the Democrats think they have a better chance of getting a good deal for tenants. The real estate industry is desperate to renew a tax break known as 421-a, which spurs new apartment building development, and Sheldon Silver believes developers …
  
  
• 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 …