Highgate

• April 2024 New York Buildings For Sale
• Buildings for Sale: The Duell family is seeking about $300 million for their nine-building portfolio of largely retail properties: 5 East 57th Street, a 22-story, 49,000-square-foot property, containing 19 commercial units, 90% occupied and 673 Madison Avenue, the 9,000-square-foot building. The rest of the Duell portfolio for sale is in Greenwich Village including a mix of retail and residential space. Investors are working together to try and sell the 1,331-key property for around $350 million for Manhattan’s Row hotel. An investment group led by David Werner, which owns the ground underneath the hotel at 700 Eighth Avenue, is jointly marketing ...
  
  
• January 2024 New York New Developments
• Major Developments: Gov. Kathy Hochul signed the LLC Transparency Act but made a critical change to keep information on limited liability companies out of public view. The owners behind these entities will have to disclose their names and business addresses to the state government, which will keep it confidential. The governor signed a bill that expands the definition of fraud in rent overcharge cases. Governor Hochul unveiled plans for more than 2,800 homes in Queens. The governor will tap industry to revamp 58 acres of underutilized land at Creedmoor Psychiatric Center. 1,633 homes will be for sale, as two-story homes ...
  
  
• October 2022 New York New Developments
• Major Developments: The Gateway tunnel project is to take three years longer and cost $2B more than originally budgeted. The completion of the tunnel is now expected in 2035 . The existing two-way tunnel, which will close for repairs when the new one opens, won’t be fixed until 2038. The tunnel, which is part of a larger Gateway project, is now estimated to cost $16.1 billion. The 4.5-mile rail project will carry travelers under the New Jersey Palisades, the Hudson River and Hudson Yards. New York City upped its demands on landlords to disclose retail vacancies in their buildings in ...
  
  
• October 2020 New York Buildings For Sale
• Buildings For Sale: Korean lender Shinhan Investment wants to sell its $60 million mezzanine loan on the Public Hotel at 215 Chrystie Street in the Lower East Side. The 367-room hotel has been closed since late March. Cindat USA is looking to sell a preferred equity stake in a portfolio of seven Manhattan hotels it bought in 2016 as part of a joint-venture with Hersha Hospitality Trust. The company is eyeing pricing that would value the 1,087-room portfolio in the low-$400 million range. Buildings Sold: Highgate’s deal to purchase a $2.8 billion portfolio of hotels from Colony Capital will put ...
  
  
• February 2020 New York Buildings For Sale
• Buildings Sold: Savanna sold 434 Broadway for more than $103 million to Tokyo Trust Capital Co and MC Real Estate Partners. SL Green Realty bought 707 Eleventh Avenue with plans to attract tech tenants for $90 million. The six-story building had been owned by Kenneth Cole since 2004. Jeff Sutton and Joe Sitt have gone into contract to sell 530 Broadway for $400 million, to a partnership led by Michael Shvo’s firm. Wharton is the majority owner of the trio of 11-story buildings at 530-536 Broadway. Healthcare Trust of America bought a two-story medical office building located at 4337 Broadway ...
  
  
• 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 ...
  
  
• September 2018 New York Buildings For Sale
• NYC Buildings Sold: Invesco buying the office condo at 1745 Broadway from SL Green Realty and Ivanhoe Cambridge for an estimated $633 million (although in transfer documents the price was $596 million). 250 Water Street development site was bought by the Howard Hughes Corp for $183 million. 101 West 57th Street hotel was bought by the Hilton Grand Vacations for $174 million. Michael Shvo has purchased the office portion of 685 Fifth Avenue from General Growth Partners. Shvo has partnered with the Wings Group, BLG Capital and Deutsche Finance America to purchase floors five through 20 of the building for ...
  
  
• January 2018 New York Buildings For Sale
• New York Buildings For Sale: Chinese developer is looking to sell the 50-story, 492-key Holiday Inn Manhattan-Financial District. There is no official asking price for the hotel, which opened in 2014, but assumed to be north of $300 million for the property. RFR Realty has given up on developing condominiums at 67 Vestry Street, opting to sell the site to Elliott Aronson’s Iliad Realty Group for $55.5 million. New York Buildings Sold: Sunny K Realty paid $13.5 million for an 18-unit mixed-use building at 18 East 23rd Street. The Gramercy Park property includes 16 apartments and two commercial units, and ...
  
  
• 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 ...
  
  
• September 2017 New York Buildings For Sale
• New York Buildings For Sale: Thor Equities has put the two-story, 50,000-square-foot retail condominium at 88 Greenwich Street, that is home to the 9/11 Tribute Center up for sale for $52 million. New York REIT is marketing 1440 Broadway, a 749,000-square-foot building. The real estate investment trust, which is in the process of selling its 4.4 million-square-foot portfolio as part of the comp. The Broadway property is expected to get $775 per square foot or $580 million. NYRT purchased the building in 2013 from Rockpoint Group and Monday Properties, paying $530 million. The majority owner of the Plaza Hotel is ...
  
  
• 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 ...
  
  
• December 2016 New York Buildings For Sale
• Buildings For Sale: Brookfield Property Partners has put the 45-story office tower at 245 Park Avenue up for sale. Sources close with the 1.8 million-square-foot tower believe it is worth north of $2.1 billion, or more than $1,200 per square foot. Lightstone Group hopes to sell the retail space and garage at the base of the Marriott Moxy Hotel in the Garment District, which is under construction, for $64 million. The developer is looking to offload a 4,000-square-foot retail condo and 27,000-square-foot garage at the 16-story building at 485 Seventh Avenue. Buildings Sold: United American Land bought 65 Spring Street ...
  
  
• 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 ...
  
  
• April 2014 New York New Developments
• New Developments The planned performing-arts center at the World Trade Center in Lower Manhattan has stiff competition for funds. The $469 million dollar project now sits in limbo while the new Mayor, Bill de Blasio, comes to a decision about the future of the planned center.The Port Authority of New York and New Jersey board of commissioners are fighting over subsidies for 3 World Trade Center, the 80-story, $2.3 billion tower in the Financial District. The project is currently stalled. Developer Larry Silverstein and Port Authority’s Vice Chair are pushing for the subsidies that they said would allow for construction ...
  
  
• March 2014 New York Buildings For Sale
• New York Buildings sold The ELO Organization, a developer that owns the site of gentlemen’s club Rick’s Cabaret, has acquired a 12-story Garment District office building for $29.6 million from the Eretz Group. The 44,300-square-foot property at 39-41 West 38th Street. Asking rents were an average $38 per square foot at the property, International buyers purchased $5.5 billion worth of Manhattan office towers last year, from China, Canada and the United Arab Emirates. Last year’s sales were twice as much as the previous record of $3 billion in 2007. Fosun from China bought One Chase Manhattan Plaza, for over $700 ...
  
  
• July 2013: New York City Buildings For sale
• New York Buildings sold Abe Talass' Eretz Group will pay about $210 million for a Midtown office tower belonging to Westbrook Partners and the Moinian Group. The 300,000-square-foot 295 Madison Avenue is part of a portfolio that Westbrook was marketing in April that is expected to get about $1 billion. The deal is expected to close in September. The $1.3 billion sale of 650 Madison Avenue, which entered into a contract, Crown Acquisitions and Highgate Holdings, see value in the property's retail component. Carey Watermark Investors announced the company's acquisition of the 226-room Holiday Inn Manhattan 6th Avenue, at 125 ...
  
  
• 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 ...
  
  
• November 2012 New York Buildings For Sale
• NYC Buildings For Sale A Flatiron District office building will hit the foreclosure auction block next month with an outstanding lien of close to $41 million, following the issuance of a foreclosure judgment against the property in September. The building, at 119 West 25th Street, had been owned by Brooklyn-based investors Miriam and Michael Chan before it was placed in receivership. The duo purchased the building for $34 million via an LLC in 2006. The 11-story building, which totals 113,000 square feet and has 15,000 square feet of retail, will hit the block November 17.A parking lot in the Chelsea ...
  
  
• 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 ...
  
  
• 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 New Developments
• New Developments Local 32BJ, the union representing more than 22,000 commercial building workers in New York City, voted to authorize their bargaining committee to call a strike if necessary. The union has been in contract talks with the Realty Advisory Board on Labor Relations, since November 15th. The union opposes the landlords' proposal to establish a different wage and benefit structure for new hires, which they claim will create a two-tier system designed to push out workers with seniority. If negotiations fail by 12:01 am on Jan. 1, 2012, the union could strikeThe Service Employees International Union Local 32BJ, which ...
  
  
• 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, ...
  
  
• September 2011 New York New Developments
• Major NYC Developments The London-based Children's Investment Fund inked its first New York City real estate investment this month, providing $250 million in first mortgages for Macklowe Properties' condominium conversion of the luxury apartment building 737 Park Avenue in Lenox Hill. The fund, makes investments in a wide range of industries globally, and gives a portion of its profits to children's charities around the world. "It is the first direct real estate investment we have made in New York," New York State Attorney General Eric Schneiderman is hindering federal efforts to negotiate a foreclosure settlement with Wall Street banks on ...
  
  
• 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 ...
  
  
• March 2011 New York Buildings For Sale
• New York City Buildings sold Russian composer Igor Krutoy and his wife, Olga, signed a contract signing for a Plaza Hotel condominium for upwards of $40 million. If the sale closes, it will be the second-priciest residential sale in the city since the collapse of Lehman Brothers, behind the Duke Semans Mansion, which sold for $44 million last year. For their money, the Krutoys will get around 6,000 square feet with views of Central Park, a combination of at least two renovated units, that was not officially on the market.The 14-room duplex at 778 Park Avenue that Brooke Astor once ...
  
  
• February 2011 New York New Developments
• New Developments Three years after the Related Cos. began developing its 26-acre Hudson Yards project, the company is now trying to find a tenant willing to commit to occupying at least 600,000 square feet of office space. To land its key tenant, Related is offering either to construct a building and sell it to that company or to provide a big break on the rent. The 12 million-square-foot space, bordered by the High Line and the Hudson River, will run from 10th to 12th avenues and from West 30th to 33rd streets. The $15 billion project is expected to take ...
  
  
• 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 ...