Seagram Building

• November 2024 New York Commercial Real Estate Market Report
• Office: Developers are looking to build 71,000 apartments with the extension to the lapsed 421a property tax break. Nearly 650 buildings have sent letters of intent to qualify for the extension, which would give them until June 15, 2031, to complete them. 33,000 planned apartments would not be built unless the state legislature extended the 421a construction deadline beyond June 2026. Bloomberg signed a lease for 925,000 square feet at 919 Third Avenue, bringing its total long-term office commitment in Manhattan to nearly 2 million SF. Amazon is negotiating for 350,000 SF at 452 Fifth Avenue for occupancy in 2025. …
  
  
• 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 New Developments
• New Developments: Extell swaps office for residential at 180 East 125th Street. The 415,000-square-foot project is aiming for 543 apartments, pending the approval of a zoning bonus for locating a grocery store at the building as part of the city’s FRESH foods program. The building will also include 24,500 square feet of commercial space. Bally’s eyes casino bid at Trump’s Bronx golf course at Ferry Point in the Bronx. Bally’s would operate the casino on 10 acres and use the other seven acres for green space or another use, like housing for workers. The end goal for Bally’s would be …
  
  
• October 2022 New York Commercial Real Estate Market Report
• Office: September office occupancy numbers may represent a new normal. As more companies are settling into a wide range of work policies, from full-time, never or somewhere in between. The pandemic-induced drop in office use is projected to have a devastating effect on the market. The city’s office buildings will fall in value by 28%, or $49 billion. The stretch along Third Avenue from 42nd Street to 59th Street is becoming a stark example of the downside to the city’s ongoing flight to quality. The city’s office vacancy rate is at 19%, it is 29% on the 17-block corridor, nearly …
  
  
• October 2016 New York New Developments
• Major Developments:The Related Companies is planning a 63-unit mixed-use building at 501 West 18th Street in Chelsea. The 10-story building will contain 97,800 square feet of residential space, along with 10,300 square feet of commercial space that will be divided across two retail units on the ground floor. Related bought the pair of parking lots which are adjacent to the IAC building in 2014 from investors Barry Haskell and Matthew Resnicoff. The $205 million price or $700 per square foot set a record for the neighborhood. The developer secured $125 million in financing for the purchase. Tishman Speyer filed plans …
  
  
• 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 …
  
  
• 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 …
  
  
• 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 …
  
  
• October 2011 New York New Developments
• New Developments Time Warner is evaluating its plan to possibly move out of the Time Warner Center and consolidate its operations at new headquarters elsewhere to save costs. Time Warner moved to Columbus Circle in 2004, where it had partnered with Related Companies to build the building that is its company headquarters now. Many of its leases, including ones for more than 2 million square feet of space in Midtown, will expire as soon as 2017 and 2018. Since not many buildings could hold all of Time Warner's 6,000 employees in the city, possible alternative options would be Hudson Yards, …
  
  
• June 2011 New York Buildings For Sale
• New York Buildings sold Private real estate management firm ING Clarion Partners bought the 42-unit rental building at 44 Berry Street in Williamsburg for $27 million. The 54,000-square-foot, six-story former quinine factory building was developed by Cayuga Capital Management. The fully-leased building includes six retail spaces on the ground floor. The sale of GLC Group's 16-story condominium building in Clinton Hill has closed, a real estate investment group from New York City and Northern California paid $21 million for the Karl Fischer-designed tower, , when 35 to 40 percent of the 49 units at 163 Washington Avenue were in contract …
  
  
• August 2010 New York Commercial Real Estate Market Report
• Retail space on Fifth Avenue in Manhattan continues to be in strong demand for retailers worldwide. Average rents on Fifth Avenue for 2010 were $1,650 per square foot, compared to $1,553 in 2009, a 6.6 percent year-over-year increase. Some notable transactions for the first quarter of 2010 were Uniqlo's three-level, 90,000-square-foot lease at 666 Fifth Avenue for $18.5 million, and the sale of the 20-story, 97,500-square-foot Takashimaya building at 693 Fifth Avenue for over $140 million. The office leasing market is strengthening and asking rents in Midtown Class A buildings rose for the first time in two and a half …
  
  
• 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 …
  
  
• May 2010 New York Commercial Real Estate Market Report
• The best lease deals are being done now. Manhattan Office and Retail rents are at the bottom. Landlords are still offering generous concession packages to close leases, especially for larger users. This will not last. Concessions still key to grabbing tenants. More and more real estate professionals are talking about the market bottoming out, with two more major brokerage firm feeling that we have also reached the bottom. Manhattan overall, the net absorption, was a negative 140,000 square feet and average asking rents fell. Midtown showed positive net absorption of nearly 360,000 square feet in March, and in the first …
  
  
• January 2010 New York New Developments
• New Developments Mort Zuckerman, chairman and CEO of Boston Properties, discussed his outlook on commercial real estate and whether the national recovery is on its way. While he was somewhat pessimistic about the industry as a whole, there are some pockets of the country that are moving toward stabilization. The industry in general is in a fairly weakened condition. In the major cities the commercial real estate is doing reasonably well but in the minor cities they are having more difficulty.Hudson River Park, the five-mile waterfront band stretching from Battery Park to 59th Street, is short on cash and may …