Related Cos.

• November 2024 New York New Developments
• Major Developments: Fortress won the right to go after Cohen for a $187 million personal guarantee he signed in 2022. When Cohen quit making payments on the $534 million loan earlier this year, Fortress sued, alleging default. They will appeal the decision. First, the parties have to see through the $534 million UCC foreclosure Fortress Fortress pursues largest UCC foreclosure ever on the courthouse steps. Assets tied to a $534 million loan Fortress Investment Group alleges is in default and a $187 million personal guarantee the lender won the right to collect on. Fortress could then, potentially, pursue the claim …
  
  
• August 2023 New York Commercial Real Estate Market Report
• Office: Landlords usually ask tenants to show proof that they are in good financial standing and can be expected to pay rent every month. Tenants are now asking landlords to open up their books and provide protection in case they go under. Tenants are taking a closer look at the capital stack of buildings and considering the exact implications of a landlord defaulting on their obligations. Distress in U.S. office real estate jumped to $24.8B at the end of the second quarter, up $6.7B from the previous three-month period. Office is now the most distressed commercial real estate asset type …
  
  
• April 2016: New York New Developments
• New Developments Bizzi& Partners, Michael Shvo and New Valley raised $175 million through the EB-5 program from the Chinese for their 91-story tower at 125 Greenwich Street. The developers were about halfway to reaching their goal through the EB-5 program.Vornado plans to combine its One Penn and Two Penn Plaza office buildings to form a 4.2 million-square-foot complex. New renderings for the combined building of one and two Penn plaza show a new glass facade and canopy over Seventh Avenue from Penn Station revealing a reorganized lower-level retail space.Banks are exercising more caution when it comes to financing commercial real …
  
  
• March 2016: New York New Developments
• New Developments Joseph Beninati's Bauhouse Group filed Friday for Chapter 11 bankruptcy for the LLC entity that owns the 3 Sutton Place development site in Midtown. There is an upcoming foreclosure auction by Gamma's who holds more than $180 million in debt on the property at 426-432 East 58th Street. Bauhouse defaulted on nearly $129 million in loans last month that it had received from Gamma, led by Richard Kalikow, for its planned 68-story, Norman Foster-designed condo tower, also known as 3 Sutton Place. The $4 billion World Trade Center Transportation Hub is about to open. It will connect to …
  
  
• 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 …
  
  
• February 2016: New York New Developments
• New Developments Water Street in the Financial District is a pedestrian wasteland. The BID aims to change that with a retail makeover. A re-zoning could make way for 167,357 square feet of new retail space, most of which would be built into existing arcade space on the ground floors of various buildings. It is essential to the revitalization of Lower Manhattan. The top 25 office tenants in Manhattan take up more than 56 million square feet of space, with JPMorgan Chase occupying 4.67 million square feet and Citigroup, occupying 4.49 million square feet. The City of New York occupies 7.22 …
  
  
• 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. …
  
  
• September 2015: New York Buildings For Sale
• NYC Buildings For Sale Unizo Holdings is buying Sherwood Equities and JPMorgan Chase's 370 Lexington Avenue office building for $247 million. 370 Lexington Avenue contains 311,000-square-foot.350 East 86th Street went into contract with Gary Barnett's Extell Development Company for $100 million. Innovo Property group and Artemis Real Estate Partners bought the 15,500-square-foot retail condo at 202 Canal Street for $44 million.Extell just acquired a 14-story office building at 10 West 47th Street for $74.4 million containing 72,000-square-foot building between Fifth and Sixth avenues. Gaia Real Estate is in contract to buy the rental conversion of a former St. Vincent's Midtown …
  
  
• 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 …
  
  
• March 2013: New York New Developments
• New York New Developments Acadia Realty Trust has defended its stance on hiring non-union workers for its City Point megaproject and responded to a trade group's accusation that the development exploits the community and wastes taxpayer dollars. They believe that City Point will generate thousands of jobs and enhance Downtown Brooklyn's quality of life. Acadia is committed to maximizing local and minority contracting and employment as they create a LEED-certified development with the affordable housing, retail and entertainment options that the neighborhood well deserves.A trio of Russian entrepreneurs is redeveloping a three-acre sports complex, slated to be the largest in …
  
  
• August 2011 New York New Developments
• New Developments Lower Manhattan ends string of positive news as BofA shrinks its footprint by 3,000,000 SF and Nomura departs for Midtown The giant, 900,000-square-foot relocation and expansion lease by Nomura Holdings America signed in Midtown late last month punctuated an improved second quarter in the Manhattan office-leasing market. "Midtown, Midtown South and Downtown all recorded positive absorption in the second quarter," Bank of America announced it would give up nearly 3 million square feet in Lower Manhattan, increasing competition for the area's landlords. There was a media flurry last week over word that Coach, the luxury handbag maker, is …
  
  
• 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 …