Essex Crossing

• May 2023 New York Commercial Real Estate Market Report
• Manhattan Retail Market: Burberry rented a short term lease at 693 Fifth Avenue. This means the cash flow from the property is short of revenue to cover its $250 million loan. Burberry took 14,000 square feet of retail space, 15% of the property at 693 Fifth, paying just $372 annually per square foot, a third of the $1,144 that Valentino agreed to pay when it inked a 15-year lease in 2013. David’s Bridal layoffs target 14 New York stores including three locations in New York City: including 45 West 25th Street in Manhattan, Plaza 48 at 3460 48th Street in ...
  
  
• December 2019 New York New Developments
• Major Developments: Tourism in New York City continues to rise but the Times Square submarket retail market has declined in retail pricing. Macy’s same store sales fell 3.9% at stores open for the last year. Target’s physical stores and online shop saw a 4.5% bump, with a 10% increase in clothing sales. The EB-5 program’s new federal regulations are in effect, and will double the minimum dollar amount that all foreign visa-seekers must put into development projects. Under the new regulations, investors must contribute $900,000 from the previous $500,000 for a project in a low employment zone. The investment amount ...
  
  
• June 2019 New York Buildings For Sale
• Buildings Sold: RFR Realty sold 345 Park Avenue South to Deerfield, a medical fund manager that oversees $8 billion in assets, who secured a five-year $525 million loan for the acquisition and a conversion of the building to a medical lab. The sale price for the 12 story building was not disclosed. Alduwaliya Asset Management is acquiring the 17-story, 142 West 36th Street and 10-story, 234 West 39th Street for $140 million. The buildings span 119,203 square feet and 91,943 square feet respectively, were sold by Tod Waterman and USAA, who paid $118 million for the properties in 2015. RXR’s ...
  
  
• June 2018 New York New Developments
• New York Major Developments: The top 10 office leases totaled 1.9 million square feet, much larger than the previous month’s top 10 leases, which totaled 996,000 square feet. Pfizer signed a lease for 800,000 square feet of office space at 66 Hudson Boulevard. Latham & Watkins signed a lease for the 25th through the 34th floors, totaling for 407,000 square feet at 1271 Sixth Avenue. Jet.com inked a lease for 200,000 square feet of warehouse space at 1055 Bronx River Avenue. The asking rent was $22.00 per square foot. McDermott Will & Emery signed a 20-year lease for around 106,000 ...
  
  
• December 2017 New York New Developments
• New York Major Developments: Retailers south of 96th Street that pay more than $250,000 per year in rent also pay a tax on that rent. A new bill would raise the threshold to $500,000, meaning about 2,000 business would escape the tax. London-based rhubarb, a major hospitality company in England, plans to open new restaurants at 30 Hudson Yards and at the Hudson Yards Shops & Restaurants. The restaurant at the mall will contain 5,800 square feet on the fifth floor. At 30 Hudson Yards, rhubarb plans to open a 10,000-square-foot restaurant on the 92nd floor. Soho Properties, in partnership ...
  
  
• November 2017 New York New Developments
• New York Major Developments: New construction starts for nonresidential projects tripled to more than $3 billion due largely to massive undertakings at the Jacob K. Javits Convention Center and the Moynihan Train Hall. The total dollar volume for nonresidential construction starts in New York City jumped to $3.66 billion, a 203% increase from $1.21 billion a year earlier. Most of the private air rights along the High Line are used. New York City is seeking to sell its own air rights to West Chelsea property owners for $500 per square foot. The Department of City Planning proposed a rule change ...
  
  
• March 2016 New York Commercial Real Estate Market Report
• Manhattan office and retail leasing has been slow and the stock market is making companies nervous. Both office and retail leasing volume were down last month compared to the month-over-month and year-over- year figures. Office leasing activity was down about 1 million square feet from both December and January 2015. The retail market this year will be slow with some predicting a drop in tourism and others noticing that tenants are jittery over high rents. Manhattan retail leasing ended 2015 on a high note, even as availability rates crept up. But January's preliminary figures show a reversal of that leasing ...
  
  
• March 2016: New York New Developments
• New Developments Joseph Beninati's Bauhouse Group filed Friday for Chapter 11 bankruptcy for the LLC entity that owns the 3 Sutton Place development site in Midtown. There is an upcoming foreclosure auction by Gamma's who holds more than $180 million in debt on the property at 426-432 East 58th Street. Bauhouse defaulted on nearly $129 million in loans last month that it had received from Gamma, led by Richard Kalikow, for its planned 68-story, Norman Foster-designed condo tower, also known as 3 Sutton Place. The $4 billion World Trade Center Transportation Hub is about to open. It will connect to ...
  
  
• February 2015: NYC New Developments
• Mitsui Fudosan started construction on 55 Hudson Yards. Its $1.4 billion office tower which is part of the 28-acre megaproject on Manhattan's West Side.Property Markets Group is planning to convert a four-story commercial building at 548 West 22nd Street into a 19-story residential development.Brookfield Office Properties said the total development cost for the first of its two Manhattan West office towers is more than $2 billion.A joint venture between Madison Equities, Building and Land Technology (BLT) and Joseph's Sitt Thor Equities received a $275 million construction loan to acquire and complete the gut renovation of 212 Fifth Avenue. BRP Corp. ...
  
  
• January 2015: NYC New Developments
• New Developments A new building by Cape Advisors at 535 Greenwich Street would have 26 floors and 116 condo units, on an L-shaped lot. The 57,500-square-foot warehouse site with 42,500-square-feet of buildable air rights. Kaled Management filed plans for a 10-story apartment building at 711 West End Avenue, also known as 306 West 95th Street. Alchemy Properties unveiled plans for a new 24-story tower in NoMad at 846-850 Sixth Avenue. It will contain 52 residences totaling 105,973 square feet or 2,000 square each condo. The tower will rise 316 feet and have a 3,100 square feet retail space. Demolition permits ...