Savanna

• January 2024 New York New Developments
• Major Developments: Gov. Kathy Hochul signed the LLC Transparency Act but made a critical change to keep information on limited liability companies out of public view. The owners behind these entities will have to disclose their names and business addresses to the state government, which will keep it confidential. The governor signed a bill that expands the definition of fraud in rent overcharge cases. Governor Hochul unveiled plans for more than 2,800 homes in Queens. The governor will tap industry to revamp 58 acres of underutilized land at Creedmoor Psychiatric Center. 1,633 homes will be for sale, as two-story homes ...
  
  
• 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 ...
  
  
• August 2023 New York New Developments
• Major Developments: The value of commercial and multifamily construction declined by 31% year-over-year from January through June. 5 World Trade Center will be the first residential building at the World Trade Center. Gov. Kathy Hochul approved a deal to include 400 income-restricted apartments as part of a 1,200-unit tower. Margaritaville lenders go after El-Gamal and partners for $86 million debt after they triggered a bad boy guarantee by throwing the project into bankruptcy, and the investors are personally on the hook for $86 million in debt. El-Gamal and his partners, Flintlock Construction Services’ Andrew and Stephen Weiss, became personally liable ...
  
  
• July 2023 New York Commercial Real Estate Market Report
• Office: Microsoft is subleasing more than 42,000 square feet. Savanna exits 110 William Street as Pacific Oak restructures and the city agency takes 640,000 sf. The 20-year deal accounts for more than two-thirds of the entire footprint of the 32-story, 930,000-square-foot building. The tenant news comes as the owners reached an agreement with Invesco Real Estate to restructure more than $334 million in debt. Savanna will transfer its 40% ownership stake to Pacific Oak, . Pacific Oak would then invest between $110 million and $130 million of equity for tenant improvements. An existing $85.7 million mezzanine debt would be converted ...
  
  
• September 2022 New York Buildings For Sale
• Buildings for Sale: Related Companies is looking to sell the Equinox Hotel, at 33 Hudson Yards. The 212-key property, which includes office and retail space, opened in 2019. The property includes office and retail space and opened in 2019. Pacific Oak Capital and Savanna have defaulted on their loan for 110 William Street in the Financial District. Cornell Realty Management owns a 15% stake in Churchill Real Estate’s Penn Plaza building at 257-263 West 34th Street filed for Chapter 11 bankruptcy. Buildings Sold: SL Green, along with foreign investors, paid $445 million for the 337,000-square-foot Plaza District office tower at ...
  
  
• 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 ...
  
  
• November 2020 New York Commercial Real Estate Market Report
• Manhattan Office: At the current rate of office leasing, leasing volume in 2020 would be the lowest in the last 20 years. The third quarter saw 4.81 million square feet of office leasing, just half of what was leased during the same time last year. The year’s total is 14.81 million square feet so far and is down 50% from the same period in 2019. There are 16.1 million square feet of Sublease space in Manhattan or 27% of the total available office space. This is a 47% increase year-over-year, far outpacing the 14% increase in direct space availability over ...
  
  
• September 2020 New York Buildings For Sale
• Buildings For Sale: Pace University is looking to sell part of its Lower Manhattan campus near the Brooklyn Bridge. The school has come to market with One Pace Plaza East, a 462,500-square-foot, 18-story tower that houses dorms, classrooms and a library. The property could get $300 million, or $350 per square foot. 831, 835 and 837 Madison Avenue are on the market for sale. The buildings contains total 34,000 feet and are between East 69th and 70th streets. Buildings Sold: Jeff Sutton quietly sold the majority of his stake in the retail portion of the Crown Building on 57th Street. ...
  
  
• August 2020 New York Buildings For Sale
• Buildings For Sale: 22 West 35th Street, a 4,340 RSF building asking $22,800,000 209 West 20th Street is a 12 story free market apartment building asking $9,500,000 152 West 24th Street is a 2,468 RSF building asking $6,800,000 57 West 38th Street is a retail condo 9,500 SF on ground floor and basement asking $12,500,000 10 West 46th Street is a commercial condo 4,915 SF asking $5,200,000 91 East Broadway Hotel for sale 15,113 SF asking $20,000,000 420 Fifth Avenue commercial condo 18,003 RSF asking $21,500,000 62 Mulberry Street, a 44,160 RSF parking garage for sale asking $18,500,000 Buildings Sold: ...
  
  
• March 2020 New York Buildings For Sale
• Buildings for Sale: 2 Grand Central Tower was built in the 1980s and is for sale. Rockwood Capital is the seller of the 44-story building. They are expecting to sell for $580 million or about $850/RSF. CBS is looking to sell 51 West 52nd Street for more than $1 billion for its nicknamed Black Rock. The broadcaster, which merged with Viacom late last year in a $25 billion deal, announced that the company would look to sell the building. Amazon has been in talks to acquire the Lord & Taylor building from WeWork. The deal could be valued close to ...
  
  
• 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 ...
  
  
• December 2019 New York Commercial Real Estate Market Report
• Market Overview: Office: Midtown saw 1,070,000 square feet in office leases signed, up 37% from the prior month but down 39% year-over-year. The availability rate rose to 11.5% with the average asking rent hitting a new high of $89.45. Midtown South leasing increased to 420,000 square feet up 27% from the prior month but down 9% year-over-year. The availability rate dropped to 9%, average asking rent down to $83.56 per square foot. Lower Manhattan saw leasing pick up with 260,000 square feet, up 62% from the month before and up 68% year-over-year. The availability rate dropped further to 11.8% and ...
  
  
• November 2019 New York Commercial Real Estate Market Report
• Office leasing volume from the top 10 leases was 820,500 square feet. With half of them coming from WeWork, who will be out of the market for a while if at all. Other big tenants include law firms, branding agencies and Knotel. Manhattan Retail: Retail leasing for gyms and restaurants were among the largest deals. The top was Ikea’s first Queens location. Manhattan Sales: Manhattan investment sales hit a two-year low with $995 million in deals recorded, 52% down from June and 59% below the 12-month average. The borough’s largest deal was Savanna’s $180 million buy of 360 Lexington Avenue ...
  
  
• 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 ...
  
  
• August 2019 New York Commercial Real Estate Market Report
• Manhattan leasing activity which includes both renewals and new leases totaled 20.26 million square feet. The first half of 2019 saw 15% less activity than the second half of 2018, but this was still 12.2% above the five year average. Asking rents continued to rise to record highs, with an average of $77.82 across Manhattan and $84.51 in Midtown in large part to a boom in Downtown. Office leasing in Midtown South was flat year-over-year with 7.02 million square feet in total volume. TAMI tenants were on top here with 54% of total activity from WarnerMedia’s 1.3 million-square-foot sale-leaseback deal ...
  
  
• July 2019 New York New Developments
• Major Developments: The top office leases made up more square footage than last month. The top 10 totaled 1.7 million square feet, up from 1.5 million square feet the previous month. EmblemHealth renewed its 15-year lease for 440,000 square feet of space at 55 Water Street. The landlord is the Retirement Systems of Alabama. New York City Human Resources Administration renewed its 10-year lease for 342,496 square feet of space at 250 Livingston Street. The Department of Environmental Protection will also occupy the entire eighth floor as part of the lease. The landlord is Clipper Equity. Colgate-Palmolive Company renewed its ...
  
  
• June 2019 New York Buildings For Sale
• Buildings Sold: RFR Realty sold 345 Park Avenue South to Deerfield, a medical fund manager that oversees $8 billion in assets, who secured a five-year $525 million loan for the acquisition and a conversion of the building to a medical lab. The sale price for the 12 story building was not disclosed. Alduwaliya Asset Management is acquiring the 17-story, 142 West 36th Street and 10-story, 234 West 39th Street for $140 million. The buildings span 119,203 square feet and 91,943 square feet respectively, were sold by Tod Waterman and USAA, who paid $118 million for the properties in 2015. RXR’s ...
  
  
• 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 ...
  
  
• November 2018 New York Buildings For Sale
• NYC Buildings For Sale: Barnett’s Extell Development put the 600-unit building at 555 10th Avenue on the market with an asking price of $775 million. The owners of 417 Park Avenue are making another push to co-op the apartment building. 417 Park is a 13-story building that has fielded interest from a number of buyers in recent years, including a $250 million offer from Kushner Companies. Trinity Real Estate is looking to ground lease one of its Hudson Square development sites in a deal that could be worth $180 million or more. Trinity Church put the development site at the ...
  
  
• August 2018 New York Buildings For Sale
• New York Buildings for sale: Brookfield Property Partners is in talks to buy a stake in the 1,400-unit Waterside Plaza complex in Kips Bay. The $600 million deal is not yet finalized and there’s no guarantee it will go through. The complex includes apartments, stores and space rented to the British International School of New York. The owner is Richard Ravitch. A six story building at 75 Warren Street is for sale for $12,950,000 or $1,199.07 SF. It has commercial space with 16-foot ceilings. 240 Fifth Avenue is a 5 story commercial building for sale with an asking price of ...
  
  
• 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 ...
  
  
• June 2017 New York Buildings For Sale
• New York Buildings Sold: Kobe Bussan, which operates a chain of supermarkets in Japan, sold two empty lots at 439-443 West 54th Street in Hell’s Kitchen. The buying entity is Yaus Special Clinton District LLC. WanXin Media purchased the Midtown office building and vacant lot at 7-15 West 44th Street for $68 million. WanXin plans to develop a boutique luxury hotel and Chinese cultural center which has 90,000 buildable square feet. If approved, the hotel will include 96 rooms and restaurant space in a 19-story building, seven stories taller and nearly 40,000 square feet larger than the existing building at ...
  
  
• May 2017 New York New Developments
• New York Major Developments: The Port Authority of New York and New Jersey is rethinking plans to move its Midtown bus terminal a block west and is now considering renovating the existing station. The bi-state agency ordered a study of its current bus terminal to assess the cost of revamping its existing facility. Officials have estimated that moving the terminal would cost $10 billion. Earlier this year the Port Authority dedicated $3.5 billion to creating a new terminal. The borough’s hoteliers saw revenue per available room dip to its lowest point of the current cycle, as the hotel market struggles ...
  
  
• May 2017 New York Buildings For Sale
• New York Buildings For Sale: L&L; Holding Company and PGIM Real Estate are looking to sell three interconnected Chelsea office buildings. The firms own the buildings at 511-541 West 25th Street, between 10th and 11th avenues. They bought them from the Related Companies for $160 million in 2014. Sources said they are seeking about $200 million, or $1,000 per square foot, for the buildings. Billy Macklowe and Principal Real Estate Investors are looking to sell a Midtown office building at 311 West 43rd Street. The partnership purchased the 186,000-square-foot building in 2015 for $107 million from Atlas Capital. The 43rd ...
  
  
• 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 ...
  
  
• November 2015: New York Buildings For Sale
• New York Buildings sold Condo developer Six Sigma is in contract to buy a six-story self-storage facility near the northern end of the High Line in Chelsea for $54 million at 517-523 West 29th Street. The seller is self-storage Nicholas Sprayregen. The six-story, 55,000-square-foot, warehouse is one of 14 facilities in Manhattan, Brooklyn, Queens and the Bronx. The site is zoned for up to 74,000 buildable square feet. Vornado Realty Trust purchased 265 West 34th Street for $28.5 million. Vornado acquired the property from a group led by Manhattan attorney William Silverman. The deal gives the company three contiguous properties ...
  
  
• 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 ...
  
  
• June 2015: New York Buildings For Sale
• New York Buildings sold The Sapir Organization and CIM Group sold 11 Madison Avenue for $2.6 billion to SL Green. SL Green Realty Corp. agreed to pay $2.3 billion, and spend an additional $300 million for building improvement costs. 11 Madison contains a 2.2 million-square-foot building.Prodigy is buying a 12-story building at 331 Park Avenue South for $51 million, including air rights from nearby properties. Prodigy is paying $49 million to buy 114 East 25th Street, a 42,000-square-foot loft-style property.Crown Acquisitions and Oxford Properties Group bought the entire office and retail base of 641 Fifth Avenue (Olympic Tower), after paying ...
  
  
• April 2015: New York Buildings For Sale
• New York Buildings sold Chinese insurance company Groups bought the Waldorf Astoria for nearly $2 billion. It was the largest ever Chinese investment in a single Manhattan property and that was negotiated chairman Wu Xiaohui to chairman Jonathan Gray head of real estate for Blackstone.Maddd Equities bought the school component of a 14-story Upper East Side building for $24.5 million. The school is located inside a 181,700-square-foot building at 1225-1239 Second Avenue, located between East 64th and 65th streets. The Grace Institute had owned the roughly 45,200-square-foot space since 1963.David Berley purchased 160-162 Lexington for $24.5 million from Lexington Landmark ...
  
  
• January 2015: New York Buildings For Sale
• New York Buildings sold Jeff Sutton and General Growth Properties are buying the Crown Building at Fifth Avenue and 57th Street for $1.75 billion. The price works out to $4,490 per square foot, which sets a new world record for the price of an entire office building. The nearly 400,000-square-foot tower includes roughly 50,000 square feet of valuable retail space with retail tenants including: Bulgari , Mikimoto, Bank of America and Piaget. Broad Street Development purchased two Noho apartment buildings for a combined $178.5 million. The properties are located at 298 and 304 Mulberry Street. The buildings house 182 apartments, ...
  
  
• December 2014 NYC Buildings purchased & For to purchase
• New York Buildings sold The developer who is turning Verizon's former downtown headquarters into luxury condominiums has bought the building's 40,000-square-foot retail space for $40 million.A Developer acquired a three-story Upper West Side commercial building located at 2307 Broadway for $25.9 million. The 9,900-square-foot property, between West 83rd and 84th streets, is home to a Duane Reade store on the ground floor. There are offices on the upper floors.A Financial services firm acquired a 16-story office building at 21 Penn Plaza in Midtown from Savanna and the Feil Organization for an undisclosed price.A Canadian property investor and Chicago-based Callahan Capital ...
  
  
• June 2014 New York Buildings For Sale
• New York Buildings For Sale The Rubin Museum of Art is looking to sell a Chelsea development site that delivers more than 70,000 buildable square feet of space. The site, which is now a seven-story building, is expected to go for $60 million. The site at 115 Seventh Avenue near West 17th Street is most valuable as a condominium-and-retail project. Thus, the current structure would have to be demolished.A local investment company that has for decades owned a building which houses a drug abuse treatment facility has put the property on the market. Many in the industry think the property ...
  
  
• April 2014 New York New Developments
• New Developments The planned performing-arts center at the World Trade Center in Lower Manhattan has stiff competition for funds. The $469 million dollar project now sits in limbo while the new Mayor, Bill de Blasio, comes to a decision about the future of the planned center.The Port Authority of New York and New Jersey board of commissioners are fighting over subsidies for 3 World Trade Center, the 80-story, $2.3 billion tower in the Financial District. The project is currently stalled. Developer Larry Silverstein and Port Authority’s Vice Chair are pushing for the subsidies that they said would allow for construction ...
  
  
• August 2013: New York Buildings For Sale
• NYC Buildings For Sale A 20,083-square-foot residential development site at 505-511 West 43rd Street is for sale. The site is asking about $300 per buildable square foot, or nearly $50 million.The site, located between 10th and 11th Avenues, can accommodate 160,664 square feet of zoning floor area and 190 residential units but is complicated by its location above an active Amtrak rail line. As a result, potential development will require two special permits, to be obtained through the city’s Uniform Land Use Review Procedure.LCOR, a national investment, management and development company, is quietly shopping around its leasehold in a 17-story, ...
  
  
• October 2012 New York Buildings For Sale
• NYC Buildings For Sale SL Green Realty is looking to sell its 575,000-square-foot building at 120 West 45th Street, known as Tower 45, for a price of $270 million or more.Morgan Stanley’s Prime Property Fund has put its New York Marriott East Side on the block for $350 million. The hotel has 646 rooms and is located at 525 Lexington Avenue and 49th Street. The 2.3 million-square-foot office tower at 11 Madison Park is hitting the market with a sales price of $1.5 billion. Sapir bought the building in 2003 for $675 million; in 2010 CIM Group purchased a 49 ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• November 2011 New York Buildings For Sale
• New York Buildings sold Africa Israel USA sold the Clock Tower building at 5 Madison Avenue for $165 million.and close January 2012. The buyer has made a $5 million deposit -- $2 million of which is non-refundable. Savanna formed a partnership with the Feil Organization to purchase the office building 21 Penn Plaza for $137 million. Previously Savanna picked up nearby 31 Penn Plaza for $130 million. It's also acquired 100 Wall Street, 80 Broad Street, 386 Park Avenue South, 104 West 40th Street, 1375 Broadway and 5 Hanover Square through a $550 million real estate investment fund it closed ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• June 2011 New York New Developments
• New Developments Companies such as Boston Properties and Vornado Realty Trust are in negotiations with potential tenants and may even proceed with construction without securing leases. Boston Properties may be the first to break ground by the end of 2011. The company is finalizing negotiations to anchor a 1 million-square-foot tower at Eighth Avenue and 55th StreetRelated Companies CEO Stephen Ross said he was confident about attracting tenants for the first phase of the development, which will include four million square feet of office space. "I think we're going to surprise people," he said. "We're talking to nine tenants at ...
  
  
• 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 ...
  
  
• April 2011 New York Buildings For Sale
• New York Buildings sold Host Hotels & Resorts closed on the $313.5 million sale of the New York Helmsley Hotel, which will be reflagged under the Westin Hotels & Resorts brand in mid-2012 after an extensive renovation. Host Hotels, will renovate the hotel, at 212 East 42nd Street, with a complete overhaul of its 775 guest rooms as well as a meeting space upgrade.Dune Real Estate Partners has agreed to pay $190 million for Anglo Irish Bank's mortgage loan on the embattled Mark Hotel on the Upper East Side. The note, which had a face value of around $300 million, ...
  
  
• February 2011 New York New Developments
• New Developments Three years after the Related Cos. began developing its 26-acre Hudson Yards project, the company is now trying to find a tenant willing to commit to occupying at least 600,000 square feet of office space. To land its key tenant, Related is offering either to construct a building and sell it to that company or to provide a big break on the rent. The 12 million-square-foot space, bordered by the High Line and the Hudson River, will run from 10th to 12th avenues and from West 30th to 33rd streets. The $15 billion project is expected to take ...
  
  
• November 2010 New York Buildings For Sale
• New York City Buildings soldJRK Hotel Group has sold the 193-room Hotel Roger Williams, at 131 Madison Avenue, to LaSalle Hotel Properties. LaSalle acquired the hotel's leasehold interest for $90 million, along with around $4.5 million in other costs which closed recently. JRK, who acquired the property on the corner of 31st Street in 2003, will retain management of the hotel. Embattled developer Kent Swig lost ownership of 5 Hanover Square after Manhattan-based real estate firm Savanna bought the discounted mortgage on the 325,000-square-foot building. Savanna paid $51.5 million in cash to Capital One Bank, a 14 percent discount from ...
  
  
• December 2007 New York Commercial Real Estate Market Report
• Demand for Manhattan office space exceeds the pace of new construction. As a result office vacancy rates continue to decline and rental rates continue their upward climb. New DevelopmentsThe Federal government has approved $1.3 billion for the Second Avenue subway's first phase. The first phase is expected to cost more than $4 billion and is scheduled to open in 2014. A new television transmission may make unnecessary the 408-foot spire planned to broadcast tower on of roof the Freedom Tower. If not built, the tower will be reduced from its symbolic 1,776 feet to 1,368 feet tall, the height of ...