Chetrit

• 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 ...
  
  
• May 2023 New York New Developments
• New Developments: The MTA launched eminent domain proceedings for nine sites in East Harlem. The MTA plans on demolishing existing buildings to make room for some heavy machinery to extend the subway from East 96th Street to East 125th Street. The staging ground at East 116th Street will ultimately become a subway entrance for the extension. A collapsed Lower Manhattan parking garage had open violations. The Manhattan DA is investigating the incident that killed one. The partially collapsed building at 57 Ann Street racked up dozens of violations for decades. Four of those violations remained open when the building, owned ...
  
  
• 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 ...
  
  
• 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 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 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 ...
  
  
• 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 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 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 ...
  
  
• 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 ...
  
  
• February 2022 New York Buildings For Sale
• Buildings for Sale: 24-09 Jackson Avenue in Long Island City, Queens, a long-stalled hotel development site in Long Island City, is up for sale. Toyoko Inn is aiming to get around $60 million for its property at 24-09 Jackson Avenue in the Court Square section of the Queens neighborhood. Watermark Capital is exploring a sale of the 226-key hotel at 125 West 26th Street, between Sixth and Seventh avenues. The investment firm has owned the building since 2013, when it purchased it from Magna Hospitality for $113 million. Oceanwide Holdings defaulted on its $175 million loan against 80 South Street, ...
  
  
• 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 ...
  
  
• 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. ...
  
  
• July 2021 New York Buildings For Sale
• Buildings for Sale: 14 Vesey Street, a rare historically vacant building, is for sale for an undisclosed amount in Downtown, Manhattan. A lot is available at 347 Lexington Avenue for sale to establish a hotel. The asking price is $10,000,000. It is 20 stories tall with 65 rooms. Two properties at 1984-90 3rd Avenue are for sale for $15,000,000. There are four retail units. Buildings Sold: Premier Equities acquired a 17,500-square-foot hotel building at 130 Duane Street for $18 million. The seller was Hersha Hospitality Management. Steven Schnall and Howard Lev sold an 8,300-square-foot, mixed-use building at 287 Bleecker Street ...
  
  
• June 2021 New York New Developments
• New Developments The Gateway tunnel is back on track. Federal officials completed their environmental review of the $11.6 billion rail tunnel, giving the project the green light. The move comes after years of delays from the Trump administration. The plan calls for building a new rail tunnel beneath the Hudson River, which would connect New Jersey’s Bergen Palisades to New York’s Penn Station. The approval could potentially advance real estate acquisitions and other pre-construction activities. State lawmakers are seeking to give New York City more control over Cuomo’s Penn Station expansion and new development in the surrounding area. A recently ...
  
  
• 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. ...
  
  
• 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 ...
  
  
• 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 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 ...
  
  
• 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 ...
  
  
• July 2020 New York Commercial Real Estate Market Report
• Manhattan office leasing in the second quarter of 2020 totalled just 3.18 million square feet, ½ the previous quarter and down 72% from the previous year and the slowest quarter for office leasing since 2009. Manhattan’s overall availability increased 0.4% points to 10.6%, the highest since early 2015. Manhattan’s asking rent average slightly decreased. Subleases have remained constant. Office leasing activity in April (1.35 million square feet) and May (1.42 million), in June, it was remaining at 410,000 square feet . Midtown Office 1.88 million square feet in leasing activity in the quarter, down 52% year-over-year. The largest lease was ...
  
  
• June 2020 New York Commercial Real Estate Market Report
• Office Office leasing was virtually dead, except for TikTok who just rented 232,000 at 4 Times Square. A few landlords have lowered prices. Many are taking a wait and see attitude until Tenants return to work and the dust has settled. Retail The brick and mortar apocalypse keeps getting worse, as more national chains declare bankruptcy or announce store closings. Mom and pop retail is faring far worse with many lacking reserves to stay in business. Restaurants will hurt even more, once they partially open and have to pay full rent. Sales Building sales were very very slow with only ...
  
  
• June 2020 New York Buildings For Sale
• Buildings Sold: The volume of commercial real estate deals fell to the lowest level in a decade. Deal volume totaled $11 billion, a 71% year-over-year drop. The number of deals, meanwhile, has fallen an average of 36% since January, but saw a drop of 61% between March and April. Although some property types fared better than others, not one ended the month on a high note. Hotel sales descended to $5.1 billion, their lowest level since RCA started recording transactions. The office and industrial sectors performed the “best,” but each still notched a 60% drop in transactions. Shulamit Prager’s Opal ...
  
  
• 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 Buildings For Sale
• Buildings for Sale: 2 Grand Central Tower was built in the 1980s and is for sale. Rockwood Capital is the seller of the 44-story building. They are expecting to sell for $580 million or about $850/RSF. CBS is looking to sell 51 West 52nd Street for more than $1 billion for its nicknamed Black Rock. The broadcaster, which merged with Viacom late last year in a $25 billion deal, announced that the company would look to sell the building. Amazon has been in talks to acquire the Lord & Taylor building from WeWork. The deal could be valued close to ...
  
  
• November 2019 New York Buildings For Sale
• Buildings For Sale: JPMorgan may sell 383 Madison Avenue. The consideration comes as the financial company weighs moving thousands of jobs outside of the New York area in an effort to lower costs ahead of a possible financial slowdown. Buildings Sold: Jeon America Inc. bought a five-story office building at 42 West 28th Street for $10.5 million from Uk Choi’s Legend Corp. The property is about 42,000 square feet. Savanna has gone into contract to sell 2417 Third Avenue the Bruckner building for $65 million to ZG Capital Partners. The deal works out to about $369 per square foot and ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• December 2017 New York Buildings For Sale
• New York Buildings For Sale: Isaac Chetrit is looking to sell off a pair of office buildings. Chetrit and partner Sioni Group are asking around $190 million and $200 million for the properties at 15 West 47th Street and 22 West 48th Street. Brookfield Property Partners is looking to sell its 2.3 million-square-foot office tower at One Liberty Plaza in Lower Manhattan, which could trade for as much as $1.6 billion. Offers on the Park Lane Hotel were due, but no buyers showed up willing to pay the $1 billion the property was expected to obtain. The 47-story hotel overlooking ...
  
  
• 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 ...
  
  
• July 2017 New York Buildings For Sale
• New York Buildings Sold A two-story commercial building at the corner of East 149th Street and Cortland Avenue sold to Albert Babayev for $17.5 million. The 33,135-square-foot building at 356 West 149th Street is leased to a Rite Aid and located a block away from the Third Avenue and East 149th Street hub. New Empire Real Estate sold off a Hell’s Kitchen development site for $15 million to the Coram Deo Church. Zhao bought the vacant lot at 409 West 45th Street in 2014 for $5.3 million, and plans to build a seven-story boutique condominium building on the site. The ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• July 2016: New York New Developments
• New Developments U.S. commercial real estate values continue to experience a slowdown in growth in 2016. Despite the slight uptick, property value appreciation has slowed significantly, after near-double-digit gains in each of the past few years. Cap rates have stopped declining. The City Council approved plans to rezone portions of the Financial District that will allow landlords to fill unused space with retail. 20 buildings along Water Street can fill in 110,000 square feet of pedestrian arcades. In exchange, the landlords are required to upgrade nearby plazas and any of the arcades larger than 7,500 square feet must go through ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• September 2015: New York New Developments
• Sam Chang plans to build a 25-story, 175-key hotel on a Garment District development site. The hotelier filed a permit application to build a 60,000-square-foot hotel at 338 West 39th Street, near Ninth Avenue. He bought the 12-story factory building for $22.4 million.The Hakimian Organization is in the process of acquiring 16,000 square feet of air rights from the landmarked Helen Hayes Theatre. This would allow the company to build a 246-key hotel at 250 West 49th Street containing 96,000-square-foot hotel on the property. The plans call for a renovation of the existing eight-story, 58,000-square-foot building, and add another 16 ...
  
  
• August 2015: New York Buildings For Sale
• NYC Buildings For Sale The Related Cos. is considering selling a stake in its 10 Hudson Yards office tower now that the building is almost fully leased. The developer is in discussions with Boston Consulting Group to take about 175,000 square feet at 10 Hudson Yards, which would boost the building to near full occupancy before its scheduled completion early next year. A stake sale would allow Related and equity partner Oxford Properties Group to capitalize on the building's value and provide funds to finance further construction at the 28-acre, $20 billion development. Ian Bruce Eichner is shopping around his ...
  
  
• 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 ...
  
  
• 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: 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, ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• January 2014 NYC Buildings For Sale
• NYC Buildings For Sale The Rhinelander Children’s Center at 350 East 88th, an Upper East Side townhouse owned by the nonprofit Children’s Aid Society, is for sale, asking $20 million. The four-story, 15,405-square-foot site is 50 feet wide. School programs have included preschool, summer camp and after-school care. Verizon is selling a former telephone-exchange building on West 36th Street near Seventh Avenue as a potential hotel site.Bank of New York Mellon is looking to downsize, and is considering a sale of its 52 story headquarters at 1 Wall Street. Chinese Christian Herald Crusades has put their building at 48 Allen ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• April 2013: Manhattan New Developments
• Manhattan New DevelopmentsThe Hudson Yards area is shaping up to be something of an office-{dynamic_word2} battleground, with the Moinian Group, Extell Development, the Related Companies and Brookfield Office Properties hunting for office tenants. Moinian's proposed 1.8 milllion-square-foot 3 Hudson Boulevard. Related's under-construction, 1.7 million-square-foot Coach building at 10th Avenue and 30th Street; and Brookfield's planned Manhattan West, which could bring 5.4 million square feet of office and residential space to Ninth Avenue. Extell has also proposed a 1.7 million-square-foot tower in the area dubbed 1 Hudson Yards. Peebles Corporation will pay $160 million for 346 Broadway, a 13-story building. Peebles ...
  
  
• March 2013 New York Buildings For Sale
• NYC Buildings For Sale The nearly 41,600-square-foot Colonial Revival U.S. Post Office location at 217 West 18th Street between Seventh and Eighth avenues is for sale.The SUNY board of trustees voted to close the Cobble Hill-based Long Island College Hospital. The sale of the 200,000-square-foot building, which could be converted into a residential development, may bring up to $500 million.Lehman Brothers is looking to sell its 90 percent stake in 425 Park Avenue. The 31-story, 567,340-square-foot building, located in Midtown East, is to be demolished and replaced with a 650,000-square-foot Norman Foster-designed office tower being developed by L&L Holdings, which ...
  
  
• 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 ...
  
  
• 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, ...
  
  
• 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 ...
  
  
• 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 New Developments
• Major Developments A judge has rejected a bid by an investment partner at the Domino Sugar Factory to block its partner from recapitalizing the proposed $1.5 billion project. Express has signed for a flagship space in Times Square, believed to be at 1552 Broadway.The first retail stores at the World Trade Center site could open for business by March 2015. Westfield, which has a 50 percent stake in the WTC site’s retail space, said the first retailers will be announced in the first half of next year. The openings would come more than 13 years after the destruction of the ...
  
  
• May 2012 New York Buildings For Sale
• New York Buildings sold Jamestown Properties purchased 325 Hudson Street the expected price to be about $500 per square foot, or around $120 million.Hidrock Realty purchased the vacant lot at 133 Greenwich Street for $27.9 million in a joint venture with Robert Finvarb Companies, and will develop a hotel there. The joint venture will develop a 28-floor, 300-room hotel at an estimated cost of $70 million. The new inn, between West and Washington streets in Lower Manhattan, should be open for business in early 2015. A group of parcels known as the Bedford portfolio, along Bedford Avenue in Williamsburg, has ...
  
  
• 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 New Developments
• New Developments A joint venture partnership including New York Ace Hotel owner and GFI Capital Resources Group Gross’ GB Lodging is set to puchase the Temple Court building, a nine-story city landmark at 5 Beekman Street formerly owned by the Chetrit Group and Bonjour Capital.Mayor Michael Bloomberg signed a bill to declare a formal state of emergency in New York City with regard to housing, allowing him to extend rent regulations for another three year even thought there is a Supreme Court challenge The mayor cited a citywide residential vacancy rate of 3.5 percent. Legally, rent regulations must be terminated ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• February 2012 New York New Developments
• New York Major Developments The 226-room Courtyard Marriott on East 92nd Street may close this spring, in the wake of two years of legal battles, including a lawsuit against Marriott International. It is scheduled to lay off 59 employees by March 30. Having already ceded some of its demand to recent upstart office markets like Midtown South and downtown Manhattan, Midtown East is the subject of a Department of City Planning review intending to probe whether it needs to incentivize commercial property upgrades in the area Midtown East has more than 70 million square feet of office space, 13 Fortune ...
  
  
• 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 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 ...
  
  
• 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, ...
  
  
• 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 ...
  
  
• September 2010 New York New Developments
• New Developments A deal with Silverstein Properties over how to pay for two towers was approved by the Port Authority of New York & New Jersey. The plan calls for the restoration of the east side of the site to at least street level and the completion of the WTC Transportation Hub. The funding needed for the project is now projected to be between $1.1 billion to $1.3 billion.A crucial City Council subcommittee and committee voted in favor of an office tower at 15 Penn Plaza proposed by developer Vornado Realty Trust. Although opposition to the 1,216-foot-tall tower stemmed from ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 New Developments
• New Developments New building permits issued in the first five months of 2009 showed a year-over-year drop in all five boroughs for the second year in a row. Citywide, permits were down 48.5 percent from the same period last year to 720, and were down 69 percent from the first half of 2007, when the building boom was still in full force. Of the five boroughs, Manhattan saw the biggest drop from last year, with 18 building permits filed between January and May, or 72.3 percent fewer than in the same period of 2008. This number was off 71.9 percent ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• July 2007 New York Buildings For Sale
• New York Buildings sold 60 Wall Street, a 47-story, 1.6 million sf office building, was sold to Paramount Group for $1 , 200 million. Harlem portfolio, 4,000 residential units, was sold to Urban American Management; City Investment Fund for $940 million. 885 Third Avenue (Lipstick Building), a 587,000 sf office building, was sold to Metropolitan Real Estate Investors for $607 million. 229 West 43rd Street (New York Times Building), a 746,000 sf office building, was sold to Africa Israel Investments for $525 million. Brooklyn and Queens portfolio of 2,000 residential units was sold for $250 million. 1328 Broadway (2 Herald ...
  
  
• 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