Rfr Realty

• April 2024 New York New Developments
• Major Developments: Owners of the retail condos at 697 Fifth Avenue, 647 Fifth Avenue and 205 East 59th Street are suing the city’s Department of Finance, claiming its tax assessments are too high. The anchor tenants at all of these buildings have either ended or renegotiated leases since 2022. The Real Estate Board of New York has proposed increasing average wages and benefits paid to construction workers on projects receiving a new version of the 421a property tax program. Leaders of the Building and Construction Trades Council rejected the offer. The Department of Environmental Protection is going after 2,400 “chronically …
  
  
• November 2020 New York Commercial Real Estate Market Report
• Manhattan Office: At the current rate of office leasing, leasing volume in 2020 would be the lowest in the last 20 years. The third quarter saw 4.81 million square feet of office leasing, just half of what was leased during the same time last year. The year’s total is 14.81 million square feet so far and is down 50% from the same period in 2019. There are 16.1 million square feet of Sublease space in Manhattan or 27% of the total available office space. This is a 47% increase year-over-year, far outpacing the 14% increase in direct space availability over …
  
  
• October 2020 New York New Developments
• New York New Developments Vacant office and retail space will have a domino effect on the city’s budget and economy. The Metropolitan Transportation Authority faces a $12 billion budget deficit by 2021. The low office numbers have also led to a projected $9 billion drop in sales tax and other revenues. About 24,000 New Yorkers have lost their lives to the coronavirus. The unemployment rate is 16% and just 10% of workers have returned to the office by September. Personal income tax revenue may drop by $2 billion this fiscal year. Only a third of hotel rooms are occupied, and …
  
  
• June 2020 New York New Developments
• New York New Developments Mayor Bill de Blasio signed into law a package of Covid-19 relief bills, including one that temporarily bars landlords from going after restaurants and store owners’ personal assets. Attempting to enforce such provisions constitutes harassment under the measure. New York state’s coronavirus foreclosure ban does not apply to mezzanine loans. The last observation deck at the Chrysler Building closed in 1945 and will now be getting a new one. RFR Realty received unanimous approval from the Landmarks Preservation Commission for the new deck on the terraces that frame the 61st floor of the 77-floor tower. They …
  
  
• May 2020 New York New Developments
• New York New Developments The number of new building filings in January and February dropped 28% and 23%, respectively, from a year ago. RFR Realty abandoned a deal to buy 900 Third Avenue for $400 million and a retail condo at 1600 Broadway in Times Square for more than $200 million. Extell’s controversial East Harlem development site is destined to become a low-rise office building. The developer began his assemblage in 2014 by purchasing the East 124th Street parcel for $39 million. The Empire State Development agency said real estate services must be conducted remotely for all transactions, “including but …
  
  
• April 2020 New York Buildings For Sale
• Buildings for Sale: Four years after receiving approval to build a 26-story, 310-key hotel at 1150 Sixth Avenue, developer Morris Moinian has decided to sell the vacant site instead. The midblock site is between West 44th and West 45th streets. It is a great development site with approved plans to build a hotel there, which a new owner could use or not. Brookfield Property Partners and Blackstone Group are reportedly in talks about a possible sale of One Liberty Plaza, a 2.3 million-square-foot office tower in the Financial District. Barneys has put its downtown Manhattan property at 101 Seventh Avenue …
  
  
• December 2019 New York Commercial Real Estate Market Report
• Market Overview: Office: Midtown saw 1,070,000 square feet in office leases signed, up 37% from the prior month but down 39% year-over-year. The availability rate rose to 11.5% with the average asking rent hitting a new high of $89.45. Midtown South leasing increased to 420,000 square feet up 27% from the prior month but down 9% year-over-year. The availability rate dropped to 9%, average asking rent down to $83.56 per square foot. Lower Manhattan saw leasing pick up with 260,000 square feet, up 62% from the month before and up 68% year-over-year. The availability rate dropped further to 11.8% and …
  
  
• July 2019 New York New Developments
• Major Developments: The top office leases made up more square footage than last month. The top 10 totaled 1.7 million square feet, up from 1.5 million square feet the previous month. EmblemHealth renewed its 15-year lease for 440,000 square feet of space at 55 Water Street. The landlord is the Retirement Systems of Alabama. New York City Human Resources Administration renewed its 10-year lease for 342,496 square feet of space at 250 Livingston Street. The Department of Environmental Protection will also occupy the entire eighth floor as part of the lease. The landlord is Clipper Equity. Colgate-Palmolive Company renewed its …
  
  
• 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 …
  
  
• 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 …
  
  
• January 2018 New York Buildings For Sale
• New York Buildings For Sale: Chinese developer is looking to sell the 50-story, 492-key Holiday Inn Manhattan-Financial District. There is no official asking price for the hotel, which opened in 2014, but assumed to be north of $300 million for the property. RFR Realty has given up on developing condominiums at 67 Vestry Street, opting to sell the site to Elliott Aronson’s Iliad Realty Group for $55.5 million. New York Buildings Sold: Sunny K Realty paid $13.5 million for an 18-unit mixed-use building at 18 East 23rd Street. The Gramercy Park property includes 16 apartments and two commercial units, and …
  
  
• November 2017 New York Buildings For Sale
• Buildings For Sale: HSBC and Edge Fund Advisors put a 48% stake in the office portion of 1540 Broadway on the market, hoping to get around $445 million. Brookfield Property Partners is looking to sell its 2.3 million-square-foot office tower at One Liberty Plaza and could go for as much as $1.6 billion which works out to $695 per square foot. Brookfield is open to selling the entire tower or a partial stake. RFR Realty is looking to sell the 38,000-square-foot commercial condominium at the base of the Park Avenue Place of 60 East 55th Street, which RFR developed in …
  
  
• October 2017 New York Buildings For Sale
• Buildings Sold: Gaw Capital Partners is looking to obtain a $170 million loan to make one of the largest single-asset New York City hotel deals of the year: the $340 million purchase of the Standard Hotel from Dune Capital Management and Greenfield Partners. Extell Development purchased a drug rehabilitation center building with seven-floors, 27,000-square-foot property at 500 West 57th Street that is entirely leased to substance-abuse treatment center ACI for $19 million. Charles Ekblom, a now-deceased landlord, bought it from Columbia University in the 1960s, and the building was placed in a family trust until the sale. A famous recording …
  
  
• August 2017 New York New Developments
• New York Major Developments: Starwood Mortgage Capital provided a $105 million loan for Aurora Capital Associates and William Gottlieb Real Estate’s Restoration Hardware project in the Meatpacking District. The 10-year loan retires a $60 million loan from Wells Fargo. Aurora and Gottlieb are building a 60,000-square-foot retail project at 9-19 Ninth Avenue, where Restoration Hardware signed a 15-year lease worth $250 million. Northern Manhattan’s commercial real estate market was sluggish. A total of 138 properties sold in 154 deals for a total dollar volume of $694 million uptown, down 64% year-over-year. The average price per buildable square foot at development …
  
  
• 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 …
  
  
• May 2016: New York Buildings For Sale
• New York Buildings sold Sierra Assets Group bought at 160 East 56th Street a Midtown office building for $18.7 million. The building has 42 units which are mostly office tenants with some retail and contain 51,900 square feet. David Associates, sued three of the property's managing members in October to fairly partition the proceeds from the sale, citing constant friction between the owners. The owners countersued, claiming they were owed income from the property that was never distributed.The Renatus Group bought two contiguous mixed-use buildings at 152-154 7th Avenue for $10.5 million from Michael Connolly. One of the building's three …
  
  
• July 2015: New York Buildings For Sale
• New York Buildings sold Thor Equities sold a Midtown development site at 520 Fifth Avenue to Ceruzzi Properties and an unidentified Chinese partner for $275 million, after purchasing it for $150 million in 2011. Ceruzzi , a Fairfield, Conn.-based real estate investor, plans to follow through with Sitt's plans to develop for a 71-story residential, hotel and retail tower on the site. The plot has approximately 300,000 buildable square feet, between 43rd and 44th streets and has been vacant since two prewar buildings were demolished there when purchased the site. Real estate investor Arthur Shapolsky is in contract to buy …
  
  
• June 2015: New York New Developments
• Foot traffic on madison avenue has declined by 200,000 people over the last seven months when the Whitney closed in October. While many luxury retailers still maintain locations there, some of them are global brands that are simply there for the status and are actually losing money on the area rents.The City Council approved plans for One Vanderbilt, the 63-story, 1.6 million-square-foot office tower to be built next to Grand Central Station. The tower will be anchored by TD Bank, with 200,000 square feet. One Vanderbilt will deliver critically-needed, state-of-the-art Class A office space and dramatically upgrade Grand Central's overburdened …
  
  
• May 2015: New York Buildings For Sale
• New York Buildings sold Eliot Spitzer's sale of the Crown Building for $1.78 billion to Jeff Sutton and General Growth Properties set an all-time price per-square-foot record. The deal, which closed last month, marks the highest price paid per square foot ever paid for an entire office building. At 390,000 square feet, the price breaks down to $4,564 per square foot.Extell Development and the Group.">Carlyle Group sold a portion of their Riverside Center project on the Far West Side for $410.8 million to James Linsley's GID Development Group. GID purchased 40 Riverside Boulevard, one of five buildings in the 8-acre …
  
  
• April 2015: New York Buildings For Sale
• New York Buildings sold Chinese insurance company Groups bought the Waldorf Astoria for nearly $2 billion. It was the largest ever Chinese investment in a single Manhattan property and that was negotiated chairman Wu Xiaohui to chairman Jonathan Gray head of real estate for Blackstone.Maddd Equities bought the school component of a 14-story Upper East Side building for $24.5 million. The school is located inside a 181,700-square-foot building at 1225-1239 Second Avenue, located between East 64th and 65th streets. The Grace Institute had owned the roughly 45,200-square-foot space since 1963.David Berley purchased 160-162 Lexington for $24.5 million from Lexington Landmark …
  
  
• March 2015: New York Buildings For Sale
• NYC Buildings For Sale General Growth Properties is putting an 85,000 square feet of fully-leased Noho office space up for sale located a 200 Lafayette Street.Just three years after paying $360 million for an office tower at 575 Lexington Avenue, Normandy Real Estate Partners is looking to sell.The Chetrit Group is seeking a buyer for its Hudson Yards development site, but in the interim, the firm is planning on spending $29 million to more than double the buildable square footage the property allows as-of-right.433 Fifth Avenue is for sale asking $30 million for a six-story Midtown commercial building. The 17,000-square-foot …
  
  
• February 2015: New York Buildings For Sale
• New York Buildings for Sale A Times Square hotel is hitting the market for. The Comfort Inn Times Square South at 305 West 39th Street is for sale asking $35 million. The property was built in 2007, and has a 93% occupancy rate. Rooms are about $180 per night. The price per room is based is about $448,718.A Court Square development site offering more than 167,000 buildable square feet is on the market for $41.5 million. The site is 11,145 square feet. The properties are located at 23-10 45th Avenue, 45-03 23rd Street; 45-05 23rd Street; 45-07 23rd Street; 45-09 …
  
  
• 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 …
  
  
• September 2014: New York Buildings For Sale
• New York Buildings sold A Greenwich, Conn.-based real estate investor group purchased the leasehold interest at the Midtown Extended-Stay Marriott at 144 East 48th Street from AEW Capital Management for $89.6 million. Barclays gave a $57 million loan.The single-room-occupancy Camden Hotel, which the 24th Precinct on the Upper West Side once ranked as the area's second most dangerous building, has sold for $15 million.A Real estate developer purchased the Quad Cinema in Greenwich Village and will embark on a renovation that will see the independent theater redone as a repertory house.Normandy Real Estate Partners is purchasing a 50 percent stake …
  
  
• 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 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 …
  
  
• August 2013: New York Buildings For Sale
• NYC Buildings For Sale A 20,083-square-foot residential development site at 505-511 West 43rd Street is for sale. The site is asking about $300 per buildable square foot, or nearly $50 million.The site, located between 10th and 11th Avenues, can accommodate 160,664 square feet of zoning floor area and 190 residential units but is complicated by its location above an active Amtrak rail line. As a result, potential development will require two special permits, to be obtained through the city’s Uniform Land Use Review Procedure.LCOR, a national investment, management and development company, is quietly shopping around its leasehold in a 17-story, …
  
  
• June 2013 New York City New Developments
• NY New Developments The Federal Department of Transportation will give New York $185 million to help build a rail tunnel under the Related Companies’ Hudson Yards project that will allow for high-speed train service between Manhattan and Newark, N.JTwo recent Plaza District office leases have broken new price records, being the most expensive office leases since 2008. Hedge fund Ruane, Cunniff & Goldfarb and the Brazil-based Banco Itaú will pay just under $200 per square foot for space at 9 West 57th Street and the GM Building.The Lower East Side is getting a new 12-story, 44,000-square-foot, 38-unit residential building at …
  
  
• 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 …
  
  
• April 2013 NYC Buildings For Sale
• NYC Buildings For Sale Harbor Group International is planning to sell its property at 1412 Broadway in Times Square South for about $250 million. Harbor Group purchased the 420,000-square-foot office building for $150 million in 2010. Harbor upgraded the building’s lobby, elevator cabs and base façade, as well as upgrading a small retail annex at 1420 Broadway, which is also part of the property. United Cerebral Palsy has put its East 23rd Street building on the block. Located at 122-130 East 23rd Street, the 60,000-square-foot building is being marketed as a development site. The sales price is expected to be …
  
  
• October 2012 New York Buildings For Sale
• NYC Buildings For Sale SL Green Realty is looking to sell its 575,000-square-foot building at 120 West 45th Street, known as Tower 45, for a price of $270 million or more.Morgan Stanley’s Prime Property Fund has put its New York Marriott East Side on the block for $350 million. The hotel has 646 rooms and is located at 525 Lexington Avenue and 49th Street. The 2.3 million-square-foot office tower at 11 Madison Park is hitting the market with a sales price of $1.5 billion. Sapir bought the building in 2003 for $675 million; in 2010 CIM Group purchased a 49 …
  
  
• April 2012 New York New Developments
• New Developments A joint venture partnership including New York Ace Hotel owner and GFI Capital Resources Group Gross’ GB Lodging is set to puchase the Temple Court building, a nine-story city landmark at 5 Beekman Street formerly owned by the Chetrit Group and Bonjour Capital.Mayor Michael Bloomberg signed a bill to declare a formal state of emergency in New York City with regard to housing, allowing him to extend rent regulations for another three year even thought there is a Supreme Court challenge The mayor cited a citywide residential vacancy rate of 3.5 percent. Legally, rent regulations must be terminated …
  
  
• April 2012 New York Buildings For Sale
• New York Buildings soldLloyd Goldman closed on the retail component of glassy condominium tower Yves Chelsea at 166 West 18th Street. He paid $6.6 million for the space, which is currently the headquarters of brokerage Core NYC. It was asking $7 million.Graves Hospitality and KSK Construction announced today that they completed the sale of the Hotel Williamsburg to King & Grove Hotels for $33 million. King & Grove, the Manhattan-based boutique hotel chain backed by the Chetrit Group paid $520,000 per key at the 64-room hotel.Cayre family’s Midtown Equities closed on the property and will bring a Whole Foods to …
  
  
• February 2012 New York New Developments
• New York Major Developments The 226-room Courtyard Marriott on East 92nd Street may close this spring, in the wake of two years of legal battles, including a lawsuit against Marriott International. It is scheduled to lay off 59 employees by March 30. Having already ceded some of its demand to recent upstart office markets like Midtown South and downtown Manhattan, Midtown East is the subject of a Department of City Planning review intending to probe whether it needs to incentivize commercial property upgrades in the area Midtown East has more than 70 million square feet of office space, 13 Fortune …
  
  
• January 2011 New York Buildings For Sale
• New York City Buildings sold Google paid $1.77 billion in cash for its new office at 111 Eighth Avenue. Google will occupy 550,000 square feet in the 2.9 million-square-foot Chelsea building, located between 15th and 16th streets. Google's ability to pay cash helped it succeed in the purchase. MCR Development has acquired a portfolio of 10 Marriott and Hilton hotels for $164 million, marking one of the largest hotel deals in the country so far this year. The collection of mostly extended-stay hotels, include 1,100 rooms across New York, New Jersey, Connecticut and Pennsylvania. The seller, developer Briad Group, held …
  
  
• 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 …