West 29Th Street

• 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, ...
  
  
• 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 Buildings For Sale
• Buildings for Sale: The Lower East Side building at 217 East Houston Street, home to the nightclub Mercury Lounge, is for sale. The mixed-use tenement building is listed for $7.5 million. Enterprise Asset Management is looking to sell the ground lease on its 20-story office building at 360 Park Avenue South. The 450,000-square-foot building will be completely vacant at the end of the year when the master lease on all of the building’s office space expires. Buildings Sold: The Kaufman Organization closed on a $34.5 million ground lease at the Haymarket Building. The organization signed a 99-year ground lease with ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• June 2018 New York New Developments
• New York Major Developments: The top 10 office leases totaled 1.9 million square feet, much larger than the previous month’s top 10 leases, which totaled 996,000 square feet. Pfizer signed a lease for 800,000 square feet of office space at 66 Hudson Boulevard. Latham & Watkins signed a lease for the 25th through the 34th floors, totaling for 407,000 square feet at 1271 Sixth Avenue. Jet.com inked a lease for 200,000 square feet of warehouse space at 1055 Bronx River Avenue. The asking rent was $22.00 per square foot. McDermott Will & Emery signed a 20-year lease for around 106,000 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• July 2014: New York New Developments
• A Private Upper East Side girls' school sent a letter to parents saying the school has been reviewing 20 sites that would accommodate the school's 700 students. The K through 12th grade school has operated out of a 12-story brick building at 610 East 83rd Street since 1929.The Bauhouse Group has recently secured a $35 million construction loan from Doral Bank to finance its condominium-and-retail project in Chelsea. The developers acquired a 35,000-square-foot, six-story warehouse at 515 West 29th Street for $24.4 million, and {dynamic_word3} three additional parcels of air rights for a total of $6 million. Permits have been ...
  
  
• April 2014 New York Buildings For Sale
• NYC Buildings For Sale New York Foundling is asking $47.5 million for a four-story Greenwich Village building it bought for $3 million about 12 years ago. The 14,540-square-foot property at 27 Christopher Street, near Waverly Place, has served as a nursing school and parochial school. The space currently houses the Vincent J. Fontana Center for Child Protection, an organization that offers training to child-care workers.A 20,000-square-foot, multi-level retail space at the base of building at 95 Madison Avenue is for sale.Hiro Real Estate and Goldman Sachs’ landmarked tower at 150 East 42nd Street, also known as the Socony-Mobil Building, is ...
  
  
• 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 ...
  
  
• July 2012 New York Buildings For Sale
• Buildings for Sale Vantage Properties and Area Property Partners have unloaded the Savoy Park apartment complex in Harlem for more than $210 million, satisfying the outstanding balance on the senior mortgage. Larry Silverstein is cutting his losses and moving on from Lexington Avenue. His Silverstein Properties and the California State Teachers’ Retirement System have entered contract to sell the 35-story office building at 575 Lexington Avenue for about $360 million to Normandy Real Estate Partners and New York Life Insurance. The deal is worth $10 million less than the agreement the owners nearly struck with Rockrose Development, before Henry Elghanayan ...
  
  
• 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 ...