L+M Development Partners

• January 2024 New York Commercial Real Estate Market Report
• Office: Paul, Weiss, Rifkind, Wharton & Garrison leased 765,000 sf at 1345 Sixth Avenue for 20-years. WeWork and the landlord agreed to modify its lease for a shorter term at a lower rent to keep its 300,000 SF lease at 1440 Broadway. HPS Investment Partners’ signed a renewal and expansion for 159,000 SF at 40 W. 57th Street. Verizon recently listed 143,000 square feet for sublease at 155 Delancey Street. Ralph Lauren signed an 11-year renewal for 133,000 SF headquarters at 650 Madison Avenue, shrinking its footprint by 39%. Quinn Emanuel Urquhart & Sullivan signed a 132,000 SF lease at ...
  
  
• 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 ...
  
  
• May 2022 New York Buildings For Sale
• Buildings for Sale: SL Green Realty has to sell its $120 million stake in Times Square’s Crowne Plaza hotel, after a judge ruled that investor Andrew Penson has the right to buy it. SL Green and Argent Ventures are fighting over control of the land underneath the 795-room hotel at 1601 Broadway, which is in default on its $330 million mortgage. Brookfield Asset Management and China Investment Corporation are selling One New York Plaza, their 50-story office building in the Financial District. Nightingale Properties is selling 300 Lafayette Street. Bids on the property, which features 63,000 square feet of office ...
  
  
• February 2022 New York New Developments
• Major Developments Tentative property Real Estate Tax assessments for rental buildings in New York City are up 8.6%. Rental buildings’ market value jumped by 11.7%, while the assessed value that owners are taxed on rose by 8.6%. Gov. Kathy Hochul proposed $2 billion in pandemic relief money that could fund the emergency rental assistance program. Extell Development received permits for a more than 541,000-square-foot, 1,350-key hotel tower at 740 Eighth Avenue in the Theater Subdistrict, an area exempt from the recently enacted requirement that developers must obtain a special permit for new hotels. Hakimian filed documents changing a 113,000-square-foot Midtown ...
  
  
• 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 ...
  
  
• December 2019 New York New Developments
• Major Developments: Tourism in New York City continues to rise but the Times Square submarket retail market has declined in retail pricing. Macy’s same store sales fell 3.9% at stores open for the last year. Target’s physical stores and online shop saw a 4.5% bump, with a 10% increase in clothing sales. The EB-5 program’s new federal regulations are in effect, and will double the minimum dollar amount that all foreign visa-seekers must put into development projects. Under the new regulations, investors must contribute $900,000 from the previous $500,000 for a project in a low employment zone. The investment amount ...
  
  
• August 2018 New York New Developments
• New York Major Developments: New York City’s hotel market had a better-than-expected first quarter in 2018, with revenue per available room growing 7.4%. Warehouse space is at its tightest level since the first dot-com boom, and it’s driving business. The second quarter saw availability fall to 7.2%, the lowest level since 2000, as demand continues to outpace supply. Hotel and condominium developer Lightstone Group plans to build a fourth Moxy Hotel in Manhattan at the site of a lighting store in the Bowery. Lightstone is in contract to acquire the building at 151 Bowery from Emmut Properties. Chinese insurers, conglomerates ...
  
  
• November 2017 New York New Developments
• New York Major Developments: New construction starts for nonresidential projects tripled to more than $3 billion due largely to massive undertakings at the Jacob K. Javits Convention Center and the Moynihan Train Hall. The total dollar volume for nonresidential construction starts in New York City jumped to $3.66 billion, a 203% increase from $1.21 billion a year earlier. Most of the private air rights along the High Line are used. New York City is seeking to sell its own air rights to West Chelsea property owners for $500 per square foot. The Department of City Planning proposed a rule change ...
  
  
• October 2017 New York New Developments
• Major Developments: The Port Authority of New York & New Jersey seems to be leaning toward building a new bus terminal on the Eighth Avenue site, rather than expand to another location. The plan now is to build two new floors on top of the terminal that is already in place. Those levels would be for the buses while the three lower levels are being rebuilt. Barry Diller officially declared Pier 55 dead after years of legal disputes and around $40 million in pre-construction costs A startup wants to pay landlords $10,000 per month or more to install intelligent, electronic ...
  
  
• August 2016 New York New Developments
• Major Developments Hershey Company plans to open a new flagship store at the base of 20 Times Square, a location that will triple its current 2,200-square-foot space at Times Square. The new location will be a block away from the company’s rival, Mars Inc.’s M&M; World. Gary Barnett’s plans to raze 10 buildings on the block including 10 West 47th Street. Extell secured permits to demolish 10 West 47th and 2 West 47th, 3-13 West 46th Street, 562 and 564 Fifth Avenue. Extell bought 10 West 47th, a 72,000-square-foot office building for $74.4 million. L+M Development Partners and Hornig Capital ...
  
  
• May 2016: New York Buildings For Sale
• New York Buildings sold Sierra Assets Group bought at 160 East 56th Street a Midtown office building for $18.7 million. The building has 42 units which are mostly office tenants with some retail and contain 51,900 square feet. David Associates, sued three of the property's managing members in October to fairly partition the proceeds from the sale, citing constant friction between the owners. The owners countersued, claiming they were owed income from the property that was never distributed.The Renatus Group bought two contiguous mixed-use buildings at 152-154 7th Avenue for $10.5 million from Michael Connolly. One of the building's three ...
  
  
• February 2014 New York New Developments
• New Developments A Brooklyn fashion networking company away is moving into Manhattan. Manufacture NYC, a program that gives budding designers access to industrial sewing machines and design software, conducted an exhaustive search for a budget-friendly spot in Brooklyn before finally giving up and settling on a space in Manhattan’s Garment District. 7-Eleven is trying to gain acceptance in Manhattan. Since entering Manhattan in 2011 the number of locations has quadrupled from eight to 37 stores.Hospitals are increasingly opening full-service walk-in clinics in an effort to reduce inpatient costs. As a result, outpatient medical facilities are cropping up throughout the city. ...
  
  
• September 2012 New York Buildings For Sale
• NYC Buildings For Sale A Coney Island development site ready for a 22-story building is hitting the market for $14 million.The property is located at 271 Seabreeze Avenue, near the Atlantic Ocean and adjacent to the Coney Island boardwalk and Seaside Park. It is zoned for residential, hotel or senior living use, and plans drawn up by owners American Development Group would sustain up to 153 apartments, or 183 extended-stay hotel rooms, and 102 parking spaces.A troubled 12-story commercial loft building Noho is scheduled for auction next month, after CW Capital foreclosed on the mortgage and sold the debt to ...
  
  
• 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 ...