Fifth Avenue

• April 2024 New York Commercial Real Estate Market Report
• Office: Last year, Law firms leased 3 million square feet in Manhattan. Daily attendance of law firms is 65%. Law firms are leasing 40% less space or an average of 600 square feet per lawyer. Rents for prime office space in New York City peaked at the beginning of last year but dipped over the next three quarters. Average effective rents for prime Class A office space which includes new construction, trophy and recently-renovated buildings peaked around $105 per square foot in the first quarter of 2023. That was up 19% from the same time in 2019. Average effective rents, ...
  
  
• 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 ...
  
  
• April 2024 New York Buildings For Sale
• Buildings for Sale: The Duell family is seeking about $300 million for their nine-building portfolio of largely retail properties: 5 East 57th Street, a 22-story, 49,000-square-foot property, containing 19 commercial units, 90% occupied and 673 Madison Avenue, the 9,000-square-foot building. The rest of the Duell portfolio for sale is in Greenwich Village including a mix of retail and residential space. Investors are working together to try and sell the 1,331-key property for around $350 million for Manhattan’s Row hotel. An investment group led by David Werner, which owns the ground underneath the hotel at 700 Eighth Avenue, is jointly marketing ...
  
  
• 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, ...
  
  
• February 2024 New York Commercial Real Estate Market Report
• Retail: Del Frisco’s Double Eagle Steakhouse renewal for 25,000 SF restaurant at 1121 Sixth Avenue. Madewell signed a 10-year lease to consolidate its two Brooklyn stores along North 6th Street in Williamsburg for 8,300 sf. Barnea Bistro signed a 15-year lease at 114 West 47th Street in Times Square for 7,602 sf. Max Deals, the home goods retailer, signed a 20-year lease at the base of a new residential construction located at 1049 Ogden Avenue in Highbridge for 5,800 sf. TFogo de Chão, the Brazilian steakhouse, signed a new lease in the Oculus mall at 3 World Trade Center in ...
  
  
• February 2024 New York New Developments
• Major Developments: LVMH Moët Hennessy Louis Vuitton, the parent company of Louis Vuitton, Christian Dior and jewelry designer Tiffany & Co., is in negotiations to acquire 745 Fifth Avenue, a 35-story tower. LVMH is competing against other bidders for the property. SL Green acquired 2 Herald Square leasehold for next to nothing; it had completed a deal to acquire a 95% stake in the leasehold at 2 Herald Square: SL Green paid $7 million to settle the property’s $182.5 million mortgage. The City Comptroller is suing Lloyd Goldman’s development company over allegations that it failed to pay the wages required ...
  
  
• February 2024 New York Buildings For Sale
• Buildings for Sale: The defaulted loan on Blackstone's 1740 Broadway is for sale after a $430 million drop in value. The $308 million CMBS loan on 1740 Broadway is on the market for roughly $150 million. Albert Kalimian’s firm put the property at 200 West 67th Street up for sale. Kalimian had defaulted on the $194 million mortgage which matured in November. The 310-unit luxury property rental income covered 87% of borrowing costs. Rialto Capital is suing Metropole on behalf of the lenders for failing to make $215 million CMBS loan payments on 681 Fifth Avenue, a 12-story building since ...
  
  
• January 2024 New York Commercial Real Estate Market Report
• Office: Paul, Weiss, Rifkind, Wharton & Garrison leased 765,000 sf at 1345 Sixth Avenue for 20-years. WeWork and the landlord agreed to modify its lease for a shorter term at a lower rent to keep its 300,000 SF lease at 1440 Broadway. HPS Investment Partners’ signed a renewal and expansion for 159,000 SF at 40 W. 57th Street. Verizon recently listed 143,000 square feet for sublease at 155 Delancey Street. Ralph Lauren signed an 11-year renewal for 133,000 SF headquarters at 650 Madison Avenue, shrinking its footprint by 39%. Quinn Emanuel Urquhart & Sullivan signed a 132,000 SF lease at ...
  
  
• January 2024 New York Buildings For Sale
• Buildings for Sale: Pakistan International Airlines Corporation is nearing an agreement to bring its Roosevelt Hotel to market in the first step towards a redevelopment. The hotel on the 43,000-square-foot site by Grand Central Terminal through the state-run. Rene Benko’s Signa forced to sell stake in Chrysler Building. An Austrian court is forcing a sale of Signa Holding’s stake in the landmark Midtown Manhattan property. Benko’s company is believed to hold a 50-percent stake in the 77-story office tower. Lender seeks to foreclose on Isaac Hager’s Trader Joe’s property. G4 alleges his firm owes $140 million on the Williamsburg building. ...
  
  
• December 2023 New York New Developments
• Major Developments: The U.S. Immigration Fund of a 22-acre megaproject that was supposed to deliver more than 3,000 units of housing in Brooklyn is at risk of losing control of several still-unbuilt development sites. to foreclose on six sites owned by Greenland USA. Steve Cohen details his Queens casino plan dba Metropolitan Park would be an 8 billion project near Citi Field and spread over 50 acres of parking lots surrounding Citi Field, home to the Mets. Hard Rock International is partnering with Cohen on the project. Cohen’s plan includes a hotel, music venue, food hall and 20 acres of ...
  
  
• November 2023 New York Buildings For Sale
• Buildings for Sale: CIM Group will hand the keys to 1440 Broadway back to its lender. It saw the $399 million loan backed by the Midtown building go to special servicing this month. Buildings Sold: Extell sold 1710 Broadway for $173 million. In 2017, Extell paid $268 million for it. Extell is working to get plans approved for a 54-story, 673-unit hotel to replace the six-story. Sherwood sells Times Square hotel for $165 million. Apollo Global Management and Newbond Holdings are buying the 317-key hotel at 2 Times Square. The 200,000-square-foot hotel has 317 rooms. The transaction would break down ...
  
  
• October 2023 New York Buildings For Sale
• Buildings for Sale: US Masters Residential Property Fund is looking to sell its 479-property portfolio piecemeal of largely one- to four-unit properties for $858 million. Blackstone stopped making payments in March 2022 on the $308 million CMBS loan backing 1740 Broadway, a 26-story office tower a block from Carnegie Hall, and gave the keys to the lender. CWCapital was appointed and is now planning to sell the note for the 621,000 SF tower. Extell Development is now asking $195 million for the triplex down from $250 million. The price of the 17,500-square-foot triplex or $11,100 per square foot. A $240 ...
  
  
• September 2023 New York Commercial Real Estate Market Report
• Office: New York City’s office demand index increased by 7.4% year-over-year. Office occupancy will increase to 55% to 65% by year-end and likely set a post-pandemic record. On the most popular midweek days it could trend over 80%. Office leasing has begun to rebound. Gross leasing volume is up 11.6% from this time last year, the fastest growth rate since mid-2021. New York’s office market remains challenged, as a result of the work-from-home policies that became popular during the pandemic lockdown. The office occupancy rate was just 48% the week of July 26th. Office landlords will take lease renewals over ...
  
  
• September 2023 New York New Developments
• Major Developments: Blackstone and Hudson Pacific Properties are joining with Vornado to build a new film studio on Manhattan’s West Side. Dubbed Sunset Pier 94 Studios, the project would be developed as a public-private partnership with New York City Economic Development Corp. The total investment from the three publicly traded firms will be about $350 million. The campus would span 266,000 SF with six soundstages. The development would feature a 1,850 SF amenity space, 25,000 SF of waterfront open space. Vornado has the long-term leasehold on Pier 94 and is providing the lease to the joint venture, in which it ...
  
  
• September 2023 New York Buildings For Sale
• Buildings for Sale: Vornado weighs sale of Farley building in quest for liquidity. The Farley Building which Vornado and Related Cos redeveloped from a former U.S. Post Office was leased to Meta Platforms, Facebook's parent company, in 2020 in a 730,000 SF, 15-year deal that was a bright light for the market during the worst of the pandemic. The Metropolitan College of New York is looking to sell two of its floors at an office building at 60 West Street. Metropolitan College has struggled since the pandemic, feeling a sizable drop in enrollment. Buildings Sold: Capital One is selling a ...
  
  
• August 2023 New York New Developments
• Major Developments: The value of commercial and multifamily construction declined by 31% year-over-year from January through June. 5 World Trade Center will be the first residential building at the World Trade Center. Gov. Kathy Hochul approved a deal to include 400 income-restricted apartments as part of a 1,200-unit tower. Margaritaville lenders go after El-Gamal and partners for $86 million debt after they triggered a bad boy guarantee by throwing the project into bankruptcy, and the investors are personally on the hook for $86 million in debt. El-Gamal and his partners, Flintlock Construction Services’ Andrew and Stephen Weiss, became personally liable ...
  
  
• July 2023 New York New Developments
• Major Developments: NYC office struggles no threat to tax revenue: Worst-case 40% value decline would decrease revenue up to 1.4% by 2027 The city would face a revenue shortfall of $323 million in fiscal year 2025 (which starts on July 1, 2024) if the value of office properties declines 40% from 2023 to 2029. By the time fiscal year 2027 rolls around, that shortfall would be projected to jump to $1.1 billion. That figure represents only 3% of the city’s property tax levy and 1.4% of its tax revenues. The city’s tax revenues may be slightly worse condition than suggested. ...
  
  
• July 2023 New York Buildings For Sale
• Buildings for Sale: Paramount Global, the parent company of CBS, is considering a sale of its broadcast center at 524 West 57th Street. Invesco is looking to sell its leasehold on 430 West 15th Street, a fully leased 100,000-square-foot converted parking garage, for $90 million, far less than the $150 million it paid Live Nation occupies all eight stories and 100,000 on a sublease it obtained from Palantir Technologies in 2017. Buildings Sold: Davean Holdings’ and Meadow Partners' sold a pair of Greenwich Village apartment buildings with 67 units to a European family for $50 million. Two walk ups at ...
  
  
• June 2023 New York Buildings For Sale
• Buildings for Sale: Premier Equities bought the hotel at 1141 Broadway in 2019, and is seeking around $60 million for the 10-story NoMad property. Three Nolita Veracity Equities are slated for a foreclosure auction as the firm struggles to repay a $41 million loan. 31 Prince Street, 46 Spring Street and 48 Spring Street are now more than 121 days delinquent. Appraised value has dropped from $66 million when the loan was issued in March 2018 to $49.5 million. All the properties are walk ups and have a combined 48 residential units, only six of which are rent-regulated and eight ...
  
  
• May 2023 New York Commercial Real Estate Market Report
• Manhattan Retail Market: Burberry rented a short term lease at 693 Fifth Avenue. This means the cash flow from the property is short of revenue to cover its $250 million loan. Burberry took 14,000 square feet of retail space, 15% of the property at 693 Fifth, paying just $372 annually per square foot, a third of the $1,144 that Valentino agreed to pay when it inked a 15-year lease in 2013. David’s Bridal layoffs target 14 New York stores including three locations in New York City: including 45 West 25th Street in Manhattan, Plaza 48 at 3460 48th Street in ...
  
  
• April 2023 New York Commercial Real Estate Market Report
• Office: Twitter listed 200,000 square feet of space up for sublease at its Chelsea offices. The connected buildings at 245 West 17th Street and 249 West 17th Street. Touro University at 3 Times Square adding 66K sf across two more floors bringing, total footprint in the tower to nearly 310,000 square feet. STV leased 65,000 square feet at 350 Fifth Avenue and will occupy the full 10th and part of the 11th floor. Asking rent for the 16-year lease was $69 per square foot. StubHub leased 3 World Trade Center and signed a 44,000-square-foot lease on the 59th floor of ...
  
  
• April 2023 New York New Developments
• Major Developments: Gov. Kathy Hochul dismissed doubts around Penn Station’s redevelopment and expansion, as the plan appears to be in trouble. The development is expected to yield 18 million square feet of commercial space and around 1,200 apartments. Vornado controls five of the eight development sites. State authorities approved a plan to partially pay for the redevelopment of the transit station, estimating that payments in lieu of taxes from private development could generate up to $3.75 billion for the project. The donut and coffee chain last year led the city in ubiquity again with 620 storefronts, five more than the ...
  
  
• April 2023 New York Buildings For Sale
• Buildings for Sale: 115 Seventh Avenue could sell for half the amount when Argentic Investment Management took control of the seven-story building at Seventh Avenue and 17th Street, hoping to get around $30 million. Gregg Singer is fighting Madison Realty Capital’s attempt to foreclose on the old P.S. 64 site and put the entity into bankruptcy protection a day before a foreclosure auction. Giving Singer one last shot at selling the property or refinancing the debt on it. JDS Development and the retail piece of 9 DeKalb Ave will hold onto condos. JDS Development has listed the 398-unit rental apartments ...
  
  
• 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 ...
  
  
• March 2023 New York Buildings For Sale
• Buildings for Sale: Related Companies’ fund management arm and BentallGreenOak are ready to walk away from the Point LIC, a small campus of converted warehouses in Long Island City, that sit mostly vacant after six years. BrightSpire Capital is looking to sell the non-performing loans, and the borrowers have agreed to hand the keys to the Point over to whoever buys the debt through a deed-in-lieu of foreclosure. The mortgages on the two buildings total around $150 million. The two properties: a 130,000-square-foot former oil storage warehouse at 2100 49th Avenue, dubbed the Paragon Building, and a 220,000-square-foot building across ...
  
  
• February 2023 New York Commercial Real Estate Market Report
• Office: The amount of available office space has increased almost 70% since the onset of the pandemic to 91.4 million square feet. After 2.8 million square feet of negative net absorption in the fourth quarter, net absorption since the start of the pandemic now stands at negative 37.6 million square feet. Asking rents for Class A space in Manhattan averaged $81.51 per square foot in the fourth quarter, up slightly from a year ago. Net effective rents are down after factoring in concessions. Tenants in the TAMI are increasingly upgrading to newer spaces. While 37% of companies in those fields ...
  
  
• February 2023 New York Buildings For Sale
• Buildings for Sale: Chetrit to pay off the floating-rate loan $481 million. The Chetrit Group is facing default on a $481 million loan, covering 43 properties that the developer is now looking to sell. APF Properties is looking to sell its plot at 24 West 57th Street, for north of $80 million. As a development site, the property holds about 140,000 square feet of buildable space as of right. Maverick sues Chetrit over unfinished Penn Station hotel. Lender alleged the developer neglected matured loans, didn’t complete the project. Maverick Real Estate Partners sued for the second time going after the ...
  
  
• January 2023 New York Commercial Real Estate Market Report
• Office: AECOM renewed its lease at 100 Park Avenue, but renewed for only 45,000 square feet from 108,000 square feet. Asking rent for the space was $65 per square foot. Crowell & Moring leases 71,000 sf at Brookfield's Two Manhattan West. GameChanger signed a 25,000-square-foot lease at 124 East 14th Street aka Zero Irving. The company will occupy the 17th and 18th floors. Asking rents started at $120 per square foot. Pandora takes 27,000 sf at 1540 Broadway. The asking rent on the 15-year lease at the former Bertelsmann Building was $82.00 per square foot. CompStak signed a five-year lease ...
  
  
• January 2023 New York New Developments
• Major Developments: The Mayor and the Governor laid out initiatives to future-proof New York, including 40 proposals aimed at increasing the housing supply and making business districts more attractive. The city and state will push to increase mass transit options and housing around employment hubs to cut commute times. Other proposals include removing the cap on the residential floor area ratio as well as allowing accessory dwelling units. New York’s Emergency Rental Assistance Program will finally shutter Jan. 15. ERAP provided eviction protection despite running out of rent aid, resulting from a lawsuit settlement Non paying tenants to delay eviction ...
  
  
• January 2023 New York Buildings For Sale
• Buildings for Sale: Quarters into bankruptcy, the co-living firm’s flagship property in Williamsburg has hit the market. Developer David D. Dweck is looking to sell the 160-bedroom, 62,600-square-foot campus on North 6th Street between Bedford and Driggs Avenues for $65 million. Fred Ohebshalom is under pressure from Stillwater Asset Management who is looking to foreclose on the nine-story office building at 226 East 54th Street after purchasing the building’s debt. 180 Nassau Street is facing foreclosure after Pink Stone allegedly failed to service the debt 103-unit apartment building. Ezra Unger is once again facing foreclosure at 427 Marcy Avenue as ...
  
  
• December 2022 New York Commercial Real Estate Market Report
• Office: Jay Suites signed a 60,000-square-foot lease in Chelsea at 159 West 25th Street at $30 per square foot. WeWork will close another 40 locations, or about 41,000 desks. 71% of WeWork’s locations are occupied. David Zwirner Gallery signed a 36,000-square-foot lease at 520 West 20th Street. Retail: Annual rents for Upper Fifth Avenue stores averaged $2,000 per square foot, up 14% from pre-pandemic levels. and remain 6% below pre-pandemic levels. Retail availability dropped nearly a full percentage point year-over-year to 5% last quarter. It was the lowest level of availability. New York City is pushing for even more shopping ...
  
  
• December 2022 New York New Developments
• Major Developments: Silverstein Properties, BedRock Real Estate Partners and Kaufman Astoria Studios have come to terms with the City Council for approval of a controversial megadevelopment in Queens. The $2 billion Innovation QNS will bring about 3,200 apartments to Astoria, 45% of them affordable. The agreement calls for 1,436 affordable units including 500 for households earning 30% of the area median income and 157 for homeless people. Related Companies and Sterling Equities will develop a 25,000-seat soccer stadium for the New York City Football Club at Citi Field and is expected to arrive by 2027 for the NYCFC squad. The ...
  
  
• November 2022 New York Buildings For Sale
• Buildings for Sale: Stefan Soloviev is negotiating to sell 9 West 57th Street and is finalizing an agreement to sell the prestigious office tower. The 50-story, 1.6 million-square-foot building, was last appraised in July 2016 at $3.4 billion, or over $2,000 per square foot. LoanCore Capital filed a lawsuit against a joint ownership venture at 111 East 59th Street, which includes Dune Real Estate Partners and Puma Construction Corporation. The lender alleged the owners defaulted on $193.4 million in loans and is calling for the forced sale of the retail and office property. Proceeds from a forced sale would go ...
  
  
• 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 2022 New York Buildings For Sale
• Buildings for Sale: Aman Group is looking to sell the hotel portion at the f Crown Building. One person familiar with the matter said the hotel could fetch $600 million. The deal would be structured with a manage-back clause, retaining Aman as operator of the property. UBS seeks $125M for UES apartment tower 408 East 92nd Street for somewhere between $120 million and $125 million, Developed in 2004, the building has an affordability agreement, set to expire in 2026, that subjects 20 percent of its 196 units to rent stabilization in exchange for the 421a property tax abatement. Madison Realty ...
  
  
• September 2022 New York Commercial Real Estate Market Report
• Retail: Bed Bath & Beyond is closing hundreds of stores and laying off a large percentage of its workforce. About 150 of its lower-performing stores would be closed in the near future, marking a footprint reduction of about 16% of its 955 stores. Free People, an Urban Outfitters subsidiary, is responsible for more than $13 million in back and future rent at 58-60 Ninth Avenue. Mayor Eric Adams announced a crackdown on abandoned dining sheds. The mayor believes that sheds are dangerous or a haven for rats, and he wants to root out those who use the sheds for illegal ...
  
  
• August 2022 New York Commercial Real Estate Market Report
• Office: Business leaders have started to accept that remote work is here to stay. IBM CEO Arvind Krishna recently said that only 60% of workers for the company would ever return to the office. JPMorgan Chase CEO Jamie Dimon, once a staunch advocate of in-person work, also altered company policies this year, while recognizing remote work’s staying power. Meta, Amazon pulling back on New York Office plans and are cutting back on expanding their office footprints in New York. Meta decided not to take an additional 300,000 square feet of space at 770 Broadway. Meta is also pausing a plan ...
  
  
• August 2022 New York New Developments
• Major Developments: Manchin-Schumer deal closes real estate tax loophole Package would raise taxes on carried interest, including developers’ “promotes. The senators’ plan would raise taxes on carried interest by about $14 billion, presumably by treating it as ordinary income rather than as a capital gain. Gov. Kathy Hochul and Mayor Eric Adams came to an agreement over how the city will collect property taxes from the 18 million square feet of construction planned on sites surrounding the station. The city will continue to collect the property taxes it receives now on the development sites, increasing by 3% each year. It ...
  
  
• July 2022 New York Commercial Real Estate Market Report
• Office: An analysis predicted that by 2029, the city’s office stock will drop in value by 28%, or roughly $49 billion, due to lease revenue falling and remote work rising further. Office value declines could cost the city $600 million in annual property tax revenue. The city’s office market has a vacancy rate of 16%, while the sublease vacancy rate is 5%; both are higher than they were during recent economic crises. The widespread increase in permanent hybrid work situations spurred a recent lift in the sublease market. Sublease space available in Manhattan was more than 20.2 million square feet, ...
  
  
• July 2022 New York New Developments
• Major Developments: The state advanced the $7 billion redesign of Penn Station, The state will begin accepting bids from architecture and engineering firms for the redesign of the station. Proposals are due in July and a winner will be selected in the fall. J-51 joins 421a in the graveyard of real estate benefits as The decades-old tax exemption program J-51, which incentivized landlords to renovate apartment buildings expired on June 29. Rent board approves first full-year, post-Covid hike of 3.25%. Landlords and tenants, both unhappy with vote, say reform is needed to the chagrin of both sides, the Rent Guidelines ...
  
  
• July 2022 New York Buildings For Sale
• Buildings for Sale: Industrial real estate investment volume rose by 31% year-over-year to $1.8 billion. This followed a record-setting fourth quarter of 2021, during which investment volume doubled year-over-year to $5.2 billion and nearly a third of the year’s transactions were completed. The tri-state area had a record $10.6 billion in industrial real estate deals last year, a 64% increase from the previous year. New York City had almost $3.6 billion in industrial real estate investment volume last year, with Queens experiencing a nearly 50% year-over-year increase to nearly $1.5 billion. RXR and the Blackstone Group are marketing 1330 Sixth ...
  
  
• June 2022 New York Commercial Real Estate Market Report
• Office: Tiffany & Co. trims HQ office lease to a 10-year extension for its office at 200 Fifth Avenue from 400,000 square feet to 287,000 square feet, lopping off almost a third of its footprint. Blackstone is considering either expanding at 345 Park Avenue or moving and renting 1.5 million square feet. HSBC grabs 265,000 sf at Tishman Speyer’s Spiral. HSBC is expected to move into Hudson Yards skyscraper by January 2024. Macquarie Group signed a 220,000 SF lease to be the first tenant at 660 Fifth Avenue. Wellington Management is planning 71,000 RSF at 799 Broadway. Empire BlueCross BlueShield ...
  
  
• June 2022 New York New Developments
• Major Developments: 689 new building permits were filed in the first quarter, an increase of 69.3% from a year ago. The number of building filings represented the highest volume for a quarter since 2014. Roughly 23.3 million square feet is planned, 300% higher than the first quarter of 2021. The amount of residential units, slightly more than 20,000, is up more than 500% year-over-year. The planned square footage is down 25.6% from the fourth quarter and planned residential units were down by 4,000 units. Eric Adams said the DOB should “roll out the red carpet” for building professionals. The mayor, ...
  
  
• June 2022 New York Buildings For Sale
• Buildings for Sale: Vornado hopes to sell 40 Fulton Street for $130 million and $140 million. The REIT’s 1980s-era office property at 40 Fulton Street in the Financial District is for sale, a 29-story building. Oceanwide Holdings has lost control of a Manhattan development site where it planned to build a 1,500-foot skyscraper at 80 South Street. Buildings Sold: Host Hotels & Resorts sold the Sheraton New York Times Square Hotel, a 1,780-room hotel, located at 811 7th Avenue to MCR Investors for $323 million. RFR Holding and Penske Media Corporation finalized the $290 million purchase of 475 Fifth Avenue. ...
  
  
• May 2022 New York Commercial Real Estate Market Report
• Office: Chase rents 8.7 million square feet in the city. Chase is trying to sublease 700,000 square feet at 4 New York Plaza in the Financial District and 100,000 square feet at its Hudson Yards office, 5 Manhattan West. The national office vacancy rate is already 12.2%, the highest of the pandemic. It’s up from 9.6% at the end of 2019. About 243 million square feet of office leases are set to expire across the country in 2022. Lease expirations are projected to exceed 200 million square feet in each of the following three years as well. Tenants are negotiating ...
  
  
• May 2022 New York Buildings For Sale
• Buildings for Sale: SL Green Realty has to sell its $120 million stake in Times Square’s Crowne Plaza hotel, after a judge ruled that investor Andrew Penson has the right to buy it. SL Green and Argent Ventures are fighting over control of the land underneath the 795-room hotel at 1601 Broadway, which is in default on its $330 million mortgage. Brookfield Asset Management and China Investment Corporation are selling One New York Plaza, their 50-story office building in the Financial District. Nightingale Properties is selling 300 Lafayette Street. Bids on the property, which features 63,000 square feet of office ...
  
  
• April 2022 New York Commercial Real Estate Market Report
• Office: Developers have started office projects totaling 2.1 million square feet since the beginning of 2021, well below the 3.2 million square feet of office construction starts in 2019 and the 5.7 million square feet of office construction starts in 2020. There are 19 million square feet of office construction underway in Manhattan. Deliveries are expected to surpass supply in both 2022 and 2023, increasing the supply of office stock by 4%, after that, however, office deliveries will likely begin to fall off in 2024, a decline that may continue through 2027. Many office tenants appear to be ready to ...
  
  
• April 2022 New York New Developments
• Major Developments A New York state bill would change disclosure rules for limited liability companies, requiring them to disclose “beneficial owners,” defined as those who have a membership interest in the LLC on the LLC’s annual tax returns, and that the Department of State assign each beneficial owner an identification number that would appear in a database along with the LLCs tied to that person. City Council Committee revealed an influx of filings for eviction and the moratorium was lifted, threatening to overwhelm legal aid providers. The flood of eviction cases could swamp the court system. Courts have turned to ...
  
  
• April 2022 New York Buildings For Sale
• Buildings for Sale: Sapir is selling 260 and 261 Madison Avenue for about $600 million. The two office properties span close to 1 million square feet and are approximately 80% leased. Simon Development and BPG, are selling the 43-story, 466-unit Alta+ complex at 29-22 Northern Boulevard in Queens. The building is 97% occupied. Blackstone Firm hands over keys to 1740 Broadway. Office property’s $308M loan transferred to special servicing. Bank Leumi is seeking to foreclose on a $120 million loan on Seaport Residences (aka One Seaport), a planned 60-story condo tower that has long been plagued by the building’s tilt: ...
  
  
• March 2022 New York Commercial Real Estate Market Report
• Office: Tech companies leased 76% more space year-over-year in the last three quarters of 2021. Santander Bank is relocating its headquarters to WeWork and subletting 160,000 square feet at 437 Madison Avenue. Hermès inked a lease at 550 Madison Avenue. The brand signed a three-floor, 71,757-square-foot lease relocating from 55 East 59th Street. Mutual of America Financial Group signed a lease for 252,000 square feet it already occupies. A year before the company brought in a joint venture partner to co-own the 766,000-square-foot property. First Service Residential took 48,000 square feet at the Midtown building across the ninth and 10th ...
  
  
• February 2022 New York Commercial Real Estate Market Report
• Retail: Manhattan’s retail market is slowly making a comeback. Last quarter aggregate leasing velocity rose to about 1.86 million square feet. The figure is up 17% from the prior quarter, but still 14% below the prior year.The number of direct ground-floor availability in the fourth quarter decreased to 266 spaces from the 282 recorded in the third quarter, across the 16 retail corridors. On Broadway in SoHo, availability dropped 24% from 25 to 19 spaces. The average retail asking rent in those 16 retail corridors dropped about 1% to $597 per square foot or 8% below the prior year. This ...
  
  
• January 2022 New York Commercial Real Estate Market Report
• Office: Core Club signed a 20-year lease to take up to 60,000 square feet at 711 Fifth Avenue. The club is expected to take occupancy late next year, after outgrowing its 32,000-square-foot space at 60 East 55th Street. Touro College is consolidating its scattered Manhattan footprint in the heart of Times Square. The private university system has signed a 32-year lease for 243K SF at 3 Times Square tower. Touro intends to relocate much of the graduate and undergraduate programming at its three Manhattan locations. Bloomberg LP agreed to take an additional 191,000 square feet at 919 Third Avenue. Bloomberg ...
  
  
• January 2022 New York New Developments
• Market Overview: The Terminal 1 project at John F. Kennedy International Airport is ready to take off with a new $9.6 billion price. The terminal has been restructured, moving forward after a two-year delay. A consortium led by the Carlyle Group along with Johnson Loop Capital Infrastructure and Union Labor Life Insurance Company will finance the development, which is now expected to break ground in mid-2022. The latest cost estimate includes $7.2 billion for design and construction and $2.3 billion in “financing and other costs.” The new Terminal 1 will include 23 international gates across 2.4 million square feet, spanning ...
  
  
• January 2022 New York Buildings For Sale
• Buildings for Sale: All Year Holdings has filed for Chapter 11 bankruptcy with $1.6 billion in debt. The filing in Manhattan federal court came a day after the company discovered a $37.8 million confession of judgment was entered by Yoel Goldman, its troubled founder and sole owner, without the approval of All Year’s board. The company has $1.17 billion in assets, including 69 commercial units and 1,648 residential units. It has about $1.6 billion in outstanding debt, consisting of $800 million in bonds issued in Israel and about $760 million in property-level mortgage debt. Brookfield Asset Management is looking to ...
  
  
• December 2021 New York Commercial Real Estate Market Report
• Retail: Black Friday no longer appears to be the saving grace of retailers. Retail traffic dropped 28.3% from 2019. International flight bookings to NYC for the month were down 45% from 2019 levels but should increase as President Biden is now allowing vaccinated international travelers to come to the US. CVS Health is shutting almost 1,000 stores in the next three years as it looks to develop new health care outlets. They will close approximately 300 stores on an annual basis in the next three years, one-tenth of CVS’ 10,000-store retail footprint. Tourneau, signed a lease for about 3,500 square ...
  
  
• 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 ...
  
  
• December 2021 New York Buildings For Sale
• Buildings for Sale: 740 West End Avenue, a 14-story, 135,000-square-foot, pre-war apartment building, is owned by Wolk Properties. The property has six commercial units and 95 residential units, 57 of which are rent-stabilized, averaging approximately 1,000 square feet. Madison Capital and Lubert-Adler Partners are looking to sell the leasehold interest on 71 Fifth Avenue. The property could fetch as much as $150 million. 8 Spruce Street, a 76-story highrise, are seeking north of $850 million. Brookfield Property Partners and Nuveen. 5 East 59th Street, a nine-story, mixed-use building, is facing foreclosure by a Singaporean investment bank. PWM Property Management filed ...
  
  
• November 2021 New York Commercial Real Estate Market Report
• Office: The Durst Organization signed Venable LLP for a 15-year lease for nearly 158,000 square feet, at One Five One, formerly known as 4 Times Square. Prospective tenants are looking for 6.5 million square feet of office space up 64% from the first quarter of this year. Crédit Agricole’s 167,000-square-foot relocation within 1301 Sixth Avenue. BDO USA’s 143,000-square-foot lease at Tishman Speyer’s 200 Park Avenue. Interpublic Group of Companies 514,000 square feet at 100 West 33rd Street. Fried, Frank, Harris Shriver & Jacobson 400,000 square feet at 1 New York Plaza. City of New York 313,000 square feet at 60 ...
  
  
• November 2021 New York Buildings For Sale
• Buildings for Sale: A CMBS trustee filed to foreclose on the loan on the defaulted loan secured by the 470 Broadway property citing $22.9 million in debt. The debt consists of $18 million in unpaid principal, $2.6 million in unpaid interest and $2.3 million in protective advances. Thor was delinquent on a $105 million loan at 597 Fifth Avenue, after missing payments in August and September 2020. PBC is seeking a buyer for its 865,000-square-foot building at 452 Fifth Avenue where HSBC’s New York office is located. The building is expected to go for at least $850 million, or $982 ...
  
  
• October 2021 New York Commercial Real Estate Market Report
• Retail: Most restaurateurs across New York City have sought to maximize their space under the city’s Open Restaurants rules, which allows eateries to place seating on sidewalks and in roadways. Landlords can, however, control and monetize the space on their property, and new tenants are gunning for as much outdoor space as possible. Sears is set to close its final New York City location after 89 years on November 24th. Jokr, aims to get consumers everything from a single ingredient to a full grocery haul within 15 minutes. To meet this logistical challenge, these companies need a lot of real ...
  
  
• October 2021 New York New Developments
• New Developments 2 World Trade Center is looking for an anchor tenant, which would be required for a construction loan. Norman Foster of Foster + Partners would serve as the architect on the project. Landlords are ready to fight over whether the city should regulate retail and office rents. The City Council’s Committee on Small Business is planning a hearing on a bill to create a rent guidelines board that would limit rent increases on small commercial spaces. The board would have jurisdiction over small retail and office spaces, up to 10,000 square feet, as well as manufacturing establishments up ...
  
  
• October 2021 New York Buildings For Sale
• Buildings for Sale: The retail condo at 808 Broadway and 104-110 Fourth Avenue is for sale, asking $15.95 million. Halloween Adventure has been operating from the building since 1996, but the store will close up shop after the sale. Three retail condominiums at 385 First Avenue are up for sale for $29 million. Rialto Capital is foreclosing on 33 West 46th Street, a 10-story office and retail building in the Diamond District. The property belongs to the estate of Jorge Justo Neuss, an Argentinian businessman who authorities said killed his wife and then himself late last year. Buildings Sold: Google ...
  
  
• September 2021 New York Commercial Real Estate Market Report
• Retail: In January 2020, Fendi and Berluti inked leases at 595 Madison Avenue after Coach left. Hermes, Giorgio Armani and Brunello Cucinelli are also planting a flag in or increasing their footprints in the area. Toys ‘R’ Us is planning a large-scale comeback with the help of retailer Macy’s. Toys ‘R’ Us is set to bring more than 400 shops within Macy’s department stores, across the country, starting next year. Madison Avenue retail from 57th Street to 72nd Street is only seeing 71% of its 2019-foot traffic. Upper Fifth Avenue is at 92% of its 2019 levels. Soho foot traffic ...
  
  
• September 2021 New York New Developments
• New Developments New York City has a 10.5% unemployment rate, almost twice the national average. The city has lost around 500,000 jobs since the start of the pandemic that have yet to be replaced. Mayor Bill de Blasio announced that the vaccine mandate would begin on August 17 and require many indoor businesses to check for proof of vaccination before allowing patrons to enter. At that point, penalties for compliance failure will begin at $1,000 and can rise to $5,000 for repeat offenders. 63% of the city’s population is at least partially vaccinated, with 56% of the population fully vaccinated. ...
  
  
• September 2021 New York Buildings For Sale
• Buildings for Sale: Edison Properties, which manages the storage provider, is working with Eastdil Secured to find a buyer. The company may be the largest market among Manhattan storage providers. The leasehold for 587 Fifth Avenue, a 10-story, mixed-use building between 47th and 48th Streets, is asking $36 million. Infinity Collective holds the ground lease. The building has 4,000 SF retail and 38,600 square feet of office space. It is 66% leased. The ground lease runs through August 2079, and annual payments rise in fixed steps from $655,000 today to $750,000 in 2036, then drops to $600,000 from 2041 on. ...
  
  
• August 2021 New York Buildings For Sale
• Buildings for Sale: A vacant Lower East Side lot is on the market for $2.49 million. The lot allows for the building of either 4,271 square feet or parking for six cars. Buildings Sold: Andrew Farkas purchased the Lexington Hotel for $185 million. The Midtown hotel had sold for $333.7 million a decade ago. It is set to reopen next month. The seller was DiamondRock Hospitality. SL Green acquired the fee interest in 461 Fifth Avenue, a 200,000-square-foot office building in Midtown South for $28.3 million. The seller, an affiliate of Karp Family Associates, was Lane Owner LLC. SL Green ...
  
  
• July 2021 New York Commercial Real Estate Market Report
• Office: In the depth of the pandemic last year, a majority of New York City office tenants facing lease expirations did not want to commit to a long-term deal. Instead, they opted for shorter extensions. The number of short-term renewals, a deal shorter than five years, was up 46% in 2020 compared to the year before. Almost 20% of Manhattan office space is up for rent, up to about 80 million square feet of space either unrented or for sublet. About a third of commercial leases are to expire in the next three years. Only a fifth of workers are ...
  
  
• June 2021 New York Commercial Real Estate Market Report
• Office: Companies that listed their offices for sublease are now pulling them off the market. At least 589,000 square feet of space that was offered for sublease has been delisted. Subleases now account for 30% of total vacant office space. 3.5 million square feet of office space was offered for sublease in the first quarter of the year, compared to 4 million square feet in the fourth quarter of 2020, and 4.6 million square feet in the third quarter of that year. Average asking rent was $72.97 a foot, down 0.4% from March and 8.3% from a year ago. Net ...
  
  
• June 2021 New York Buildings For Sale
• Buildings for Sale: A Williamsburg assemblage once slated for an office and retail development is on the market for $65 million. The parcel at 87 Wythe Avenue is a combination of a 37,000-square-foot renovated retail space and 22,400 square feet of vacant land, which could give way to a 53,000-square-foot building. Billionaire investor Ron Burkle and hotelier Andrew Zobler, the owners of the NoMad Hotelare, are facing a foreclosure on their equity in the hotel at 1170 Broadway. This is the second time that Burkle and Zobler have faced foreclosure on the property, which they control via a ground lease. ...
  
  
• May 2021 New York Buildings For Sale
• Buildings for Sale: The $19.5 million loan on the 72-key hotel at the Mave Hotel at 62 Madison Avenue has been sent to the special servicer. The loan is now more than 90 days past due. Buildings Sold: HFZ Capital Group and the Marble Collegiate Church have lost control of their NoMad joint venture. Mezzanine lender Vanbarton Group took control of the development site at Fifth Avenue and West 29th Street, where the church has stood since 1854, in a UCC foreclosure auction. 604 Fifth Avenue sold to the Japanese snack chain Minamoto Kitchoan for just under $45 million. The ...
  
  
• April 2021 New York Commercial Real Estate Market Report
• Office: As Covid vaccinations bring a return-to-office closer to fruition, more companies are expecting to reduce their real estate footprints. 21% of company executives expect to reduce their office space in the next 12 months, up by 3% points from the third quarter. Total office leasing was also 43% lower than the 2020 monthly average volume of 1.58 million square feet.in 2020. Nearly half of companies expect that employees will be back in offices by September. As of early March, just 10% of Manhattan office employees have returned to the workplace. Some believe the trend of working-from-home or work-from-anywhere is ...
  
  
• April 2021 New York New Developments
• New York New Developments Gov. Andrew Cuomo has signed a measure that expands commercial eviction and foreclosure protections for some small businesses until May. Saadia Group, Lord & Taylor’s new owner, has found a new headquarters at 275 Madison Avenue. The proposed development at 250 Water Street will look a bit different from what the developer originally envisioned. A revised design will shrink the project’s size by about 27%, from 757,000 square feet to 550,000 square feet. The tallest building will be reduced in height from 470 feet to 345 feet. The Down Town Association, lower Manhattan’s oldest social club ...
  
  
• March 2021 New York Commercial Real Estate Market Report
• Manhattan Office: Office subleases increased to 29 million square feet, well over the 27 million square feet recorded during the financial crisis in 2009. The office availability rate rose for the eighth consecutive month to a record-high of 14.9%, up 0.6% points from the previous month of 4.9 points from a year ago. Leasing volume was 1.9 million square feet, but still 47% below the pre-pandemic monthly average. The average asking rent declined for the seventh consecutive month to $73.65 per square foot per year, the lowest average since April 2018. Only about 14-15% of employees were in their New ...
  
  
• March 2021 New York New Developments
• New York New Developments New York’s moratorium on commercial evictions and foreclosures and a bill to replace it has hit a roadblock. The current ban from March 2020 moratorium on commercial evictions and foreclosures, which he has repeatedly extended. The latest extension, through a Jan. 23 executive order, prevents those actions from taking place until Feb. 22. But Cuomo has yet to take action on legislation that would make the ban semi-permanent. The state Senate proposed a bipartisan commission to review Cuomo’s orders, and Assembly Democrats have also called for the revocation of those powers. The rate of positive Covid ...
  
  
• February 2021 New York Commercial Real Estate Market Report
• Manhattan Office: Manhattan’s office availability hit a record high of 14.3%, 16.3% higher than the third quarter and up 43% from a year ago. A big chunk of that 24.2% was sublet inventory, which expanded by 6.45 million square feet in the past year. Overall, the pandemic left a large scar in Manhattan’s office market in 2020, reducing the annual leasing volume to 18.9 million square feet, down by 56% from a year ago. Leasing Sublease space in Manhattan’s office market continued to grow in the last quarter of the year, and has now reached the highest level this century. ...
  
  
• February 2021 New York New Developments
• New York New Developments Real estate leaders in New York have admitted that there’s a long road ahead before things return to normal or a new normal. WeWork recently exited four locations in Midtown, Soho and the Meatpacking District. Knotel declared bankruptcy. Gov. Andrew Cuomo is pushing a plan to get employees back in office buildings and office landlords are on board. Cuomo announced that rapid testing would be used in state-designated orange zones to open office buildings, along with restaurants and theaters. He said that major commercial operators with space totaling more than 100 million square feet have already ...
  
  
• January 2021 New York Commercial Real Estate Market Report
• Manhattan Office: Breather, the flexible office provider, is to close all of its locations, totaling more than 400 across the U.S., Canada and the U.K. Deutsche Bank could move up to half of its Manhattan employees to smaller U.S. hubs in the next five years, as it plans a major building downsize. The potential move could be another blow to Manhattan’s hobbled office real estate market. Deutsche is in the process of relocating from its 1.6-million-square-foot office at 60 Wall Street to a 1-million-square-foot building at Time Warner Center in Columbus Circle. The new location has workspaces for 4,200 people, ...
  
  
• January 2021 New York Buildings For Sale
• Buildings For Sale: HFZ Capital Group is in danger of losing another project in its embattled development portfolio. Ziel Feldman’s firm is facing foreclosure on the mezzanine position at a NoMad development site where it plans to build a 600,000-square-foot office tower. HFZ’s site consists of eight parcels on the block between Fifth Avenue and Broadway between 29th and 30th Street, with another under contract. With additional air rights and a bonus for a public plaza, the assemblage has a total of 617,167 square feet of development rights. Buildings Sold: The Seidman Family sold a 12,590-square-foot mixed-use building at 128 ...
  
  
• December 2020 New York New Developments
• New York New Developments The planned redevelopment of the Grand Hyatt Hotel could consist of a supertall tower rising more than 1,600 feet. The development at 109 East 42nd Street is tentatively called the Project Commodore. The proposed building would have 2.1 million square feet of office space, a 500-room hotel, around 10,000 square feet of open-air public space with 43,370 square feet of retail. Vornado Realty Trust has suspended its efforts to sell two office towers that it co-owns with the Trump Organization. They had been looking for a buyer for its 70% stake in the buildings, located at ...
  
  
• December 2020 New York Buildings For Sale
• Buildings For Sale: Thor Equities has missed two months of payments on a loan tied to the Charles Scribner’s Sons Building in Midtown. Thor is now 60 days delinquent on a $105 million loan at 597 Fifth Avenue. The owner of a five-story commercial building in Tribeca has filed for bankruptcy, facing foreclosure and $23 million in debt. CTW Realty owns the 18,300-square-foot building at 381 Broadway through an entity, 381 Broadway Realty, which filed for Chapter 11 protection. Their lenders have been trying for more than two years to foreclose on the property for default, but can’t proceed now ...
  
  
• 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 ...
  
  
• November 2020 New York New Developments
• New York New Developments Tourism in NYC has fallen by 80% and nearly 9 in 10 office employees are still working remotely. The New York City Employees’ Retirement System ramped up its exposure only to see it underperform the stock market by $260 million and rack up at least $110 million in fees between 2016 and 2019. The pandemic has shaved $16 billion off projected construction spending in 2020 and 2021. The New York Building Congress estimates spending will reach $55.5 billion this year, down from the $65.9 billion previously forecasted. Next year, spending will be just about flat at ...
  
  
• November 2020 New York Buildings For Sale
• Buildings For Sale: Four New York Plaza, a 22-story, 1.1-million-square-foot office building in the Financial District, is for sale. The current owners, Edge Fund Advisors and HSBC Alternative Investments, purchased the property in 2012 for $270 million and could sell it for $300 million. Brookfield Asset Management is looking to sell its life-sciences real estate portfolio for around $3 billion. The investment company is marketing the 2.3 million-square-foot portfolio. A 12-story building in New York’s Diamond District has hit the market for $113 million. The building at 576 Fifth Avenue contains both retail space on the lower levels and office ...
  
  
• 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 ...
  
  
• September 2020 New York Commercial Real Estate Market Report
• Manhattan Office: Manhattan Office leasing was 2.39 million square feet, a sharp increase from June but less than ½ from a year ago Leasing was driven by renewals, including several short-term extensions. Net sublet availability went up by nearly 1 million square feet, reaching 22% of total availability. Manhattan has yet to see a widely expected increase in sublet availability. Monthly absorption was negative 2.25 million square feet as new office construction came online, and the average asking rent went down by 0.4% since June to $79 per square foot. Of New York City’s major employers, only 8% of their ...
  
  
• September 2020 New York New Developments
• New York New Developments The Metropolitan Transportation Authority plans to cut service by 40% if Washington does not send $12 billion in federal aid, crippling the city’s chances to come back from the pandemic. The timeline for the overhaul of John F. Kennedy International Airport will likely be pushed back years because of plummeting passenger demand. Passenger volume is down 85%, and officials warn that passenger numbers might not match last year’s level of nearly 62 million passengers until 2023. July was the slowest month of the year for large construction applications. The total size of the 10 biggest projects ...
  
  
• September 2020 New York Buildings For Sale
• Buildings For Sale: Pace University is looking to sell part of its Lower Manhattan campus near the Brooklyn Bridge. The school has come to market with One Pace Plaza East, a 462,500-square-foot, 18-story tower that houses dorms, classrooms and a library. The property could get $300 million, or $350 per square foot. 831, 835 and 837 Madison Avenue are on the market for sale. The buildings contains total 34,000 feet and are between East 69th and 70th streets. Buildings Sold: Jeff Sutton quietly sold the majority of his stake in the retail portion of the Crown Building on 57th Street. ...
  
  
• August 2020 New York Buildings For Sale
• Buildings For Sale: 22 West 35th Street, a 4,340 RSF building asking $22,800,000 209 West 20th Street is a 12 story free market apartment building asking $9,500,000 152 West 24th Street is a 2,468 RSF building asking $6,800,000 57 West 38th Street is a retail condo 9,500 SF on ground floor and basement asking $12,500,000 10 West 46th Street is a commercial condo 4,915 SF asking $5,200,000 91 East Broadway Hotel for sale 15,113 SF asking $20,000,000 420 Fifth Avenue commercial condo 18,003 RSF asking $21,500,000 62 Mulberry Street, a 44,160 RSF parking garage for sale asking $18,500,000 Buildings Sold: ...
  
  
• July 2020 New York New Developments
• New York New Developments WeWork is considering ditching its co-living business and is working with an adviser on options to hand over operations of its two communal living locations in New York City and outside Washington, D.C. Topshop shuttered its 608 Fifth Avenue store and Vornado Realty Trust has turned over control of the property at 608 Fifth Avenue to the Korein family, which owns the ground under the building. City Council members are fighting Mayor Bill de Blasio’s proposed cuts to the city’s capital budget, saying it will mean a loss of 21,000 affordable apartments over the next few ...
  
  
• April 2020 New York New Developments
• New York New Developments Gov. Andrew Cuomo barred all employees of non-essential businesses from reporting to work, and laid out what amounts to shelter-in-place rules for New Yorkers, though he avoided the phrase. The order exempts food businesses and others deemed essential. After saying he will halt all residential and commercial evictions for 90 days, Cuomo noted that landlords would have a hard time renting out vacant apartments anyway, and real estate agents can’t show apartments under the new workforce rules. About $20 billion in retail property loans are coming due, and it’s unclear how much of that debt will ...
  
  
• 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 ...
  
  
• March 2020 New York New Developments
• Major Developments: Cosi has filed for Chapter 11 for the second time in four years. The company has locations across the U.S. Modell’s Sporting Goods is renegotiating leases in more than 150 locations across 10 states. They sent letters to 19 landlords pleading with them to “dig deeper” so the retailer can avoid filing for bankruptcy. The latest proposal to expand Penn Station includes buying a full city block to the south for an entirely new terminal with eight tracks. The governor now has sights on West 30th and West 31st streets between Seventh and Eighth avenues for the “Empire ...
  
  
• February 2020 New York Commercial Real Estate Market Report
• Total Manhattan office leasing activity was up 2.9% from last year, reaching 42.97 million square feet and up 28.4% above the ten-year average. Average asking rents dipped slightly to $78.75 at the end of the year, following a few large above-market deals. Midtown South had 16.41 million square feet in leasing activity, a 14.5% increase from 2019. With an overall average asking rent of $76.70. Midtown office leasing hit a new all-year high with 2,750,000 square feet in leases signed, up 58% year-over-year. Availability rate of 11.3%, with base rent average fell by nearly $2 to $87.003. Facebook’s 1.5 million-square-foot ...
  
  
• February 2020 New York New Developments
• Major Developments: Amazon leased a warehouse in Staten Island containing 450,000 square feet next to the 855,000-square-foot distribution center in 2017. The new warehouse will focus on last-mile deliveries. Gulliver’s Gate, the miniature-landscapes attraction finally closed its location at 229 West 43rd Street. The two-and-a-half year old company filed for bankruptcy with a plan to restructure its business, which reportedly struggled under the weight of its $5.7 million annual rent. Uncommon Schools signed a deal to take around 42,000 square feet at Rudin Management’s 55 Broad Street. The 15-year lease covers the second and third floors at the 30-story tower. ...
  
  
• January 2020 New York Commercial Real Estate Market Report
• The office leasing scene maintained momentum with just under 2.2 million square feet of deals in the ten largest leases. Facebook’s 1.5 million-square-foot lease at Hudson Yards accounted for more than half of that total. Facebook signed a lease at 30, 50 & 55 Hudson Yards for 1,500,000 square feet. The landlord is Related Companies. Dentsu Aegis Network signed a 15-year lease at 341 Ninth Avenue for 320,000 square feet. The landlord is Tishman Speyer. Morgan Stanley signed a new deal to expand its existing lease at 1 New York Plaza for 90,000 square feet. The landlord is Brookfield. New ...
  
  
• January 2020 New York New Developments
• Major Developments: New York City’s hotel inventory includes 113 new developments to open in the next few years, with just over half located outside Manhattan. New York’s hotel inventory will reach 144,000 rooms by the end of 2021 up 65% from the 87,000 rooms the city had in 2010. Chang has filed plans for his biggest hotel yet. The 34-story, 974-room development at 150 West 48th Street. Michael Bloomberg is moving his presidential campaign headquarters from the Upper East Side to Times Square. The new headquarters are located at 229 West 43rd Street, 8th floor. New York City will end ...
  
  
• January 2020 New York Buildings For Sale
• Buildings For Sale: Viacom is considering a sale of CBS’ 38-story Midtown headquarters. CBS occupies about a third of the 870,000-square-foot building at 51 West 52nd Street. Orda Management Corp. is looking to sell 225 and 233 Park Avenue South containing about 675,000-square-foot for as much as $800 million. Target signed a lease for a 33,000-square-foot store on 42nd Street between Seventh and Eighth Avenues. The store will be Target’s 10th small-format shop in Manhattan, and is slated to open in 2022. Buildings Sold: McDonald’s sold a three-story retail building containing 5,800-square-foot at 429 Seventh Avenue for $35 million. The ...
  
  
• 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 ...
  
  
• October 2019 New York Commercial Real Estate Market Report
• Market Overview: Leasing was slow last month with the top 10 leases comprising only of 464,100 versus last month total of 2.9 million square feet. The total is also down year-over-year. The top 10 office leasing deals of August 2018 totaled about 1.3 million square feet. EisnerAmper inked a 15-year lease for 125,000 square feet of space at 733 Third Avenue, The landlord is the Durst Organization. New York Times signed a 15-year lease for 57,846 square feet of space at 24-01 44th Road. The landlord is United Nations Federal Credit Union. WeWork firm inked a 15-year lease for 56,000 ...
  
  
• October 2019 New York Buildings For Sale
• Buildings For Sale: Unizo Holdings Co. is selling two office buildings 40 West 25th Street and 685 Third Avenue. Blackstone subsidiary EQ Office put the 622,000-square-foot office building at 65 East 55th Street on the market. Asking more than $800 million. The land underneath Manhattan’s iconic Lipstick Building at 885 Third Avenue is for sale. Buildings Sold: A subsidiary of South Korean-based conglomerate Aju, bought 52 West 36th Street for $85.5 million and 30 West 31st Street for $51.2 million. Combined, the properties have 307 rooms. The seller was Chesapeake Lodging Trust. HUBB NYC purchased three commercial condo units at ...
  
  
• September 2019 New York Commercial Real Estate Market Report
• Market Overview: Midtown office leasing continued to slow, totaling just under 1 million square feet, down 21% from the month before and 26% year-over-year. The availability rate stayed flat at 10.6% while average asking rent rose to $88.20. Leasing activity in Midtown South slowed with 610,000 square feet in leases signed, a 20% decline from last month. The availability rate ticked down to 10%, and the average asking rent fell to $83.12 per square foot. Lower Manhattan office leasing jumped to 890,000 square feet, nearly double the month prior, making the first half of 2019 the submarket’s strongest half-year since ...
  
  
• September 2019 New York New Developments
• Major Developments: Signs of an escalating trade war between the U.S. and China caused real estate stocks to dip but then largely performed well compared to the overall market. Nuveen is joining Taconic Investment Partners on its $230 million purchase of a portion of ABC campus on the Upper West Side. The new owners plan to convert one of the properties, an office building at 125 West End Avenue, into space for life science tenants. No plans are clear for the other two properties: studio space at 320 West 66th Street and a property known as Lot 61. WeWork has ...
  
  
• August 2019 New York New Developments
• Major Developments: Several New York landlords have resisted leasing large chunks of their buildings to co-working tenants. One prominent owner is Empire State Realty Trust who will not lease to WeWork. The Durst Organization rejected WeWork’s offer to lease 12 floors at the World Trade Center in hopes that there were better offers. Oscar Health is doubling it spaced in Hudson Square and signed a sublease for the fourth floor at One Hudson Square, bringing its total presence to 160,000 square feet. The asking rent was around $80 per square foot. Barneys luxury fashion is reportedly weighing a second bankruptcy, ...
  
  
• August 2019 New York Buildings For Sale
• Buildings Sold: Magnum Management and Real Estate Equities Corp sold the retail portion of 196 Orchard Street to the AR Global affiliate New York City REIT. The sale price is $88.75 million, which makes it the most expensive deal for a retail condo in more than two years. The price works out to more than $1,475 per square foot. The Hematian family is purchasing a Midtown-office building at 145 West 45th Street from Isaac Chetrit for $92 million. If it trades for that amount, it works out to over $1,000 a foot. An entity to Taube Management Realty picked up ...
  
  
• 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 ...
  
  
• July 2019 New York Buildings For Sale
• Buildings Sold: The land under the Dream Downtown hotel in Chelsea sold for $175 million. The buyer of the hotel and retail condominium units at 355 West 16th Street was Worth Capital Holdings 52 LLC, with Charles R. Holzer as managing member. VRV Corporation sold two adjacent, five-story mixed-use buildings at 213 and 215 First Avenue for $19.65 million. The corporation had owned the buildings, which have 28 apartments combined, for decades. The buyers were two limited liability companies that listed Abraham Sanieoff as manager. First Republic Bank loaned $11.3 million for the purchase. Entities tied to Sanieoff recently picked ...
  
  
• June 2019 New York Commercial Real Estate Market Report
• Manhattan Office: Midtown office leasing bounced back, totaling 1.34 million square feet, a 35% increase from the prior month prior. The availability rate dipped to 10.7%, and average asking rents rose to $86.57. Leasing activity in Midtown South was 230,000 square feet down 15% from the year before. The availability rate rose to 10.2%, while the average asking rents jumped to $83.51 per square foot. Lower Manhattan had 42% more office leasing activity than the previous month totaling 640,000 square feet, which is up 2.5 times the same month last year. The availability rate fell slightly to 13.3%, and the ...
  
  
• June 2019 New York New Developments
• Major Developments: The City Council approved the new headquarters for JPMorgan, the first project to take advantage of New York’s Midtown East rezoning. JPMorgan will stay and rebuild its global headquarters at 1,400 feet and 70 stories tall, and will allow the company to consolidate employees who now work out of multiple different locations. The Port Authority of New York and New Jersey is moving ahead with plans to replace the bus terminal. The agency is moving forward with the formal environmental review process and released a document for public review. Blumenfeld Development Group has received a $235 million refinancing ...
  
  
• 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 New Developments
• Major Developments: Financial services accounted for 39% of the leasing activity, of which 13% was leased by co-working companies. Coworking had accounted for 12% of leasing volume last year and 5% in 2017. TAMI followed with 16% of leasing volume in the first quarter. There were six Midtown deals over 100,000 square feet. Sumitomo’s 266,000 square foot renewal and expansion at 277 Park Avenue and the Bank of Montreal’s 215,000 square foot relocation to 151 West 42nd Street. Job growth in New York City increased by 1.8% with 68,700 jobs added by the private sector from 2018 to 2019. The ...
  
  
• 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 ...
  
  
• April 2019 New York Commercial Real Estate Market Report
• Manhattan Office: Midtown office leasing totaled 1.60 million square feet in January. The availability rate was 10.8% up slightly and average asking rent rose more than $4 to $82.45 per square foot. Midtown South leasing totaled 550,000 square feet in January, 53% more than the same period last year. Availability rate rose to 10%, up slightly from December, with average asking rent to $82.25. Lower Manhattan office leasing totaled 910,000 square feet in January. Availability rate is 13.3%, and the average asking rent is $61.80 per square foot. Half of the leasing volume came from one deal, New York City ...
  
  
• April 2019 New York New Developments
• Major Developments: Gyms and athletic wear retailers once again dominated the retail leasing scene last month in New York City, securing four of the top 10 biggest deals. The rest mostly comprised of restaurants. The biggest retail lease deals signed last month totaled 188,100 square feet, down 41,600 square feet from January’s total of 229,700 square feet. In February of 2018, the top 10 retail leases totaled 108,200 square feet. Hermès of Paris inked a lease for 40,000 square feet of space at 706 Madison Avenue for a new flagship location. The building’s landlord is Friedland Properties. Brooklyn Boulders signed ...
  
  
• April 2019 New York Buildings For Sale
• Buildings For Sale: AEW Capital Management is looking to sell its boutique office building at 360 Lexington Avenue. The Boston-based investment firm put the 26-story building at the corner of Lexington and East 40th Street on the market with a price around $190 million A pair of office buildings in the Garment District is on the market with an asking price of $140 million, which span more than 200,000 square feet combined. The larger of the two buildings, 142 West 36th Street, is 17 stories tall on the block between Seventh Avenue and Broadway with a total of 119,203 square ...
  
  
• March 2019 New York Commercial Real Estate Market Report
• Manhattan Office: 2018 was record-setting year for Manhattan’s office market. Leasing including new deals and expansions hit 32.2 million square feet. 17 million RSF of new office space will be hitting the market over the next few years, so new developments are in heated competition to land elite tenants. Midtown office leasing rose 81% in December compared to November, totaling 3.15 million square feet and making 2018’s fourth quarter the submarket’s strongest quarter since 2001. The availability rate dropped by 0.4% points to 10.3%, while the average asking rent rose to $78.43 per square foot. Leasing activity in Midtown South ...
  
  
• March 2019 New York New Developments
• New York Major Developments Amazon has decided against coming to New York City. The company won’t build a new campus in Queens. Amazon was reconsidering its selection of New York, amid fierce political opposition. Much of the blowback sprung from the $3 billion state and city incentive offered to the company to come to the city. The company also indicated that it isn’t planning to reboot a search for another location, instead will focus on its new headquarters. The gallery space at Sotheby’s auction house is being upgraded and expanded at their headquarters on 1334 York Avenue for $55 million. ...
  
  
• March 2019 New York Buildings For Sale
• Buildings For Sale: CIM Group is considering selling 246 Spring Street, the former Trump Soho Hotel. 77 East Third Street, the Hells Angels motorcycle gang is selling its clubhouse to a New York LLC known as East 3rd Street. 130 Bowery, the high-end events space Capitale, formerly the Bowery Savings Bank headquarters will be sold through auction and does not have an asking price. The building contains 32,000 square feet. The owners are open to selling it vacant so the space can be repurposed. China Oceanwide Holdings is putting 80 South Street on the market. The Beijing-based company purchased the ...
  
  
• February 2019 New York Commercial Real Estate Market Report
• Office rental prices in Class B, C and F buildings are rising, as the existing stock is being demolished to convert to residential, hotels or new office buildings. You can expect rents in those buildings to rise 20-30% over the next 2-3 years. Manhattan’s office-leasing sector recorded 32.4 million square feet worth of deals last year, its best showing since 2000. Though demand was tempered by 12,420,581 RSF of new construction and another 13,761,699 proposed. There is an additional 1,314,000 RSF under renovation. Average office rents remained flat as year-over-year, coming in at $73.33 per square foot. Midtown South average ...
  
  
• February 2019 New York New Developments
• The top 10 office lease deals totaled 2.65 million square feet, up more than 885,000 RSF more than the previous months top 10 leases. Deutsche Bank is set to take over 1.1 million square feet of office space at 10 Columbus Circle and will leave 60 Wall Street. Millennium Management signed a lease for 300,000 square feet of space at 399 Park Avenue, relocating from 666 Fifth Avenue. Asking rents are between $73 and $90 per square foot. WeWork signed a lease for 236,000 square feet of space across seven floors at 1440 Broadway, where it will have its own ...
  
  
• February 2019 New York Buildings For Sale
• Buildings For Sale: GFP Real Estate and Northwind Group are looking for a new equity partner to buy 60- 80% of the equity in the property known as 7 Hanover Square which was the former Guardian Life headquarters in the Financial District. Anbang Insurance Group is looking to offload a $5.5 billion hotel portfolio including properties in New York, Chicago, and San Francisco. SL Green Realty and its partners are soon going to put the 500,000-square-foot office building at 521 Fifth Avenue on the market. SL Green Realty is considering selling the Art Deco “News Building” at 220 East 42nd ...
  
  
• January 2019 New York Commercial Real Estate Market Report
• Manhattan Office: The technology sector and co-working have become a strong driver of office leasing in Manhattan. Nearly 4 million square feet of Manhattan office leasing activity, a 77% increase from the previous year. The strong showing, bolstered by several blockbuster deals, kept the market on track to hit a post-recession record in 2018. In the third quarter, there were no leases closed over 100,000 square feet in Lower Manhattan. small_column_chart_by_brian Manhattan Retail: Retail rents continue to fall albeit at a slower pace with with average asking rents down by an average of 25% from the peak. Year-over-year, rents increased ...
  
  
• January 2019 New York New Developments
• NYC Major Developments: Overall, November’s top office leases outpaced October’s top office leases. The 10 biggest deals signed last month totaled 1.8 million square feet, up 400,000 square feet from October’s total of 1.4 million square feet. The largest office lease in November was signed in Grand Central. Bloomberg LP renewed its 11-year lease for 468,000 square feet of space at 120 Park Avenue. Ralph Lauren expanded its lease for 350,000 square feet of space at 601 West 26th Street. RXR Realty refinanced the property with a $900 million loan from New York Community Bank. Peloton signed a lease for ...
  
  
• January 2019 New York Buildings For Sale
• New York Buildings for Sale: Coca-Cola is looking to sell its building on Fifth Avenue. The soft drink maker has put the 18-story, 354,000-square-foot building it owns at the corner of 55th Street on the market. Coca-Cola, which inherited the building at 711 Fifth Avenue in 1983 with its purchase of Columbia Pictures “has determined that it does not need to retain its investment in the building to support its activities in New York. New York Buildings Sold: SJP Properties and longtime partner Prudential Financial bought the Midtown South office building at 470 Park Avenue South for $245 million. The ...
  
  
• December 2018 New York Commercial Real Estate Market Report
• Manhattan Office. Manhattan office leasing activity surged by nearly 80% from the same time last year, as 2018 continues on its path toward a new post-recession record. Office leasing activity, including both new leases and renewals, totaled around 3.97 million square feet. That was 76.7% above last year’s 2017’s. The largest lease was the City of New York’s 420,000-square-foot renewal at 90 Church Street. The Downtown sub-market’s largest deal of the year. The Midtown office market is the most active since 2006, with a total of 13.9 million square feet leased . Of that total, 4.4 million square feet were ...
  
  
• December 2018 New York New Developments
• Major Developments: After months of speculation, Amazon made its long-awaited HQ2 announcement. The Seattle-based company will divide its second headquarters between Crystal City in Virginia and Long Island City in New York. New York State plans to dole out $1.7 billion in tax credits and grants to Amazon for choosing Long Island City. This month’s top office leases accounted for more square footage than last month. The top 10 office lease deals last month totaled 1.9 million square feet, larger than September’s top 10 leases, which totaled 1.1 million square feet. City of New York signed the largest lease of ...
  
  
• November 2018 New York Commercial Real Estate Market Report
• Manhattan Office leasing: Strong Manhattan office leasing demand decreased supply by 820,000 RSF despite new construction coming along, an impressive feat. In the first nine months, more than 29 million square feet worth of new office leases and renewals were completed. Office leasing in Midtown has hit a 12-year high. During the third quarter specifically, there were 4.4 million square feet worth of deals signed. The average asking rent was $78.41 per square foot. The tech sector leased 1 million square feet for the ninth consecutive year. Over the past two years, the tech center increased hiring by 12.4%. Asking ...
  
  
• November 2018 New York New Developments
• New York Major Developments: L&L; Holding Company and Normandy Real Estate Partners are trying to upgrade the Terminal Stores warehouse in West Chelsea into a $1.8 billion property in four years. They plan to spend an additional $220 million to renovate the property which will need approvals from the city Landmarks Preservation Commission, call for the creation of 100,000 square feet of glass penthouse space on top of the building. The project’s setup is estimating rents of $135 per square foot for the penthouse office space. New York City hotel developers are about to lose nearly half of the land ...
  
  
• 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 ...
  
  
• September 2018 New York Commercial Real Estate Market Report
• Manhattan Office: This month’s top office leases had more square footage than last month. The top 9 office lease deals totaled 2.3 million square feet, greater than last month’s 1.7 million square feet. Midtown South’s office surpassed Midtown in asking rents for the first time ever. Asking rents in Midtown South climbed 9% year over year to $78.36 per square foot, compared with Midtown’s $77.13. The submarket saw 1.9 million square feet leased in the second quarter, a 42% increase from the five-year quarterly average. small_column_chart_by_brian Manhattan Retail: Retail rents across Manhattan continued to fall in 2018’s second quarter, but ...
  
  
• September 2018 New York Buildings For Sale
• NYC Buildings Sold: Invesco buying the office condo at 1745 Broadway from SL Green Realty and Ivanhoe Cambridge for an estimated $633 million (although in transfer documents the price was $596 million). 250 Water Street development site was bought by the Howard Hughes Corp for $183 million. 101 West 57th Street hotel was bought by the Hilton Grand Vacations for $174 million. Michael Shvo has purchased the office portion of 685 Fifth Avenue from General Growth Partners. Shvo has partnered with the Wings Group, BLG Capital and Deutsche Finance America to purchase floors five through 20 of the building for ...
  
  
• September 2018 New York New Developments
• New York Major Developments: Manhattan dominated the list of New York City’s top 10 largest real estate projects in July. Marx Development Group’s roughly 213,000-square-foot hotel and retail project at 450 11th Avenue in Hudson Yards. Covenant House is planning a 12-story, 60-unit building in Hudson Yards about 53,000 square feet. Its new project would replace a smaller eight-story youth homeless shelter currently on the site of 460 West 41st Street. 323 East 61st Street from the William Macklowe Company will span about 50,000 square feet and stand six stories and 74 feet tall. WeWork just signed a 258,344-square-foot lease ...
  
  
• August 2018 New York Commercial Real Estate Market Report
• Manhattan Office Manhattan leasing activity totaled 8.96 million square feet in the second quarter. Despite good demand, there is 16.7 million of office space under construction which will continue to put pricing pressure for years to come. There was an increase in all sublease markets. Midtown had a 3.6% increase and Midtown South 5.5% increase and Downtown has a 76% Increase. Downtown’s vacancy rate is expected to hit double digits in the second quarter because of the recent opening of 3 World Trade Center. The 2.2 million-square-foot tower was delivered with 45% of the space pre-leased. small_column_chart_by_brian Manhattan Retail Many ...
  
  
• August 2018 New York New Developments
• New York Major Developments: New York City’s hotel market had a better-than-expected first quarter in 2018, with revenue per available room growing 7.4%. Warehouse space is at its tightest level since the first dot-com boom, and it’s driving business. The second quarter saw availability fall to 7.2%, the lowest level since 2000, as demand continues to outpace supply. Hotel and condominium developer Lightstone Group plans to build a fourth Moxy Hotel in Manhattan at the site of a lighting store in the Bowery. Lightstone is in contract to acquire the building at 151 Bowery from Emmut Properties. Chinese insurers, conglomerates ...
  
  
• August 2018 New York Buildings For Sale
• New York Buildings for sale: Brookfield Property Partners is in talks to buy a stake in the 1,400-unit Waterside Plaza complex in Kips Bay. The $600 million deal is not yet finalized and there’s no guarantee it will go through. The complex includes apartments, stores and space rented to the British International School of New York. The owner is Richard Ravitch. A six story building at 75 Warren Street is for sale for $12,950,000 or $1,199.07 SF. It has commercial space with 16-foot ceilings. 240 Fifth Avenue is a 5 story commercial building for sale with an asking price of ...
  
  
• 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 ...
  
  
• July 2018 New York Buildings For Sale
• New York Buildings for sale: RXR and Walton Street want to sell 237 Park Avenue, with an unofficial price tag of around $1.4 billion. Host Hotels may sell some of its non-core hotels that could exceed $2 billion. Host owns multiple hotels in New York City, including the W Union Square and the New York Helmsley. It is close to selling the W to Westbrook Partners. A subsidiary of Blackstone Group, EQ Office, is putting one of its office buildings near Bryant Park on the block. The 22-story, 350,000-square-foot property is at 114 West 41st Street with an unofficial asking ...
  
  
• May 2018 New York Commercial Real Estate Market Report
• Manhattan Office The office vacancy rate is expected to remain unchanged this year at 13%, and then climb to 13.2% next year and 13.4% in 2020. Manhattan’s office-leasing market slowed in the first quarter of the year, recorded 7.57 million square feet of deals, down 17.8% from the same time in 2017. Manhattan recorded 37.1 million square feet worth of deals last year, making it the second-strongest year since 2003 second only to 2014’s 37.4 million square feet. small_column_chart_by_brian Manhattan Retail Retail asking rents for direct space fell nearly 20%. Fifth Avenue retail was down to an asking average of ...
  
  
• May 2018 New York New Developments
• New York Major Developments: 666 Fifth Avenue announced that the tower lost $25 million in 2017, largely due to the debt service on the property outweighing its net income. Chinese developer Zhonghong Holdings has defaulted on more than $174 million debt, just one year after the company tried to buy a senior living facility chain. Brookdale Senior Living for $4 billion. Co-working companies have stepped up their game in New York City, increasingly competing with traditional commercial landlords for the same tenants. Sixteen co-working companies have leased 664,000 square feet in the city so far in 2018. Brookfield Property Partners ...
  
  
• May 2018 New York Buildings For Sale
• New York Buildings for sale: SL Green Realty and partner Ivanhoe Cambridge are in contract to sell the office portion of 1745 Broadway for $633 million, or $939 per square foot. The buyer is an “institutional client of Invesco Real Estate.” The owners put the 685,000-square-foot office condo, which spans floors 2 through 26 in the 50-story building up for sale. Vornado Realty Trust said they had a “handshake” deal to sell the company’s 49.5% stake in 666 Fifth Avenue to the, Kushner Companies. It intends to retain its ownership in the building’s retail condominium, even if the deal to ...
  
  
• April 2018 New York Commercial Real Estate Market Report
• Manhattan Office Manhattan office leasing continued its slow start to the year, with demand in February down more than 18% from a year earlier. Two months into 2018, leasing activity is trending downward at a time when the pipeline is flush with new supply. The market recorded 2.57 million square feet worth of new leases and renewals in February. That was down 18.3% from February last year, and continued the year-over-year decline recorded in January. For the first two months of 2018, leasing activity stood at 5.54 million square feet, down 21.6% from the same time period last year. Manhattan’s ...
  
  
• April 2018 New York New Developments
• New York Major Developments: An Upper East Side retail site that has been vacant for more than two years will soon be Morton Williams. A curated version of the supermarket is coming to 1251 Third Avenue, the former site of a Talbot’s. The grocery store chain has taken 13,000 square feet across two floors, with an asking rent of $2 million per year. Chinese investment in the United States’ commercial real estate has plummeted by 55% last year, dropping from $16.2 billion in 2016 to $7.3 billion in 2017. Purplebricks, a London-based discount brokerage, received $177 million equity investment from ...
  
  
• April 2018 New York Buildings For Sale
• New York Buildings for sale: Two sites in Staten Island spanning roughly 1.1 million square feet were hitting the market with an asking price of $23 million. The two parcels at 4482 Arthur Kill Road and 742 Sharrotts Road span 24.5 acres. The owner of sports apparel chain Modell’s is in talks to sell its Bronx warehouse for more than $100 million. The chain uses the nearly 300,000-square-foot warehouse on Marconi Street for storage and distribution. Modell’s is close to selling the two-story building, which sits on a 12-acre lot. Magnum Real Estate Group’s Ben Shaoul is in contract to ...
  
  
• March 2018 New York Commercial Real Estate Market Report
• Market Overview: Manhattan leasing activity totaled 2.96 million square feet in January, down roughly 34% from a year earlier. January’s top 10 office lease deals totaled 1.2 million square feet, much lower than December’s top 10 leases, which totaled 1.8 million square feet. Manhattan absorption fell last year to negative 544,000 square feet, as more supply was added in new towers on the Far West Side and Lower Manhattan. Manhattan is getting 12.6 million square feet of new office space in 2018 and 2019, the most in any two-year period since 1985 and 1986. Large, six-figure leases drove Manhattan’s office ...
  
  
• March 2018 New York New Developments
• New York Major Developments: The city is moving forward with plans to make way for 4.5 million square feet of development on Governors Island. The Trust for Governors Island held its first meeting to discuss rezoning part of the island for commercial real estate development. Beauty chain L’Occitane en Provence is relocating its Fifth Avenue store of 3,378-square-foot lease at 555 Fifth Avenue. The building had an asking retail rent of $1,100 per square foot. L’Occitane’s lease is expiring nearby at 610 Fifth Avenue. Facing high costs and lower than expected profits, retailers on some of Manhattan’s most expensive thoroughfares ...
  
  
• February 2018 New York Commercial Real Estate Market Report
• New York Office: Manhattan’s office market saw average asking rents fall in 2017 for the first time in seven years, as landlords lowered prices and more expensive spaces left the market. Average asking rents declined slightly to $72.74 per square foot. Lower Manhattan asking rents increased year-over-year (up 6.8% to $63 per square foot). Hudson Yards/Manhattan West supplanted the Plaza District as Manhattan’s most expensive submarket, though its small size 7.74 million square feet compared to the Plaza District’s 55.3 million square feet, makes it much more sensitive to shifts in pricing. The submarkets of Soho, Murray Hill, Hudson Square, ...
  
  
• February 2018 New York Buildings For Sale
• New York Buildings for sale: Columbia Property Trust is looking to sell a nearly 400,000-square-foot Midtown building entirely leased to NYU Langone Medical Center. the 25-story property at 222 East 41st Street, which in 2016 saw one of the bigger long-term medical-use lease deals in recent years. Joseph P. Day Realty, which has owned the 100,000-square-foot property at 9 East 40th Street for around 50 years, is now looking to sell and could fetch between $65 million and $70 million. The 18-story building sits half a block from Bryant Park, between Fifth and Madison Avenues. JPMorgan Chase, Olmstead Properties and ...
  
  
• January 2018 New York Commercial Real Estate Market Report
• Office rents on Fifth Avenue are the second-most expensive in the country. Average asking rents on the Midtown stretch between 50th and 61st streets clocked in at $116.04 per square foot, and at the top end of the range reached $185 per square foot. Manhattan’s office-leasing market stood tall. Tenants flocked to get deals done, particularly in new buildings on the Far West Side and in Lower Manhattan, pushing leasing volumes ahead of last year’s figures. In fact, half of the year’s Top 10 most valuable office leases were inked at Hudson Yards and Manhattan West. The 10 biggest new ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• December 2017 New York Commercial Real Estate Market Report
• New York Office: Manhattan office asking rents saw their biggest monthly decline in three years, as prominent Plaza District landlords lowered pricing on some of the city’s ritziest trophy towers. Average asking rents dropped 1.2% to $72.03. That was the biggest monthly drop since May 2014. Asking rents for Midtown trophy office towers still have not climbed back to their pre-recession peak, but tenant-improvement work letters are nearly triple what they were in 2008. Midtown asking rents for prime Manhattan towers are $107 per square foot. small_column_chart_by_brian New York Retail: Manhattan’s retail rents are at their lowest point in 17 ...
  
  
• December 2017 New York New Developments
• New York Major Developments: Retailers south of 96th Street that pay more than $250,000 per year in rent also pay a tax on that rent. A new bill would raise the threshold to $500,000, meaning about 2,000 business would escape the tax. London-based rhubarb, a major hospitality company in England, plans to open new restaurants at 30 Hudson Yards and at the Hudson Yards Shops & Restaurants. The restaurant at the mall will contain 5,800 square feet on the fifth floor. At 30 Hudson Yards, rhubarb plans to open a 10,000-square-foot restaurant on the 92nd floor. Soho Properties, in partnership ...
  
  
• 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 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 ...
  
  
• September 2017 New York Buildings For Sale
• New York Buildings For Sale: Thor Equities has put the two-story, 50,000-square-foot retail condominium at 88 Greenwich Street, that is home to the 9/11 Tribute Center up for sale for $52 million. New York REIT is marketing 1440 Broadway, a 749,000-square-foot building. The real estate investment trust, which is in the process of selling its 4.4 million-square-foot portfolio as part of the comp. The Broadway property is expected to get $775 per square foot or $580 million. NYRT purchased the building in 2013 from Rockpoint Group and Monday Properties, paying $530 million. The majority owner of the Plaza Hotel is ...
  
  
• August 2017 New York Buildings For Sale
• New York Buildings For Sale: Centurion Realty is negotiating a plan with its partners to sell the boutique hotel Gansevoort Park Avenue NYC in NoMad at 420 Park Avenue South. New York Buildings Sold: The Kabbalah Centre International is in contract to acquire the Fine Arts Building in Midtown from a group of Greek hedge funders for about $60 million, or $1,000 per square foot. It is a seven-story, 58,000-square-foot property located at 232 East 59th Street. Thor Equities sold its Upper East Side commercial townhouse for $32 million. The 26-room at 36 East 61st Street sold at a 13% ...
  
  
• August 2017 New York Commercial Real Estate Market Report
• Manhattan Office Leasing activity totaled 9.6 million square feet for the first six months of the year, an increase of 11.8% over the same period of 2016. There has been 836,000 square feet of positive absorption but less than the 1.7 million square foot from the first half of last year. Manhattan’s average asking office rent rose slightly year-over-year to $73.07. The Lower Manhattan office market saw asking rents grow year-over-year during the first half by almost 9% to $63.46 per square foot. June was a solid month for Manhattan office leasing. The 10 biggest office lease deals totaled 938,748 ...
  
  
• 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 ...
  
  
• July 2017 New York New Developments
• New York Major Developments: NYU Langone Medical Center is opening a 50,000-square-foot biotech co-working center at 180 Varick Street, a project that hopes to help compete with biotech hubs like Boston and San Francisco. NYU Langone invested $10 million over the last several years on upgrades at 180 Varick Street and is investing another $5 million. The state’s economic development arm Empire State Development is contributing another $2 million. New York City is the most expensive city in the world when renting flexible, short-term office space. The average monthly price to rent a workstation in flexible offices for one person ...
  
  
• June 2017 New York Buildings For Sale
• New York Buildings Sold: Kobe Bussan, which operates a chain of supermarkets in Japan, sold two empty lots at 439-443 West 54th Street in Hell’s Kitchen. The buying entity is Yaus Special Clinton District LLC. WanXin Media purchased the Midtown office building and vacant lot at 7-15 West 44th Street for $68 million. WanXin plans to develop a boutique luxury hotel and Chinese cultural center which has 90,000 buildable square feet. If approved, the hotel will include 96 rooms and restaurant space in a 19-story building, seven stories taller and nearly 40,000 square feet larger than the existing building at ...
  
  
• June 2017 New York Commercial Real Estate Market Report
• The commercial real estate market is getting murky as low interest rates are to blame for asset inflation and impending oversupply issues. The city’s investment-sales market limped listlessly through the first few months of 2017, with dollar volume falling by more than 50% from the same time last year. The first quarter of 2017 saw 846 properties trade hands for a total dollar volume of $7.06 billion. That was a drop of 33% from the 1,258 properties sold the same time a year ago, and a 55% decline from the $15.52 billion worth of deals inked in the first quarter ...
  
  
• May 2017 New York Commercial Real Estate Market Report
• Manhattan Office New office leasing activity has been relatively slow. A handful of large renewals helped push the Manhattan market over 1 million square feet of space in the past 30 days. This rate is down from a high 1.5 million feet RSF rented. Availability rate has remained flat over the past two months at 11.8%. Even though the month was quiet leasing activity was up in Manhattan in the first quarter of 2017. 6.66 million square feet was leased up 19% compared to last year and 2% above the five-year average. Downtown had the most dramatic increase, with 1.87 ...
  
  
• May 2017 New York New Developments
• New York Major Developments: The Port Authority of New York and New Jersey is rethinking plans to move its Midtown bus terminal a block west and is now considering renovating the existing station. The bi-state agency ordered a study of its current bus terminal to assess the cost of revamping its existing facility. Officials have estimated that moving the terminal would cost $10 billion. Earlier this year the Port Authority dedicated $3.5 billion to creating a new terminal. The borough’s hoteliers saw revenue per available room dip to its lowest point of the current cycle, as the hotel market struggles ...
  
  
• May 2017 New York Buildings For Sale
• New York Buildings For Sale: L&L; Holding Company and PGIM Real Estate are looking to sell three interconnected Chelsea office buildings. The firms own the buildings at 511-541 West 25th Street, between 10th and 11th avenues. They bought them from the Related Companies for $160 million in 2014. Sources said they are seeking about $200 million, or $1,000 per square foot, for the buildings. Billy Macklowe and Principal Real Estate Investors are looking to sell a Midtown office building at 311 West 43rd Street. The partnership purchased the 186,000-square-foot building in 2015 for $107 million from Atlas Capital. The 43rd ...
  
  
• April 2017 New York Commercial Real Estate Market Report
• New York Office Rents The Manhattan office market is strong with leasing activity nearly 40% higher year-over-year. With two large deals downtown, new leases and renewals there was a total of 3.15 million square feet, an increase of 10% over activity from February 2016. Absorption was positive for the month at 430,000 square feet, and the availability rate climbed 50 basis points from a year ago to 10.1%. Manhattan’s average asking rent in February was $73.57, an increase from $71.56 a year earlier. Leasing activity in Midtown rose partly by two large deals at 1211 Sixth Avenue, where 21st Century ...
  
  
• April 2017 New York New Developments
• New York Major Developments New York comes in as the 6th most expensive office market in the world. Two major developments are in the Gansevoort Market Historic District and are moving ahead. Restoration Hardware’s proposed development at 55 Gansevoort Street was approved. The project will bring a 14-room guesthouse. Restoration Hardware agreed to lower the height of a rooftop and to hide a planned windscreen behind a fiberglass cornice. Nearby, developers are working on turning five buildings between Washington Street and Ninth Avenue into an 111,000-square-foot commercial development. The interim head of the Metropolitan Museum of Art wants to slow ...
  
  
• April 2017 New York Buildings For Sale
• New York Buildings For Sale: Ashkenazy Acquisition Corporation and DekaBank are looking to sell a newly redeveloped retail space at the base of 522 Fifth Avenue. The owners finished a $16 million renovation of the two vacant retail condominiums at the base of the 23-story, 380,000-square-foot office condo building. The two-floor retail condos together have 27,310 square feet, with about 10,850 square feet on the ground floor. The retail was valued at $277 million last year, when General Growth Properties sold its 10% stake to an unidentified investor. Ashkenazy, Germany-based DekaBank and Chicago-based real estate investment trust GGP jointly acquired ...
  
  
• March 2017 New York New Developments
• New York Major Developments: The city is taking another attempt at rezoning the Garment District, a move that will likely rollback rules that require landlords to lease a portion of their building to the fashion industry. The possible rezoning is connected to the Mayor’s plans to build a new manufacturing campus in Brooklyn. The Bloomberg administration tried to rezone the Garment District in 2009, but stopped the plan due to opposition. In the fourth quarter of 2016, absorption rate was negative in all three Manhattan office submarkets: Downtown, Midtown, and Midtown South for a total net absorption of negative 277,988 ...
  
  
• February 2017 New York Commercial Real Estate Market Report
• Manhattan office Manhattan office leasing has been on a gradual downward trend over the past 12 months. Tenants in 2016 leased 33.1 million square feet. The vacancy rate rose to 10.4% from 10% in 2015. 2016 was the third-highest office leasing total in the past 10 years, behind 37.38 million square feet in 2014 and the 33.92 million square feet leased in 2013. Investment sales in Manhattan declined 38% to $38.9 billion after 2015’s astronomical $63 billion. Office rents are projected to grow 1.5% in 2017, and retail rents to grow 1.7%. The Manhattan office market closed 2016 with an ...
  
  
• February 2017 New York New Developments
• Major Developments: Jared Kushner sold his equity stake in 666 Fifth Avenue though the identity of the buyer and what they paid for remains unknown. Kushner paid $1.8 billion for 666 Fifth Avenue in 2007, he then sold off a major stake in the retail portion to Carlyle Group and Crown Acquisitions for $525 million. The Chinese Investment in foreign property increased by more than half last year. The U.S. received the bulk of those investments, totaling $14.3 billion. New York University signed a lease for 58,000 square feet at 180 Madison Avenue, and has committed to taking another 41,000 ...
  
  
• January 2017 New York Buildings For Sale
• Buildings For Sale: Premier Equities.">Premier Equities is in the process selling three NoMad buildings and a Lower East Side retail condominium unit in separate deals for a total of about $26 million. Premier paid Victor Group $12 million for 275 Fifth Avenue and $4.6 million for 2 East 30th Street. The developer is in contract to buy 273 Fifth Avenue for around $3.5 million. The lot at 2 East 30th Street currently houses a five-story, 5,719-square-foot mixed-use building. The five-story apartment building at 275 Fifth spans 9,269 square feet. The adjacent four-story commercial building at 273 Fifth Avenue is 8,060 ...
  
  
• December 2016 New York Commercial Real Estate Market Report
• Office leasing Manhattan leasing activity stood at 28.13 million square feet year-to-date at the end of October, up 5.4% through the first 10 months of 2015. Year-over-year leasing activity in Midtown held relatively steady, down 8.2% compared to last year. In Midtown South, leasing activity was 420,000 square feet, down more than 50% from the same month last year. Tenants signed deals to take more than 2 million square feet of office space in October, down more than a third from the same period last year. Midtown South leasing volume between the beginning of July and the end of October ...
  
  
• 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 ...
  
  
• November 2016 NYC Commercial Real Estate Market Report
• Office A surge of new supply in Manhattan’s office market is starting to make a dent on rents. With millions of square feet in new office space being built at Hudson Yards and the World Trade Center complex, some market observers are warning of a supply glut. Manhattan office market has had a negative absorption rate, as leasing activity through the third quarter has not been able to keep pace with additional supply. Absorption year-to-date sits at negative 2.2 million square feet. The Downtown office market shows positive absorption of nearly 570,000 square feet, while both Midtown and Midtown South ...
  
  
• 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 Buildings For Sale
• Buildings For Sale: Kevin Maloney’s Property Markets Group is looking to sell a newly built and still empty rental tower in Long Island City. PMG built the 45-story, 391-unit tower at 23-01 42nd Road in partnership with Vector Group and toyed with the possibility of turning the units into condominiums, filing a $364.2 million condo plan. Leasing at the tower is set to begin next week, with average asking rents of $62 per square foot. Since the building’s condo plan was approved, a potential buyer could opt to sell the units instead of renting them out. PMG and partner Hakim ...
  
  
• August 2016 New York New Developments
• Major Developments Hershey Company plans to open a new flagship store at the base of 20 Times Square, a location that will triple its current 2,200-square-foot space at Times Square. The new location will be a block away from the company’s rival, Mars Inc.’s M&M; World. Gary Barnett’s plans to raze 10 buildings on the block including 10 West 47th Street. Extell secured permits to demolish 10 West 47th and 2 West 47th, 3-13 West 46th Street, 562 and 564 Fifth Avenue. Extell bought 10 West 47th, a 72,000-square-foot office building for $74.4 million. L+M Development Partners and Hornig Capital ...
  
  
• July 2016: New York Buildings For Sale
• New York Buildings sold Harry Macklowe and Qatari investment bank QInvest closed on a deal to buy 432 Park Avenue's retail space for $411.1 million. CIM Group is developing the 1,396-foot condo tower in partnership with Macklowe the seller. The cube will include 6,600 square feet of retail space and will be connected to 20,000 square feet of retail space in the tower itself through a 30,000-square-foot underground concourse. Global Holdings is in contract to buy 1250 Broadway, an office tower owned by Jamestown and Murray Hill Properties, for $565 million. 1250 Broadway is a 39-story, 721,000-square-foot tower. The contract ...
  
  
• June 2016: New York Buildings For Sale
• New York Buildings sold RXR Realty">RXR Realty was near a $1.7 billion deal to acquire the 42-story office tower at 1285 Sixth Avenue and has finally closed, marking one of the city's biggest commercial transactions of the year. RXR financed the purchase with $1.2 billion in loans. AXA Financial, formerly owned both buildings, with 1285 Sixth Avenue owned through a joint venture between AXA and JPMorgan Asset Management. AXA put the adjacent properties up for sale last summer and was looking for as much as $4 billion for the two buildings combined. Caerus Group closed on its $38.2 million purchase ...
  
  
• June 2016: New York New Developments
• New Developments Apple is in talks with 767 Fifth Avenue's owners to take all or part of FAO Schwarz' former 61,000-square-foot space. Apple is looking to take over the space permanently, but is balking at paying market-rate rent. Rates for retail spaces in that section of Fifth Avenue range from about $2,700 to $4,450 per square foot. Related Companies is to receive $88 million in financing from Deutsche Bank to fund 300 Lafayette Street in Soho. Related received a $69 million construction loan and a $19 million project loan to fund the seven-story, 80,000-square-foot office and retail development. The building ...
  
  
• 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 ...
  
  
• April 2016: New York Buildings For Sale
• New York Buildings sold Jeff Sutton">Jeff Sutton purchased a four-story, mixed-use building along Bleecker Street in the West Village for $11 million, or $2,434 per square foot from Mark Perlgut. The 4,159-square-foot building at 275 Bleecker Street is home to David's Tea on the ground floor, and four apartments on the upper floors.Mack-Cali Realty Corp. is in contract to sell its interest in 125 Broad Street in the Financial District for $202 million. Recently, Mack- Cali Realty was looking to sell its commercial condominium at the 40-story, 1.3 million-square-foot tower. Mack-Cali bought the 525,000-square-foot condo, spanning the second through 16th ...
  
  
• March 2016: New York Buildings For Sale
• New York Buildings sold Gary Barnett's Extell Development made another deal with the Duell family, buying four adjacent commercial buildings on Sixth Avenue in the Flatiron District for a combined $50 million. The buildings collectively have about 63,500 buildable square feet. At 116 Seventh Avenue and 204 117th Street for $11 million. Extell also bought 502 Third Avenue, a rental property with ground-floor retail, from the family for another $11 million around the same time.Extell Development is in talks to buy a Greenwich Village commercial property with substantial development rights from the Duell family. 530 Sixth Avenue is an existing ...
  
  
• March 2016 New York Commercial Real Estate Market Report
• Manhattan office and retail leasing has been slow and the stock market is making companies nervous. Both office and retail leasing volume were down last month compared to the month-over-month and year-over- year figures. Office leasing activity was down about 1 million square feet from both December and January 2015. The retail market this year will be slow with some predicting a drop in tourism and others noticing that tenants are jittery over high rents. Manhattan retail leasing ended 2015 on a high note, even as availability rates crept up. But January's preliminary figures show a reversal of that leasing ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• January 2016: New York New Developments
• New Developments Retail:Overseas retail Brands operate 39% of the stores on Fifth and Madison Avenues and in Soho. Of the 906 retailers, Soho is the most nationally-diverse area, with 24 countries represented. Fifth Avenue had 17 non-U.S. outlets and Madison Avenue had 13. Italianstores had the largest number of stores in those areas.Footlocker and Nike signed leases for large spaces on Broadway. Footlocker signed a $15 million deal to lease 36,000 square feet at 1460 Broadway and Nike signed a $16 million lease for 55,000 square feet at 529 Broadway.Gap signed two leases at 1514 Broadway, into two stores for ...
  
  
• January 2016 New York Commercial Real Estate Market Report
• Retail:Retail rents have surged in Times Square, Fifth Avenue and Soho and have exaggerated the strength of the overall retail market. Retail rents on Fifth Avenue in the 50's are as much as $5,500 per square foot for 3,000-square-foot space at 730 Fifth Avenue which is 50 times higher than some spaces a few blocks away. Building Sales There was an astonishing $70 billion in property sales slated for completion by the end of this year, 2015. The $70 billion figure would represent a 12.5 increase from the city's previous record dollar volume in 2007, including a 2.6 billion acquisition ...
  
  
• January 2016: New York Buildings For Sale
• New Developments Retail:Overseas retail Brands operate 39% of the stores on Fifth and Madison Avenues and in Soho. Of the 906 retailers, Soho is the most nationally-diverse area, with 24 countries represented. Fifth Avenue had 17 non-U.S. outlets and Madison Avenue had 13. Italianstores had the largest number of stores in those areas.Footlocker and Nike signed leases for large spaces on Broadway. Footlocker signed a $15 million deal to lease 36,000 square feet at 1460 Broadway and Nike signed a $16 million lease for 55,000 square feet at 529 Broadway.Gap signed two leases at 1514 Broadway, into two stores for ...
  
  
• December 2015: New York New Developments
• New Developments AvalonBay Communities is planning a new 33-story, mixed-use residential tower at the site of the former American Bible Society located in Lincoln Square. The building will house 160 apartments. There will also be 34,000 square feet of retail space on the lower levels.Vornado Realty Trust lauded a third quarter that saw it sign seven Manhattan office leases at asking rents of over $100 per square foot. Vornado completed 43 office leasing deals totaling 509,000 square feet in the third quarter at an average starting rent of $79.80 per square foot. The total year-to-date leasing activity was nearly 1.7 ...
  
  
• December 2015: New York Buildings For Sale
• New York Buildings sold The Dermot Company is in contract to buy a Kips Bay apartment building from AvalonBay Communities for $175 million, part of its effort to transition into the luxury market. A majority of the 209 units in the building located at 377 East 33rd Street are occupied. The 23-story building consists of 185,549 square feet of residential space and 19,000 square feet of commercial space, which is currently leased by New York University.Forest City Enterprises has agreed to sell its development site at 625 Fulton Street in Downtown Brooklyn to Simon Dushinsky's Rabsky Group for $158 million. ...
  
  
• December 2015 New York Commercial Real Estate Market Report
• Retail Asking Retail rents on Fifth Avenue from 42nd Street to 49th street are soaring. The area saw the strongest year-over-year growth during the third quarter, with asking rents up 14.3% to $1,244 per square foot.Landlords have started to drop asking retail rents on some of the city's priciest shopping strips such as Madison and Upper Fifth avenues. Ground-floor asking rents have fallen year-over-year on seven of the 17 Manhattan shopping corridors. In the most severe cases, such as on Madison Avenue's "Gold Coast" and the Herald Square area, average asking rents are down 6%. Over the past several months, ...
  
  
• 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 ...
  
  
• November 2015: New York Buildings For Sale
• New York Buildings sold Condo developer Six Sigma is in contract to buy a six-story self-storage facility near the northern end of the High Line in Chelsea for $54 million at 517-523 West 29th Street. The seller is self-storage Nicholas Sprayregen. The six-story, 55,000-square-foot, warehouse is one of 14 facilities in Manhattan, Brooklyn, Queens and the Bronx. The site is zoned for up to 74,000 buildable square feet. Vornado Realty Trust purchased 265 West 34th Street for $28.5 million. Vornado acquired the property from a group led by Manhattan attorney William Silverman. The deal gives the company three contiguous properties ...
  
  
• October 2015: New York New Developments
• New Developments The Archdiocese of New York is backing a Midtown East rezoning that would allow St. Patrick's Cathedral to sell its unused air rights to developers. A committee studying the neighborhood's development potential proposed freeing up landmarked properties, like St. Patrick's, to sell air rights anywhere within the rezoned district.Anthony Bourdain is building at Pier 57 in the Meatpacking district, a restaurant complex with 155,000-square foot, 100 culinary stalls and is currently under construction and to be completed in 2016. The Bourdain Market will be the largest of the city's themed restaurant markets.The residents of a co-op building in ...
  
  
• October 2015: New York Buildings For Sale
• New York Buildings sold Jerry Gottesman, the chair of Edison Properties, just closed on the $43.1 million purchase of 45-47 West 27th Street in NoMad.Kamber Management closed on its $365 million purchase of Tower 45 from SL Green Realty. The sale price values the class-A, 460,000-square-foot office tower, located at 120 West 45th Street, at $830 per square foot. SL Green Realty agreed to sell two retail development sites, at 570 Fifth Avenue and 574 Fifth Avenue in Midtown, getting $125.4 million. SL Green bought the two sites from Extell Development in 2013 for a total of $78.7 million. Walter ...
  
  
• September 2015: New York Buildings For Sale
• NYC Buildings For Sale Unizo Holdings is buying Sherwood Equities and JPMorgan Chase's 370 Lexington Avenue office building for $247 million. 370 Lexington Avenue contains 311,000-square-foot.350 East 86th Street went into contract with Gary Barnett's Extell Development Company for $100 million. Innovo Property group and Artemis Real Estate Partners bought the 15,500-square-foot retail condo at 202 Canal Street for $44 million.Extell just acquired a 14-story office building at 10 West 47th Street for $74.4 million containing 72,000-square-foot building between Fifth and Sixth avenues. Gaia Real Estate is in contract to buy the rental conversion of a former St. Vincent's Midtown ...
  
  
• July 2015 New York Commercial Real Estate Market Report
• There are Deals for large retail spaces are distracting from awareness that pockets of vacancies in some areas of the city may indicateing e that rents have maxed topped out, and could be heading lower soonfor a correction. Sephora Among the recent leaseds was a 20,000-square-foot deal Sephora got on Lower Fifth Avenue and Foot Locker's 36,000-square-foot lease south of the Times Square bow tie. The Meatpacking District, aside from the opening of the Whitney Museum, continues to be the $250 million, 70,000 square-foot lease tenant-of-the-moment. Big deals are happening where asking rents for the three retail spaces are $200 ...
  
  
• July 2015: New York New Developments
• New York University's campus expansion plans to expand the school by about 2 million square feet in Greenwich Village hasve been approved by Tthe New York State Court of Appeals.s gave an approval to New York University's campus expansion plans to expand the school by about 2 million square feet in Greenwich Village. Neighborhood activists sued to prevent the expansion, claiming it used land that was permanently designated for public park use. The plan will create new high rises on two blocks between West Third and Houston Streets and La Guardia Place and Mercer Street. FAO Schwarz is close to ...
  
  
• 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 Commercial Real Estate Market Report
• Retail The average asking rent for Manhattan's most expensive retail corridor on Fifth Avenue between 49th and 59th streets rose 4 % from $3,420 in fall 2014 to $3,683 this spring. Asking rents for ground-floor retail space along East 57th Street between Fifth and Park avenues were up 60 % from fall 2014. Eight of Manhattan's major retail corridors saw moderate rent growth from the previous quarter. Five of Manhattan's hottest retail corridors saw asking rents get double-digit %age increases year-over-year, with two of them rising over 20 %. Herald Square, 34th Street from Fifth to Seventh avenues, saw rents ...
  
  
• June 2015: New York Buildings For Sale
• New York Buildings sold The Sapir Organization and CIM Group sold 11 Madison Avenue for $2.6 billion to SL Green. SL Green Realty Corp. agreed to pay $2.3 billion, and spend an additional $300 million for building improvement costs. 11 Madison contains a 2.2 million-square-foot building.Prodigy is buying a 12-story building at 331 Park Avenue South for $51 million, including air rights from nearby properties. Prodigy is paying $49 million to buy 114 East 25th Street, a 42,000-square-foot loft-style property.Crown Acquisitions and Oxford Properties Group bought the entire office and retail base of 641 Fifth Avenue (Olympic Tower), after paying ...
  
  
• 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 New Developments
• New Developments China's largest publicly-traded developer is buying a majority stake in at 130 West 42nd Street, a 30-story office building for $125 million. Real estate funds are receiving more investment from pension funds, endowments and institutional investors. Madison Capital is buying a retail space encompassing at least 32,000 square feet at 549-555 and 557-559 Broadway in Soho for $400 million. Asking rent for the new ground-floor retail space will likely exceed $1,000 per square foot. Scholastic paid $25.5 million for the 10-story property at 557-559 Broadway in 2010, and $255 million for the 12-story property at 549-555 Broadway last ...
  
  
• 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 Commercial Real Estate Market Report
• The most valuable office lease both in size and price signed in Manhattan last year was the $1.7 billion to the owners of 11 Madison Avenue over 20 years. The 1.1 million-square-foot renewal by Credit Suisse starts at $84 million/year for the building's owners.TAMI tenants continue to dominate the Manhattan office market.New York City's largest banks are now primed to delve into the real estate market after years of laying low in the wake of the financial crisis.The Garment District area has seen an influx of hotels in the last decade. The city is now considering zoning changes that would ...
  
  
• 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 ...
  
  
• March 2015: NYC New Developments
• Major Developments Manhattan Borough President and a City Council member have been talking to developers to find a new plan for the historic South Street Seaport site to prevent a 494-foot tower from being built.The city is looking to revamp a program where property owners can transfer unused air rights to others. -The requirements are so difficult that only 10 successful transfers have been made out of almost 1,000 landmarks.. Those transfers took place in Midtown or Lower Manhattan. The NY state's attorney general's office is closing a 36-story, illegal hotel owned by an affiliate group. The property at 49 ...
  
  
• 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. ...
  
  
• 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 ...
  
  
• January 2015: New York Buildings For Sale
• New York Buildings sold Jeff Sutton and General Growth Properties are buying the Crown Building at Fifth Avenue and 57th Street for $1.75 billion. The price works out to $4,490 per square foot, which sets a new world record for the price of an entire office building. The nearly 400,000-square-foot tower includes roughly 50,000 square feet of valuable retail space with retail tenants including: Bulgari , Mikimoto, Bank of America and Piaget. Broad Street Development purchased two Noho apartment buildings for a combined $178.5 million. The properties are located at 298 and 304 Mulberry Street. The buildings house 182 apartments, ...
  
  
• January 2015 New York Commercial Real Estate Market Report
• Fifth Avenue in the 50's is now the world's most expensive area to lease retail stores due to increasing hoards of brand-hungry shoppers coming through Manhattan.Despite a slight office market slowdown throughout Manhattan within the last month, subleasing is on the rise.The final taking rents for the very top deals are at an all-time high in Midtown and Midtown South, and are near former high rents in Lower Manhattan.Midtown Manhattan might be the most expensive office market in the U.S., but worldwide it is still a relative bargain.Midtown's finance and legal tenants are the top tenants seeking space after TAMI ...
  
  
• January 2015: NYC New Developments
• New Developments A new building by Cape Advisors at 535 Greenwich Street would have 26 floors and 116 condo units, on an L-shaped lot. The 57,500-square-foot warehouse site with 42,500-square-feet of buildable air rights. Kaled Management filed plans for a 10-story apartment building at 711 West End Avenue, also known as 306 West 95th Street. Alchemy Properties unveiled plans for a new 24-story tower in NoMad at 846-850 Sixth Avenue. It will contain 52 residences totaling 105,973 square feet or 2,000 square each condo. The tower will rise 316 feet and have a 3,100 square feet retail space. Demolition permits ...
  
  
• December 2014 New York Commercial Real Estate Market Report
• New York City Market Overview Fifth Avenue in the 50's is now the world's most expensive streets to lease retail stores. The second most expensive retail space in New York City is Times Square. Despite a slight office market slowdown throughout Manhattan within the last month, subleasing offices is on the rise.The final taking office rents for the best spaces are at record rents in Midtown and Midtown South, and are near former peak rents in Lower Manhattan.
  
  
• December 2014 NYC Buildings purchased & For to purchase
• New York Buildings sold The developer who is turning Verizon's former downtown headquarters into luxury condominiums has bought the building's 40,000-square-foot retail space for $40 million.A Developer acquired a three-story Upper West Side commercial building located at 2307 Broadway for $25.9 million. The 9,900-square-foot property, between West 83rd and 84th streets, is home to a Duane Reade store on the ground floor. There are offices on the upper floors.A Financial services firm acquired a 16-story office building at 21 Penn Plaza in Midtown from Savanna and the Feil Organization for an undisclosed price.A Canadian property investor and Chicago-based Callahan Capital ...
  
  
• November 2014: NYC New Building Developments
• New Developments The average Manhattan commercial building sale was smaller year-over-year, though the number of sales so far is on pace to break a 2007 record high. Manhattan saw 328 commercial deals worth $30 billion through September. That marks a 47 percent jump from the 223 sales worth $30.2 billion recorded for all of last year. In 2007, there were 346 deals valued at roughly $48.5 billion.The 40,000-square-foot retail component at TF Cornerstone's 22-story office building in Midtown East is being marketed. The retail space spans several floors and sits at the base of the 164,000-square-foot building at East 60th ...
  
  
• 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 ...
  
  
• October 2014: NYC New Building Developments
• New Developments Microsoft's Stores move to Fifth Avenue is official. The software and video game company confirmed that it will open a flagship at 677 Fifth Avenue as part of a continued expansion of the company's retail presence. Microsoft will occupy 8,700-square-foot across two-floors at the Fifth Avenue location..The boutique fitness scene seems to be pushing out many mid-tier players, snapping up a growing number of leases and paying good rents for commercial landlords.New York City's tech firms are bumping into a new problem: a lack of open office space. Many of these companies rent offices in the city's old ...
  
  
• August 2014 New York Buildings Purchased & For Sale
• New York Buildings sold A Hong Kong-based Investment firm, bought SpringHill Suites by Marriott in Midtown for $82 million. Hidrock Realty sold the 173-room, Gene Kaufman-designed property at 25 West 37th Street for $82 million. The hotel opened last year.Madison Realty Capital has teamed with RWN Real Estate Partners to purchase a pair of buildings along Frederick Douglas Boulevard in Harlem for about $30 million.Real estate investment firm KUB Capital is in contract to acquire a one-story Soho baby stroller store and adjacent parking lot for a sum of $50 million.A White Plains, N.Y.-based real estate investment trust is in ...
  
  
• July 2014: NYC Building Sold & For Sale
• {dynamic_word1} Buildings {dynamic_word3} A development firm bought a pair of Financial District buildings from the Century 21 department store company for $46 million.The San Francisco-based investment and building firm inked a contract to buy a development site at 112-118 Fulton Street in Lower Manhattan from the Lightstone Group for more than $170 million.375 West Broadway may be {dynamic_word3} for $125 million. It {dynamic_word3} for $81 million last year.Michael Shvo is in contract to buy 22 Thames Street, or 125 Greenwich Street, from Fisher Brothers and Steven Witkoff for around $180 million.A New York-based asset firm is nearing a deal to ...
  
  
• 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 ...
  
  
• June 2014 New York Commercial Real Estate Market Report
• While buyers from the world’s most populous country are flocking to the New York City real estate market, Chinese developers are increasingly getting into the game.The already low availability rate of Downtown office space is likely to drop even more, as a number of pending leases could take up roughly 2 million square feet before the end of the year.Some of Manhattan’s most popular shopping districts such as Madison Avenue, Times Square and Upper Fifth Avenue are seeing record ground floor asking rents even as prices fall on the Upper East and Upper West sides.The Manhattan market’s ongoing recovery slowed ...
  
  
• May 2014 New York Buildings For Sale
• Buildings For Sale A West Side’s Hudson Yards development site, nearby parcel could sell more than $100 million. A nonprofit organization is selling a landmarked church for $50 million. The Federation of Protestant Welfare Agencies, the owner of the Church Missions House at 281 Park Avenue South, is looking to sell the century-old building to fund its services, including advocacy and management assistance for more than 200 churches and social-service groups. An affiliate of Walter & Samuels is looking to sell an Upper West Side parking garage site, which is being marketed as a potential redevelopment into condominiums. The 7,700-square-foot ...
  
  
• 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 ...
  
  
• April 2014 New York Commercial Real Estate Market Report
• Office leasing in Midtown rebounded in February, as employment growth surpassed the 2007 pre-recession peak, and drove demand up and pushed up asking rents.The criteria that office tenants value the most make up the two most basic variables for space in Manhattan, location and the vintage of the building, is undergoing a sea change, creating unpredictable results in pricing.The Meatpacking District area appears to be undergoing a dramatic makeover. One that involves the construction of a number of sleek office towers. In turn, those new structures are attracting a whole new breed of upscale retail tenants into the area.Nonprofit and ...
  
  
• March 2014 New York Buildings For Sale
• New York Buildings sold The ELO Organization, a developer that owns the site of gentlemen’s club Rick’s Cabaret, has acquired a 12-story Garment District office building for $29.6 million from the Eretz Group. The 44,300-square-foot property at 39-41 West 38th Street. Asking rents were an average $38 per square foot at the property, International buyers purchased $5.5 billion worth of Manhattan office towers last year, from China, Canada and the United Arab Emirates. Last year’s sales were twice as much as the previous record of $3 billion in 2007. Fosun from China bought One Chase Manhattan Plaza, for over $700 ...
  
  
• March 2014 New York Commercial Real Estate Market Report
• Fifth Avenue retail rents remain high but a distant second to Hong Kong's Causeway Bay. Average Fifth Avenue Retail rents from 50th to 57th Street are $2,500 per square foot.Retail rents in the Financial District on Broadway have area increased 69 percent, over the last six months. The asking retail rents on Broadway between Battery Park and Chambers Street reached $257 per square foot.Tech companies usually get the credit for keeping the Manhattan office leasing market strong while financial and legal services are shrinking. However, the larger office deals in Manhattan signed over the past year have been in other ...
  
  
• March 2014 New York New Developments
• New Developments 68 Charlton Street Extell Development has submitted plans for a 22-story residential building in Hudson Square that would include the neighborhood its first affordable housing.Flushing Commons. Architect Perkins Eastman announced the master plan. Phase one will have 150 residential units and 220,000 square feet of office space, along with 1,600 parking spaces. Phase two will have 450 residential units and 280,000 square feet of commercial space, a 62,000-square-foot YMCA and an additional 15,000 square feet for community facilities. There will also be A 1.5-acre town square, built around a central fountain plaza.Phase one is aiming for an April ...
  
  
• February 2014 New York New Developments
• New Developments A Brooklyn fashion networking company away is moving into Manhattan. Manufacture NYC, a program that gives budding designers access to industrial sewing machines and design software, conducted an exhaustive search for a budget-friendly spot in Brooklyn before finally giving up and settling on a space in Manhattan’s Garment District. 7-Eleven is trying to gain acceptance in Manhattan. Since entering Manhattan in 2011 the number of locations has quadrupled from eight to 37 stores.Hospitals are increasingly opening full-service walk-in clinics in an effort to reduce inpatient costs. As a result, outpatient medical facilities are cropping up throughout the city. ...
  
  
• February 2014 New York Commercial Real Estate Market Report
• Chinese Real estate investors were the largest investors in New York City in the world Increased availability of debt and an uptick in office rents drove demand for large Manhattan office towers in 2013. The top 10 priciest building sales of the year included nine office buildings — a threefold increase over the three office towers that cracked the top 10 list in 2012. Sales volume for all New York City properties could reach a record $63 billion this year, soaring 68 percent from last year. The dollar volume of New York City investment property trades is up 35 percent ...
  
  
• January 2014 New York Commercial Real Estate Market Report
• As retail rents continue their skyward climb along Fifth Avenue north of 49th Street, shop owners are becoming increasingly willing to pursue space in far-flung areas.Midtown office leasing continues to improve, while Midtown South slowly loosens. Vacancy in Midtown fell to 10.8 percent, down from 11.1 percent in the same month last year. Average asking rents were $72 per square foot in Midtown, up 11.6 percent from $64.50 in the same period last year. Downtown Manhattan had increased rate of sales and leasing of office properties during the third quarter of 2013.Chain store growth is slowing around the Big Apple, ...
  
  
• 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 ...
  
  
• December 2013: New York City New Developments
• New York City New Developments The state Public Authorities Control Board gave unanimous approval to the Empire State Development Corporation's $225 million National Urban League complex in Harlem. The project will include a civil rights museum, affordable housing and commercial space. Construction at 125th Street site will begin after the expiration of tenants' leases in 2015. The businesses currently occupying the site can apply for a low-interest loan for relocation services. However, lawsuits may still delay the complex.The Metropolitan Transportation Authority is looking to increase revenue by increasing the number of retail stores at subway stations and converting small spaces ...
  
  
• December 2013 New York Commercial Real Estate Market Report
• Fifth Avenue retail rents remain high but a distant second to Hong Kong’s Causeway Bay. Average Fifth Avenue Retail rents from 50th to 57th Street are $2,500 per square foot.Retail rents in the Financial District on Broadway have area increased 69 percent, over the last six months. The asking retail rents on Broadway between Battery Park and Chambers Street reached $257 per square foot.Tech companies usually get the credit for keeping the Manhattan office leasing market strong while financial and legal services are shrinking. However, the larger office deals in Manhattan signed over the past year have been in other ...
  
  
• November 2013 New York Buildings for Sale
• NYC Buildings For Sale A West 39th Street development site that could support a 60-room limited-service hotel has hit the market. The site at 335 West 39th Street, located between Eighth and Ninth avenues, will allow for a 44,437 square-foot-building by combining its current zoning entitlement with extra air-rights acquired through the city’s Hudson Yards district improvement bonus.A firm founded by former executives from SL Green Realty and Broadway Real Estate Partners is looking to unload a 12-story Chelsea office building that could fetch as much as $90 million , or almost double the purchase price paid during the real ...
  
  
• 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 ...
  
  
• September 2013: NYC Buildings For Sale
• NYC Buildings For Sale Developer Centaur Properties has paid $45 million to acquire a West Chelsea site with close to 110,000 square feet of unused air-rights.A developer known for converting old buildings into condominiums has paid $27 million for the former Ridley Department Story on the Lower East Side.Westwood’s company purchased a five-story townhouse for $13.5 million to plant the designer’s New York City flagship. The 12,000 square-foot townhouse at 14 East 55th Street, next to the St. Regis Hotel, will hold the corporate headquarters as well as a Vivienne Westwood retail store and showroom.Northwood Investors paid $150 million for ...
  
  
• September 2013: Manhattan New Developments
• Manhattan New Developments Architect Santiago Calatrava has been chosen to design the newGreek Orthodox Archdiocese Church of St. Nicholas at 130 Liberty Street. It will sit just south of the site of the World Trade Center Transportation Hub that the architect also designed..Sheldon Solow clock is running out at his long-dormant, six-acre lot between East 38th and East 41st streets on First Avenue. Mr. Solo could lose his permits and public approvals for a $4 billion project if he does not build a foundation for the office building or one of several apartment towers by this November.The battle to secure ...
  
  
• July 2013: New York City Buildings For sale
• New York Buildings sold Abe Talass' Eretz Group will pay about $210 million for a Midtown office tower belonging to Westbrook Partners and the Moinian Group. The 300,000-square-foot 295 Madison Avenue is part of a portfolio that Westbrook was marketing in April that is expected to get about $1 billion. The deal is expected to close in September. The $1.3 billion sale of 650 Madison Avenue, which entered into a contract, Crown Acquisitions and Highgate Holdings, see value in the property's retail component. Carey Watermark Investors announced the company's acquisition of the 226-room Holiday Inn Manhattan 6th Avenue, at 125 ...
  
  
• July 2013: New York City New Developments
• New York City New Developments Internet radio provider Pandora Media has slated a 52,450-square-foot lease at 125 Park Avenue. Warner Music Group is looking at a 225,000-square-foot space at 7 West 34th Street. Warner currently has space at 75 Rockefeller Center, and faces a deadline with its lease expiring next year. Still, the company is also looking over options to move elsewhere.Planet Fitness gym has inked two Manhattan leases in a city expansion effort. The largest contiguous block of class A office space in Midtown will soon come available at 1221 Sixth Avenue. About 537,000 square feet of space will ...
  
  
• 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 ...
  
  
• March 2013: New York New Developments
• New York New Developments Acadia Realty Trust has defended its stance on hiring non-union workers for its City Point megaproject and responded to a trade group's accusation that the development exploits the community and wastes taxpayer dollars. They believe that City Point will generate thousands of jobs and enhance Downtown Brooklyn's quality of life. Acadia is committed to maximizing local and minority contracting and employment as they create a LEED-certified development with the affordable housing, retail and entertainment options that the neighborhood well deserves.A trio of Russian entrepreneurs is redeveloping a three-acre sports complex, slated to be the largest in ...
  
  
• February 2013 NYC Buildings For Sale
• Buildings For Sale In one of the largest land deals in years, Sheldon Solow has reached an agreement with a consortium led by JDS Development Group to sell a parcel of land overlooking the East River for roughly $200 million. The full-block piece of land is zoned for residential use, and there are intentions to build a 37-story tower and a 47-story tower on the site, with a total of more than 830 units. The deal is being financed primarily by a $125 million loan from UBS. The parcel being sold is the smaller of two plots totaling nine acres ...
  
  
• February 2013: New York City New Developments
• The Federal Emergency Management Agency gave New Yorkers whose homes were devastated by Hurricane Sandy a 30-day extension on applications for home repairs. The Transitional Sheltering Assistance program, which has helped New Yorkers continue living in participating hotels and motels, will also be extended. Governor Cuomo requested that FEMA grant extensions. Alexander McQueen plans to decamp to 747 Madison Avenue. The designer will lease a double-height 3,300-square-foot space owned by Jeff Sutton, paying $1,300 per square foot during the 15-year lease. Fashion label Escada previously took up a portion of the retail space. Before that, Valentino occupied the space during ...
  
  
• February 2013 New York Commercial Real Estate Market Report
• The aggregate value of the priciest ten Manhattan investment sales for 2012 was $4.8 billion, down from $6.0 billion in 2011, a majority interest sales only. The three office buildings that made the list were RXR Realty’s $720 million acquisition of the 910,473-square-foot 450 Lexington Avenue from Dubai investment fund Istithmar World in September, along with Crown Acquisition’s $390 million purchase of 530 Fifth Avenue in January and Normandy Real Estate Partners’ $360 million purchase of 575 Lexington Avenue in October. Manhattan office leasing experienced a parallel slowdown in activity. The overall volume of deals declined in 2012 by about ...
  
  
• January 2013 Commercial Real Estate Market Report
• Major Trends Rising anxiety over the so-called fiscal cliff caused construction employment in New York to fall 5.2 percent year-over-year. The prospect of federal tax increases, combined with spending cuts, has made contractors anxious, and resulted in 16,100 fewer construction jobs in New York, year-over-year — bringing the number of construction jobs statewide down to 292,200. The City Planning Commission approved Durst Fetner Residential’s 625 West 57th Street, a 753-unit development at the Hudson River. The striking pyramid design, by Bjarke Ingles Group, includes a central terrace that is almost the size of a football field. Two Trees Management’s new ...
  
  
• January 2013 NY New Developments
• NY New Developments Starchitect Norman Foster’s plans for the renovation of the New York Public Library flagship on Fifth Avenue were revealed, with features including a multi-level atrium, Bryant Park views and a teen center. Project construction will kick off this summer and will be completed in 2018. A long-stalled Midtown construction site has started construction again on a residential project at 325 Lexington Avenue. Permits for construction were renewed in July 2011. The new plans call for a ground floor restaurant and bar, 103 apartments with two full-floor penthouses, a club room and a fitness center. Construction may have ...
  
  
• December 2012 NYC Office and Retail Market Report
• Asking retail rents are continuing to climb in some major Manhattan retail corridors due to high demand and a limited availability of space. Overall in Manhattan, however, asking retail rents were down 4 percent from the spring and 2 percent year. One of the areas that stands out is lower Fifth Avenue, between 42nd and 49th streets. In fall 2012, average asking rents ticked in at $1,021, up 13 percent from the spring 2012 figure of $900 and 51 percent increase from the same period last year when the average came in at $675.Herald Square experienced the greatest growth in ...
  
  
• December 2012 New York New Developments
• New Developments 13 new hotels in the pipeline for the Lower East Side, tripling the number of hotel rooms in the neighborhood over the next few years. Four new hotels are scheduled to open, boosting the existing inventory by approximately 30 percent. Six other projects in various stages of construction and four of which are on a two-block strip along upper Orchard Street will add another 900 rooms. And three other recent proposals, a 130-room boutique hotel in the landmarked Jarmulowsky Bank building on Canal Street, a 376 room hotel/condo combination building on Chrystie Street and a Broome Street project ...
  
  
• November 2012 New York Buildings For Sale
• NYC Buildings For Sale A Flatiron District office building will hit the foreclosure auction block next month with an outstanding lien of close to $41 million, following the issuance of a foreclosure judgment against the property in September. The building, at 119 West 25th Street, had been owned by Brooklyn-based investors Miriam and Michael Chan before it was placed in receivership. The duo purchased the building for $34 million via an LLC in 2006. The 11-story building, which totals 113,000 square feet and has 15,000 square feet of retail, will hit the block November 17.A parking lot in the Chelsea ...
  
  
• November 2012 New York New Developments
• New Developments The Chrysler Building just got a little greener. The Owner has received a LEED gold certification for the 1.2 million-square-foot office tower. Tishman spent two years updating the building’s energy, waste, water and maintenance systems. The upgrades include new plumbing fixtures that will cut the property’s water consumption by 64 percent; a waste-management policy that will ensure 81 percent of the building’s waste is recycled; and a 21 percent reduction in energy usage. The city’s plan to sell of three historic but outdated office buildings in Lower Manhattan, all of which would likely become luxury housing or hotels, ...
  
  
• October 2012 New York New Developments
• New Developments The re-zoning of Midtown is to affect the area from Lexington to Fifth avenues and East 39th to East 57th streets. Developers can buy additional air rights from the city. Within a smaller Grand Central Sub district developers can buy from owners of landmarked properties that are under built. Argent Ventures controls nearly all of those air rights through its ownership of the Grand Central terminal. The record sale price was about $6,000 a square foot in 2008 in residential, and has now reached more than $10,000 a square foot. The very-rich have finally unleashed the liquidity that ...
  
  
• September 2012 New York New Developments
• New Developments The Related Companies has won wage-cutting agreements with some four dozen construction unions in its efforts to save money at the $15 billion development of Hudson Yards. The developer, one of the most outspoken for the need to cut construction costs during contract negotiations with unions last year, got the groups to agree to cut wages and benefit packages by 10 percent to ensure they would be commissioned to work the massive construction project expected to carry on for the next decade. The deal is not yet final.With public support, the Kingsbridge Armory ice rink plan may appear ...
  
  
• August 2012 New York Buildings For Sale
• NYC Buildings For Sale One of the city’s oldest non-profit organizations has put its Gramercy Park headquarters on the block. The Xavier Society for the Blind will sell the 16,000-square-foot building at 154 East 23rd Street, starting with an asking price of $13 million. The organization is downsizing drastically because its services which provide large print and braille books and periodicals are no longer needed due to technological advances. Milstein is selling all but two of his 32 Emigrant Bank branches. Apple Bank is buying all of the branches, and their $3.2 billion in assets, except for the one at ...
  
  
• July 2012 New York New Developments
• Major Developments While details are sparse, Bowery Boogie is well underway on the 65,000-square-foot building, which has been covered in scaffolding for weeks. The renovation is being carried out by Lower East Side architecture firm Studio Castellano. The city’s Economic Development Corporation wants proposals from developers who would like to build and maintain underutilized industrial plots in three New York City boroughs. These include 95,000 square feet at 2399 Watson Avenue in the Bronx’s Zerega section, 80,000 square feet in East New York, Brooklyn, 53,000 square feet in Sunset Park, Brooklyn and 40,000 square feet in Queens’ College Point Corporate ...
  
  
• June 2012 New York Buildings For Sale
• NYC Buildings For Sale Forest City Ratner is looking to find an investor to take as much as a 49 percent stake in 8 Spruce Street, the tallest residential building in New York. The 76-story, 903-unit Frank Gehry-designed building is now 80 percent occupied.Thor Equities is seeking $45 million for the three-story, 15,525-square-foot building, at 446 West 14th Street, between Washington Street and 10th Avenue that it bought for $23.4 million in 2007.Vornado Realty Trust is marketing its stakes in three New York City-area malls, as the investment trust looks to exit the sector. Vornado wants to unload a 32.4 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• March 2012 New York Buildings For Sale
• New York Buildings sold SL Green has closed on its acquisition of a 37-story, 390,000-square-foot Midtown office building at 10 East 53rd Street for $252.5 million, or about $647 per square foot, and has sold a 45 percent interest in the building to Canada Pension Plan Investment Board. Canada Pension Plan paid an equity investment of $57.4 million before closing costs.Silverstone Property Group, along with equity partner RWN Real Estate Partners, plan a $12 million repositioning of the Murray Hill apartment building they acquired for $53 million The 17-story, 128-unit building at 247 East 28th Street, was purchased from Samson ...
  
  
• 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 ...
  
  
• February 2012 New York Buildings For Sale
• NYC Buildings For Sale The Sapir Organization, the developer of Manhattan's Trump Soho, is planning to put the hotel and its unsold condominium units on the auction block. The auction will likely take place later in the spring.Aby Rosen's RFR Holding is in contract to buy back the debt for far less than the $144.2 million face value at the Midtown development site at 610 Lexington Avenue.Although the vacant property, where Rosen sought to build the Shangri-La Hotel, New York, is in contract to RFR Holding. Several more properties in the William Gottlieb estate have hit the sales market, encouraging ...
  
  
• January 2012: Manhattan City New Developments
• Manhattan New Developments Cornell University, in partnership with Technion-Israel Institute of Technology will build a 2 million-square-foot applied science and engineering campus on Roosevelt Island. Atlantic Philanthropies a charitable organization founded by billionaire Charles Feeney made the $350 million gift to go towards the creation of Cornell University's 2 million-square-foot applied science and engineering campus on Roosevelt Island. Feeney, who made billions of dollars through co-founding the Duty Free Shoppers Group, graduated from Cornell's School of Hotel Management in 1956, and has been consistently making donations to his alma mater.Brooklyn politicians were still hoping on another phrase the mayor uttered ...
  
  
• December 2011 NYC Commercial Real Estate Market Report
• The Manhattan office leasing Leasing for 2011 is expected to reach only 25 million or 26 million square feet, barely ahead of last year's 24 million square feet. The last three months of the year are not expected to help. The number of stalled construction sites in New York City dropped by 8 percent between October 2010 and October 2011, but remains 40 percent above the number recorded two years ago. An average of 638 construction sites were identified as stalled in October of this year, compared to 693 in October 2010 and 454 in October 2009. The average number ...
  
  
• December 2011 New York Buildings For Sale
• NYC Buildings For Sale A Times Square Hotel, the 47-room Hotel 41 at 206 West 41st Street, will be auctioned Dec. 5, after lender Crane, A.G., a 50 percent owner of the hotel, filed to foreclose on developer Benjamin Soleimani's interest in the property. The 11,562-square-foot Hotel 41 building, on a side street just below Times Square, was purchased by Soleiman's 206 West 41st Street Hotel Associates in 2008 and underwent a complete transformation by architect Andrew Pollack and Soleimani with ultra-modern interiors. ATCO is selling the Atlas Terminals, an industrial park adjacent to the Atlas Park mall it developed ...
  
  
• 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 ...
  
  
• November 2011 New York Buildings For Sale
• New York Buildings sold Africa Israel USA sold the Clock Tower building at 5 Madison Avenue for $165 million.and close January 2012. The buyer has made a $5 million deposit -- $2 million of which is non-refundable. Savanna formed a partnership with the Feil Organization to purchase the office building 21 Penn Plaza for $137 million. Previously Savanna picked up nearby 31 Penn Plaza for $130 million. It's also acquired 100 Wall Street, 80 Broad Street, 386 Park Avenue South, 104 West 40th Street, 1375 Broadway and 5 Hanover Square through a $550 million real estate investment fund it closed ...
  
  
• November 2011 New York New Developments
• New Developments The Chelsea Art Museum located at 556 West 22nd Street is about to be replaced by Hewlett-Packard, which has special plans for the building. HP signed a 10-year lease for the entire 34,500 feet inside the three-story museum building at 556 West 22nd Street near 11th Avenue.. Drastic job and spending cuts are in the cards for 2013 for the New York City construction industry, according to a report released today by the New York Building Congress entitled "New York City Construction Outlook 2011-2013." Construction spending is expected to total $27.7 billion this year.The average number of construction ...
  
  
• 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, ...
  
  
• September 2011 New York New Developments
• Major NYC Developments The London-based Children's Investment Fund inked its first New York City real estate investment this month, providing $250 million in first mortgages for Macklowe Properties' condominium conversion of the luxury apartment building 737 Park Avenue in Lenox Hill. The fund, makes investments in a wide range of industries globally, and gives a portion of its profits to children's charities around the world. "It is the first direct real estate investment we have made in New York," New York State Attorney General Eric Schneiderman is hindering federal efforts to negotiate a foreclosure settlement with Wall Street banks on ...
  
  
• 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 2011 New York Buildings For Sale
• New York Buildings sold Newly landmarked 70 Pine sells for $205M to Nathan Berman's Metro Loft Management, or $186 per square foot,. Metro signed on to buy the 1.1 million-square-foot tower, the fifth tallest in the city at 66 stories, from Kumho Investment Bank of South Korea. Kumho previously purchased the building, along with 72/74 Wall Street, from AIG for $150 million.. The Henry T. Sloane mansion at 18 East 68th Street, between Madison and Fifth avenues, sold at auction yesterday to its only bidder -- Alexander Rovt, a Ukrainian-born billionaire fertilizer magnate -- for $40 million, the amount in ...
  
  
• July 2011 New York New Developments
• New Developments Governor Andrew Cuomo, signed a statewide property tax cap legislation, caps property tax increases at 2 percent, or the rate of inflation, whichever is less. Only a 60 percent vote in local communities override Cuomo's legislation. "We are beginning a new era in which New York will no longer be the tax capital of the nation," Cuomo said Community activists opposing the Rudin family's proposed takeover of the St. Vincent's Hospital campus in Greenwich Village dropped their court appeal without ever appearing before a judge.New York led a second consecutive month of U.S. housing price gains. Nationwide home ...
  
  
• June 2011 New York New Developments
• New Developments Companies such as Boston Properties and Vornado Realty Trust are in negotiations with potential tenants and may even proceed with construction without securing leases. Boston Properties may be the first to break ground by the end of 2011. The company is finalizing negotiations to anchor a 1 million-square-foot tower at Eighth Avenue and 55th StreetRelated Companies CEO Stephen Ross said he was confident about attracting tenants for the first phase of the development, which will include four million square feet of office space. "I think we're going to surprise people," he said. "We're talking to nine tenants at ...
  
  
• May 2011 New York Buildings For Sale
• New York Buildings sold Joseph Sitt's Thor Equities and developer Joseph Moinian have completed the long awaited deal to buy out Goldman Sachs at 245 Fifth Avenue for $162 million. The property, near 28th Street, had been up for sale since January, when Moinian and his previous venture partner, Goldman Sachs Whitehall Funds, decided to put the building up for sale through Eastdil Secured. The property was originally purchased for $190 million, or $620 a square foot, at the height of the market in 2007.RXR Realty purchased the Starrett-Leigh building at 601 West 26th Street for $900 million from Shorenstein ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• April 2011 New York Buildings For Sale
• New York Buildings sold Host Hotels & Resorts closed on the $313.5 million sale of the New York Helmsley Hotel, which will be reflagged under the Westin Hotels & Resorts brand in mid-2012 after an extensive renovation. Host Hotels, will renovate the hotel, at 212 East 42nd Street, with a complete overhaul of its 775 guest rooms as well as a meeting space upgrade.Dune Real Estate Partners has agreed to pay $190 million for Anglo Irish Bank's mortgage loan on the embattled Mark Hotel on the Upper East Side. The note, which had a face value of around $300 million, ...
  
  
• April 2011 New York New Developments
• Major Trends Bruce Ratner wants to construct the world's tallest prefabricated structure at the Atlantic Yards site in Brooklyn, according to the New York Times. The 34-story proposed tower would include 400 affordable apartment units, fulfilling a promise Ratner made when he took over the site. The annual rate of building permits issued for new privately-owned U.S. housing units fell by another 8.2 percent in February to a record-low 517,000, according to the latest data from the Commerce Department, backing up analysts' predictions that a sustained recovery in the housing market is still elusive. The permitting rate, which is indicative ...
  
  
• April 2011 New York Commercial Real Estate Market Report
• Manhattan's office leasing market is on pace for its best year ever after February brought some 3 million square feet worth of deals,. That's far above the nine-year monthly average of 1.9 million square feet of office leases. The banner month also comes on the heels of a busy January, when 2.6 million square feet were snapped up in Manhattan office lease transactionsManhattan townhouses see 2010 sales uptickBoth the single-family and multi-family Manhattan townhouse markets showed signs of improvement last year, according to the Corcoran Group, which released its first annual Townhouse Report today. In the single-family market, the number ...
  
  
• March 2011 New York New Developments
• Major Trends The laws that cap rent increases on 1 million city apartments expire in June, and landlord groups, tenant advocates and politicians all agree that they should be extended. Last time the laws were up for a renewal, in 2003, Senate Republicans threatened to let them expire and ended up forcing the Democrats to accept a simple renewal. Now the Democrats think they have a better chance of getting a good deal for tenants. The real estate industry is desperate to renew a tax break known as 421-a, which spurs new apartment building development, and Sheldon Silver believes developers ...
  
  
• February 2011 New York Buildings For Sale
• New York City Buildings sold Brack Capital Real Estate USA has sold the retail portion of its residential development at 15 Union Square West in New York City to the State Teachers Retirement System of Ohio, or STRS, for $57.88 million. The retail space consists of four retail stores on the first, mezzanine and cellar floors of the building, totaling 14,494 square feet. Three of the spaces are currently leased : one to HSBC Bank, one to Lululemon Athletica, and another to Sketchers.Real estate investment trust SL Green has acquired the remaining ownership interest in 521 Fifth Avenue, a 39-story ...
  
  
• February 2011 New York New Developments
• New Developments Three years after the Related Cos. began developing its 26-acre Hudson Yards project, the company is now trying to find a tenant willing to commit to occupying at least 600,000 square feet of office space. To land its key tenant, Related is offering either to construct a building and sell it to that company or to provide a big break on the rent. The 12 million-square-foot space, bordered by the High Line and the Hudson River, will run from 10th to 12th avenues and from West 30th to 33rd streets. The $15 billion project is expected to take ...
  
  
• 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 ...
  
  
• December 2010 New York New Developments
• New Developments Manhattan condominium prices climbed 9.4 percent in August, compared to the same month a year earlier. Transactions borough-wide increased 12.8 percent during that time, as well. Despite this recovery from 2009, activity and pricing are still a far away from pre-crash levels. This year, through August 31, has posted the second-lowest transaction count. A final hearing was held for the public to weigh in on Riverside Center, the proposed complex that Extell Development wants to build on the Upper West Side. The city council subcommittee on zoning and franchises heard more than four hours of testimony on the ...
  
  
• November 2010 NYC Commercial Real Estate Market Report
• Manhattan landlords received positive news last quarter as leasing deal volume remained high, but the market continued to show evidence of weakness through a slight rise in the amount of available office space for rent. The United States is still the most attractive country to invest in for real estate. The top three cities are Washington D.C, New York City and San Francisco. Based upon investment sales this year, it looks like Israeli investors who have invested in the Big Apple are once again becoming very bullish on Manhattan. Earlier this month, Gaia Real Estate announced a partnership with Harel ...
  
  
• November 2010 New York New Developments
• Major Developments Despite a slight rise in the vacancy rate, which rose .5 points to 9.3 percent on top of the decline in asking rents. To illustrate the demand can be seen by a new retailer trying to elbow into the high-traffic area, an existing store agreed to relinquish its space after its lease was bought out.New York City had $4.74 billion worth of delinquent commercial property loans as of Oct. 1, down 0.6 percent from one month ago, when there was $4.77 billion outstanding. The decline can be largely accounted for by Joseph Moinian's 1775 Broadway which had been ...
  
  
• October 2010 New York Buildings For Sale
• New York City Buildings sold SL Green, the largest commercial office landlord in New York, agreed to sell 19 West 44th Street in Manhattan to Deka Immobilien for $123.2 million. SL Green will continue to manage and lease the building as part of the sale agreement with Deka. SL Green originally bought the 292,000-square-foot Class B property in 2004 for $67 million. Since the acquisition, SL Green has renovated the lobby, windows and heating and cooling systems, and raised occupancy to 99 percent, compared to 86 percent in 2004. SL Green Realty is expected to gain $66 million profit on ...
  
  
• August 2010 New York Buildings For Sale
• New York City Buildings sold An investment fund affiliated with residential and commercial property owner Stonehenge Partners closed on the $67.34 million purchase of the former St. Vincent's Hospital residential building at 555 Sixth Avenue in Greenwich Village. Investors in the purchase include an entity called SITQ, which is a subsidiary of Canadian investment fund Caisse de dépôt et placement du Québec, and another Canadian institutional investor. Stonehenge won the 180,000-square-foot building in an auction which followed the bankruptcy of the hospital in April. Hotel owners Richard Born and Ira Drukier, principals with BD Hotels, led a partnership that bought ...
  
  
• 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 ...
  
  
• July 2010 New York New Developments
• New York Developments The closure of St. Vincent's Hospital in Greenwich Village dominated the news, neighborhood institution succumbing to financial troubles. Despite the credit crunch, New York-area hospitals are finding ways to fund major expansion projects. Through the support of philanthropists, often from the real estate sector, there's funding to build state-of-the-art health care institutions, keeping New York a world leader in health care. The Port Authority of New York & New Jersey yesterday approved an agreement with the city, under which the city will reimburse the agency up to $44 million for building underground foundations and infrastructure for a ...
  
  
• June 2010 New York Buildings For Sale
• NYC Buildings For Sale Fifth Avenue's Takashimaya building, which hit the market last month, is drawing a slew of high-profile bidders, and several have already been selected to submit second-round offers. Vornado Realty Trust and an unidentified luxury retailer are among those preparing their second bids for the 693 Fifth Avenue spot.SL Green Realty is selling its 45 percent stake in the 51-story McGraw-Hill building for more than $500 million in an effort to raise cash for recent and future acquisitions. The city's largest landlord prefers a controlling stake in its properties which is why it wanted to sell the ...
  
  
• 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 Buildings For Sale
• New York City Buildings sold The retail space at 40 Mercer, the Jean Nouvel-designed condo, has sold for $41.9 million. The space at 465 Broadway contains 9,400 square feet of space at the ground level. SL Green is buying Hines Interests' 600 Lexington Avenue for almost $180 million, or $700 a square foot. The 282,000-square-foot office tower is one of three major city properties of its kind that had been attracting attention from investors while on the market despite the sector's slump. The others are 340 Madison Avenue and 125 Park Avenue. The acquisition for the city's largest landlord follows ...
  
  
• 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 ...
  
  
• May 2010 New York New Developments
• New Developments Of the many players featured in the high-stakes drama unfolding at Stuyvesant Town and Peter Cooper Village, David Tepper, who has bought more than $800 million worth of controlling bonds at the property over the last 18 months, is proving to be one of the most volatile and polarizing. Tepper took legal action to guide the distressed property to his liking. But his attitude toward Stuyvesant Town, one of the biggest commercial-deals-gone-sour, is one of optimism. Tepper sees an opportunity for bankruptcy and restructuring, a move he believes would save millions. The city's Economic Development Corp. issued two ...
  
  
• April 2010 New York New Developments
• New Developments The number of small- to mid-size medical and bio-pharmacy companies in the city has quadrupled to 120 from 2002, due to the city's recruitment and the accessibility of academic centers in the area. The Upper East Side girls' prep school has cancelled its expansion into the nearby apartment building. The Brearley School, at 610 East 83rd Street, had been angling to buy half the building at 85 East End Avenue, for use as additional teaching space but has fallen through. Extended Stay Hotels may accept a $905 million investment offer from Starwood Capital Group and associated investors in ...
  
  
• March 2010 New York Buildings For Sale
• Manhattan Buildings sold Harry Macklowe is getting out of residential real estate with the sale of all three of his apartment buildings to Equity Residential, for a combined purchase price of $475 million: The buildings are Rivertower at 520 East 54th Street for $150 million, the Longacre House at 305 West 50th Street, and 777 Sixth Avenue, each with 293 units and a little more than $80 million in debt. Macklowe has also sold the Drake Hotel site at Park Avenue and 56th Street for $305 million. NYC Buildings For Sale Two more boom-era Manhattan projects are headed to foreclosure ...
  
  
• February 2010 New York New Developments
• New Developments The year-end review of Manhattan commercial real estate casts doubt on 2010's outlook. Commercial property sales volume was weak through the end of 2009, with projections suggesting that the total volume for the year was just $5.7 billion, a decline from $23.6 billion in 2008 and $62.8 billion in 2007.Manhattan commercial property sales volume remained slow through the end of 2009. Total commercial property sales for the year were just $5.5 billion, down from the peak level of $62.8 billion in 2007, and less than a third of the total sales made in 2008. There is pent-up energy ...
  
  
• January 2010 New York Commercial Real Estate Market Report
• New leasing velocity improved in Manhattan last month, average asking rents continued to fall. Leasing activity rose to its highest level in three months to 1.78 million square feet as landlords dropped average asking rents last month by $0.73 to $49.17/RSF. The highest vacancy rate in Class A buildings in Midtown was in the Columbus Circle submarket at 17.6 %. In Midtown South, the neighborhood with the highest Class A vacancy rate was Chelsea, at 19.4 %, and Downtown, the Financial District had the highest rate, at 10.9 %. In Manhattan office buildings, Class A asking rents were $59.72 per ...
  
  
• 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 ...
  
  
• December 2009 New York Buildings For Sale
• Manhattan Buildings sold The Volkswagen Group of America has purchased the 265,000-square-foot Potamkin General Motors building at 798-804 11th Avenue between 55th and 56th streets. The space was purchased for $84 million with plans to renovate through a $41 million investment, and will be used as the flagship Manhattan dealership for Audi and Volkswagen. The 24,700-square-foot retail space in the St. Regis New York was sold to a three-way partnership of property managers for $117 million. GFC Fifth Avenue is comprised of Crown Acquisitions, Goldman Properties and the Feil Organization, and they bought the property, located at 2 East 55th ...
  
  
• December 2009 New York New Developments
• New Developments Commercial lenders did not throw out all of their standards in the recent cycle of easy credit. When developer Aby Rosen structured his $133 million loan for the acquisition and development of the Shangri-La hotel at 614 Lexington Avenue in 2007, the mortgage document included a personal guaranty to cover losses in the event of a default. Similarly, when Kent Swig negotiated $49 million in loans with Lehman Brothers Holdings to develop a hotel and condo project at 45 Broad Street in the Financial District in 2006 and 2007, the bank demanded a similar guaranty in the mortgage ...
  
  
• November 2009 New York Buildings For Sale
• Manhattan Buildings sold Midtown Equities and Israeli holding company IDB Group announced their acquisition of HSBC Bank USA's New York headquarters at 452 Fifth Avenue, between 39th and 40th streets. This was the first time Midtown Equities had teamed up with IDB, and are now working on six or seven projects in New York City, where they will be either buying buildings or buying first mortgage notes from banks. At 452 Fifth Avenue, two parties are considering signing a lease on the top 18 floors that will be vacant in 2011. HSBC will continue to occupy the remaining 11 floors ...
  
  
• October 2009 New York New Developments
• Major Developments Stalled construction projects are not having much of a psychological impact on the city. Despite an increasing number of delayed projects, including 250 West 55th Street, 99 Church Street and Solow's First Avenue project, any psychological effects are likely to be short-lived, because the projects will be completed eventually. Large banks are only about halfway done with their commercial real estate losses. The U.S. commercial real estate losses could reach 10 or 15 percent of loans in this cycle. Banks with retail and office loans face the highest risk.The Plaza hotel is on tough times. The building's lower ...
  
  
• September 2009 New York Commercial Real Estate Market Report
• Manhattan's office rents are declining more sharply than those in other U.S. markets, though it's probably due to a soaring multi-year run-up. Average Manhattan asking rents were $60.23 per square foot, down from $71.59 a year ago, or an almost 16 percent plummet. Midtown leasing velocity beat its five-year average for the first time in 18 months while the availability rate of office space improved slightly for only the second time since late 2007. There was 1.58 million square feet leased in Midtown in July,up from 1 million in June, besting its 60-month average of 1.32 million square feet. The ...
  
  
• August 2009 New York Commercial Real Estate Market Report
• This year, leasing activity in Manhattan will likely be the weakest in decades. Expectation is this is going to be the worst year since keeping records on this in the 1980. There has only been 5.9 million square feet leased in Manhattan through July 1, and expects leasing for the year to be worse than the most recent low of 14 million square feet in 1991. Available office space rose to 41.2 million square feet, the highest level in the past four and a half years. The availability rate reached 11.5 percent, up from 10.5 percent at the end of ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• June 2009 New York Buildings For Sale
• Manhattan Buildings sold A second-floor duplex at the Plaza Hotel Residences sold for $2,751 per square foot, about half the price that similarly sized units were closing for last year. The three-bedroom unit with 4,283 square feet was sold by the developer, Elad Properties, to a company called Paradeplatz Ltd. for $11.786 million. The condo faces Central Park in the rehabilitated hotel at 768 Fifth Avenue. The Windermere has been sold to Windermere Property LLC, a company that made an agreement with the city to repair the landmarked building. The former owner and Tokyo-based developer Toa Construction had reached a ...
  
  
• June 2009 New York New Developments
• New Developments Developers of a Jean Nouvel-designed skyscraper adjacent to the Museum of Modern Art have applied to build a tower seven stories taller than the original proposal unveiled two years ago was 75 stories tall. The building has been controversial, with Community Board 5 criticizing its height and bulk in a resolution in March 2008. The mixed-use project from Houston-based international developer Hines Interests will have 100 hotel rooms and 120 condominium units on the upper floors, and also include a 60,000-square-foot expansion of MoMa's galleries on the second to the fifth floors. The amount of space for the ...
  
  
• May 2009 New York Buildings For Sale
• New York Buildings For Sale 15 East 26th Street, a 140,000-square-foot commercial and retail condo, is being marketed. They hope to get $250 a foot for the space, for a total of $35 million. Commercial tenants include media corporation Bertelsmann, El Al Airlines and engineering firms, rent space for around $30 per square foot.The 412,000-square-foot office building at 417 Fifth Avenue at 38th Street is on the market for $175-$200 million, which is less than the $250 million paid for it in 2007.
  
  
• May 2009 New York New Developments
• New Developments Hyatt Hotel & Resorts is opening two new hotels in the next year under its new brand name called Andaz. One hotel is scheduled to open across from Bryant Park on 41st Street and Fifth Avenue next year, and the second, at 75 Wall Street, is to open in September. The 41st Street hotel will offer time-share units on the top floors, and the downtown hotel, converted from the former JP Morgan Chase building, will have 253 rooms, with condo units on the 18th through 42nd floors.Hotel Developer Sam Chang filed plans for a 225-key Hyatt Place hotel ...
  
  
• April 2009 New York Commercial Real Estate Market Report
• In the last month, all aspects of office leasing in Manhattan continued to head in a negative direction. Leasing activity, vacancy rate and average asking rent all pointed to a weaker market. One bright spot was in absorption, the measure of the change in the amount of space occupied in the market, which improved. For all of Manhattan, leasing activity fell to 910,000 square feet, from 920,000 square feet the month before. The vacancy rate rose .4 points last month to 8.3 percent, and the average asking rent fell by $4.55 to $59.10 per foot. Retail asking rents in New ...
  
  
• April 2009 New York New Developments
• New Developments New York City Department of Parks & Recreation officials showed its plans for parks around the new Yankee Stadium, which was built on land within the footprint of two parks that residents want replaced. The parks department plans to a park with a track and athletic field, plus two stories of parking, in the area. The department will also build tennis courts and parkland. The old Yankee Stadium will become Heritage Field Park by spring 2011.Stellar Management's president is in negotiations to settle a lawsuit against Landesbank Baden, Deutsche Hypo and State Street Bank after they allegedly cut ...
  
  
• March 2009 New York New Developments
• The New York State Appellate Division ruled in favor of the Atlantic Yards project today in a lawsuit that challenged the project's environmental review process. Mayor Michael Bloomberg released a statement in support of the project, saying it will "create thousands of jobs and generate badly needed tax revenue." Bloomberg said the court's approval is a big step towards the start of construction for the delayed project.Proskauer Rose backed out of taking space at Mort Zuckerman's 250 West 55th Street, and now is in talks to move in again. Zuckerman put the 1 million-square-foot project on hold when the law ...
  
  
• January 2009 New York Commercial Real Estate Market Report
• New York Commercial Real Estate Overview Vacancy rates continued to rise and leasing activity and asking rents fell in November across Manhattan's three main office markets, Overall leasing activity in Manhattan fell to 1.01 million square feet in November from 1.44 million square feet in October, while the vacancy rate rose to 6.9 percent from 6.6 percent between the two months. The average asking rent declined to $68.53 per square foot from $69.10 per square foot. The steepest decline in activity was in Midtown South, where leasing activity dropped 67 percent between October and November, to 130,000 square feet from ...
  
  
• December 2008 New York Commercial Real Estate Market Report
• Asking rents in Class A office buildings in Manhattan declined while vacancies rose to their highest level since March 2006. Rents were down 5.6 percent to $83.38 from the May 2008 high of $88.37. Total vacancies were up 29 percent from the start of the year to 8 percent, or 18.4 million square feet. The last time so much was available was March 2006 when vacancies hit 18.2 million square feet. There was 4.4 million square feet of sublease available in Midtown Class A properties, which made up 28.2 percent of all available Class A in the area. As vacancy ...
  
  
• November 2008 New York New Developments
• New DevelopmentsIn the last few days, banks have begun lending to one another, signifying a thaw in credit markets that have been frozen for weeks. But despite those promising signs, a chill still seems to be pervading the commercial real estate market. The 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.With Lehman Brothers locked in bankruptcy, many real estate firms do not have financing to complete construction, meet lease obligations or pay vendors to complete sales, raising the prospect ...
  
  
• November 2008 New York Buildings For Sale
• NYC Buildings For Sale236 Second Avenue, an East Village 12,366-square-foot building, formerly housing Gateway Schools is on the market, along with an adjacent townhouse. It is located at 15th Street has seven floors contains nine classrooms, a gym, multi-purpose room, art room, library, offices and a courtyard.1540 Broadway may be for sale as the remaining Harry Macklowe's Midtown portfolio moves into the final phase.Bossert Hotel Developer RAL Companies walked from its agreement to purchase the former Bossert Hotel, located at 98 Montague Street, for $92 million from the Watchtower Group. The property will return to the market soon, probably with ...
  
  
• October 2008 New York New Developments
• New DevelopmentsThe Bush administration proposed granting the Treasury Department the ability to buy up to $700 billion in distressed mortgage-related assets from private firms. The proposal would raise the national debt ceiling to $11.3 trillion. The government also put together a plan that makes investment banks Goldman Sachs and Morgan Stanley holding companies, giving them access to Federal Reserve Bank of New York funds and putting them under stricter regulations. Boutique firms, like Lazard and Evercore Partners, are seizing clients and staff from fallen rivals. Nationwide, financial companies have announced 103,000 layoffs this year. Democrats proposed taxpayers could receive an ...
  
  
• October 2008 New York Buildings For Sale
• NYC Buildings For SaleThe sale of Harry Macklowe's Drake Hotel site on Park Avenue could bring in a record price between $900 and $1,000 per buildable foot for the project between 56th and 57th streets. It was reported that Macklowe's lender Deutsche Bank AG brought a suit against the developer for defaulting on $482 million lent for the purchase of the site to build a hotel, retail and condominium. Three of American International Group's buildings in the city could be put up for sale to raise money and repay the company's $85 billion federal loan. AIG's headquarters at 70 Pine ...
  
  
• September 2008 New York Commercial Real Estate Market Report
• Many more landlords are offering pre-built office and increasing the number of free rent months to attract tenants. Manhattan's vacancy climbed two points to 7.1% percent in the second quarter, compared to last year. Landlords are offering an average of three to six months of free rent, up from two to four months from last year. They are giving tenants $40 to $50 per square foot cash allowances for build outs, up from $30 to $40 from last year. The office leasing market has slowed down, but some big commercial deals are in the works.While some retailers, like Steve & ...
  
  
• 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 ...
  
  
• August 2008 New York Buildings For Sale
• NYC Buildings For SaleStarrett 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.Large LeasesBurberry 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 ...
  
  
• May 2008 New York Commercial Real Estate Market Report
• The State Department of Labor has doubled the possible job cuts on Wall Street than the previous estimates. Predictions indicate that Wall Street will lay off 36,000 employees - one fifth of its entire work force, compared to the 20,000 that the city's Independent Budget Office predicted in March. The bleaker outlook will put a damper on the city's economy, and hurt Manhattan's commercial leasing market in the coming year. If all the layoffs occur, Manhattan will have up to 9 million square feet of office space, direct and sublease on the market.If that does, in fact, get reintroduced to ...
  
  
• May 2008 New York Buildings For Sale
• 650 Madison Avenue, a 27-story, 600,000 RSF office building, was sold to Ashkenazy Acquisition Corp. for $695 million. 1250 Broadway, a 39-story, 670,000 RSF office building, was sold to Murray Hill Properties for $310 million. 100 Fifth Avenue, a 19-story, 240,000 RSF office building, was sold to Rock New York (100-104 Fifth Avenue) LLC for $152 million. 100-104 Fifth Avenue, a 20-story, 270,000 RSF office building, was sold to Rock Investments for $150 million. 370 Canal Street, a 20-story hotel, 360 rooms total, was sold to Magna Hospitality Group for $83 million. 8 Gramercy Park South and 141 East 33rd ...
  
  
• March 2008 New York New Developments
• New DevelopmentsThe amount of leased in the fourth quarter of 2007 was 34.5 % lower than the amount of leased in the fourth quarter of 2006. Average asking rents fell by 45 cents to $61.46 per square foot in the fourth quarter, down from $61.91 per square foot in the third quarter.In 2007, the office market in Downtown Manhattan had a lower overall vacancy rate than the Midtown market for the first time since 2001. The year-end report showed that Downtown had a 7.6 percent vacancy rate last year, compared to a 7.7 percent rate in Midtown. Downtown saw 412,108 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• December 2007 New York Commercial Real Estate Market Report
• Demand for Manhattan office space exceeds the pace of new construction. As a result office vacancy rates continue to decline and rental rates continue their upward climb. New DevelopmentsThe Federal government has approved $1.3 billion for the Second Avenue subway's first phase. The first phase is expected to cost more than $4 billion and is scheduled to open in 2014. A new television transmission may make unnecessary the 408-foot spire planned to broadcast tower on of roof the Freedom Tower. If not built, the tower will be reduced from its symbolic 1,776 feet to 1,368 feet tall, the height of ...
  
  
• December 2007 New York New Developments
• New DevelopmentsNew York City Hotels For Sale:The Hotel industry has been largely unaffected by the credit crisis as record-breaking occupancy and room rates moderate overall industry conditions.V3 Hotel Management purchased 237 Duffield Street for $9.5 million and is planning a $40 million, 22-story luxury hotel, with 180 rooms and 17,000 square feet of retail space. John Lam is building twin hotel towers half a block away, a Sheraton and an "Aloft" hotel.Andre Balazs, , wants to sell to sell Hotel QT of New York, and the three Standard Hotels in Los Angeles, Hollywood and Miami. As a condition of the ...
  
  
• November 2007 New York New Developments
• New DevelopmentsNew York City Building LeasesGoogle leased 130,000 RSF at 75 Ninth Avenue (Chelsea Market).Ann Taylor Stores Corporation leased 100,000 RSF at 1372 Broadway.National Financial Partners leased 99,485 RSF at 340 Madison Avenue.Bank Leumi leased 55,253 RSF at 420 Lexington Avenue.Monitor Company leased 51,062 RSF at 140 Broadway.Niche Media leased 45,000 RSF at 100 Church Street.The Regus Group leased 35,000 RSF at 260 Madison Avenue.MD Sass leased 33,739 RSF at 1185 Sixth Avenue.Junior Gallery Ltd. leased 30,906 RSF at 463 Seventh Avenue.New York Marine and General Insurance Company leased 30,165 RSF at 919 Third Avenue.Poten & Partners leased 29,411 RSF ...
  
  
• August 2007 New York Commercial Real Estate Market Report
• The office market is red hot with little space. Major Corporations are starting to announce relocations out of the city as prices in prime locations are over $100/RSF.There are a number of new office building talked about being built space delivery is years away.New York City New Construction:A new, 1.5-million-square-foot office tower by the Extell Corporation at 34th Street and Eleventh Avenue is expected to begin in 2009 and completed in 2012.Reisman Properties plans to build the first luxury hotel in Harlem, on Fifth Avenue from 125th to 126th streets.According to the Neighborhood Economic Development Advocacy Project, more than 14,000 ...
  
  
• August 2007 New York Buildings For Sale
• NYC Buildings For Sale10-14 West 57th Street is on the market for sale for up to $200 million due to its redevelopment value.Forbes plans to sell its 60 Fifth Avenue headquarters and plans to move to a new building.New York Buildings sold5
  
  
• July 2007 New York Commercial Real Estate Market Report
• New York City New Construction:Sitt of Thor Equities scaling back plans for Coney Island from 2 billion to 1.5 billion. Sitt has already spent $120 million buying up land. Dropped 40 story tower. Rental apartment and condominiums and making project less dense.New York City Buildings Leases:Davis Polk renewed and expanded lease to 650,000 sf at 450 Lexington Avenue.MTV Networks Entertainment Group leases 400,000 sf at 345 Hudson Street.Limited Brands renewed lease of 125,000 sf at 400 Lafayette Street.BBDO renewed lease of 41,000 sf at 1375 Broadway.Choice Logistics leases 34,000 sf at 1 Whitehall Street.NaviSite Corporation leases 33,000 sf at 395 ...
  
  
• March 2007 New York Buildings For Sale
• New York City Buildings For Sale Freedom Tower is for sale and bids are being solicited by the Port Authority of NY/NJ. 1344 York Avenue, a 470,000 RSF building, is for sale, asking $500 Million. 90 Fifth Avenue, a 129,000 RSF building, is for sale, asking $100 Million. Manhattan Buildings Sold 450 West 33rd Street, a 800,000 RSF office building, sold for about $700 Million. One Park Avenue, a 913,000 RSF office building, sold for $550 Million or $602/RSF. 2 Park Avenue, a 960,000 RSF office building, was sold for $519 Million. 1745 Broadway, a 675,000 RSF office building, was ...
  
  
• February 2007 New York Buildings For Sale
• NYC Buildings For SaleChetrits are looking for bids on some of the buildings they own.: 450 West 33rd Street 200 fifth Avenue and 1107 BroadwayBrooklyn Red HotAtlantic Yards 4 billion dollar mixed use development by Forest City has finally gotten state approval to break ground.Coney Island 2 billion dollar development by Joe SittIkea building a 346,000 Store in Red Hook.Aviator sports and recreation complex is now open.Brooklyn residential red hot in terms of sales prices and new projects underway.New York Buildings sold
  
  
• January 2007 New York Buildings For Sale
• New York Buildings sold Stuyvesant Town and Peter Cooper Village, a 11,232 residential units in 110 buildings was sold to Tishman Speyer, Blackrock Realty for $5.4 billion. 666 Fifth Avenue was sold to Kushner for $1.8 billion or $1,200/RSF. Kushner is reported to be selling the retail space of 99,000 SF for $640 Million. 350 Park Avenue, a 37-story, 538,000 sf office building, was sold to Vornado Realty Trust Holdings for $542 million. 1330 6th Avenue was sold to Macklow for $498 million. 1330 6th Avenue is a 522,000 RSF class A office building. 2207 Broadway and 390 West End ...
  
  
• January 2007 New York New Developments
• New DevelopmentsBuildings Plans changed from residential to commercial. 1. Toy buildings located at 200 Fifth Avenue and 1107 Broadway owners considering going back to office use from proposed condo apartments as the residential market cools and the office market remains red hot with office space in that neighborhood expected to reach as high as $60/rsf.2. Macklow considering making his project at 510 Madison Avenue into offices rather than hotel/residential condominium Construction City wide busy but off of 2005 highs. According to Deputy Mayor Dan Doctoroff construction spending is likely to increase over the next three years. Total spending likely to ...
  
  
• January 2007 New York Commercial Real Estate Market Report
• Two of the largest building sales in New York City history occurred last month.Stuyvesant Town and Peter Cooper Village sold for $5.4 Billion and 666 Fifth Avenue sold for $1.8 Billion. The New York City commercial market will remain hot for the foreseeable future as there are limited new commercial buildings coming on line, retail and office rents at all time highs and there is ample equity available for acquisitions. New office construction is underway at Freedom Tower and the new Goldman Sachs headquarters, but still limited compared to the office demand that is expected. As a result some of ...