Westfield

• March 2024 New York Commercial Real Estate Market Report
• Office: Office values are down 25% year-over-year through December. With the rise of remote working and other economic conditions, there’s no guarantee those values will ever reach previous levels again. Office owners are showing more willingness to sell properties at a discount. As declining occupancy rates and higher interest rates have driven down values on buildings, some of which were bought at previous market cycle peaks. High interest rates have discouraged dealmakers, while office values have fallen by billions (maybe trillions) of dollars thanks to remote work. Peel back a few layers and things might not be quite so dire, …
  
  
• December 2023 New York Commercial Real Estate Market Report
• Office: Large office owners such as Blackstone, Brookfield, and RXR have already handed lenders the keys to some office buildings, figuring they are worth less than their debt. A $670 million loan on RXR’s 230 Park Avenue also known as the Helmsley Building is set to mature on Dec. 8. The mortgage was sent to special servicing and the landlord is facing “imminent maturity default.” RXR is working to restructure the loan. Scott Rechler’s firm purchased the 35-story, 1.4 million-square-foot landmarked property for $1.2 billion in 2015. It took out a $785 million acquisition loan from American International Group for …
  
  
• October 2018 New York New Developments
• New York Major Developments: The number of extended-stay luxury hotel rooms are on the rise, increasing to 34% over the past five years. Occupancy rates are coming back higher than typical rooms at an encouraging 77%. Amazon 4-Star opened in Soho at 72 Spring Street and is similar to Amazon Books, but will sell a range of products, all of which must have a rating of at least 4 stars by Amazon customers. Women-only meeting space provider Luminary is opening its first location in NoMad. The company signed a 15,000-square-foot lease at 1204 Broadway. The 12-year deal spans the third …
  
  
• July 2018 New York New Developments
• New York Major Developments: The top 10 office lease deals totaled 2.4 million square feet, larger than last month’s top 10 leases, which totaled 1.9 million square feet. 1) Deutsche Bank signed a lease for 1,100,000 square feet of office space at 1 Columbus Circle. 2) Facebook signed a lease for 370,000 square feet of office space at 770 Broadway. 3) McKinsey & Co. signed a lease for 186,000 square feet of office space at 3 World Trade Center. 4) Blank Rome signed a lease for 138,000 square feet at 1271 Sixth Avenue. The firm is taking the 15th, 16th …
  
  
• January 2018 New York New Developments
• Co-working is coming for two of the country’s leading office building owners. Blackstone Group-owned Equity Office and Houston-based Hineshave both released RFPs looking for partners to help them gain experience in the co-working business currently dominated by WeWork. Equity Office is particularly interested in figuring out how to make tenants more interested in their Howard Hughes office complex in Los Angeles, and the company expects responses to their RFP in the next few days. WeWork has lately been seeing explosive growth and is currently valued at $20 billion. The firm has launched a gym and elementary school in recent months …
  
  
• October 2017 New York New Developments
• Major Developments: The Port Authority of New York & New Jersey seems to be leaning toward building a new bus terminal on the Eighth Avenue site, rather than expand to another location. The plan now is to build two new floors on top of the terminal that is already in place. Those levels would be for the buses while the three lower levels are being rebuilt. Barry Diller officially declared Pier 55 dead after years of legal disputes and around $40 million in pre-construction costs A startup wants to pay landlords $10,000 per month or more to install intelligent, electronic …
  
  
• September 2017 New York New Developments
• New York Major Developments: Brookfield Property Partners are in talks to become a partner in one of the largest redevelopment projects underway in New York City. Brookfield is negotiating to acquire a stake in the St. John’s Terminal site, which Westbrook Partners and Atlas Capital Partners are planning to transform into a five-tower, 1.7 million-square-foot mixed-use complex. The three-block-long site which consists of north, south and center sections would hold 1,586 rental apartments, offices, a hotel and around 400,000 square feet of retail space next to Hudson River Park’s Pier 40. Manhattan’s hotel market may be nearing the end of …
  
  
• December 2016 New York New Developments
• Major Developments: The city’s Human Resources Administration will renew its lease for 264,358 square feet at 109 East 16th Street and plans to spend more than $20 million on renovations. The proposed lease has a starting rent of $76.83 per square foot. As the market for land sales in Manhattan has cooled off amid a real estate slowdown, air rights trades have plummeted. The dollar volume spent on Manhattan air rights through the end of September totaled $70.69 million. That sum was down roughly 74% from the $269.78 million spent on deals that closed through the first nine months of …
  
  
• 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 Commercial Real Estate Market Report
• Manhattan Office New commercial leasing plummeted during the second quarter of this year, one of several signs that the city should brace for an increasingly sluggish economy. Leasing activity dropped 15.6% from the same time last year, with only 7 million square feet rented. This is the second consecutive decrease in leasing activity, following the first quarter’s 6% year-over-year drop. This quarter, most leasing activity occurred in Midtown with 4.4 million square feet where median rent was $79.18 per square foot, followed by Midtown South with 1.5 million square feet where rent averaged $76.45 per square foot. Midtown Manhattan has …
  
  
• 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 …
  
  
• November 2015: New York New Developments
• New Developments Developer Bo Jin Zhu filed permit applications for a nine-story hotel and a 16-story apartment building at 412 West 126th Street and 402 West 126th Street. The two buildings together will contain a total of 129,000 square feet of space. UBS is looking for 700,000 and 900,000 square feet in Midtown for its New York headquarters. The company is being forced to move by its current landlord.The Columbus Avenue retail corridor on the Upper West Side has gone from zero vacancies in a 15-block stretch along Columbus Avenue to 14. The spike in retail vacancies is due to …
  
  
• July 2014: New York New Developments
• A Private Upper East Side girls' school sent a letter to parents saying the school has been reviewing 20 sites that would accommodate the school's 700 students. The K through 12th grade school has operated out of a 12-story brick building at 610 East 83rd Street since 1929.The Bauhouse Group has recently secured a $35 million construction loan from Doral Bank to finance its condominium-and-retail project in Chelsea. The developers acquired a 35,000-square-foot, six-story warehouse at 515 West 29th Street for $24.4 million, and {dynamic_word3} three additional parcels of air rights for a total of $6 million. Permits have been …
  
  
• 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 …
  
  
• May 2014 New York New Developments
• Major Developments Duane Reade recently vacated a location next to department store H&M; and is now on the market. The unofficial asking rent for the property is nearly $8 million per year. Commune Hotels & Resorts, a San Francisco-based joint partnership between Thompson Hotels and Joie De Vivre Hotels, has plans to develop two more hotels in Manhattan. One will operate under the Thompson Hotel brand, while the other will have a different hotel brand. The properties, for which Commune has already inked deals, are looking to open in 2016. The lineup for Westfield Group’s central shopping hall within the …
  
  
• January 2014: New York New Developments
• NYC New Developments Brookfield Property Partners has increased its cash offer to buy Brookfield Office Properties to roughly $5.1 billion. Brookfield Office's board plans to recommend to shareholders to accept this new offer. In place of cash, shareholders can receive one limited partnership unit under the offer. In September, Brookfield Property's offer was valued at $5 billion. Hotel developer Zelig Weiss is planning a new 183-room hotel to Wythe Avenue in Williamsburg. The 150,000-square-foot building will be located at 55 Wythe Avenue. Citibank signed a lease worth more than $1 billion to renew its 2.7 million-square-foot lease in a two-building …
  
  
• June 2012 New York New Developments
• Major Developments A judge has rejected a bid by an investment partner at the Domino Sugar Factory to block its partner from recapitalizing the proposed $1.5 billion project. Express has signed for a flagship space in Times Square, believed to be at 1552 Broadway.The first retail stores at the World Trade Center site could open for business by March 2015. Westfield, which has a 50 percent stake in the WTC site’s retail space, said the first retailers will be announced in the first half of next year. The openings would come more than 13 years after the destruction of the …
  
  
• 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 …
  
  
• 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 …
  
  
• July 2009 New York New Developments
• New Developments The Federal Reserve has few deals for the start of its program to aid the commercial real estate market. Today is the first monthly deadline for investors to apply for loans to buy new commercial mortgage-backed securities through the Term Asset-Backed Securities Loan Facility. The Fed will start accepting investor requests for loans to purchase older CMBS.James Abadie, head of New York operations for construction firm Bovis Lend Lease, has resigned amid investigations of the company for alleged overbilling and bribery. Bovis is working on the September 11th Memorial and the demolition of the Deutsche Bank building.Global real …
  
  
• February 2008 New York New Developments
• New DevelopmentsNew York City's office market has gained on the world's two most expensive cities, London and Hong Kong. London vaulted over Hong Kong to become the world's priciest office market with rent for Class A hitting $265 per square foot. The peak rate in New York City's Midtown reached $225 per square foot. The next most expensive U.S. office markets were San Francisco, with a rate of $110 per square foot; Boston, with a rate of $90 per square foot; and Manhattan's Downtown, with a rate of $65 per square foot. Steven Witkoff, Developer, pulled bid to develop Pier …
  
  
• January 2008 New York New Developments
• New DevelopmentsNew Construction BrooklynAt 75 Flatbush Avenue, a permit to build a 21-story, 108-unit new Flatiron has been issued. The 150,000-square-foot building, which is going up Extension will be 262 feet tall.Developers of the Domino Sugar Refinery, a historic landmark, will be part of an ambitious $1.2 billion, 10-year residential development project.Major Market News Columbia Expansion Approved. The City Council voted to rezone a 35-acre section of Harlem, allowing Columbia University's $7 billion expansion. Columbia plans to expand onto 17 of the rezoned acres, bounded by Broadway, Riverside Drive, West 129th Street and West 133rd Street.The Federal Reserve's proposal to …