Jpmorgan Chase

News about Jpmorgan Chase, including commentary and archival articles published in our Articles.
  • April 2019 New York Buildings For Sale
  • Buildings For Sale: AEW Capital Management is looking to sell its boutique office building at 360 Lexington Avenue. The Boston-based investment firm put the 26-story building at the corner of Lexington and East 40th Street on the market with a price around $190 million A pair of office buildings in the Garment District is on the market with an asking price of $140 million, which span more than 200,000 square feet combined. The larger of the two buildings, 142 West 36th Street, is 17 stories tall on the block between Seventh Avenue and Broadway with a total of 119,203 square ...

  • March 2019 New York New Developments
  • New York Major Developments Amazon has decided against coming to New York City. The company won’t build a new campus in Queens. Amazon was reconsidering its selection of New York, amid fierce political opposition. Much of the blowback sprung from the $3 billion state and city incentive offered to the company to come to the city. The company also indicated that it isn’t planning to reboot a search for another location, instead will focus on its new headquarters. The gallery space at Sotheby’s auction house is being upgraded and expanded at their headquarters on 1334 York Avenue for $55 million. ...

  • 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 ...

  • October 2018 New York New Developments
  • New York Major Developments: The number of extended-stay luxury hotel rooms are on the rise, increasing to 34% over the past five years. Occupancy rates are coming back higher than typical rooms at an encouraging 77%. Amazon 4-Star opened in Soho at 72 Spring Street and is similar to Amazon Books, but will sell a range of products, all of which must have a rating of at least 4 stars by Amazon customers. Women-only meeting space provider Luminary is opening its first location in NoMad. The company signed a 15,000-square-foot lease at 1204 Broadway. The 12-year deal spans the third ...

  • July 2018 New York New Developments
  • New York Major Developments: The top 10 office lease deals totaled 2.4 million square feet, larger than last month’s top 10 leases, which totaled 1.9 million square feet. 1) Deutsche Bank signed a lease for 1,100,000 square feet of office space at 1 Columbus Circle. 2) Facebook signed a lease for 370,000 square feet of office space at 770 Broadway. 3) McKinsey & Co. signed a lease for 186,000 square feet of office space at 3 World Trade Center. 4) Blank Rome signed a lease for 138,000 square feet at 1271 Sixth Avenue. The firm is taking the 15th, 16th ...

  • 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 ...

  • May 2018 New York Buildings For Sale
  • New York Buildings for sale: SL Green Realty and partner Ivanhoe Cambridge are in contract to sell the office portion of 1745 Broadway for $633 million, or $939 per square foot. The buyer is an “institutional client of Invesco Real Estate.” The owners put the 685,000-square-foot office condo, which spans floors 2 through 26 in the 50-story building up for sale. Vornado Realty Trust said they had a “handshake” deal to sell the company’s 49.5% stake in 666 Fifth Avenue to the, Kushner Companies. It intends to retain its ownership in the building’s retail condominium, even if the deal to ...

  • April 2018 New York New Developments
  • New York Major Developments: An Upper East Side retail site that has been vacant for more than two years will soon be Morton Williams. A curated version of the supermarket is coming to 1251 Third Avenue, the former site of a Talbot’s. The grocery store chain has taken 13,000 square feet across two floors, with an asking rent of $2 million per year. Chinese investment in the United States’ commercial real estate has plummeted by 55% last year, dropping from $16.2 billion in 2016 to $7.3 billion in 2017. Purplebricks, a London-based discount brokerage, received $177 million equity investment from ...

  • April 2018 New York Buildings For Sale
  • New York Buildings for sale: Two sites in Staten Island spanning roughly 1.1 million square feet were hitting the market with an asking price of $23 million. The two parcels at 4482 Arthur Kill Road and 742 Sharrotts Road span 24.5 acres. The owner of sports apparel chain Modell’s is in talks to sell its Bronx warehouse for more than $100 million. The chain uses the nearly 300,000-square-foot warehouse on Marconi Street for storage and distribution. Modell’s is close to selling the two-story building, which sits on a 12-acre lot. Magnum Real Estate Group’s Ben Shaoul is in contract to ...

  • March 2018 New York New Developments
  • New York Major Developments: The city is moving forward with plans to make way for 4.5 million square feet of development on Governors Island. The Trust for Governors Island held its first meeting to discuss rezoning part of the island for commercial real estate development. Beauty chain L’Occitane en Provence is relocating its Fifth Avenue store of 3,378-square-foot lease at 555 Fifth Avenue. The building had an asking retail rent of $1,100 per square foot. L’Occitane’s lease is expiring nearby at 610 Fifth Avenue. Facing high costs and lower than expected profits, retailers on some of Manhattan’s most expensive thoroughfares ...

  • February 2018 New York Buildings For Sale
  • New York Buildings for sale: Columbia Property Trust is looking to sell a nearly 400,000-square-foot Midtown building entirely leased to NYU Langone Medical Center. the 25-story property at 222 East 41st Street, which in 2016 saw one of the bigger long-term medical-use lease deals in recent years. Joseph P. Day Realty, which has owned the 100,000-square-foot property at 9 East 40th Street for around 50 years, is now looking to sell and could fetch between $65 million and $70 million. The 18-story building sits half a block from Bryant Park, between Fifth and Madison Avenues. JPMorgan Chase, Olmstead Properties and ...

  • 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 ...

  • 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 ...

  • 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 ...

  • 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 ...

  • 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 ...

  • July 2015: New York Buildings For Sale
  • New York Buildings sold Thor Equities sold a Midtown development site at 520 Fifth Avenue to Ceruzzi Properties and an unidentified Chinese partner for $275 million, after purchasing it for $150 million in 2011. Ceruzzi , a Fairfield, Conn.-based real estate investor, plans to follow through with Sitt's plans to develop for a 71-story residential, hotel and retail tower on the site. The plot has approximately 300,000 buildable square feet, between 43rd and 44th streets and has been vacant since two prewar buildings were demolished there when purchased the site. Real estate investor Arthur Shapolsky is in contract to buy ...

  • November 2014: NYC New Building Developments
  • New Developments The average Manhattan commercial building sale was smaller year-over-year, though the number of sales so far is on pace to break a 2007 record high. Manhattan saw 328 commercial deals worth $30 billion through September. That marks a 47 percent jump from the 223 sales worth $30.2 billion recorded for all of last year. In 2007, there were 346 deals valued at roughly $48.5 billion.The 40,000-square-foot retail component at TF Cornerstone's 22-story office building in Midtown East is being marketed. The retail space spans several floors and sits at the base of the 164,000-square-foot building at East 60th ...

  • December 2013 NYC Buildings For Sale
  • New York City Buildings For Sale Jeff Greene has switched tactics in Hudson Square. Rather than build a 140,000-square-foot condominium project at 100 Vandam Street, he has decided to sell the parcel for $150 million, or three times what he paid for last year. The move follows a contentious rezoning of the area that will allow for bigger residential developments. India-based Sahara Group is trying to unload the iconic Plaza Hotel along with the Dream Downtown Hotel in Manhattan and Grosvenor House in London, and has received a $1.6 billion offer from a Middle Eastern group for the luxury hotel ...

  • 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, ...

  • 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 ...

  • June 2012 New York Buildings For Sale
  • NYC Buildings For Sale Forest City Ratner is looking to find an investor to take as much as a 49 percent stake in 8 Spruce Street, the tallest residential building in New York. The 76-story, 903-unit Frank Gehry-designed building is now 80 percent occupied.Thor Equities is seeking $45 million for the three-story, 15,525-square-foot building, at 446 West 14th Street, between Washington Street and 10th Avenue that it bought for $23.4 million in 2007.Vornado Realty Trust is marketing its stakes in three New York City-area malls, as the investment trust looks to exit the sector. Vornado wants to unload a 32.4 ...

  • 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 ...

  • 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 ...

  • November 2011 New York New Developments
  • New Developments The Chelsea Art Museum located at 556 West 22nd Street is about to be replaced by Hewlett-Packard, which has special plans for the building. HP signed a 10-year lease for the entire 34,500 feet inside the three-story museum building at 556 West 22nd Street near 11th Avenue.. Drastic job and spending cuts are in the cards for 2013 for the New York City construction industry, according to a report released today by the New York Building Congress entitled "New York City Construction Outlook 2011-2013." Construction spending is expected to total $27.7 billion this year.The average number of construction ...

  • 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 Buildings For Sale
  • NYC Buildings For Sale The Apthorp JPMorgan Chase and Wells Fargo are two of the banks among the final candidates that bid for parts of $9.65 billion in U.S. property loans owned by Anglo Irish Bank. The lenders are interested in acquiring pieces of the $4.52 billion of performing loans. Investor groups led by private-equity firms Blackstone Group, together with Deutsche Bank, and Lone Star Funds also submitted offers for parts of the portfolio, which includes $5.13 billion of subperforming and non-performing debt. Anglo Irish aims to sell off its loans after it was seized by the Irish government in ...

  • 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 ...

  • May 2011 New York Commercial Real Estate Market Report
  • The Manhattan office vacancy rate increased in the first quarter of 2011 even as employment in the professional sector rose at the fastest rate since 2000. There were 11,500 new office workers in the first three months of this year. The first-quarter vacancy rate rose even as employment moved up because, large blocks of space being added to the market from tenants who signed relocation deals last year, and because many firms have excess space for their new hires.New York City office rentals got more expensive in the first quarter of 2011, even as vacancy and absorption rates remained mostly ...

  • May 2011 New York New Developments
  • Major Developments Mall of America developer Triple Five has reached a deal with lenders and New Jersey Gov. Chris Christie's administration to reboot and expand the stalled Xanadu complex in the Meadowlands,. The checkered, 2.4 million-square-foot complex, originally envisioned as a retail and entertainment destination that would rejuvenate East Rutherford, has sat incomplete along the New Jersey Turnpike for years, sapping up $1.9 billion in the process and developing a reputation as the poster child for failed boom-time real estate projects.Real estate investment firms Savanna and Monday Properties are launching a $30 million capital improvement for a 20-story, 260,000-square-foot commercial ...

  • March 2011 New York New Developments
  • Major Trends The laws that cap rent increases on 1 million city apartments expire in June, and landlord groups, tenant advocates and politicians all agree that they should be extended. Last time the laws were up for a renewal, in 2003, Senate Republicans threatened to let them expire and ended up forcing the Democrats to accept a simple renewal. Now the Democrats think they have a better chance of getting a good deal for tenants. The real estate industry is desperate to renew a tax break known as 421-a, which spurs new apartment building development, and Sheldon Silver believes developers ...

  • February 2011 New York Buildings For Sale
  • New York City Buildings sold Related Cos. closed on the acquisition of Rector Square, the Battery Park City condominium that was foreclosed on by Anglo Irish Bank, for $82.8 million. Anglo Irish bought the unsold shares of the condo at an auction of the 304-unit building at 225 Rector Place for the same amount of money, and sold the property to Related, which had been managing the property for nearly 1.5 years after the lender filed to foreclose on former developer Yair Levy.Brack Capital Real Estate USA has sold the retail portion of its residential development at 15 Union Square ...

  • 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 ...

  • November 2010 New York New Developments
  • Major Developments Despite a slight rise in the vacancy rate, which rose .5 points to 9.3 percent on top of the decline in asking rents. To illustrate the demand can be seen by a new retailer trying to elbow into the high-traffic area, an existing store agreed to relinquish its space after its lease was bought out.New York City had $4.74 billion worth of delinquent commercial property loans as of Oct. 1, down 0.6 percent from one month ago, when there was $4.77 billion outstanding. The decline can be largely accounted for by Joseph Moinian's 1775 Broadway which had been ...

  • 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 ...

  • June 2010 New York New Developments
  • New Developments New York University may enter the public approval process for its new Silver Towers site, the crown jewel of its wildly controversial 2031 expansion plan. The biggest hurdle for the school will be gaining approval from the Landmarks Preservation Commission, which will have final say on whether NYU can build on the landmark Bleecker Street site. The proposed building will be a "slender pinwheel tower," and is rumored to be planned for a 40-story structure. New York University dropped in on Community Board 3's zoning committee meeting and had little to say about how its 6 million-square-foot expansion ...

  • 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 ...

  • November 2009 New York New Developments
  • Major NYC Developments 11 Times Square, the city's largest office tower, remains entirely unleased more than two years after breaking ground in 2007. Some give the owner little chance of holding on to the 1 million-square-foot building without a significant debt restructuring. They cite the current weak economy, the 25 percent decline in rents, and the cost of the building, a pricey $1,100 per square foot as the reason. There are currently no signed leases for the 40-story glass commercial tower stationed across from the Port Authority terminal, which is three-quarters completed.JPMorgan Chase may hold onto its 60-story office property ...

  • December 2008 New York Buildings For Sale
  • NYC Buildings For SaleThe site of the former Drake Hotel on Park Avenue between 56th and 57th streets has six bidders, down from more than 20 bidders, including Larry Silverstein, the Related Companies and Apollo Real Estate Partners. Macklowe Properties has been assembling the site over the last decade, but now is facing foreclosure on the property. At the height of the market, the land, which can support up to 600,000 square feet, could have been purchased for $1,300 a buildable foot, but now will probably sell for less than half of that price.Real estate firm George Comfort & Sons ...

  • 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 ...

  • November 2008 New York Buildings For Sale
  • NYC Buildings For Sale236 Second Avenue, an East Village 12,366-square-foot building, formerly housing Gateway Schools is on the market, along with an adjacent townhouse. It is located at 15th Street has seven floors contains nine classrooms, a gym, multi-purpose room, art room, library, offices and a courtyard.1540 Broadway may be for sale as the remaining Harry Macklowe's Midtown portfolio moves into the final phase.Bossert Hotel Developer RAL Companies walked from its agreement to purchase the former Bossert Hotel, located at 98 Montague Street, for $92 million from the Watchtower Group. The property will return to the market soon, probably with ...

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