Mta

News about Mta, including commentary and archival articles published in our Articles.
  • May 2019 New York New Developments
  • Major Developments: Financial services accounted for 39% of the leasing activity, of which 13% was leased by co-working companies. Coworking had accounted for 12% of leasing volume last year and 5% in 2017. TAMI followed with 16% of leasing volume in the first quarter. There were six Midtown deals over 100,000 square feet. Sumitomo’s 266,000 square foot renewal and expansion at 277 Park Avenue and the Bank of Montreal’s 215,000 square foot relocation to 151 West 42nd Street. Job growth in New York City increased by 1.8% with 68,700 jobs added by the private sector from 2018 to 2019. The ...

  • 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 ...

  • December 2018 New York Buildings For Sale
  • Buildings For Sale: DNA Development is looking to sell 12 West 48th Street and wants to double what it paid in 2016. The building is a four-story, 31,000-square-foot property. DNA purchased it in 2016 from Extell Development for $37 million. The property was a parking garage. The garage was demolished and DNA is in the process of replacing it with a retail building with a glass facade. The project should be finished next year with around 11,000-square-foot on the ground floor and a basement storefront. Bank of America will aid Anbang Insurance Group to sell its $5.5 billion portfolio of ...

  • 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 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 ...

  • September 2016 New York New Developments
  • Major Developments: SL Green Realty says it has shaken a pesky lawsuit that threatened to stall the construction of its office building near Grand Central Terminal, One Vanderbilt. The REIT has settled a lawsuit filed by the owner of Grand Central, which alleged that the office landlord and the city rendered his 1.2 million square feet of air rights useless when it rezoned the area. The settlement was made possible, in part, by the recent sale of a stake in Grand Central to Michael Dell’s MSD Capital. In 2012, the Witkoff Group announced it would build a new hotel at ...

  • July 2014: New York New Developments
  • A Private Upper East Side girls' school sent a letter to parents saying the school has been reviewing 20 sites that would accommodate the school's 700 students. The K through 12th grade school has operated out of a 12-story brick building at 610 East 83rd Street since 1929.The Bauhouse Group has recently secured a $35 million construction loan from Doral Bank to finance its condominium-and-retail project in Chelsea. The developers acquired a 35,000-square-foot, six-story warehouse at 515 West 29th Street for $24.4 million, and {dynamic_word3} three additional parcels of air rights for a total of $6 million. Permits have been ...

  • November 2013 New York Buildings for Sale
  • NYC Buildings For Sale A West 39th Street development site that could support a 60-room limited-service hotel has hit the market. The site at 335 West 39th Street, located between Eighth and Ninth avenues, will allow for a 44,437 square-foot-building by combining its current zoning entitlement with extra air-rights acquired through the city’s Hudson Yards district improvement bonus.A firm founded by former executives from SL Green Realty and Broadway Real Estate Partners is looking to unload a 12-story Chelsea office building that could fetch as much as $90 million , or almost double the purchase price paid during the real ...

  • August 2013: New York New Developments
  • New York New Developments Brookfield Office Properties has begun construction of a bridge 120,000 square feet for its Manhattan West project. Brookfield will be the first platform on Amtrak rail yards between ninth and 12th avenues. Time Warner has agreed in principle to move in 80-story skyscraper related companies planned for yards at the 10th Avenue and West 33rd Street, capping weeks of speculation on the movement of the media company in Hudson Yards, IMG Worldwide extend its lease at 304 Park Avenue South. And will now occupy 72,080 square feet. The lease also increased its initial term of 10 ...

  • July 2012 New York Buildings For Sale
  • Buildings for Sale Vantage Properties and Area Property Partners have unloaded the Savoy Park apartment complex in Harlem for more than $210 million, satisfying the outstanding balance on the senior mortgage. Larry Silverstein is cutting his losses and moving on from Lexington Avenue. His Silverstein Properties and the California State Teachers’ Retirement System have entered contract to sell the 35-story office building at 575 Lexington Avenue for about $360 million to Normandy Real Estate Partners and New York Life Insurance. The deal is worth $10 million less than the agreement the owners nearly struck with Rockrose Development, before Henry Elghanayan ...

  • June 2012 New York New Developments
  • Major Developments A judge has rejected a bid by an investment partner at the Domino Sugar Factory to block its partner from recapitalizing the proposed $1.5 billion project. Express has signed for a flagship space in Times Square, believed to be at 1552 Broadway.The first retail stores at the World Trade Center site could open for business by March 2015. Westfield, which has a 50 percent stake in the WTC site’s retail space, said the first retailers will be announced in the first half of next year. The openings would come more than 13 years after the destruction of the ...

  • 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 ...

  • March 2012 New York New Developments
  • New Developments There are thousands of acres of rooftop space in New York City where growing farm operations are looking to expand. Groups such as Gotham Greens, Brooklyn Grange and BrightFarms are looking for elevated space where they can grow crops to sell to local restaurants and supermarketsSheldon Solow outdueled his West 57th Street rival and acquired an office building on the block at a near record price. Solow, bid $120 million for 12 West 57th Street to beat out One57 developer Gary Barnett, president of Extell Development, for the 12-story property. The price works out to more than $1,400 ...

  • 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 ...

  • 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 ...

  • 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 ...

  • 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 ...

  • 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 ...

  • 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 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 Buildings For Sale
  • New York Buildings sold Joseph Sitt's Thor Equities and developer Joseph Moinian have completed the long awaited deal to buy out Goldman Sachs at 245 Fifth Avenue for $162 million. The property, near 28th Street, had been up for sale since January, when Moinian and his previous venture partner, Goldman Sachs Whitehall Funds, decided to put the building up for sale through Eastdil Secured. The property was originally purchased for $190 million, or $620 a square foot, at the height of the market in 2007.RXR Realty purchased the Starrett-Leigh building at 601 West 26th Street for $900 million from Shorenstein ...

  • April 2011 New York New Developments
  • Major Trends Bruce Ratner wants to construct the world's tallest prefabricated structure at the Atlantic Yards site in Brooklyn, according to the New York Times. The 34-story proposed tower would include 400 affordable apartment units, fulfilling a promise Ratner made when he took over the site. The annual rate of building permits issued for new privately-owned U.S. housing units fell by another 8.2 percent in February to a record-low 517,000, according to the latest data from the Commerce Department, backing up analysts' predictions that a sustained recovery in the housing market is still elusive. The permitting rate, which is indicative ...

  • April 2011 New York Commercial Real Estate Market Report
  • Manhattan's office leasing market is on pace for its best year ever after February brought some 3 million square feet worth of deals,. That's far above the nine-year monthly average of 1.9 million square feet of office leases. The banner month also comes on the heels of a busy January, when 2.6 million square feet were snapped up in Manhattan office lease transactionsManhattan townhouses see 2010 sales uptickBoth the single-family and multi-family Manhattan townhouse markets showed signs of improvement last year, according to the Corcoran Group, which released its first annual Townhouse Report today. In the single-family market, the number ...

  • 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 ...

  • 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 ...

  • 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 ...

  • August 2009 New York New Developments
  • New Developments After many years of construction on Fulton Street, small business owners are now able to apply for grants from the city to improve storefronts that have been obstructed or damaged by the construction. The Fulton Nassau Crossroads Program, funded by the Lower Manhattan Development Corporation, offers free design, engineering and construction management, along with $275,000 for construction, to buildings located on Fulton and Nassau streets.Law firm Orrick Herrington & Sutcliffe may sign a lease for 220,000 square feet at 51 West 52nd Street. They will take the space previously occupied by UBS and Cushman & Wakefield. Cushman will ...

  • July 2009 New York New Developments
  • New Developments The Federal Reserve has few deals for the start of its program to aid the commercial real estate market. Today is the first monthly deadline for investors to apply for loans to buy new commercial mortgage-backed securities through the Term Asset-Backed Securities Loan Facility. The Fed will start accepting investor requests for loans to purchase older CMBS.James Abadie, head of New York operations for construction firm Bovis Lend Lease, has resigned amid investigations of the company for alleged overbilling and bribery. Bovis is working on the September 11th Memorial and the demolition of the Deutsche Bank building.Global real ...

  • 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 ...

  • 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 ...

  • January 2009 New York New Developments
  • New Developments Lenders are going into bankruptcy and the sales market is disappearing, causing developers all over New York to face choices about how to ride out this down cycle.Over $400 billion in mortgages on commercial properties, including office towers and shopping malls, are to come due by the end of 2009. Even if these properties are performing well, they could go into foreclosure if mortgage holders are unable to pay off the loans. The commercial real estate market has shifted from property sales toward the purchase and sale of debt, where the loan, rather than the actual real estate, ...

  • April 2008 New York New Developments
  • New DevelopmentsThe City Council approved the rezoning for Sheldon Solow's $4 billion development on the East River, making the way for seven towers to rise on nine acres of First Avenue from East 35th Street to East 41st Street. The project will create about 3,000 apartments, 1 million square feet of commercial and 69,000 square feet of retail. The development will include affordable housing, a public school and five acres of public space. Gov. David Paterson and Mayor Michael Bloomberg have hailed Tishman Speyer's plan for developing the MTA's 26-acre Hudson Yards. Tishman Speyer owns Rockefeller Center, a fact that ...

  • March 2008 New York New Developments
  • New DevelopmentsThe amount of leased in the fourth quarter of 2007 was 34.5 % lower than the amount of leased in the fourth quarter of 2006. Average asking rents fell by 45 cents to $61.46 per square foot in the fourth quarter, down from $61.91 per square foot in the third quarter.In 2007, the office market in Downtown Manhattan had a lower overall vacancy rate than the Midtown market for the first time since 2001. The year-end report showed that Downtown had a 7.6 percent vacancy rate last year, compared to a 7.7 percent rate in Midtown. Downtown saw 412,108 ...

  • November 2007 New York Commercial Real Estate Market Report
  • Manhattan office and rental rates have stalled, at an all time high, as vacancy rates start to increase modestly.At the current office rental rates, corporations are exploring cheaper alternatives in Brooklyn, Queens and New Jersey. For instance, Colgate Palmolive and Goldman Sachs are pursuing this strategy as are numerous other corporations and businesses. 7 Subway Extension. Approval for digging tunnels to extend the No. 7 train has been approved by the MTA, a $1.14 billion contract. Building Sales.Last month, Commercial sales fell 67 % over the same period a year ago.Following Archstone-Smith's recent closing on the acquisition by Tishman and ...

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