Moinian Group

• June 2023 New York Buildings For Sale
• Buildings for Sale: Premier Equities bought the hotel at 1141 Broadway in 2019, and is seeking around $60 million for the 10-story NoMad property. Three Nolita Veracity Equities are slated for a foreclosure auction as the firm struggles to repay a $41 million loan. 31 Prince Street, 46 Spring Street and 48 Spring Street are now more than 121 days delinquent. Appraised value has dropped from $66 million when the loan was issued in March 2018 to $49.5 million. All the properties are walk ups and have a combined 48 residential units, only six of which are rent-regulated and eight ...
  
  
• February 2023 New York Buildings For Sale
• Buildings for Sale: Chetrit to pay off the floating-rate loan $481 million. The Chetrit Group is facing default on a $481 million loan, covering 43 properties that the developer is now looking to sell. APF Properties is looking to sell its plot at 24 West 57th Street, for north of $80 million. As a development site, the property holds about 140,000 square feet of buildable space as of right. Maverick sues Chetrit over unfinished Penn Station hotel. Lender alleged the developer neglected matured loans, didn’t complete the project. Maverick Real Estate Partners sued for the second time going after the ...
  
  
• October 2021 New York New Developments
• New Developments 2 World Trade Center is looking for an anchor tenant, which would be required for a construction loan. Norman Foster of Foster + Partners would serve as the architect on the project. Landlords are ready to fight over whether the city should regulate retail and office rents. The City Council’s Committee on Small Business is planning a hearing on a bill to create a rent guidelines board that would limit rent increases on small commercial spaces. The board would have jurisdiction over small retail and office spaces, up to 10,000 square feet, as well as manufacturing establishments up ...
  
  
• 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 2020 New York Commercial Real Estate Market Report
• Total Manhattan office leasing activity was up 2.9% from last year, reaching 42.97 million square feet and up 28.4% above the ten-year average. Average asking rents dipped slightly to $78.75 at the end of the year, following a few large above-market deals. Midtown South had 16.41 million square feet in leasing activity, a 14.5% increase from 2019. With an overall average asking rent of $76.70. Midtown office leasing hit a new all-year high with 2,750,000 square feet in leases signed, up 58% year-over-year. Availability rate of 11.3%, with base rent average fell by nearly $2 to $87.003. Facebook’s 1.5 million-square-foot ...
  
  
• January 2020 New York Commercial Real Estate Market Report
• The office leasing scene maintained momentum with just under 2.2 million square feet of deals in the ten largest leases. Facebook’s 1.5 million-square-foot lease at Hudson Yards accounted for more than half of that total. Facebook signed a lease at 30, 50 & 55 Hudson Yards for 1,500,000 square feet. The landlord is Related Companies. Dentsu Aegis Network signed a 15-year lease at 341 Ninth Avenue for 320,000 square feet. The landlord is Tishman Speyer. Morgan Stanley signed a new deal to expand its existing lease at 1 New York Plaza for 90,000 square feet. The landlord is Brookfield. New ...
  
  
• January 2020 New York New Developments
• Major Developments: New York City’s hotel inventory includes 113 new developments to open in the next few years, with just over half located outside Manhattan. New York’s hotel inventory will reach 144,000 rooms by the end of 2021 up 65% from the 87,000 rooms the city had in 2010. Chang has filed plans for his biggest hotel yet. The 34-story, 974-room development at 150 West 48th Street. Michael Bloomberg is moving his presidential campaign headquarters from the Upper East Side to Times Square. The new headquarters are located at 229 West 43rd Street, 8th floor. New York City will end ...
  
  
• September 2018 New York New Developments
• New York Major Developments: Manhattan dominated the list of New York City’s top 10 largest real estate projects in July. Marx Development Group’s roughly 213,000-square-foot hotel and retail project at 450 11th Avenue in Hudson Yards. Covenant House is planning a 12-story, 60-unit building in Hudson Yards about 53,000 square feet. Its new project would replace a smaller eight-story youth homeless shelter currently on the site of 460 West 41st Street. 323 East 61st Street from the William Macklowe Company will span about 50,000 square feet and stand six stories and 74 feet tall. WeWork just signed a 258,344-square-foot lease ...
  
  
• December 2017 New York Buildings For Sale
• New York Buildings For Sale: Isaac Chetrit is looking to sell off a pair of office buildings. Chetrit and partner Sioni Group are asking around $190 million and $200 million for the properties at 15 West 47th Street and 22 West 48th Street. Brookfield Property Partners is looking to sell its 2.3 million-square-foot office tower at One Liberty Plaza in Lower Manhattan, which could trade for as much as $1.6 billion. Offers on the Park Lane Hotel were due, but no buyers showed up willing to pay the $1 billion the property was expected to obtain. The 47-story hotel overlooking ...
  
  
• June 2016: New York New Developments
• New Developments Apple is in talks with 767 Fifth Avenue's owners to take all or part of FAO Schwarz' former 61,000-square-foot space. Apple is looking to take over the space permanently, but is balking at paying market-rate rent. Rates for retail spaces in that section of Fifth Avenue range from about $2,700 to $4,450 per square foot. Related Companies is to receive $88 million in financing from Deutsche Bank to fund 300 Lafayette Street in Soho. Related received a $69 million construction loan and a $19 million project loan to fund the seven-story, 80,000-square-foot office and retail development. The building ...
  
  
• March 2016: New York New Developments
• New Developments Joseph Beninati's Bauhouse Group filed Friday for Chapter 11 bankruptcy for the LLC entity that owns the 3 Sutton Place development site in Midtown. There is an upcoming foreclosure auction by Gamma's who holds more than $180 million in debt on the property at 426-432 East 58th Street. Bauhouse defaulted on nearly $129 million in loans last month that it had received from Gamma, led by Richard Kalikow, for its planned 68-story, Norman Foster-designed condo tower, also known as 3 Sutton Place. The $4 billion World Trade Center Transportation Hub is about to open. It will connect to ...
  
  
• August 2015: New York New Developments
• Brookfield Property Partners paid $69 million to acquire Planned Parenthood's 72,500-square-foot space at Vectra Management Group's 424 West 33rd Street. Planned Parenthood had paid $34 million for the commercial condominium in 2012. Vectra still holds the title to the remaining 68,300 square feet in the 13-story building.Plans for a new Marriott hotel at 151 Maiden Lane in the Financial District have been done by Architect Peter Poon who is designing the new 33-story building. Fortis Property Group is developing the 271-room hotel project . The project also includes a taller, 52-story residential tower with 95 units. The developer bought the ...
  
  
• July 2015: New York New Developments
• New York University's campus expansion plans to expand the school by about 2 million square feet in Greenwich Village hasve been approved by Tthe New York State Court of Appeals.s gave an approval to New York University's campus expansion plans to expand the school by about 2 million square feet in Greenwich Village. Neighborhood activists sued to prevent the expansion, claiming it used land that was permanently designated for public park use. The plan will create new high rises on two blocks between West Third and Houston Streets and La Guardia Place and Mercer Street. FAO Schwarz is close to ...
  
  
• May 2015: New York New Developments
• New Developments China's largest publicly-traded developer is buying a majority stake in at 130 West 42nd Street, a 30-story office building for $125 million. Real estate funds are receiving more investment from pension funds, endowments and institutional investors. Madison Capital is buying a retail space encompassing at least 32,000 square feet at 549-555 and 557-559 Broadway in Soho for $400 million. Asking rent for the new ground-floor retail space will likely exceed $1,000 per square foot. Scholastic paid $25.5 million for the 10-story property at 557-559 Broadway in 2010, and $255 million for the 12-story property at 549-555 Broadway last ...
  
  
• March 2015: NYC New Developments
• Major Developments Manhattan Borough President and a City Council member have been talking to developers to find a new plan for the historic South Street Seaport site to prevent a 494-foot tower from being built.The city is looking to revamp a program where property owners can transfer unused air rights to others. -The requirements are so difficult that only 10 successful transfers have been made out of almost 1,000 landmarks.. Those transfers took place in Midtown or Lower Manhattan. The NY state's attorney general's office is closing a 36-story, illegal hotel owned by an affiliate group. The property at 49 ...
  
  
• August 2014:NYC New Developments
• New Developments The large retirement investment firm is the buyer in a $365 million deal to acquire the leased fee interest in 2 Herald Square.Wharton Properties received a $95 million construction loan to develop a six-story, 33,000-square-foot Harlem retail building to be anchored by Whole Foods. Natixis Real Estate Capital provided a three-year, interest-only loan that comes with two options to extend it for a 12-month period. The site at 100 West 125th Street, near Lenox Avenue, will hold Whole Foods as well as Olive Garden, TD Bank, Burlington Coat Factory and American Eagle. All leases are for 20 years; ...
  
  
• July 2013: New York City Buildings For sale
• New York Buildings sold Abe Talass' Eretz Group will pay about $210 million for a Midtown office tower belonging to Westbrook Partners and the Moinian Group. The 300,000-square-foot 295 Madison Avenue is part of a portfolio that Westbrook was marketing in April that is expected to get about $1 billion. The deal is expected to close in September. The $1.3 billion sale of 650 Madison Avenue, which entered into a contract, Crown Acquisitions and Highgate Holdings, see value in the property's retail component. Carey Watermark Investors announced the company's acquisition of the 226-room Holiday Inn Manhattan 6th Avenue, at 125 ...
  
  
• April 2013: Manhattan New Developments
• Manhattan New DevelopmentsThe Hudson Yards area is shaping up to be something of an office-{dynamic_word2} battleground, with the Moinian Group, Extell Development, the Related Companies and Brookfield Office Properties hunting for office tenants. Moinian's proposed 1.8 milllion-square-foot 3 Hudson Boulevard. Related's under-construction, 1.7 million-square-foot Coach building at 10th Avenue and 30th Street; and Brookfield's planned Manhattan West, which could bring 5.4 million square feet of office and residential space to Ninth Avenue. Extell has also proposed a 1.7 million-square-foot tower in the area dubbed 1 Hudson Yards. Peebles Corporation will pay $160 million for 346 Broadway, a 13-story building. Peebles ...
  
  
• December 2011 New York New Developments
• New Developments Local 32BJ, the union representing more than 22,000 commercial building workers in New York City, voted to authorize their bargaining committee to call a strike if necessary. The union has been in contract talks with the Realty Advisory Board on Labor Relations, since November 15th. The union opposes the landlords' proposal to establish a different wage and benefit structure for new hires, which they claim will create a two-tier system designed to push out workers with seniority. If negotiations fail by 12:01 am on Jan. 1, 2012, the union could strikeThe Service Employees International Union Local 32BJ, which ...
  
  
• October 2011 New York Buildings For Sale
• New York Buildings sold TIAA-CREF purchased the 280,000-square-foot office building 475 Fifth Avenue from Barclays Capital Real Estate for $144 million or about $514 per square foot. A joint venture of real estate developer Joseph Moinian and Westbrook Capital acquired 475 Fifth Avenue, located at 41st Street, in 2007 for $160 million, but lender Barclays took the property back in 2009 through a deed in lieu of foreclosure.Stonehenge Partners has closed on the 93-unit apartment building at 1143 Second Avenue and 60th Street. Stonehenge paid KFJ Realty $47 million for the six-story building, which includes 15,000 square feet of retail ...
  
  
• September 2011 New York New Developments
• Major NYC Developments The London-based Children's Investment Fund inked its first New York City real estate investment this month, providing $250 million in first mortgages for Macklowe Properties' condominium conversion of the luxury apartment building 737 Park Avenue in Lenox Hill. The fund, makes investments in a wide range of industries globally, and gives a portion of its profits to children's charities around the world. "It is the first direct real estate investment we have made in New York," New York State Attorney General Eric Schneiderman is hindering federal efforts to negotiate a foreclosure settlement with Wall Street banks on ...
  
  
• July 2011 New York New Developments
• New Developments Governor Andrew Cuomo, signed a statewide property tax cap legislation, caps property tax increases at 2 percent, or the rate of inflation, whichever is less. Only a 60 percent vote in local communities override Cuomo's legislation. "We are beginning a new era in which New York will no longer be the tax capital of the nation," Cuomo said Community activists opposing the Rudin family's proposed takeover of the St. Vincent's Hospital campus in Greenwich Village dropped their court appeal without ever appearing before a judge.New York led a second consecutive month of U.S. housing price gains. Nationwide home ...
  
  
• 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 ...
  
  
• October 2010 New York Buildings For Sale
• New York City Buildings sold SL Green, the largest commercial office landlord in New York, agreed to sell 19 West 44th Street in Manhattan to Deka Immobilien for $123.2 million. SL Green will continue to manage and lease the building as part of the sale agreement with Deka. SL Green originally bought the 292,000-square-foot Class B property in 2004 for $67 million. Since the acquisition, SL Green has renovated the lobby, windows and heating and cooling systems, and raised occupancy to 99 percent, compared to 86 percent in 2004. SL Green Realty is expected to gain $66 million profit on ...
  
  
• 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 ...
  
  
• October 2009 New York New Developments
• Major Developments Stalled construction projects are not having much of a psychological impact on the city. Despite an increasing number of delayed projects, including 250 West 55th Street, 99 Church Street and Solow's First Avenue project, any psychological effects are likely to be short-lived, because the projects will be completed eventually. Large banks are only about halfway done with their commercial real estate losses. The U.S. commercial real estate losses could reach 10 or 15 percent of loans in this cycle. Banks with retail and office loans face the highest risk.The Plaza hotel is on tough times. The building's lower ...
  
  
• June 2009 New York New Developments
• New Developments Developers of a Jean Nouvel-designed skyscraper adjacent to the Museum of Modern Art have applied to build a tower seven stories taller than the original proposal unveiled two years ago was 75 stories tall. The building has been controversial, with Community Board 5 criticizing its height and bulk in a resolution in March 2008. The mixed-use project from Houston-based international developer Hines Interests will have 100 hotel rooms and 120 condominium units on the upper floors, and also include a 60,000-square-foot expansion of MoMa's galleries on the second to the fifth floors. The amount of space for the ...
  
  
• April 2009 New York New Developments
• New Developments New York City Department of Parks & Recreation officials showed its plans for parks around the new Yankee Stadium, which was built on land within the footprint of two parks that residents want replaced. The parks department plans to a park with a track and athletic field, plus two stories of parking, in the area. The department will also build tennis courts and parkland. The old Yankee Stadium will become Heritage Field Park by spring 2011.Stellar Management's president is in negotiations to settle a lawsuit against Landesbank Baden, Deutsche Hypo and State Street Bank after they allegedly cut ...
  
  
• March 2009 New York New Developments
• The New York State Appellate Division ruled in favor of the Atlantic Yards project today in a lawsuit that challenged the project's environmental review process. Mayor Michael Bloomberg released a statement in support of the project, saying it will "create thousands of jobs and generate badly needed tax revenue." Bloomberg said the court's approval is a big step towards the start of construction for the delayed project.Proskauer Rose backed out of taking space at Mort Zuckerman's 250 West 55th Street, and now is in talks to move in again. Zuckerman put the 1 million-square-foot project on hold when the law ...
  
  
• February 2008 New York Buildings For Sale
• NYC Buildings For SaleGM building Sale. The sale for the GM building could be in doubt as buyers are scared away by the pending lawsuit from Sheldon Solow. Developer Harry Macklowe is trying to sell the General Motors Building to pay off massive debts that are soon due. People wait to see who might try to buy the 50-story tower. Sheldon Solow, Larry Silverstein, Vornado CEO Steven Roth, and Tishman Speyer CEO Jerry Speyer. Bidding is expected to begin at $3.5 billion, and the property might not even sell. A recapitalization could be all that happens in the end. A ...