Feds to oversee $1B NYCHA fix
In what the Department of Housing and Urban Development called an “unprecedented” deal, the federal government and the City of New York agreed on a plan to fix and restore NYCHA’s crumbling public housing.
Category : Blog
Optimism prevails at 3WTC opening despite vacancy
3 World Trade Center, the fourth tower on the rebuilt Lower Manhattan site and the fifth-tallest building in the city, has officially opened for business. A ribbon-cutting ceremony hosted in the building’s cavernous, triple-height lobby marked the end of a grueling and, at times, adversarial development process.
Law firm inks 80,000 s/f renewal at 7 Times Square
Savills Studley announced that Los Angeles-based law firm Manatt Phelps & Phillips, LLP has renewed its New York City lease in Boston Properties’ Times Square Tower. The firm signed a lease for 80,265 s/f to remain on floors 22-24 of the Class A Midtown office building located at 7 Times Square. As Manatt’s real estate …
Howard Hughes pays $180M for Milstein parking lot
The Howard Hughes Corporation has bought a Seaport parking lot for $180 million, the company announced Tuesday. The Dallas-based real estate company purchased the one-acre site at 250 Water Street from Peck Slip Associates, an entity controlled by the Milstein family. The Milsteins bought the site, which covers a whole city block, in the 1970s …
Rose Associates subleases Avon office space
Rose Associates has subleased a 25,000 s/f office space from Avon Products at 777 Third Avenue. Cushman & Wakefield represented Avon in the eight-year sublease of the entire sixth floor, totaling 24,650 rentable square feet, with a term through June 2026. Rose Associates is relocating from its office at 200 Madison Avenue, and will use …
REBNY names FAO Schwarz and Peloton leases as retail deals of the year
An iconic toy store relaunching their flagship at Rockefeller Center and a modern fitness company moving into 5 Manhattan West earned the Real Estate Board of New York’s 2017 retail honors. During REBNY’s 20th Annual Retail Deal of the Year Awards, 18 retail transactions were in the running for the most significant and the most …
Young leaders find their edge in technology
In the high-stakes world of commercial real estate, today’s young leaders are turning to technology to get an edge on the competition. To keep her company at the forefront of this ever-changing landscape, Jessica Sherman, project manager for Douglaston Development, makes a point to research the newest tech as soon as it comes out of …
GHP places $11M loan for office purchase
Houlihan-Parnes Realtors and GHP Office Realty announced the placement of an acquisition loan and credit facility totaling $11,000,000 on two properties located at 115-117 Stevens Avenue, Mt. Pleasant, New York. Andrew Greenspan and James J. Houlihan arranged the interest only loan placed with a local bank at an interest rate of 4.25% for a term …
TRANSACTIONS: Meridian cuts $5.2M Midtown loan
Meridian Capital announced the following transactions: A new mortgage in the amount of $5,200,000 on a 47-unit cooperative property located on East 26th Street in New York, NY. The loan features a rate of 3.70% and a 10-year term. Steve Geller and Avi Geller negotiated this transaction. A new mortgage of $4,100,000 was placed on …
Knotel adds another 37,000 sf in Midtown
The city’s fastest-growing flexible office provider has added nearly 37,000 s/f to its portfolio. Knotel closed leases for five floors at 6 West 48th Street and two floors at 38 East 29th Street this week, bringing its total holdings to more than 1 million s/f throughout the city. “As the market leader in flexible office …