Jpmorgan

• April 2024 New York New Developments
• Major Developments: Owners of the retail condos at 697 Fifth Avenue, 647 Fifth Avenue and 205 East 59th Street are suing the city’s Department of Finance, claiming its tax assessments are too high. The anchor tenants at all of these buildings have either ended or renegotiated leases since 2022. The Real Estate Board of New York has proposed increasing average wages and benefits paid to construction workers on projects receiving a new version of the 421a property tax program. Leaders of the Building and Construction Trades Council rejected the offer. The Department of Environmental Protection is going after 2,400 “chronically ...
  
  
• October 2023 New York New Developments
• Major Developments: The Adams administration laid out a framework to change the area’s light manufacturing zoning to allow for higher density residential and commercial use. The rezoning is expected to create between 1,150 and 1,500 below market–rate apartments, depending on the options developers select under the Mandatory Inclusionary Housing law. NY City's plan to rezone a 13-block stretch of Atlantic Avenue in Brooklyn would spur the construction of 4,000 apartments, up to 38 % affordable. The projects would have to deliver affordable units and other benefits required by the new zoning. Other rezonings in the works include a 46-block area ...
  
  
• September 2023 New York New Developments
• Major Developments: Blackstone and Hudson Pacific Properties are joining with Vornado to build a new film studio on Manhattan’s West Side. Dubbed Sunset Pier 94 Studios, the project would be developed as a public-private partnership with New York City Economic Development Corp. The total investment from the three publicly traded firms will be about $350 million. The campus would span 266,000 SF with six soundstages. The development would feature a 1,850 SF amenity space, 25,000 SF of waterfront open space. Vornado has the long-term leasehold on Pier 94 and is providing the lease to the joint venture, in which it ...
  
  
• 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 ...
  
  
• October 2022 New York Buildings For Sale
• Buildings for Sale: Aman Group is looking to sell the hotel portion at the f Crown Building. One person familiar with the matter said the hotel could fetch $600 million. The deal would be structured with a manage-back clause, retaining Aman as operator of the property. UBS seeks $125M for UES apartment tower 408 East 92nd Street for somewhere between $120 million and $125 million, Developed in 2004, the building has an affordability agreement, set to expire in 2026, that subjects 20 percent of its 196 units to rent stabilization in exchange for the 421a property tax abatement. Madison Realty ...
  
  
• August 2022 New York Commercial Real Estate Market Report
• Office: Business leaders have started to accept that remote work is here to stay. IBM CEO Arvind Krishna recently said that only 60% of workers for the company would ever return to the office. JPMorgan Chase CEO Jamie Dimon, once a staunch advocate of in-person work, also altered company policies this year, while recognizing remote work’s staying power. Meta, Amazon pulling back on New York Office plans and are cutting back on expanding their office footprints in New York. Meta decided not to take an additional 300,000 square feet of space at 770 Broadway. Meta is also pausing a plan ...
  
  
• July 2022 New York Buildings For Sale
• Buildings for Sale: Industrial real estate investment volume rose by 31% year-over-year to $1.8 billion. This followed a record-setting fourth quarter of 2021, during which investment volume doubled year-over-year to $5.2 billion and nearly a third of the year’s transactions were completed. The tri-state area had a record $10.6 billion in industrial real estate deals last year, a 64% increase from the previous year. New York City had almost $3.6 billion in industrial real estate investment volume last year, with Queens experiencing a nearly 50% year-over-year increase to nearly $1.5 billion. RXR and the Blackstone Group are marketing 1330 Sixth ...
  
  
• April 2022 New York Commercial Real Estate Market Report
• Office: Developers have started office projects totaling 2.1 million square feet since the beginning of 2021, well below the 3.2 million square feet of office construction starts in 2019 and the 5.7 million square feet of office construction starts in 2020. There are 19 million square feet of office construction underway in Manhattan. Deliveries are expected to surpass supply in both 2022 and 2023, increasing the supply of office stock by 4%, after that, however, office deliveries will likely begin to fall off in 2024, a decline that may continue through 2027. Many office tenants appear to be ready to ...
  
  
• December 2021 New York Buildings For Sale
• Buildings for Sale: 740 West End Avenue, a 14-story, 135,000-square-foot, pre-war apartment building, is owned by Wolk Properties. The property has six commercial units and 95 residential units, 57 of which are rent-stabilized, averaging approximately 1,000 square feet. Madison Capital and Lubert-Adler Partners are looking to sell the leasehold interest on 71 Fifth Avenue. The property could fetch as much as $150 million. 8 Spruce Street, a 76-story highrise, are seeking north of $850 million. Brookfield Property Partners and Nuveen. 5 East 59th Street, a nine-story, mixed-use building, is facing foreclosure by a Singaporean investment bank. PWM Property Management filed ...
  
  
• July 2021 New York Commercial Real Estate Market Report
• Office: In the depth of the pandemic last year, a majority of New York City office tenants facing lease expirations did not want to commit to a long-term deal. Instead, they opted for shorter extensions. The number of short-term renewals, a deal shorter than five years, was up 46% in 2020 compared to the year before. Almost 20% of Manhattan office space is up for rent, up to about 80 million square feet of space either unrented or for sublet. About a third of commercial leases are to expire in the next three years. Only a fifth of workers are ...
  
  
• June 2021 New York Commercial Real Estate Market Report
• Office: Companies that listed their offices for sublease are now pulling them off the market. At least 589,000 square feet of space that was offered for sublease has been delisted. Subleases now account for 30% of total vacant office space. 3.5 million square feet of office space was offered for sublease in the first quarter of the year, compared to 4 million square feet in the fourth quarter of 2020, and 4.6 million square feet in the third quarter of that year. Average asking rent was $72.97 a foot, down 0.4% from March and 8.3% from a year ago. Net ...
  
  
• 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 ...
  
  
• February 2021 New York Buildings For Sale
• Buildings Sold: Dynamic Star continues to snap up properties as it moves forward with a massive mixed-use project in the Bronx. Dynamic Star purchased a concrete plant site along the Major Deegan Expressway for $21 million. The development firm intends to incorporate the new parcel into Fordham Landing, the $3.5 billion megaproject it’s planning in University Heights near the Harlem River. A $75 million loan tied to the Gramercy Park Hotel sold to an anonymous buyer. JPMorgan Chase sold the debt, which has a maximum principal amount of $75 million, to RDAC 8 LLC. The loan is secured by the ...
  
  
• January 2021 New York New Developments
• New York New Developments Covid-19 vaccines are being distributed. A return to the office likely will not happen until early summer. It will take months for the vaccine rollout to become effective and for employees to reach herd immunity, meaning remote work will continue into the next year and office rents will continue to drop. Some companies are planning their return to the office in light of the vaccine news. In New York, 25 new tenants per week were searching for office space in the first two weeks of December, up from 20 per week in November. New York has ...
  
  
• November 2020 New York Buildings For Sale
• Buildings For Sale: Four New York Plaza, a 22-story, 1.1-million-square-foot office building in the Financial District, is for sale. The current owners, Edge Fund Advisors and HSBC Alternative Investments, purchased the property in 2012 for $270 million and could sell it for $300 million. Brookfield Asset Management is looking to sell its life-sciences real estate portfolio for around $3 billion. The investment company is marketing the 2.3 million-square-foot portfolio. A 12-story building in New York’s Diamond District has hit the market for $113 million. The building at 576 Fifth Avenue contains both retail space on the lower levels and office ...
  
  
• August 2020 New York Commercial Real Estate Market Report
• Manhattan Office: Manhattan office leasing in the second quarter of 2020 totalled just 3.18 million square feet. That is 50% of the prior quarter and down 72% year-over-year. This is the slowest quarter for Manhattan office leasing since 2009. Office workers have been working from home during Covid. How many will remain at home after Covid has yet to be determined. Midtown saw 1.88 million square feet in leasing activity in the quarter, down 52% year-over-year. Midtown South leasing activity declined 87% year-over-year to just 640,000 square feet. Leasing activity downtown fell 73% year-over-year to 660,000 square feet. Manhattan’s Office ...
  
  
• July 2020 New York Buildings For Sale
• Buildings For Sale: Residential Cooperatives / Condominiums In the past few years, developers have rushed to build scores of glitzy new projects, flooding the market and spoiling buyers for choice. There are now more than 15,000 unsold condos in the city. Of that 15,000 more than 15% or around 2,600 units is in just six buildings. Lenders are largely working with the building owners to give them time for the market to stabilize. Some of the inventory will be repositioned. In New York City, some developers are hoping to clear a glut of unsold units by offering bulk deals at ...
  
  
• 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 ...
  
  
• March 2020 New York New Developments
• Major Developments: Cosi has filed for Chapter 11 for the second time in four years. The company has locations across the U.S. Modell’s Sporting Goods is renegotiating leases in more than 150 locations across 10 states. They sent letters to 19 landlords pleading with them to “dig deeper” so the retailer can avoid filing for bankruptcy. The latest proposal to expand Penn Station includes buying a full city block to the south for an entirely new terminal with eight tracks. The governor now has sights on West 30th and West 31st streets between Seventh and Eighth avenues for the “Empire ...
  
  
• 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 ...
  
  
• November 2019 New York New Developments
• Major Developments: Barneys has been sold to Authentic Brands Group and B. Riley for around $270 million. The new owners will likely shut Barneys’ locations, including its 275,000-square-foot flagship property at 660 Madison Avenue. IBM is looking for 500,000 square feet to consolidate its New York office space from multiple locations including a WeWork. IBM’s lease at WeWork’s 88 University runs through 2024. Vornado Realty Trust has encountered more retail challenges as Forever 21 filed for bankruptcy protection. However, Forever 21 may be able to keep its stores at 435 Seventh Avenue and 1540 Broadway open for a bit longer. ...
  
  
• 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 New Developments
• Major Developments: Several New York landlords have resisted leasing large chunks of their buildings to co-working tenants. One prominent owner is Empire State Realty Trust who will not lease to WeWork. The Durst Organization rejected WeWork’s offer to lease 12 floors at the World Trade Center in hopes that there were better offers. Oscar Health is doubling it spaced in Hudson Square and signed a sublease for the fourth floor at One Hudson Square, bringing its total presence to 160,000 square feet. The asking rent was around $80 per square foot. Barneys luxury fashion is reportedly weighing a second bankruptcy, ...
  
  
• 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 ...
  
  
• May 2019 New York Buildings For Sale
• Buildings For Sale: Marymount School of New York has listed its five-story, 12,300-square-foot townhouse at 2 East 82nd Street between Fifth and Madison avenues for $32 million. JPMorgan is looking to sell 195 Broadway for $800 million. The bank’s asset management arm owns a 95% stake in the 1.1 million-square-foot building through a partnership with L&L; Holding and Beacon Capital. JPMorgan Asset Management is considering bids ranging from a 49% stake to a sale of full ownership. If 195 Broadway sold for $800 million, the asset manager would be realizing roughly $730 a square foot. Buildings Sold: Savanna has a ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• September 2016 New York Buildings For Sale
• Buildings For Sale: Kevin Maloney’s Property Markets Group is looking to sell a newly built and still empty rental tower in Long Island City. PMG built the 45-story, 391-unit tower at 23-01 42nd Road in partnership with Vector Group and toyed with the possibility of turning the units into condominiums, filing a $364.2 million condo plan. Leasing at the tower is set to begin next week, with average asking rents of $62 per square foot. Since the building’s condo plan was approved, a potential buyer could opt to sell the units instead of renting them out. PMG and partner Hakim ...
  
  
• 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 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 2013: NYC Buildings For Sale
• NYC Buildings For Sale Hines is selling off two Midtown office properties at 499 Park Avenue and 425 Lexington Avenue for a combined price of more than $1 billion. JPMorgan Asset Management will pay $750 million for 425 Lexington.Quinlan Development Group will pay $4 million for air-rights from God’s Love We Deliver and intends to build a 14-story residential condominium project. The charity wants to sell the development rights to raise funds for a $26 million expansion at 166 Sixth Avenue, at Spring Street.Verizon is planning on selling or leasing around half the space inside its 31-story headquarters. The company ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 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 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 ...
  
  
• 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 ...
  
  
• 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 Brack Capital Real Estate USA has sold the retail portion of its residential development at 15 Union Square West in New York City to the State Teachers Retirement System of Ohio, or STRS, for $57.88 million. The retail space consists of four retail stores on the first, mezzanine and cellar floors of the building, totaling 14,494 square feet. Three of the spaces are currently leased : one to HSBC Bank, one to Lululemon Athletica, and another to Sketchers.Real estate investment trust SL Green has acquired the remaining ownership interest in 521 Fifth Avenue, a 39-story ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• 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 ...