The Port Authority

• June 2023 New York New Developments
• Major Developments: The U.S. Supreme Court ruled unanimously that Hennepin County wrongfully pocketed the excess proceeds from the sale of Geraldine Tyler’s condo unit. Tyler owed the county $15,000, a sum that ballooned from $2,311 in unpaid property taxes. To settle the debt, the county sold her condo unit for $40,000 and kept all of it. The court agreed that this violated the Fifth Amendment’s takings clause, reversing the Eighth Circuit’s decision in the county’s favor. NYC’s lien sale, debt from overdue taxes, water bills and the like is sold to an investment trust that can foreclose on the property ...
  
  
• December 2021 New York New Developments
• Major Developments Biden signed into law a bipartisan $1 trillion bill aimed at rebuilding the country’s aging infrastructure. Funding will be available for the extension of the Second Avenue subway line, the revitalization of the Port Authority bus terminal, upgrading the subway’s signals and improving trip times, and bridge and road upgrades for Long Island and Westchester. Amtrak’s high-speed rail proposals for the Northeast corridor are slated to receive more than $6.5 billion for capital renewal backlog projects, as well as $3.6 billion for intercity passenger rail grants. JFK International Airport could get $295 million and LaGuardia Airport $150 million ...
  
  
• September 2021 New York Commercial Real Estate Market Report
• Retail: In January 2020, Fendi and Berluti inked leases at 595 Madison Avenue after Coach left. Hermes, Giorgio Armani and Brunello Cucinelli are also planting a flag in or increasing their footprints in the area. Toys ‘R’ Us is planning a large-scale comeback with the help of retailer Macy’s. Toys ‘R’ Us is set to bring more than 400 shops within Macy’s department stores, across the country, starting next year. Madison Avenue retail from 57th Street to 72nd Street is only seeing 71% of its 2019-foot traffic. Upper Fifth Avenue is at 92% of its 2019 levels. Soho foot traffic ...
  
  
• March 2021 New York Commercial Real Estate Market Report
• Manhattan Office: Office subleases increased to 29 million square feet, well over the 27 million square feet recorded during the financial crisis in 2009. The office availability rate rose for the eighth consecutive month to a record-high of 14.9%, up 0.6% points from the previous month of 4.9 points from a year ago. Leasing volume was 1.9 million square feet, but still 47% below the pre-pandemic monthly average. The average asking rent declined for the seventh consecutive month to $73.65 per square foot per year, the lowest average since April 2018. Only about 14-15% of employees were in their New ...
  
  
• November 2020 New York New Developments
• New York New Developments Tourism in NYC has fallen by 80% and nearly 9 in 10 office employees are still working remotely. The New York City Employees’ Retirement System ramped up its exposure only to see it underperform the stock market by $260 million and rack up at least $110 million in fees between 2016 and 2019. The pandemic has shaved $16 billion off projected construction spending in 2020 and 2021. The New York Building Congress estimates spending will reach $55.5 billion this year, down from the $65.9 billion previously forecasted. Next year, spending will be just about flat at ...
  
  
• April 2020 New York New Developments
• New York New Developments Gov. Andrew Cuomo barred all employees of non-essential businesses from reporting to work, and laid out what amounts to shelter-in-place rules for New Yorkers, though he avoided the phrase. The order exempts food businesses and others deemed essential. After saying he will halt all residential and commercial evictions for 90 days, Cuomo noted that landlords would have a hard time renting out vacant apartments anyway, and real estate agents can’t show apartments under the new workforce rules. About $20 billion in retail property loans are coming due, and it’s unclear how much of that debt will ...
  
  
• 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 ...
  
  
• June 2019 New York New Developments
• Major Developments: The City Council approved the new headquarters for JPMorgan, the first project to take advantage of New York’s Midtown East rezoning. JPMorgan will stay and rebuild its global headquarters at 1,400 feet and 70 stories tall, and will allow the company to consolidate employees who now work out of multiple different locations. The Port Authority of New York and New Jersey is moving ahead with plans to replace the bus terminal. The agency is moving forward with the formal environmental review process and released a document for public review. Blumenfeld Development Group has received a $235 million refinancing ...
  
  
• January 2019 New York Buildings For Sale
• New York Buildings for Sale: Coca-Cola is looking to sell its building on Fifth Avenue. The soft drink maker has put the 18-story, 354,000-square-foot building it owns at the corner of 55th Street on the market. Coca-Cola, which inherited the building at 711 Fifth Avenue in 1983 with its purchase of Columbia Pictures “has determined that it does not need to retain its investment in the building to support its activities in New York. New York Buildings Sold: SJP Properties and longtime partner Prudential Financial bought the Midtown South office building at 470 Park Avenue South for $245 million. The ...
  
  
• November 2018 New York New Developments
• New York Major Developments: L&L; Holding Company and Normandy Real Estate Partners are trying to upgrade the Terminal Stores warehouse in West Chelsea into a $1.8 billion property in four years. They plan to spend an additional $220 million to renovate the property which will need approvals from the city Landmarks Preservation Commission, call for the creation of 100,000 square feet of glass penthouse space on top of the building. The project’s setup is estimating rents of $135 per square foot for the penthouse office space. New York City hotel developers are about to lose nearly half of the land ...
  
  
• October 2018 New York New Developments
• New York Major Developments: The number of extended-stay luxury hotel rooms are on the rise, increasing to 34% over the past five years. Occupancy rates are coming back higher than typical rooms at an encouraging 77%. Amazon 4-Star opened in Soho at 72 Spring Street and is similar to Amazon Books, but will sell a range of products, all of which must have a rating of at least 4 stars by Amazon customers. Women-only meeting space provider Luminary is opening its first location in NoMad. The company signed a 15,000-square-foot lease at 1204 Broadway. The 12-year deal spans the third ...
  
  
• 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 ...
  
  
• March 2018 New York New Developments
• New York Major Developments: The city is moving forward with plans to make way for 4.5 million square feet of development on Governors Island. The Trust for Governors Island held its first meeting to discuss rezoning part of the island for commercial real estate development. Beauty chain L’Occitane en Provence is relocating its Fifth Avenue store of 3,378-square-foot lease at 555 Fifth Avenue. The building had an asking retail rent of $1,100 per square foot. L’Occitane’s lease is expiring nearby at 610 Fifth Avenue. Facing high costs and lower than expected profits, retailers on some of Manhattan’s most expensive thoroughfares ...
  
  
• 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 ...
  
  
• 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 ...
  
  
• April 2017 New York New Developments
• New York Major Developments New York comes in as the 6th most expensive office market in the world. Two major developments are in the Gansevoort Market Historic District and are moving ahead. Restoration Hardware’s proposed development at 55 Gansevoort Street was approved. The project will bring a 14-room guesthouse. Restoration Hardware agreed to lower the height of a rooftop and to hide a planned windscreen behind a fiberglass cornice. Nearby, developers are working on turning five buildings between Washington Street and Ninth Avenue into an 111,000-square-foot commercial development. The interim head of the Metropolitan Museum of Art wants to slow ...
  
  
• February 2017 New York New Developments
• Major Developments: Jared Kushner sold his equity stake in 666 Fifth Avenue though the identity of the buyer and what they paid for remains unknown. Kushner paid $1.8 billion for 666 Fifth Avenue in 2007, he then sold off a major stake in the retail portion to Carlyle Group and Crown Acquisitions for $525 million. The Chinese Investment in foreign property increased by more than half last year. The U.S. received the bulk of those investments, totaling $14.3 billion. New York University signed a lease for 58,000 square feet at 180 Madison Avenue, and has committed to taking another 41,000 ...
  
  
• October 2016 New York New Developments
• Major Developments:The Related Companies is planning a 63-unit mixed-use building at 501 West 18th Street in Chelsea. The 10-story building will contain 97,800 square feet of residential space, along with 10,300 square feet of commercial space that will be divided across two retail units on the ground floor. Related bought the pair of parking lots which are adjacent to the IAC building in 2014 from investors Barry Haskell and Matthew Resnicoff. The $205 million price or $700 per square foot set a record for the neighborhood. The developer secured $125 million in financing for the purchase. Tishman Speyer filed plans ...
  
  
• October 2016 New York Buildings For Sale
• Buildings For Sale Ashkenazy Acquisitions and Deka Immobilien put the New York Marriott East Side hotel on the market 17 months after buying it. The sellers are unlikely to get more than the $270 million they paid for the 525 Lexington Avenue property in 2015. The landmarked building spans 319,319 square feet and includes 655 hotel rooms and the 525LEX restaurant. Jona Rechnitz, the developer at the forefront of a probe into corruption at the New York Police Department, is looking to sell a Midtown development site for $26 million. JSR Capital bought the property at 238 Madison Avenue in ...
  
  
• September 2016 New York Commercial Real Estate Market Report
• Manhattan Office New commercial leasing plummeted during the second quarter of this year, one of several signs that the city should brace for an increasingly sluggish economy. Leasing activity dropped 15.6% from the same time last year, with only 7 million square feet rented. This is the second consecutive decrease in leasing activity, following the first quarter’s 6% year-over-year drop. This quarter, most leasing activity occurred in Midtown with 4.4 million square feet where median rent was $79.18 per square foot, followed by Midtown South with 1.5 million square feet where rent averaged $76.45 per square foot. Midtown Manhattan has ...
  
  
• 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 2016: New York New Developments
• New Developments U.S. commercial real estate values continue to experience a slowdown in growth in 2016. Despite the slight uptick, property value appreciation has slowed significantly, after near-double-digit gains in each of the past few years. Cap rates have stopped declining. The City Council approved plans to rezone portions of the Financial District that will allow landlords to fill unused space with retail. 20 buildings along Water Street can fill in 110,000 square feet of pedestrian arcades. In exchange, the landlords are required to upgrade nearby plazas and any of the arcades larger than 7,500 square feet must go through ...
  
  
• May 2016: New York New Developments
• New Developments General Growth Properties and Thor Equities' are planning to add five new floors of office space at 685 Fifth Avenue. The developers are planning to redistribute space from the lower floors to create five new floors of office space that will be added to the 20-story building, raising its height from 227 feet to 292 feet.Isaac Chetrit">Isaac Chetrit and Ray Yadidi are planning a mixed-use skyscraper of up to 80 stories in a block-long assemblage on Sixth Avenue between West 36th and 37th streets, consisting of two existing buildings and 235,000 square feet of adjacent air rights. They ...
  
  
• April 2016: New York New Developments
• New Developments Bizzi& Partners, Michael Shvo and New Valley raised $175 million through the EB-5 program from the Chinese for their 91-story tower at 125 Greenwich Street. The developers were about halfway to reaching their goal through the EB-5 program.Vornado plans to combine its One Penn and Two Penn Plaza office buildings to form a 4.2 million-square-foot complex. New renderings for the combined building of one and two Penn plaza show a new glass facade and canopy over Seventh Avenue from Penn Station revealing a reorganized lower-level retail space.Banks are exercising more caution when it comes to financing commercial real ...
  
  
• February 2016: New York New Developments
• New Developments Water Street in the Financial District is a pedestrian wasteland. The BID aims to change that with a retail makeover. A re-zoning could make way for 167,357 square feet of new retail space, most of which would be built into existing arcade space on the ground floors of various buildings. It is essential to the revitalization of Lower Manhattan. The top 25 office tenants in Manhattan take up more than 56 million square feet of space, with JPMorgan Chase occupying 4.67 million square feet and Citigroup, occupying 4.49 million square feet. The City of New York occupies 7.22 ...
  
  
• February 2015: NYC New Developments
• Mitsui Fudosan started construction on 55 Hudson Yards. Its $1.4 billion office tower which is part of the 28-acre megaproject on Manhattan's West Side.Property Markets Group is planning to convert a four-story commercial building at 548 West 22nd Street into a 19-story residential development.Brookfield Office Properties said the total development cost for the first of its two Manhattan West office towers is more than $2 billion.A joint venture between Madison Equities, Building and Land Technology (BLT) and Joseph's Sitt Thor Equities received a $275 million construction loan to acquire and complete the gut renovation of 212 Fifth Avenue. BRP Corp. ...
  
  
• January 2015: NYC New Developments
• New Developments A new building by Cape Advisors at 535 Greenwich Street would have 26 floors and 116 condo units, on an L-shaped lot. The 57,500-square-foot warehouse site with 42,500-square-feet of buildable air rights. Kaled Management filed plans for a 10-story apartment building at 711 West End Avenue, also known as 306 West 95th Street. Alchemy Properties unveiled plans for a new 24-story tower in NoMad at 846-850 Sixth Avenue. It will contain 52 residences totaling 105,973 square feet or 2,000 square each condo. The tower will rise 316 feet and have a 3,100 square feet retail space. Demolition permits ...
  
  
• November 2014 NYC Buildings purchased & For to purchase
• New York Buildings sold Two properties in Midtown East were just sold for $18 million. A five-building development site at 134-142 Bowery sold for $45.3 million.A Midtown East-based real estate investment firm bought 66 Pearl Street for $30.1 million.Emmes Asset Management is selling a Midtown South office building at 158 West 27th Street for a sizable profit. The 118,000-square-foot building is in contract for $82.5 million.New York University bought a 151,000-square-foot building in Noho for $157 million, with plans to convert it into a temporary space for athletic facilities.Ashkenazy Acquisition Corporation bought a pair of adjacent retail buildings a block ...
  
  
• October 2014: NYC New Building Developments
• New Developments Microsoft's Stores move to Fifth Avenue is official. The software and video game company confirmed that it will open a flagship at 677 Fifth Avenue as part of a continued expansion of the company's retail presence. Microsoft will occupy 8,700-square-foot across two-floors at the Fifth Avenue location..The boutique fitness scene seems to be pushing out many mid-tier players, snapping up a growing number of leases and paying good rents for commercial landlords.New York City's tech firms are bumping into a new problem: a lack of open office space. Many of these companies rent offices in the city's old ...
  
  
• September 2014: Manhattan New Developments
• New Developments The city approved Gregg Singer's plan to convert a former Alphabet City public school into a college dormitory. The landmarked building aka P.S. 64 is locateded at 605 East 9th Street. The Department of Buildings approved Singer's plan exam for the conversion.The city's last Office Depot will shut its doors near Times Square at the end of the year. Manhattan building owners keep building even taller buildings. The trick is to bring record height skyscrapers with the minimum of big chunks of useless hidden space. The Bank of America tower at 1111 Avenue of the Americas, which is ...
  
  
• 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; ...
  
  
• June 2014 New York New Developments
• Major Developments The South Bronx has had very few lodging destinations since the luxury Concourse Plaza Hotel at 161st Street and Grand Concourse closed in 1974. But now, with the opening of the luxury boutique Opera House Hotel at 436 East 149th Street last summer and the Umbrella Hotel looking to open 681 Elton Avenue this fall, the area’s hotel industry seems to be on the rebound.The Mayor’s administration has suggested rezoning a five-block stretch around Grand Central Terminal to allow for the construction of SL Green’s planned 65-story tower project at 1 Vanderbilt. De Blasio’s plan looks to partly ...
  
  
• May 2014 New York New Developments
• Major Developments Duane Reade recently vacated a location next to department store H&M; and is now on the market. The unofficial asking rent for the property is nearly $8 million per year. Commune Hotels & Resorts, a San Francisco-based joint partnership between Thompson Hotels and Joie De Vivre Hotels, has plans to develop two more hotels in Manhattan. One will operate under the Thompson Hotel brand, while the other will have a different hotel brand. The properties, for which Commune has already inked deals, are looking to open in 2016. The lineup for Westfield Group’s central shopping hall within the ...
  
  
• 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 ...
  
  
• January 2014: New York New Developments
• NYC New Developments Brookfield Property Partners has increased its cash offer to buy Brookfield Office Properties to roughly $5.1 billion. Brookfield Office's board plans to recommend to shareholders to accept this new offer. In place of cash, shareholders can receive one limited partnership unit under the offer. In September, Brookfield Property's offer was valued at $5 billion. Hotel developer Zelig Weiss is planning a new 183-room hotel to Wythe Avenue in Williamsburg. The 150,000-square-foot building will be located at 55 Wythe Avenue. Citibank signed a lease worth more than $1 billion to renew its 2.7 million-square-foot lease in a two-building ...
  
  
• September 2013: Manhattan New Developments
• Manhattan New Developments Architect Santiago Calatrava has been chosen to design the newGreek Orthodox Archdiocese Church of St. Nicholas at 130 Liberty Street. It will sit just south of the site of the World Trade Center Transportation Hub that the architect also designed..Sheldon Solow clock is running out at his long-dormant, six-acre lot between East 38th and East 41st streets on First Avenue. Mr. Solo could lose his permits and public approvals for a $4 billion project if he does not build a foundation for the office building or one of several apartment towers by this November.The battle to secure ...
  
  
• 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 ...
  
  
• October 2012 New York New Developments
• New Developments The re-zoning of Midtown is to affect the area from Lexington to Fifth avenues and East 39th to East 57th streets. Developers can buy additional air rights from the city. Within a smaller Grand Central Sub district developers can buy from owners of landmarked properties that are under built. Argent Ventures controls nearly all of those air rights through its ownership of the Grand Central terminal. The record sale price was about $6,000 a square foot in 2008 in residential, and has now reached more than $10,000 a square foot. The very-rich have finally unleashed the liquidity that ...
  
  
• 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 ...
  
  
• May 2012 New York New Developments
• New Developments Morgan Stanley just signed a lease for almost 1.2 million square feet of space at Brookfield Office Properties Inc.'s 1 New York Plaza in lower Manhattan. The bank, which currently occupies about 816,000 square feet at the building, will expand by an additional 337,000 square feet. The agreement is the largest office lease for a single building in New York since 2008. Mayor Michael Bloomberg’s push to modernize Midtown East office buildings has become a legacy issue as the mayor’s reign whines to a close. Bloomberg wants to re-zone the area bounded by Third and Fifth avenues and ...
  
  
• 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 ...
  
  
• October 2011 New York New Developments
• New Developments Time Warner is evaluating its plan to possibly move out of the Time Warner Center and consolidate its operations at new headquarters elsewhere to save costs. Time Warner moved to Columbus Circle in 2004, where it had partnered with Related Companies to build the building that is its company headquarters now. Many of its leases, including ones for more than 2 million square feet of space in Midtown, will expire as soon as 2017 and 2018. Since not many buildings could hold all of Time Warner's 6,000 employees in the city, possible alternative options would be Hudson Yards, ...
  
  
• 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 ...
  
  
• 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 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 ...
  
  
• January 2011 New York New Developments
• New Developments Columbia University may be moving forward with plans for a $6.3 billion expansion after the U.S. Supreme Court rejected an appeal by local businesses whose properties may be subject to eminent domain. The justices refused to question findings by a state development agency and said that the area is blighted and that the expansion has a legitimate public purpose. Several years back, retail giant Walmart tried to open stores in Queens and Staten Island, but backed off after fierce community opposition. Now the discount chain store is trying again to break into the New York City market, since ...
  
  
• December 2010 New York Commercial Real Estate Market Report
• NY Commercial Real Estate Overview The Port Authority finalized its "backstop financing" agreement with Larry Silverstein for 4 World Trade Center, which allows the developer to place $1.3 billion in Liberty Bonds for the $1.8 billion tower. At the Nov. 18 board meeting, the PA approved the final documents. By converting the bonds to a construction loan, it will enable 4 WTC to be completed to its ultimate 64 stories. The PA itself will be an anchor tenant with about 800,000 square feet of the tower's total 2.1 million feet. Meanwhile, $1.3 billion more in Liberty Bonds remain in escrow ...
  
  
• 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 ...
  
  
• August 2010 New York New Developments
• New Developments Community Board 7 voted to disapprove Extell's plans for an eight-acre Riverside Center project, unless the developer agrees to build according to some modifications. The plan for the new development that would span 59th to 61st street and West End Avenue to the edge of the West Side Highway includes five skyscrapers, at least 2,500 apartments, 210,000 square feet of retail, a hotel, a movie theater, an underground automobile service center, a new K-8 school and three acres of open space. The Alex is facing an $81.7 million foreclosure suit after Anglo Irish Bank sold the note on ...
  
  
• 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 ...
  
  
• May 2010 New York Buildings For Sale
• New York City Buildings sold The retail space at 40 Mercer, the Jean Nouvel-designed condo, has sold for $41.9 million. The space at 465 Broadway contains 9,400 square feet of space at the ground level. SL Green is buying Hines Interests' 600 Lexington Avenue for almost $180 million, or $700 a square foot. The 282,000-square-foot office tower is one of three major city properties of its kind that had been attracting attention from investors while on the market despite the sector's slump. The others are 340 Madison Avenue and 125 Park Avenue. The acquisition for the city's largest landlord follows ...
  
  
• April 2010 New York New Developments
• New Developments The number of small- to mid-size medical and bio-pharmacy companies in the city has quadrupled to 120 from 2002, due to the city's recruitment and the accessibility of academic centers in the area. The Upper East Side girls' prep school has cancelled its expansion into the nearby apartment building. The Brearley School, at 610 East 83rd Street, had been angling to buy half the building at 85 East End Avenue, for use as additional teaching space but has fallen through. Extended Stay Hotels may accept a $905 million investment offer from Starwood Capital Group and associated investors in ...
  
  
• March 2010 New York New Developments
• Major Developments Affordable housing programs throughout the city are facing trouble unloading units. The city has been praised across the country for its efforts to provide affordable housing to lower- and middle-income households but, while the low-income rentals continue to thrive, the ownership program is struggling, which could be seen as good since it ultimately means less foreclosures.Larry Silverstein believes his commitment to the World Trade Center redevelopment project can be measured not only by his enthusiasm, but also by his own cash. The developer recently proposed several different financing options to the Port Authority of New York & New ...
  
  
• February 2010 New York New Developments
• New Developments The year-end review of Manhattan commercial real estate casts doubt on 2010's outlook. Commercial property sales volume was weak through the end of 2009, with projections suggesting that the total volume for the year was just $5.7 billion, a decline from $23.6 billion in 2008 and $62.8 billion in 2007.Manhattan commercial property sales volume remained slow through the end of 2009. Total commercial property sales for the year were just $5.5 billion, down from the peak level of $62.8 billion in 2007, and less than a third of the total sales made in 2008. There is pent-up energy ...
  
  
• November 2009 New York New Developments
• Major NYC Developments 11 Times Square, the city's largest office tower, remains entirely unleased more than two years after breaking ground in 2007. Some give the owner little chance of holding on to the 1 million-square-foot building without a significant debt restructuring. They cite the current weak economy, the 25 percent decline in rents, and the cost of the building, a pricey $1,100 per square foot as the reason. There are currently no signed leases for the 40-story glass commercial tower stationed across from the Port Authority terminal, which is three-quarters completed.JPMorgan Chase may hold onto its 60-story office property ...
  
  
• September 2009 New York New Developments
• New Developments New building permits issued in the first five months of 2009 showed a year-over-year drop in all five boroughs for the second year in a row. Citywide, permits were down 48.5 percent from the same period last year to 720, and were down 69 percent from the first half of 2007, when the building boom was still in full force. Of the five boroughs, Manhattan saw the biggest drop from last year, with 18 building permits filed between January and May, or 72.3 percent fewer than in the same period of 2008. This number was off 71.9 percent ...
  
  
• 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 ...
  
  
• May 2009 New York New Developments
• New Developments Hyatt Hotel & Resorts is opening two new hotels in the next year under its new brand name called Andaz. One hotel is scheduled to open across from Bryant Park on 41st Street and Fifth Avenue next year, and the second, at 75 Wall Street, is to open in September. The 41st Street hotel will offer time-share units on the top floors, and the downtown hotel, converted from the former JP Morgan Chase building, will have 253 rooms, with condo units on the 18th through 42nd floors.Hotel Developer Sam Chang filed plans for a 225-key Hyatt Place hotel ...
  
  
• 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 2009 New York New Developments
• New Developments Lehman Brothers filed suit to begin foreclosure proceedings on Kent Swig's 45 Broad Street. Swig had been planning to build a 62-story Nobu Hotel and Residences on the property, with 77 luxury condos, 128 hotel rooms and 13,000 square feet of retail. Trump Marina Hotel Casino Trump Entertainment Resorts has struck a deal with lenders and note holders had until Jan. 21 to try negotiating a restructuring of its debt. Trump had delayed paying a $53.1 million bond interest payment that was due in December, and the 30-day grace period expired. The Atlantic City, N.J.-based company had hoped ...
  
  
• 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, ...
  
  
• December 2008 New York New Developments
• New DevelopmentsRecently, banks have begun lending to one another, signifying a slight thaw in credit markets. Yet, the commercial real estate market still seems limited in its ability to get financing. This inability to line up financing has scuttled some major building and lease sales in the past few months, one such example is 17 State Street in the Financial District.About 150,000 jobs have been cut at major financial institutions, and more layoffs may be on the way. Some firms may shed an additional 5 percent of jobs this year if the market doesn't turn around. Citibank has cut 22,000 ...
  
  
• November 2008 New York New Developments
• New DevelopmentsIn the last few days, banks have begun lending to one another, signifying a thaw in credit markets that have been frozen for weeks. But despite those promising signs, a chill still seems to be pervading the commercial real estate market. The inability to line up financing has scuttled some major building and lease sales in the past few months, one such example is 17 State Street in the Financial District.With Lehman Brothers locked in bankruptcy, many real estate firms do not have financing to complete construction, meet lease obligations or pay vendors to complete sales, raising the prospect ...
  
  
• November 2008 New York Buildings For Sale
• NYC Buildings For Sale236 Second Avenue, an East Village 12,366-square-foot building, formerly housing Gateway Schools is on the market, along with an adjacent townhouse. It is located at 15th Street has seven floors contains nine classrooms, a gym, multi-purpose room, art room, library, offices and a courtyard.1540 Broadway may be for sale as the remaining Harry Macklowe's Midtown portfolio moves into the final phase.Bossert Hotel Developer RAL Companies walked from its agreement to purchase the former Bossert Hotel, located at 98 Montague Street, for $92 million from the Watchtower Group. The property will return to the market soon, probably with ...
  
  
• October 2008 New York New Developments
• New DevelopmentsThe Bush administration proposed granting the Treasury Department the ability to buy up to $700 billion in distressed mortgage-related assets from private firms. The proposal would raise the national debt ceiling to $11.3 trillion. The government also put together a plan that makes investment banks Goldman Sachs and Morgan Stanley holding companies, giving them access to Federal Reserve Bank of New York funds and putting them under stricter regulations. Boutique firms, like Lazard and Evercore Partners, are seizing clients and staff from fallen rivals. Nationwide, financial companies have announced 103,000 layoffs this year. Democrats proposed taxpayers could receive an ...
  
  
• September 2008 New York Buildings For Sale
• NYC Buildings For SaleNew York Buildings soldLehman Brothers Holdings Inc. is negotiating to sell its $40 billion portfolio of commercial real estate. A group led by Boston Properties finalized the purchase of Harry Macklowe's Two Grand Central Tower buying it for $237 million and the assumption of $190 million in mortgage debt. Real estate firms rich in cash have snatched up the most high-profile office towers on the market in Manhattan this year, while highly-leveraged players have been sidelined. Shorenstein Properties bought two of the seven office buildings that Harry Macklowe needed to unload, the Park Avenue Tower at 65 ...
  
  
• August 2008 New York New Developments
• New DevelopmentsOffice availability rises along with asking rents. Manhattan commercial rents increased in the year's first half even as the available for leasing increased. Average asking rents increased to $71.35 per square foot in June up from $63.46 per square foot in June, 2007. Despite an increase in leasing activity in the second quarter, the total for the first half of the year was 10.47 million square feet, a decline of about 1.5 million square feet from the same period in 2007. Some commercial landlords are raising the rents higher than ever before. L&L; Holding Company is asking for a ...
  
  
• July 2008 New York New Developments
• New DevelopmentsThe city has reached a deal with a developer that will bring schools to a mixed-use development planned for Midtown East. With financing from New York City Educational Construction Fund, the World Wide Group will build a new elementary school and a new high school that would replace the High School for Art and Design. In exchange, the city will lease the developer a 1.5-acre site at East 57th Street and Second Avenue. World Wide plans to build 200,000 square feet of retail and 488,000 square feet of residential space. Mayor Michael Bloomberg unveiled a plan to rejuvenate the ...
  
  
• May 2008 New York New Developments
• New DevelopmentsVornado Realty Trust was selected to redevelop and expand the West Side trade show facility between 51st and 54th streets on the West Side Highway. The New York City Economic Development Corporation chose Vornado and its subsidiary Merchandise Mart Properties to expand the facility. The project is to create 355,000 square feet of trade show and conference space. Broadway Partners, a New York-based real estate investor, bought several billion dollars worth of property in 2006 and 2007, at the height of the market, borrowing short-term debt that comes due in 2009. The company is considering selling some properties and ...
  
  
• April 2008 New York Commercial Real Estate Market Report
• The office and retail markets are starting to cool from all time highs, as Banks and Investment Banks continue layoffs, 34,400 layoffs in the last six months. These financial firms are now releasing unused and expansion back to the market which total more than 2.5 million square feet with more to follow. There are still a number of large users looking for space, but now there is more of a selection and as a result pricing and terms will improve.Developer Larry Silverstein seeks $12.3 billion in damages from the destruction of the World Trade Center. The $12.3 billion amount of ...
  
  
• 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 ...
  
  
• February 2008 New York New Developments
• New DevelopmentsNew York City's office market has gained on the world's two most expensive cities, London and Hong Kong. London vaulted over Hong Kong to become the world's priciest office market with rent for Class A hitting $265 per square foot. The peak rate in New York City's Midtown reached $225 per square foot. The next most expensive U.S. office markets were San Francisco, with a rate of $110 per square foot; Boston, with a rate of $90 per square foot; and Manhattan's Downtown, with a rate of $65 per square foot. Steven Witkoff, Developer, pulled bid to develop Pier ...
  
  
• January 2008 New York New Developments
• New DevelopmentsNew Construction BrooklynAt 75 Flatbush Avenue, a permit to build a 21-story, 108-unit new Flatiron has been issued. The 150,000-square-foot building, which is going up Extension will be 262 feet tall.Developers of the Domino Sugar Refinery, a historic landmark, will be part of an ambitious $1.2 billion, 10-year residential development project.Major Market News Columbia Expansion Approved. The City Council voted to rezone a 35-acre section of Harlem, allowing Columbia University's $7 billion expansion. Columbia plans to expand onto 17 of the rezoned acres, bounded by Broadway, Riverside Drive, West 129th Street and West 133rd Street.The Federal Reserve's proposal to ...
  
  
• October 2007 New York Commercial Real Estate Market Report
• Highest Manhattan rents surpassing $200/RSFWith Class A market vacancies in Midtown at 5.1%, (levels not seen since 2001), Landlords are competing to see who can charge the highest rents. Highest asking rents of $225/RSF are reported for the top floors of 9 West 57th Street, $185 for the remaining floor at One Brant Park, to name a just a few. A sampling of 80 Class A Office buildings leased from April to September showed an increase in average direct lease rents from $99.00 to $107.50 per RSF. Governor Moves Closer to a Costlier Javits Plan The Spitzer administration told hotel ...
  
  
• March 2007 New York Buildings For Sale
• New York City Buildings For Sale Freedom Tower is for sale and bids are being solicited by the Port Authority of NY/NJ. 1344 York Avenue, a 470,000 RSF building, is for sale, asking $500 Million. 90 Fifth Avenue, a 129,000 RSF building, is for sale, asking $100 Million. Manhattan Buildings Sold 450 West 33rd Street, a 800,000 RSF office building, sold for about $700 Million. One Park Avenue, a 913,000 RSF office building, sold for $550 Million or $602/RSF. 2 Park Avenue, a 960,000 RSF office building, was sold for $519 Million. 1745 Broadway, a 675,000 RSF office building, was ...