Marriott International

• March 2021 New York New Developments
• New York New Developments New York’s moratorium on commercial evictions and foreclosures and a bill to replace it has hit a roadblock. The current ban from March 2020 moratorium on commercial evictions and foreclosures, which he has repeatedly extended. The latest extension, through a Jan. 23 executive order, prevents those actions from taking place until Feb. 22. But Cuomo has yet to take action on legislation that would make the ban semi-permanent. The state Senate proposed a bipartisan commission to review Cuomo’s orders, and Assembly Democrats have also called for the revocation of those powers. The rate of positive Covid ...
  
  
• September 2020 New York New Developments
• New York New Developments The Metropolitan Transportation Authority plans to cut service by 40% if Washington does not send $12 billion in federal aid, crippling the city’s chances to come back from the pandemic. The timeline for the overhaul of John F. Kennedy International Airport will likely be pushed back years because of plummeting passenger demand. Passenger volume is down 85%, and officials warn that passenger numbers might not match last year’s level of nearly 62 million passengers until 2023. July was the slowest month of the year for large construction applications. The total size of the 10 biggest projects ...
  
  
• August 2020 New York New Developments
• New York New Developments 476 new building permits were filed in the three-month period from April through June, spanning 9,309 multi-family units. Nearly half of the footage is residential, just over one-third is commercial, and the rest is split between education and utilities. Amazon said it would increase its fulfillment center square footage by 50% in 2020, that is on top of the 15% increase it reported in 2019. NYC Health + Hospitals’ six administrative offices were consolidated at 50 Water Street and resulted in $200 million in cost savings . HHC signed a 25-year lease for 526,552 square feet. ...
  
  
• 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 ...
  
  
• March 2017 New York New Developments
• New York Major Developments: The city is taking another attempt at rezoning the Garment District, a move that will likely rollback rules that require landlords to lease a portion of their building to the fashion industry. The possible rezoning is connected to the Mayor’s plans to build a new manufacturing campus in Brooklyn. The Bloomberg administration tried to rezone the Garment District in 2009, but stopped the plan due to opposition. In the fourth quarter of 2016, absorption rate was negative in all three Manhattan office submarkets: Downtown, Midtown, and Midtown South for a total net absorption of negative 277,988 ...
  
  
• November 2016 New York Buildings For Sale
• New York Buildings Sold: ABS Partners and Benenson Investment Company">ABS Partners and Benenson Investment Company paid $62.75 million for the office-and-retail building at 145-147 East 57th Street. The asking rent is $60 per square foot. The venture paid $17 million for 407 East 70th Street, a five-story medical building on the Upper East Side. ABS and Benenson 3 bought the fee at the AMC movie theater at 66 Third Avenue that has a ground lease through July 2037. Caspi Development and RWN Real Estate Partners bought a Tribeca art gallery for $19 million from a group of investors. The building ...
  
  
• 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 ...
  
  
• March 2016: New York Buildings For Sale
• New York Buildings sold Gary Barnett's Extell Development made another deal with the Duell family, buying four adjacent commercial buildings on Sixth Avenue in the Flatiron District for a combined $50 million. The buildings collectively have about 63,500 buildable square feet. At 116 Seventh Avenue and 204 117th Street for $11 million. Extell also bought 502 Third Avenue, a rental property with ground-floor retail, from the family for another $11 million around the same time.Extell Development is in talks to buy a Greenwich Village commercial property with substantial development rights from the Duell family. 530 Sixth Avenue is an existing ...
  
  
• February 2013: New York City New Developments
• The Federal Emergency Management Agency gave New Yorkers whose homes were devastated by Hurricane Sandy a 30-day extension on applications for home repairs. The Transitional Sheltering Assistance program, which has helped New Yorkers continue living in participating hotels and motels, will also be extended. Governor Cuomo requested that FEMA grant extensions. Alexander McQueen plans to decamp to 747 Madison Avenue. The designer will lease a double-height 3,300-square-foot space owned by Jeff Sutton, paying $1,300 per square foot during the 15-year lease. Fashion label Escada previously took up a portion of the retail space. Before that, Valentino occupied the space during ...
  
  
• February 2012 New York New Developments
• New York Major Developments The 226-room Courtyard Marriott on East 92nd Street may close this spring, in the wake of two years of legal battles, including a lawsuit against Marriott International. It is scheduled to lay off 59 employees by March 30. Having already ceded some of its demand to recent upstart office markets like Midtown South and downtown Manhattan, Midtown East is the subject of a Department of City Planning review intending to probe whether it needs to incentivize commercial property upgrades in the area Midtown East has more than 70 million square feet of office space, 13 Fortune ...