The Port Authority Bus Terminal

• December 2021 New York New Developments
• Major Developments Biden signed into law a bipartisan $1 trillion bill aimed at rebuilding the country’s aging infrastructure. Funding will be available for the extension of the Second Avenue subway line, the revitalization of the Port Authority bus terminal, upgrading the subway’s signals and improving trip times, and bridge and road upgrades for Long Island and Westchester. Amtrak’s high-speed rail proposals for the Northeast corridor are slated to receive more than $6.5 billion for capital renewal backlog projects, as well as $3.6 billion for intercity passenger rail grants. JFK International Airport could get $295 million and LaGuardia Airport $150 million …
  
  
• May 2016: New York New Developments
• New Developments General Growth Properties and Thor Equities' are planning to add five new floors of office space at 685 Fifth Avenue. The developers are planning to redistribute space from the lower floors to create five new floors of office space that will be added to the 20-story building, raising its height from 227 feet to 292 feet.Isaac Chetrit">Isaac Chetrit and Ray Yadidi are planning a mixed-use skyscraper of up to 80 stories in a block-long assemblage on Sixth Avenue between West 36th and 37th streets, consisting of two existing buildings and 235,000 square feet of adjacent air rights. They …
  
  
• 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 …
  
  
• 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 …
  
  
• 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. …
  
  
• 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 …
  
  
• August 2014:NYC New Developments
• New Developments The large retirement investment firm is the buyer in a $365 million deal to acquire the leased fee interest in 2 Herald Square.Wharton Properties received a $95 million construction loan to develop a six-story, 33,000-square-foot Harlem retail building to be anchored by Whole Foods. Natixis Real Estate Capital provided a three-year, interest-only loan that comes with two options to extend it for a 12-month period. The site at 100 West 125th Street, near Lenox Avenue, will hold Whole Foods as well as Olive Garden, TD Bank, Burlington Coat Factory and American Eagle. All leases are for 20 years; …
  
  
• June 2014 New York New Developments
• Major Developments The South Bronx has had very few lodging destinations since the luxury Concourse Plaza Hotel at 161st Street and Grand Concourse closed in 1974. But now, with the opening of the luxury boutique Opera House Hotel at 436 East 149th Street last summer and the Umbrella Hotel looking to open 681 Elton Avenue this fall, the area’s hotel industry seems to be on the rebound.The Mayor’s administration has suggested rezoning a five-block stretch around Grand Central Terminal to allow for the construction of SL Green’s planned 65-story tower project at 1 Vanderbilt. De Blasio’s plan looks to partly …
  
  
• May 2012 New York New Developments
• New Developments Morgan Stanley just signed a lease for almost 1.2 million square feet of space at Brookfield Office Properties Inc.'s 1 New York Plaza in lower Manhattan. The bank, which currently occupies about 816,000 square feet at the building, will expand by an additional 337,000 square feet. The agreement is the largest office lease for a single building in New York since 2008. Mayor Michael Bloomberg’s push to modernize Midtown East office buildings has become a legacy issue as the mayor’s reign whines to a close. Bloomberg wants to re-zone the area bounded by Third and Fifth avenues and …
  
  
• December 2011 New York New Developments
• New Developments Local 32BJ, the union representing more than 22,000 commercial building workers in New York City, voted to authorize their bargaining committee to call a strike if necessary. The union has been in contract talks with the Realty Advisory Board on Labor Relations, since November 15th. The union opposes the landlords' proposal to establish a different wage and benefit structure for new hires, which they claim will create a two-tier system designed to push out workers with seniority. If negotiations fail by 12:01 am on Jan. 1, 2012, the union could strikeThe Service Employees International Union Local 32BJ, which …
  
  
• August 2011 New York Buildings For Sale
• NYC Buildings For Sale 397-401 East 8th Street a development site is on the market for $5.2 million, EV Grieve. Chang's McSam Hotel Group purchased the 4,324-square-foot vacant lot, at 397-401 East 8th Street, for $4.9 million site. Chang appears to be in the midst of a selling spree -- he recently unloaded stalled hotel project sites in the Financial District and in Union Square, as well as his new Holiday Inn Express at 126 Water Street. A month after merging with EBSCO Publishing, library reference publisher H.W. Wilson has decided to market its former headquarters and nearby land holdings …
  
  
• May 2011 New York New Developments
• Major Developments Mall of America developer Triple Five has reached a deal with lenders and New Jersey Gov. Chris Christie's administration to reboot and expand the stalled Xanadu complex in the Meadowlands,. The checkered, 2.4 million-square-foot complex, originally envisioned as a retail and entertainment destination that would rejuvenate East Rutherford, has sat incomplete along the New Jersey Turnpike for years, sapping up $1.9 billion in the process and developing a reputation as the poster child for failed boom-time real estate projects.Real estate investment firms Savanna and Monday Properties are launching a $30 million capital improvement for a 20-story, 260,000-square-foot commercial …
  
  
• May 2011 New York Commercial Real Estate Market Report
• The Manhattan office vacancy rate increased in the first quarter of 2011 even as employment in the professional sector rose at the fastest rate since 2000. There were 11,500 new office workers in the first three months of this year. The first-quarter vacancy rate rose even as employment moved up because, large blocks of space being added to the market from tenants who signed relocation deals last year, and because many firms have excess space for their new hires.New York City office rentals got more expensive in the first quarter of 2011, even as vacancy and absorption rates remained mostly …
  
  
• November 2009 New York New Developments
• Major NYC Developments 11 Times Square, the city's largest office tower, remains entirely unleased more than two years after breaking ground in 2007. Some give the owner little chance of holding on to the 1 million-square-foot building without a significant debt restructuring. They cite the current weak economy, the 25 percent decline in rents, and the cost of the building, a pricey $1,100 per square foot as the reason. There are currently no signed leases for the 40-story glass commercial tower stationed across from the Port Authority terminal, which is three-quarters completed.JPMorgan Chase may hold onto its 60-story office property …
  
  
• August 2009 New York New Developments
• New Developments After many years of construction on Fulton Street, small business owners are now able to apply for grants from the city to improve storefronts that have been obstructed or damaged by the construction. The Fulton Nassau Crossroads Program, funded by the Lower Manhattan Development Corporation, offers free design, engineering and construction management, along with $275,000 for construction, to buildings located on Fulton and Nassau streets.Law firm Orrick Herrington & Sutcliffe may sign a lease for 220,000 square feet at 51 West 52nd Street. They will take the space previously occupied by UBS and Cushman & Wakefield. Cushman will …
  
  
• December 2008 New York New Developments
• New DevelopmentsRecently, banks have begun lending to one another, signifying a slight thaw in credit markets. Yet, the commercial real estate market still seems limited in its ability to get financing. This inability to line up financing has scuttled some major building and lease sales in the past few months, one such example is 17 State Street in the Financial District.About 150,000 jobs have been cut at major financial institutions, and more layoffs may be on the way. Some firms may shed an additional 5 percent of jobs this year if the market doesn't turn around. Citibank has cut 22,000 …
  
  
• August 2008 New York New Developments
• New DevelopmentsOffice availability rises along with asking rents. Manhattan commercial rents increased in the year's first half even as the available for leasing increased. Average asking rents increased to $71.35 per square foot in June up from $63.46 per square foot in June, 2007. Despite an increase in leasing activity in the second quarter, the total for the first half of the year was 10.47 million square feet, a decline of about 1.5 million square feet from the same period in 2007. Some commercial landlords are raising the rents higher than ever before. L&L; Holding Company is asking for a …