Blackrock

News about Blackrock, including commentary and archival articles published in our Articles.
  • 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 ...

  • 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 ...

  • November 2016 New York New Developments
  • New York Major Developments: Construction spending in New York City is expected to soar to $127.5 billion by the end of 2018, showing that the building boom still has legs. Predictions that spending will reach $43.1 billion in 2016, a 26% increase from 2015’s construction spending in 2017 is projected to reach $42.1 billion and then $42.3 billion in 2018. Non-residential construction of $17 billion projected in 2016, a 27% increase from last year. Office construction accounts for 20 million square feet of new space will be added over the next five years, much of it in Hudson Yards. Tishman ...

  • September 2016 New York New Developments
  • Major Developments: SL Green Realty says it has shaken a pesky lawsuit that threatened to stall the construction of its office building near Grand Central Terminal, One Vanderbilt. The REIT has settled a lawsuit filed by the owner of Grand Central, which alleged that the office landlord and the city rendered his 1.2 million square feet of air rights useless when it rezoned the area. The settlement was made possible, in part, by the recent sale of a stake in Grand Central to Michael Dell’s MSD Capital. In 2012, the Witkoff Group announced it would build a new hotel at ...

  • 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 ...

  • 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 2011 New York New Developments
  • New Developments Columbia University may be moving forward with plans for a $6.3 billion expansion after the U.S. Supreme Court rejected an appeal by local businesses whose properties may be subject to eminent domain. The justices refused to question findings by a state development agency and said that the area is blighted and that the expansion has a legitimate public purpose. Several years back, retail giant Walmart tried to open stores in Queens and Staten Island, but backed off after fierce community opposition. Now the discount chain store is trying again to break into the New York City market, since ...

  • 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 New Developments
  • Major Developments Affordable housing programs throughout the city are facing trouble unloading units. The city has been praised across the country for its efforts to provide affordable housing to lower- and middle-income households but, while the low-income rentals continue to thrive, the ownership program is struggling, which could be seen as good since it ultimately means less foreclosures.Larry Silverstein believes his commitment to the World Trade Center redevelopment project can be measured not only by his enthusiasm, but also by his own cash. The developer recently proposed several different financing options to the Port Authority of New York & New ...

  • 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 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 ...

Find My Space!
  • Green Acres Is the Place for Macerich; The Deal Sheet
  • Billionaire Shows How Small Buildings in NYC Can Mean Big Money
  • Optimal Spaces in the News - New York's Pix11 / Wpix-Tv
  • Fighting rubber ruler measurements
  • Manhattan's Low-Rent Dining in Hiding
  • The NY Fed Is Buying Its Own Building

Don't miss out, join our mailing list

Thank you! we will be in touch.
Please enter a valid email address is required. Your email is required to be at least 3 characters That is not a valid email. Please input a valid email. Your email cannot be longer than 20 characters
Please enter a valid email address is required.