Premier

• July 2024 New York Commercial Real Estate Market Report
• Office: The number of new leases Downtown was 35% below the five-year average. Blackstone is finalizing a deal to expand its headquarters at 345 Park Avenue, upping its lease from 750,000 SF to just over 1 million SF. Blackstone extended its lease by six years to the end of 2034, approximately 55% of the 1.9M SF office building. Two-year old Hudson Yards skyscraper is now 81% leased. Tishman Speyer signed five new lease agreements totaling 129,500 square feet at its Hudson Yards tower. Bloomberg extended its lease for another 11 years at 731 Lexington Avenue in the Plaza District for …
  
  
• June 2023 New York Buildings For Sale
• Buildings for Sale: Premier Equities bought the hotel at 1141 Broadway in 2019, and is seeking around $60 million for the 10-story NoMad property. Three Nolita Veracity Equities are slated for a foreclosure auction as the firm struggles to repay a $41 million loan. 31 Prince Street, 46 Spring Street and 48 Spring Street are now more than 121 days delinquent. Appraised value has dropped from $66 million when the loan was issued in March 2018 to $49.5 million. All the properties are walk ups and have a combined 48 residential units, only six of which are rent-regulated and eight …
  
  
• January 2023 New York Buildings For Sale
• Buildings for Sale: Quarters into bankruptcy, the co-living firm’s flagship property in Williamsburg has hit the market. Developer David D. Dweck is looking to sell the 160-bedroom, 62,600-square-foot campus on North 6th Street between Bedford and Driggs Avenues for $65 million. Fred Ohebshalom is under pressure from Stillwater Asset Management who is looking to foreclose on the nine-story office building at 226 East 54th Street after purchasing the building’s debt. 180 Nassau Street is facing foreclosure after Pink Stone allegedly failed to service the debt 103-unit apartment building. Ezra Unger is once again facing foreclosure at 427 Marcy Avenue as …
  
  
• February 2022 New York Buildings For Sale
• Buildings for Sale: 24-09 Jackson Avenue in Long Island City, Queens, a long-stalled hotel development site in Long Island City, is up for sale. Toyoko Inn is aiming to get around $60 million for its property at 24-09 Jackson Avenue in the Court Square section of the Queens neighborhood. Watermark Capital is exploring a sale of the 226-key hotel at 125 West 26th Street, between Sixth and Seventh avenues. The investment firm has owned the building since 2013, when it purchased it from Magna Hospitality for $113 million. Oceanwide Holdings defaulted on its $175 million loan against 80 South Street, …
  
  
• December 2021 New York Buildings For Sale
• Buildings for Sale: 740 West End Avenue, a 14-story, 135,000-square-foot, pre-war apartment building, is owned by Wolk Properties. The property has six commercial units and 95 residential units, 57 of which are rent-stabilized, averaging approximately 1,000 square feet. Madison Capital and Lubert-Adler Partners are looking to sell the leasehold interest on 71 Fifth Avenue. The property could fetch as much as $150 million. 8 Spruce Street, a 76-story highrise, are seeking north of $850 million. Brookfield Property Partners and Nuveen. 5 East 59th Street, a nine-story, mixed-use building, is facing foreclosure by a Singaporean investment bank. PWM Property Management filed …
  
  
• 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 …
  
  
• June 2021 New York Buildings For Sale
• Buildings for Sale: A Williamsburg assemblage once slated for an office and retail development is on the market for $65 million. The parcel at 87 Wythe Avenue is a combination of a 37,000-square-foot renovated retail space and 22,400 square feet of vacant land, which could give way to a 53,000-square-foot building. Billionaire investor Ron Burkle and hotelier Andrew Zobler, the owners of the NoMad Hotelare, are facing a foreclosure on their equity in the hotel at 1170 Broadway. This is the second time that Burkle and Zobler have faced foreclosure on the property, which they control via a ground lease. …
  
  
• May 2021 New York Commercial Real Estate Market Report
• Office: By September, more than 50% expect to be back in the office and an additional 24% back by the fourth quarter, while just 11% wouldn’t return until the first quarter of 2022. Fewer people working in the office could mean smaller offices: 47% would need less space. Yet, future office sizes could also be affected by added emphasis on collaboration spaces, whether they are conference rooms or informal breakout areas. Office availability hit 16.1% in the first quarter of 2020, the highest number on record. The average asking rent was $73.23 per square foot, down 7.6% from a year …
  
  
• March 2020 New York Buildings For Sale
• Buildings for Sale: 2 Grand Central Tower was built in the 1980s and is for sale. Rockwood Capital is the seller of the 44-story building. They are expecting to sell for $580 million or about $850/RSF. CBS is looking to sell 51 West 52nd Street for more than $1 billion for its nicknamed Black Rock. The broadcaster, which merged with Viacom late last year in a $25 billion deal, announced that the company would look to sell the building. Amazon has been in talks to acquire the Lord & Taylor building from WeWork. The deal could be valued close to …
  
  
• 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 …
  
  
• June 2019 New York Buildings For Sale
• Buildings Sold: RFR Realty sold 345 Park Avenue South to Deerfield, a medical fund manager that oversees $8 billion in assets, who secured a five-year $525 million loan for the acquisition and a conversion of the building to a medical lab. The sale price for the 12 story building was not disclosed. Alduwaliya Asset Management is acquiring the 17-story, 142 West 36th Street and 10-story, 234 West 39th Street for $140 million. The buildings span 119,203 square feet and 91,943 square feet respectively, were sold by Tod Waterman and USAA, who paid $118 million for the properties in 2015. RXR’s …
  
  
• May 2019 New York Buildings For Sale
• Buildings For Sale: Marymount School of New York has listed its five-story, 12,300-square-foot townhouse at 2 East 82nd Street between Fifth and Madison avenues for $32 million. JPMorgan is looking to sell 195 Broadway for $800 million. The bank’s asset management arm owns a 95% stake in the 1.1 million-square-foot building through a partnership with L&L; Holding and Beacon Capital. JPMorgan Asset Management is considering bids ranging from a 49% stake to a sale of full ownership. If 195 Broadway sold for $800 million, the asset manager would be realizing roughly $730 a square foot. Buildings Sold: Savanna has a …
  
  
• 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 …
  
  
• March 2018 New York Buildings For Sale
• New York Buildings for sale: HNA Group will put $4 billion in U.S. properties on the market, including 245 Park Avenue, the Manhattan office tower it paid $2.2 billion for just last year. The Roe Corporation is looking to sell the 131,000-square-foot development site with approved plans for a 45-story condominium-and-hotel tower overlooking City Hall Park at 267 Broadway. Ares Management is looking to sell its 50% stake in a Greenwich Village office building at 799 Broadway that its partner Normandy Real Estate Partners is planning to demolish and replace with a ground-up, Class-A office building. The sale of the …
  
  
• April 2017 New York Buildings For Sale
• New York Buildings For Sale: Ashkenazy Acquisition Corporation and DekaBank are looking to sell a newly redeveloped retail space at the base of 522 Fifth Avenue. The owners finished a $16 million renovation of the two vacant retail condominiums at the base of the 23-story, 380,000-square-foot office condo building. The two-floor retail condos together have 27,310 square feet, with about 10,850 square feet on the ground floor. The retail was valued at $277 million last year, when General Growth Properties sold its 10% stake to an unidentified investor. Ashkenazy, Germany-based DekaBank and Chicago-based real estate investment trust GGP jointly acquired …
  
  
• January 2017 New York Buildings For Sale
• Buildings For Sale: Premier Equities.">Premier Equities is in the process selling three NoMad buildings and a Lower East Side retail condominium unit in separate deals for a total of about $26 million. Premier paid Victor Group $12 million for 275 Fifth Avenue and $4.6 million for 2 East 30th Street. The developer is in contract to buy 273 Fifth Avenue for around $3.5 million. The lot at 2 East 30th Street currently houses a five-story, 5,719-square-foot mixed-use building. The five-story apartment building at 275 Fifth spans 9,269 square feet. The adjacent four-story commercial building at 273 Fifth Avenue is 8,060 …
  
  
• November 2016 NYC Commercial Real Estate Market Report
• Office A surge of new supply in Manhattan’s office market is starting to make a dent on rents. With millions of square feet in new office space being built at Hudson Yards and the World Trade Center complex, some market observers are warning of a supply glut. Manhattan office market has had a negative absorption rate, as leasing activity through the third quarter has not been able to keep pace with additional supply. Absorption year-to-date sits at negative 2.2 million square feet. The Downtown office market shows positive absorption of nearly 570,000 square feet, while both Midtown and Midtown South …
  
  
• 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 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, …
  
  
• November 2014 NYC Buildings purchased & For to purchase
• New York Buildings sold Two properties in Midtown East were just sold for $18 million. A five-building development site at 134-142 Bowery sold for $45.3 million.A Midtown East-based real estate investment firm bought 66 Pearl Street for $30.1 million.Emmes Asset Management is selling a Midtown South office building at 158 West 27th Street for a sizable profit. The 118,000-square-foot building is in contract for $82.5 million.New York University bought a 151,000-square-foot building in Noho for $157 million, with plans to convert it into a temporary space for athletic facilities.Ashkenazy Acquisition Corporation bought a pair of adjacent retail buildings a block …
  
  
• 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 …
  
  
• December 2012 New York New Developments
• New Developments 13 new hotels in the pipeline for the Lower East Side, tripling the number of hotel rooms in the neighborhood over the next few years. Four new hotels are scheduled to open, boosting the existing inventory by approximately 30 percent. Six other projects in various stages of construction and four of which are on a two-block strip along upper Orchard Street will add another 900 rooms. And three other recent proposals, a 130-room boutique hotel in the landmarked Jarmulowsky Bank building on Canal Street, a 376 room hotel/condo combination building on Chrystie Street and a Broome Street project …
  
  
• November 2012 NYC City Office and Retail Market Report
• The office vacancy rate in Midtown jumped to its highest level since late 2010 as big blocks of space hit the market and {dynamic_word2} activity remained slow. Midtown saw its vacancy rate jump by 0.7 points in the third quarter, compared to the previous quarter to 10.5 percent. It was the highest figure since the fourth quarter of 2010, when the vacancy rate was 10.6 percent.More than $5 billion are now available for {dynamic_word4} including two buildings, 11 Madison Avenue and 825 Eighth Avenue that are expected to fetch more than $1 billion each. If either sells before Dec. 31, …
  
  
• March 2012 New York New Developments
• New Developments There are thousands of acres of rooftop space in New York City where growing farm operations are looking to expand. Groups such as Gotham Greens, Brooklyn Grange and BrightFarms are looking for elevated space where they can grow crops to sell to local restaurants and supermarketsSheldon Solow outdueled his West 57th Street rival and acquired an office building on the block at a near record price. Solow, bid $120 million for 12 West 57th Street to beat out One57 developer Gary Barnett, president of Extell Development, for the 12-story property. The price works out to more than $1,400 …
  
  
• January 2010 New York Commercial Real Estate Market Report
• New leasing velocity improved in Manhattan last month, average asking rents continued to fall. Leasing activity rose to its highest level in three months to 1.78 million square feet as landlords dropped average asking rents last month by $0.73 to $49.17/RSF. The highest vacancy rate in Class A buildings in Midtown was in the Columbus Circle submarket at 17.6 %. In Midtown South, the neighborhood with the highest Class A vacancy rate was Chelsea, at 19.4 %, and Downtown, the Financial District had the highest rate, at 10.9 %. In Manhattan office buildings, Class A asking rents were $59.72 per …
  
  
• 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 …
  
  
• March 2009 New York Buildings For Sale
• New York Buildings For Sale The Lower East Side building 217 East Houston Street, at Essex Street, is on the market for $6.5 million. The five-story building has a club on the ground floor. Its lease extends until 2018 and the club pays $20,000 per month in rent, with a 3.5 percent annual increase.The sale of Starrett City has been put on hold because the owner of the Brooklyn complex, Starrett City Associates, and federal housing officials have been unable to agree on the fair market value of future rents. Starrett City Associates had initially expected to select a winning …