August 2008: Manhattan Office, Retail and Industrial Market Report
Printer-friendly versionNew York City Market Overview:
Landlords react to the announced layoffs and pending coming back to the market by lowering asking rents and increasing soft dollars to Tenants.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 rent of $85 per square foot at 200 Fifth Avenue, a 400,000-square-foot former International Toy Center office building. Overall, the market is comparing well in comparison to 2001. But with concessions like free rent and remodeling, the market begins to look bleaker. As giants like Lehman Brothers and Citigroup look to offload some of their holdings, millions of square feet at prestigious addresses are hitting the market. U.S. Businesses around the country are taking less office space, driving rents down and giving tenants the upper hand. Office rents, including landlord concessions, rose .7 percent in the second quarter to $25.16 per square foot, the slowest growth since the second quarter of 2005. Businesses vacated more office than they took for the second straight quarter. The national vacancy rate increased to 13 percent, up from 12.8 percent last quarter. New York City's rent growth slowed to .7 percent in the second quarter. Commercial real estate is suffering right along with the residential market, for different reasons. U.S. lenders are far more cautious with financing and it's affecting the number of deals. With the exception of the Macklowe Properties, comparatively few U.S. firms have managed to pull off big sales this year. Developers are eying two blocks in Chinatown now that the city council has approved the re-zoning of the area between Walker and White streets, Broadway and Lafayette Street. The two blocks have been changed from a manufacturing zone to a commercial zone allowing commercial, residential, retail and community facility uses, following the council's approval. |
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Extell Development is negotiating with Costco regarding underground retail at its new 3.3 million-square-foot Upper West Side development.
Despite being over-budget and delayed, construction at the World Trade Center site continues. White arches are underground, marking a passage that will connect WTC PATH station to the World Financial Center. The bathtub for Towers 3 and 4 are filled with developer Larry Silverstein's construction equipment. The site shows progress at Tower 3, but not much at Tower 4.
New York City's gross city product increased by 0.8 percent in the first quarter, slower than the 1 percent growth in the nation's GDP. In last year's last quarter, the city's output rose 1.4 percent, while the nations increased just 0.6 percent.
New York City fell seven spots to No. 22 on the list of the world's most expensive cities. The drop was attributed to the weak U.S. dollar and decline in housing prices. New York was the only U.S. city in the top 50, with Los Angeles at No. 55, Miami at No. 75 and Washington, D.C. at No. 107. Taking the top three spots were Moscow, Tokyo and London.
The Empire State Development Corp. has declared 17 acres in Columbia University's footprint West Harlem "blighted," making eminent domain proceedings possible and forcing property owners to consider selling their land. The ESDC is expected to formally approve the university's $6.28 billion expansion plan in the fall. The area, lined with warehouses and auto-body shops, would be transformed into a tree-lined campus with towers of classrooms, laboratories and student housing. Most of the area's buildings would be torn down. Columbia already owns about 90 percent of the private property in the area, which is bounded by Broadway, Riverside Drive, 133rd Street and 129th Street.
Columbia University is to acquire a 15,000-square-foot city-owned Metropolitan Transportation Authority parcel on 131st Street. The $3 million transfer, worth $200 per square foot, should occur sometime in the spring of 2009. The university will not pay the $3 million in cash, but will be credited for work performed at a park called Hudson River Piers that is under development in West Harlem.
Three architecture firms released designs for Vornado's planned tower above the Port Authority Bus Terminal. Rogers Stirk Harbor and Partners, Richard Rogers' London firm, which is designing Tower 3 at the World Trade Center, released a design that is made up of four boxes stacked atop each other and bound together by open truss work. Pelli Clark Pelli Architects of New Haven, Conn., released a design that features a basket-weave-like curtain wall. The sleekest of the three, by Manhattan's Kohn Pederson Fox, features a bright, glass-clad tower.
The World Trade Center's transit hub will no longer have a retractable roof. The hub's winged dome, designed by Spanish architect Santiago Calatrava, was originally designed to open to allow light into the atrium.
A former executive director of the Port Authority sent the U.S. attorney for the Southern District of New York, Michael Garcia, a letter calling for an investigation into the reconstruction of the World Trade Center. Marlin said the project's misleading schedules and budgets amounted to defrauding investors. This comes after an announcement that the Authority cannot present a timeline for the project.
The Pier 40 Working Group got its first look at a new joint proposal for Pier 40 this week, after asking the Pier 40 Partnership and Urban Dove/Camp Group to combine their redevelopment plans. The new proposal for the decrepit pier off of West Houston Street includes three public high schools, 75,000 square feet of retail space, 50,000-square-foot event and open space.
Fashion designer Versace will design the new interiors of the Clock Tower building at 5 Madison Avenue. Africa Israel is developing the Clock Tower into a residential condominium with a restaurant and spa. Versace will design the interiors of 55 new condos, plus common areas, a spa and a restaurant.
Wall Streets banks and brokerages may cut bonuses by 20 percent this year. Governor David Paterson said that each 10 percent reduction in bonuses costs the state $350 million in tax revenue, and the state could lose $1.7 billion from Wall Street's falling profits. Last year, New York's financial service firms paid $33.2 billion in bonuses, for an average of $180,420 per employee. The 2007 figure was 2 percent lower than the record $33.9 billion of the previous year.
Warning signals were flashing over the past two years at IndyMac Bank, but government regulators missed them. The study said that there were at least three missed chances in the past two years to reel in the failed lender. The Center for Responsible Lending has laid part of the blame on the federal Office of Thrift Supervision, saying the agency did not perform even the most basic oversight. The FBI has added IndyMac to its probe of lending practices.
Former New York City mayor Rudolph Giuliani's investment firm is making its first foray into real estate, planning an investment fund for commercial and residential real estate in New York and Washington. Giuliani Partners, a management and consulting company, will try to use the weak dollar to lure foreign investors and will form a partnership with Berman Enterprises.
About 144,000 stores will close around the country this year, up 7 percent from last year, the largest one-year increase in the 14 years.
Merrill Lynch's decision not to move to a new World Trade Center skyscraper is another setback for the delayed, over-budget project. A commitment from Merrill Lynch, which just reported a quarterly net loss of $4.65 billion, could have helped attract other commercial tenants.
The bankruptcy of the Steve & Barry's discount chain is expected to hurt the Manhattan Mall.
Gary Barnett, president of Extell Development, has encountered resistance in the Diamond District as he moves forward with the Diamond Tower. Despite state restrictions that the majority of units go to diamond-related tenants, he has also begun buying air rights at neighboring buildings.
Developers are eying two blocks in Chinatown now that the city council has approved the re-zoning of the area between Walker and White streets, Broadway and Lafayette Street. The two blocks have been changed from a manufacturing zone to a commercial zone allowing commercial, residential, retail and community facility uses, following the council's approval.
Manhattan Buildings sold
Hotel developer, Sam Chang, sold a Times Square area parcel in the early stages of construction for $59 million, above the $13.48 million the developer paid for the site in 2006. The Rhode Island hotel development company Magna Hospitality Group bought the 74,000-square-foot site from the McSam Hotel Group. It was at least the fifth hotel site Chang has sold to Magna since February.Fashion bag maker, Longchamp bought the building housing one of its two Manhattan retail stores on the Upper East Side for $48 million. The Paris-based retailer and manufacturer of fashionable bags, clothes and accessories bought the five-story townhouse at 713 Madison Avenue from heirs to the Mailman family.
Tower 56 at 126 East 56th Street, one of several Macklowe Properties' Midtown office towers on the market, may be in contract to Chicago-based Transwestern Investment Company for $160 million, or $925 per square foot.
Wachovia Corp. has agreed to sell an office tower at 1372 Broadway for $41 million. Wachovia, owner of an 85 percent stake in the building, and minority shareholder SL Green Realty Corp. are trading the 21-story property for $294 million, or around $542 per square foot. Wachovia acquired its controlling interest in the 541,752-square-foot building from SL Green in July 2007 for $335 million.
The Carlyle Group has closed on a $525 million interest in the retail condo at 666 Fifth Avenue, which the Kushner Companies bought last year for $1.8 billion. Carlyle paid $170 million in equity, while Barclay's and SL Green provided financing. A new Abercrombie & Fitch kids store will be built in about half of the occupied by Brooks Brothers, which is leaving the building. Abercrombie lease starts Feb. 1 at an estimated $2,500 per square foot, reportedly the highest rent in the city. The 90,000-square-foot retail is also occupied by the NBA store. Kushner will keep a 51 percent interest in the retail condo.
A 50% interest in a five-story commercial townhouse on Fifth Avenue that is home to Harry Winston jewelry store was sold for $62 million to the Paramount Group. Prior to the sale of the 16,200-square-foot building at 718 Fifth Avenue, it was owned in equal parts by brothers Ronald and Bruce Winston, sons of Harry Winston, who died in 1978.
An Abu Dhabi sovereign wealth fund has closed on its purchase of the 77-story Chrysler Building. Abu Dhabi Investment Council bought a majority stake in the tower from a fund managed by Prudential Financial, for about $800 million. The seller is TMW Real Estate Group, an Atlanta-based investment company acquired by Prudential. TMW bought its stake in the Chrysler Building for $300 million in 2001. Last year, Prudential sold 666 Fifth Avenue for $1.8 billion and the Lipstick Building for $649 million.
NYC Buildings For Sale
Starrett City's bidders have been narrowed down to four finalists. Bids for the 46-tower Brooklyn complex were between $600 million and $1 billion, and government officials and Starrett City Associates are expected to choose the new owner by Sept. 1. Starrett City's 140 acres near Jamaica Bay in Brooklyn have retail space, a power plant, a sports center, office space, parking garages and vacant land.NY Large Leases
Burberry is in negotiation for offices at 444 Madison Avenue, for 68,448 square feet. The asking rent is around $85 per square foot. Burberry is also planning a ground-floor retail store.The world's largest fragrance company, Coty, leased nearly 90,000 square feet in the Empire State Building in what was described as one of the largest lease deals for the office tower.
The malpractice law firm Weitz and Luxenberg paid $70 million for a 100,000-square foot, 19th century building at 700 Broadway. The firm plans to occupy all of 700 Broadway when it moves some time next year.
New York Office Leases:
- Total Manhattan Office Class A vacancies decreased from 12.46 million RSF to 12.35 million RSF.
- Total Manhattan Office Market vacancies decreased from 23.06 million RSF to 22.52 million RSF.
- Total Manhattan Office direct lease vacancy decreased from 19.13 million RSF to 18.65 million RSF.
- Manhattan Office Sublease vacancy decreased from 3.94 million RSF to 3.86 million RSF.
- Total Manhattan Office Market vacancies decreased from 23.06 million RSF to 22.52 million RSF.
- Total Midtown Office vacancy increased from 12.19 million RSF to 12.37 million RSF.
- Total Midtown South Office vacancy decreased from 4.40 million RSF to 4.36 million RSF.
- Total Downtown Office vacancy decreased from 6.46 million RSF to 5.79 million RSF.
- Total vacant Office Direct Space in Midtown Manhattan increased from 10.12 million RSF to 10.38 million RSF.
- Total vacant Office Sublease Space in Midtown Manhattan decreased from 2.08 million RSF to 1.99 million RSF.
- Total vacant Office Direct Space in Midtown South Manhattan decreased from 4.07 million RSF to 4.03 million RSF.
- Midtown South Manhattan Sublease vacancies stayed at 0.33 million RSF.
- Total Downtown Manhattan Office Direct Lease Space decreased from 4.94 million RSF to 4.24 million RSF.
- Total Downtown Manhattan Office Sublease Vacancies increased from 1.53 million RSF to 1.54 million RSF.
NYC Retail Leases:
- Total Available Manhattan Retail Space decreased from 1.11 million RSF to 1.10 million RSF.
- Midtown vacancy decreased from 0.26 million RSF to 0.25 million RSF.
- Midtown South Retail vacancies stayed at 0.76 million RSF.
- In Downtown, Retail vacancy stayed at 0.09 million RSF.
New York Industrial Leases:
- Total Vacant Manhattan Industrial Space increased from 0.55 million RSF to 0.56 million RSF.
- Midtown vacancy increased from 0.18 million RSF to 0.19 million RSF.
- Midtown South Industrial vacancies increased from 0.37 million RSF to 0.38 million RSF.
Manhattan Office Rentals:
- AIG leases 800,000 RSF at 180 Maiden Lane. The insurance and financial services company subleased 30 floors of space from Goldman Sachs, which is preparing to relocate to its new headquarters in Battery Park City. AIG plans to move in completely by 2011.
- RSM McGladrey leases 164,700 RSF at 1185 Sixth Avenue. The H&R Block subsidiary renewed its existing lease and signed an expansion lease for space on the seventh floor. The reported asking rent for the additional 27,508 square feet of space was $95 per square foot. The seventh-floor expansion was made possible by German bank WestLB?s early termination of its contract; it had eight years left on the lease. RSM simultaneously surrendered its 52,418-square-foot space at 750 Third Avenue to consolidate its offices (see below).
- Cushman & Wakefield leases 156,282 RSF at 1290 Sixth Avenue. The commercial real estate firm signed a 15-year lease for the entire seventh floor and parts of the eighth and ninth floors. The company is relocating from 51 West 52nd Street, where it occupies around 155,000 square feet on nine floors.
- Highbridge Capital Management leases 109,000 RSF at 40 West 57th Street. The hedge fund inked a 10-year lease for the top five floors of the 34-story tower. The reported asking rent was $130 per square foot for floors 30 through 32 and $140 per square foot for floors 33 and 34.
- Office of the Comptroller of the Currency leases 99,504 RSF at 340 Madison Avenue. The U.S. federal agency renewed its existing lease and took additional space. The reported asking rent was $80 per square foot.
- British Telecom leases 63,000 RSF at 620 Eighth Avenue (New York Times Building). The telecommunications company subleased space. The reported asking rent was $95 per square foot.
- Victoria's Secret leases 55,755 RSF at 666 Fifth Avenue. The lingerie and fashion retailer inked a five-year lease renewal for office space. The reported asking rent was $92 per square foot.
- Regent Business Centers leases 52,418 RSF at 750 Third Avenue. The corporate services provider signed a 10-year lease. The reported asking rent was $70 per square foot. Regent took over the space after it was surrendered by RSM McGladrey, which had five years left on its lease at below-market rents.
- Kingdon Capital Management leases 50,000 RSF at 152 West 57th Street (Carnegie Hall Tower). The financial services firm renewed its existing lease and signed an expansion lease for five full floors and parts of other floors.
- Haynes and Boone leases 35,000 RSF at 1221 Sixth Avenue. The Dallas-based law firm subleased part of the 26th floor for three years. The reported asking rent was $70 per square foot. The sublandlord also gave up an 11,750-square-foot space in the same building to investment company FirstMark Capital (see below).
- Cole Haan leases 28,000 RSF at 620 Sixth Avenue. The shoe, handbags and accessories company signed a seven-year expansion lease for third-floor space, bringing its total occupancy to about 63,000 square feet. The reported asking rent was $70 per square foot. The company plans to move staff over from 680 Fifth Avenue after its lease expires early next year.
- Lieff Cabraser Heimann & Bernstein leases 27,000 RSF at 250 West Street. The law firm signed a 10-year lease for the entire eighth floor. The company is relocating from 780 Third Avenue.
- SAS Institute leases 23,998 RSF at 787 Seventh Avenue. The software developer signed a five-year lease renewal for space on the 47th floor. The reported asking rent was around $100 per square foot.
- Actimize leases 23,600 RSF at 1359 Broadway. The software development company signed a 10-year lease for fifth-floor space. The reported asking rent was $52 per square foot. The firm is relocating from an existing 14,000-square-foot space at 1250 Broadway.
- Switch and Data leases 20,116 RSF at 60 Hudson Street. The network technology provider signed a 15-year lease for parts of the 15th, 16th and 19th floors. The reported asking rent was $65 per square foot.
- The International Securities Exchange leases 16,173 RSF at 55 Broad Street. The equity options exchange signed a lease for full-floor space, which will complement the company?s headquarters at 60 Broad Street. The reported asking rent was $42 per square foot.
- FriendFinder Networks leases 16,000 RSF at 20 Broad Street. The media company inked a 10-year lease for space on the 14th floor. The reported asking rent was $46 per square foot. The firm, which owns Penthouse magazine and operates social networking Web sites, is relocating from Two Penn Plaza.
- Eminence Capital leases 16,000 RSF at 66 East 55th Street. The hedge fund inked an expansion lease for another floor, bringing its total occupancy to 32,000 square feet. The reported asking rent was $150 per square foot.
- Tricadia Holdings leases 15,325 RSF at 780 Third Avenue. The asset management firm signed a long-term lease for the entire 29th floor and part of the 22nd floor.
- Studio Instrument Rentals leases 15,000 RSF at 508-516 West 37th Street. The studio rental firm signed a seven-year lease. The reported asking rent was $29 per square foot. The company is relocating from a smaller space on West 25th Street.
- Epoch Films leases 15,000 RSF at 435 Hudson Street. The film production company signed a 10-year lease for part of the fourth floor. The reported asking rent was $55 per square foot.
- DST Systems leases 14,658 RSF at 100 Sixth Avenue. The computer software firm signed an eight-year lease renewal.
- CSA Group leases 14,000 RSF at 17 Battery Place. The Puerto Rico-based engineering company inked a 10-year lease for first-floor space. The reported asking rent was $41 per square foot. The firm is relocating from a 7,000-square-foot space at 65 Bleecker Street.
- Solomon R. Guggenheim Foundation leases 14,000 RSF at 345 Hudson Street. The nonprofit inked an eight-year lease for part of the 13th floor. The reported asking rent was $54 per square foot. The foundation also occupies 40,000 square feet on the 12th floor of the same building; that lease will expire in 2016.
- Banco Espirito Santo Investment leases 13,328 RSF at 340 Madison Avenue. The Portuguese bank signed a lease.
- The Olnick Organization leases 12,800 RSF at 135 East 57th Street. The real estate company subleased the entire 22nd floor. It is relocating from 110 East 59th Street.
- The Lanier Law Firm leases 12,149 RSF at 126 East 56th Street. The Houston-based law firm signed a 10-year lease renewal for its existing space on the sixth floor and expanded to the entire seventh floor.
- Broadband Enterprises leases 12,000 RSF at 245 Fifth Avenue. The advertising and marketing firm signed a seven-year lease for the entire 21st floor. The reported asking rent was $53 per square foot. The company is relocating from a 4,000-square-foot space at 450 Seventh Avenue.
- FirstMark Capital leases 11,750 RSF at 1221 Sixth Avenue. The investment firm subleased space.
- Hinshaw & Culbertson leases 11,300 RSF at 780 Third Avenue. The law firm signed a lease.
- Unison Site Management leases 11,113 RSF at 340 Madison Avenue. The financial services firm signed a lease.
- Stanfield Capital leases 11,075 RSF at 430 Park Avenue. The financial services firm signed a lease.
- Panties Plus leases 10,748 RSF at 320 Fifth Avenue. The underwear company inked a 10-year lease for second-floor space. The reported asking rent was around $50 per square foot. It is relocating from 180 Madison Avenue.
- Bank of Baroda leases 10,542 RSF at One Park Avenue. The Indian bank inked a 20-year lease renewal for its U.S. headquarters. The reported asking rent was $65 per square foot.
- Dale Carnegie & Associates leases 10,490 RSF at 780 Third Avenue. The professional training firm signed a lease.
- Ricochet leases 10,370 RSF at One Exchange Place. The public relations firm subleased the entire seventh floor. The reported asking rent was around $45 per square foot.
- Conduit Capital Partners leases 10,360 RSF at 488 Madison Avenue. The private equity investment firm signed a lease.
- Health Systems Solutions leases 10,000 RSF at 42 West 39th Street. The software and technology developer signed a 10-year expansion lease for the entire sixth floor. The reported asking rent was $38 per square foot.
New York Retail Leases:
- Duane Reade leases 12,530 SF at 131 Eighth Avenue. The drugstore inked a 12-year lease for another location.
- Frau USA leases 9,161 SF at 151 Wooster Street. The furniture retailer signed a lease.
- Alfred Dunhill leases 7,000 SF at 545 Madison Avenue. The British clothing company signed a 10-year lease for ground-level and basement space. The reported asking rent was $600 per square foot. The new site will serve as the retailer?s flagship store; it is currently located at 711 Fifth Avenue.
- Kira Plastinina leases 5,600 SF at 22 West 34th Street. The fashion designer signed a lease for a new retail location.
- New York Mutual Trading Co. leases 3,100 SF at 711 Third Avenue. The Japanese importer of foods and home furnishings subleased retail space. The reported asking rent was $85 per square foot.
- Shabby Chic leases 2,866 SF at 450 Columbus Avenue. The home furnishings retailer subleased space from Sotheby?s.
- Elsa Mejia leases 2,500 SF at 4892 Broadway. The tenant signed a lease to open a fifth restaurant.
- Duane Reade leases 2.451 SF at 475 West 57th Street. The drugstore inked a 12-year lease for another location.
- Pret-A-Manger leases 2,200 SF at 485 Lexington Aveue. The London sandwich chain inked a 15-year lease for another location. The reported asking rent was $250 per square foot.
- Rosie Pope Maternity leases 2,200 SF at 78 Greene Street. The maternity fashion retailer signed a 10-year lease to open its first New York location. The reported asking rent was $335 per square foot.
- Bjorn Borg leases 2,000 SF at 89 Crosby Street. The retired tennis star inked a two-year sublease for ground-level retail and showroom space to showcase his sportswear brand. The reported asking rent was $90 per square foot.
- Pret-A-Manger leases 1,750 SF at 757 Third Avenue. The London sandwich chain inked a 15-year lease for another location. The reported asking rent was $250 per square foot.
- House of Signorelli Hair Design leases 1,400 SF at 1195 Lexington Avenue. The hair salon signed a 12-year lease to relocate its Madison Avenue branch.
- Just Lorraine’s Place leases 1,340 SF at 2247 Adam Clayton Powell Boulevard. The tenant signed a five-year lease for retail space.
- Hollywould leases 1,236 SF at 16 Prince Street. The fashion designer signed a lease for another boutique.
- Cream leases 1,100 SF at 1124 Third Avenue. The fashion boutique inked a lease for its first Manhattan store.
- Pret-A-Manger leases 1,100 SF at 1020 Sixth Avenue. The London sandwich chain inked a 15-year lease for another location. The reported asking rent was $250 per square foot.
- Yes Jadot leases 1,100 SF at 48 West 17th Street. The tenant signed a 10-year lease for retail space.
- Berrywild leases 1,000 SF at 818 Lexington Avenue. The frozen yogurt chain signed a 10-year lease for another location. The reported asking rent was $250 per square foot.
- Sura leases 950 SF at 2656 Broadway. The tenants signed a 12-year lease to open their second Manhattan restaurant. The reported asking rent was $200 per square foot.
- SoulFood leases 800 SF at 38 Lispenard Street. The custom sneaker shop signed a lease.
- AT&T leases 800 SF at 200 Vesey Street. The mobile communications company signed a lease for kiosk space.
New York City Buildings Sold:
- 767 Fifth Avenue (GM Building) a 50-story 1.9 million RSF office building was sold to Boston Properties; Goldman Sachs; Middle Eastern investors for $2,800 million. The tower sold for $2.8 billion, or about $1,474 per square foot. The deal broke the record for the highest price ever paid for a single office building, previously held by Kushner Companies? $1.8 billion purchase last year of 666 Fifth Avenue. Macklowe Properties sold the GM Building to help pay off overdue short-term debt on the seven Midtown office buildings Macklowe bought in a highly leveraged deal last year. Macklowe purchased the trophy tower for $1.4 billion in 2003. Boston Properties acquired a 60 percent stake in the GM Building, paying around $890 million in cash and assuming the $1.9 billion in debt, due to mature in 2017. The Boston Properties-led group also paid around $1.1 billion for three other Macklowe office properties in Manhattan (see below).
- 157 West 47th Street (Quality Hotel Times Square) a 60,000 RSF hotel was sold to Rockefeller Group Development Corp. for $75.0 million. The package of five-story walk-up rental buildings sold for $70 million. The properties are located on the south side of West 49th Street between Eighth and Ninth avenues. About half of the units in the portfolio are rent-regulated. The buildings have a combined seven stores.
- 635 Madison Avenue a 144075 RSF office building was sold to Ashkenazy Acquisitions for $70.0 million. The 44 years remaining on the ground lease went into contract for around $70 million. L&L Holdings bought the ground last year for $110 million.
- Manhattan office portfolio 3 office buildings 1.44 million RSF total was sold to Boston Properties; Goldman Sachs; Middle Eastern investors for $1100.0 million. The three office towers sold for around $1.1 billion as part of a larger deal that included the $2.8 billion sale of the GM Building. The portfolio includes the 632,305-square-foot building at Two Grand Central Tower, the 540,000-square-foot tower at 125 West 55th Street and the 272,532-square-foot property at 540 Madison Avenue.
- 160 West 48th Street a 4-story 5,000 RSF retail building was sold to Rockefeller Group Development Corp. for $13.9 million. The building sold for $13.9 million. The site is zoned for a maximum build-out of 23,898 square feet.
- 30 West 47th Street a 10-story 55,000 RSF office building was sold to Extell Development for $50.1 million. The property sold for $50.1 million. It is zoned for a maximum build-out of 90,000 square feet.
- 690 Madison Avenue a 5-story 6248 RSF office building was sold to Omandis NV for $50.0 million. The property sold for $50 million. It is home to a Luca Luca store.
- 29 West 36th Street a 12-story 82000 RSF office building was sold to Broadway 36th Realty for $29.0 million. The loft building sold for $29 million. It will be refitted with new elevator systems and a card key access system before reopening.
- 148 Spring Street a 4-story 6000 RSF commercial building was sold for $11.5 million. The landmarked commercial property sold for $11.5 million. Cape Advisors purchased the building for $5.02 million in 2006.
- 150 Spring Street a 4-story 6400 RSF commercial building was sold to a Vornado affiliate for $10.0 million. The landmarked commercial building sold for $10 million. Cape Advisors bought the property for $8.45 million in September 2007.
- 9 Christopher Street 13710 RSF mixed-use building was sold to a Manhattan investor for $8.45 million. The walk-up building with two retail units sold for $8.45 million, or $616 per square foot. The price represents a capitalization rate of 4.1 percent and a gross rent multiple of 17.2. The property contains a mix of 13 rent-stabilized and free-market apartments, two of which are vacant.
- 154 Stanton Street a 2-story 3100 RSF mixed-use building was sold to a Manhattan user for $3.28 million. The property sold for $3.28 million, or $1,058 per square foot. It was built in 1860 as a five-story structure, but the three upper floors were removed due to a fire in the 1950s. The building currently has two ground-level stores and a commercial space above with a roof deck.
- 820 Second Avenue (The Diplomat Center) a 2578 RSF office condo was sold to The Delegation of the Basque Country for $2.0 million. The 13th-floor office condo sold for just under $2 million. This will be the delegation?s second U.S. location, with another office in Chicago.
Legend
RSF-Rentable Square FeetSF- Square Feet
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