Citigroup

• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 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 ...
  
  
• 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 ...
  
  
• April 2015: New York New Developments
• New Developments The Howard Hughes Corp. has just struck a deal with Edison Properties that allows the former to build a large mixed-use building straddling the border of the South Street Seaport Historic District.Community Board 5 will look to decide whether or not to extend the Madison Square North Historic District. Currently, the borders of the district are 25th and 29th streets and Sixth and Madison avenues. Under a new proposal which is in front of the board now, the district would be extended north to 34th Street and from Broadway to Park Avenue South.New renderings of Citigroup's planned headquarters ...
  
  
• March 2015 New York Commercial Real Estate Market Report
• The Lower Manhattan's commercial market had its best year on record since the financial crisis.Manhattan will have at least additional 9.5 million square feet of available office space on the market by 2018.Shopping on Lower Broadwayis blooming after years of neglect, as a resulting of new retailers coming to the area: Gap,Zara andUrban Outfitters. Nobu,will be moving to 195 Broadwayby 2017. Real estate investment trusts are among the most aggressive players in the New York market for trophy properties buying some of New York City's priciest properties, including the $778 million acquisition of 338 Greenwich Street, occupied by Citigroup, and ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• November 2013: NY New Developments
• NY New Developments Harlem's rapid development and emergence as a viable tourist and business destination has suddenly led to a spike in the demand for hotels in the area, so much so that the neighborhood is now short of about 1,500 hotel rooms. Even future growth in the hotel industry will not be able to meet demand. Although two hotels are in the works with a 210-room property near the old Victoria Theater on 125th Street and a 230-room property near Columbia University's West Harlem expansion. The Landmarks Preservation Commission has recently voted in favor of the Nordstrom tower cantilever, ...
  
  
• 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 ...
  
  
• 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 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 ...
  
  
• May 2012: Commercial Real Estate Market Report
• {dynamic_word1} Commercial Real Estate Overview There were several large new subleases coming on the market, such as: Dewey & LeBoeuf, the massive law firm that is considering filing for bankruptcy, is looking to sublease up to 160,000 square feet of the firm's space at 1301 Sixth Avenue. Pfizer recently put 274,000 square feet at 150 East 42nd Street up for sublet and JPMorgan & Chase is looking to unload 50,000 feet at 277 Park Avenue. In the interim Citigroup and Societe Generale have recently shed a combined 172,000 square feet and Nomura has cut 200,000 square feet from the 900,000 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 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 Commercial Real Estate Market Report
• Of Midtown's 222 million square feet of office space, 30 million square feet is available. New commercial buildings, such as 11 Times Square and 510 Madison Avenue scheduled to open in a year, will add to the glut of vacant office space. Major financial firms continue to unload massive amounts of space onto the market. Citigroup is offering 300,000 square feet in Midtown for sublease from properties such as 485 Lexington Avenue. There is a near standstill in leasing activity and building sales in New York. Income producing property sales are not taking heavy reductions while sales of vacant spaces ...
  
  
• 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 ...
  
  
• February 2009 New York New Developments
• New Developments Lehman Brothers filed suit to begin foreclosure proceedings on Kent Swig's 45 Broad Street. Swig had been planning to build a 62-story Nobu Hotel and Residences on the property, with 77 luxury condos, 128 hotel rooms and 13,000 square feet of retail. Trump Marina Hotel Casino Trump Entertainment Resorts has struck a deal with lenders and note holders had until Jan. 21 to try negotiating a restructuring of its debt. Trump had delayed paying a $53.1 million bond interest payment that was due in December, and the 30-day grace period expired. The Atlantic City, N.J.-based company had hoped ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• February 2008 New York New Developments
• New DevelopmentsNew York City's office market has gained on the world's two most expensive cities, London and Hong Kong. London vaulted over Hong Kong to become the world's priciest office market with rent for Class A hitting $265 per square foot. The peak rate in New York City's Midtown reached $225 per square foot. The next most expensive U.S. office markets were San Francisco, with a rate of $110 per square foot; Boston, with a rate of $90 per square foot; and Manhattan's Downtown, with a rate of $65 per square foot. Steven Witkoff, Developer, pulled bid to develop Pier ...
  
  
• December 2007 New York Buildings For Sale
• NYC Buildings For SaleShorenstein Co. is reportedly negotiating to buy the Citigroup tower at 388 and 390 Greenwich Street. Citi will lease back part of the building for 15 years.Phillip Morris parent Altria Group is selling 120 Park Avenue, at the corner of 42nd Street, for $525 million to Global Holdings Inc. or $816/RSF.New York Buildings sold