JP Morgan funds $200M Paramount Building loan
Ownership recently completed a $50 million renovation at the tower
Category : Featured
2019 YEAR IN REVIEW: Industry endures annus horribilis as rules are re-written
By Sabina Mollot 2019 was a year that saw the enactment of the strongest rent regulations in history, a kiss-off to the entire City of New York from an e-commerce boss, carbon emissions controls that will impact 50,000 buildings and the ouster of co-working’s onetime king. Despite the real estate...
The 50 biggest NYC office sales of 2019
2019 turned into a pretty good year for New York City’s investment sales sector. Rising rents stoked investors appetite not only in Manhattan, but in Brooklyn, Queens and the Bronx. And tech giants Amazon, Google and Facebook continue to expand their presence in the city, signaling to investors that the...
NYC calls a halt to sending its homeless population to Newark
New York City has agreed to a temporary pause on its policy of sending its homeless to live in Newark, NJ. After seven hours of discussion between the City of Newark and New York City attorneys behind closed chambers with a federal judge in December, about the controversial Special One...
City doubles down on safety after falling facade kills architect
DOB doubles its team of inspectors and introduces more facade inpsections, tough new penalties for owners who don't keep facades in good repair
2019 another record year for supertalls
Today’s builders are reaching higher than ever before with a record 26 so-called “supertalls” completed last year alone. In its annual Tall Trends Report, the Council on Tall Buildings and Urban Habitat (CTBUH) found that 126 buildings of 656 ft. or greater were completed in 2019, including 26 “supertalls” of...
Developers lock down $460M financing for Pacific Park tower
Financing for 18 Sixth Avenue is being provided by a consortium of banks led by M&T Bank and Bank of New York.
400,000 s/f anchor renews at Columbia’s JC tower
Columbia Property Trust has renewed its lease with Pershing LLC, a subsidiary of The Bank of New York Mellon, for 400,000 s/f at 95 Columbus In the year ahead, Columbia plans to make what it called “strategic enhancements” to the lobby and common areas of the fully leased, 630,000 s/f...
Construction worker wins record award
By James Hagedorn In the largest personal injury settlement for a construction accident in New York City’s history, a court has award $36 million to a worker left paralyzed after an accident at an unsafe worksite. Ricardo Tavares was struck by a collapsed utility pole and flung 15 feet to...
Mack-Cali selloff starts
By Linda OʼFlanagan The big Mack-Cali office sell-off is underway with Onyx Equities, Taconic Capital Advisors and Axonic Capital paying $285 million for two of the REITs suburban office properties. Mack-Caliʼs new Shareholder Value Committee last week announced it would sell the REIT’s entire six million s/f suburban office portfolio....