Brokerage aiming for TAMI summer blockbuster
Cushman & Wakefield has launched C&W TechBeat, a website that will serve as a tool for technology startups and creative companies by offering the information, … Continued
Category : Featured
Development site hits market in new Brooklyn tech hub
A development site that could house workers in a new Brooklyn tech hub has hit the market. Massey Knakal is marketing the 110,200 s/f site on Bedford Avenue in Crown Heights that chairman Bob Kankal said has mixed-use potential in a hot neighborhood.
Charlie Palmer to open new restaurant at Lipstick Building
Star chef and restaurateur Charlie Palmer is scheduled to open Crimson & Rye in the northern lobby of the iconic Lipstick Building at 885 Third Avenue. The approximately 2,500 s/f space will feature indoor seating to accommodate approximately 70 guests. In addition, there will be a wraparound covered sidewalk café underneath the building’s columns. The previous tenant was Sprig.
Affordable luxury the watchword at new tower
On the Upper East Side, a recently converted condo building is making a name for itself with more bang for the buck. RFR’s 300 East 64th Street, located in Lenox Hill on the corner of Second Avenue and East 64th Street, recently began sales at the building, which touts luxury living with an affordable price tag — a 472 s/f studio is listed for $810,000 while a 725 s/f one-bedroom is listed for $975,000.
Soccer fan Roth scoring big at the feet of development powerhouse
A would-be soccer player is scoring big as a retail leasing and acquisitions broker with Manhattan Skyline Management Corp. In the past several months, Josh Roth signed tenants such as the J.Crew-owned Madewell clothing store, TD Bank and Pro Health urgent Care Center. Now he is learning at the desk of prolific developer Donald Zucker, chairman of Manhattan Skyline.
Lofty prices drive trend in commercial-to-residential conversions
By Konrad Putzier Manhattan’s class B office buildings may soon become an endangered species. As apartment prices skyrocket amid growing global demand, more and more … Continued
Rose Associates chairman on how to turn lemons into lemonade
America’s current supply of distressed real estate cries out for imaginative thinking about possible alternative uses and alternative financial arrangements that may achieve desirable goals other than those originally intended. New York’s Manhattan Plaza, the 1,688 unit housing development on Manhattan’s West 42nd Street is a prototypical example.
Restaurateurs sour on rising rents
With rents increasing in all of the prime retail areas, and longtime restaurants like Union Square Café shuttering after 30 years, restaurateurs are looking elsewhere to plant their flags. Danny Meyer, whose Union Square Café is among a long list of restaurants opened through the Union Square Hospitality Group (USHG), including Gramercy Tavern, The Modern and the Shake Shack chain, shocked the industry and patrons when he announced recently that the restaurant will forfeit its lease on East 16th Street between Broadway and Fifth Avenue, after 30 years in business. Blaming rising rents, Meyer said, “We are viewing this as an opportunity to write the next great chapter for Union Square Cafe,” the USHG said in an e-mailed statement. Meyer told the the New York Times the restaurant would reopen in the future, but “not necessarily in or near Union Square.” In a REBNY retail market report released in April, Fifth Avenue between 49th and 59th Streets had the highest average asking rent for any corridor and hit a new record of $3,550 psf, a 16 percent increase from spring 2013.
Apartment prices on a precipice?
Manhattan apartment buyers appear to be sitting tight as prices continue to inch north in one of the tightest markets in years. Quarterly market reports issued by most of the city's residential firms yesterday (Tuesday) showed the average apartment price sitting at around $1.7 million, much the same as the first quarter, but a 19 percent hike from the same time last year, according to Brown Harris Stevens. At $904,500, the median price, which measures the middle of the market and is less impacted by high-end sales, was just five percent higher from a year ago. At $1,240,747, the average price of co-operative apartments was up 12 percent from the second quarter of 2013 due in part to the $70 million sale of a Brown Harris Stevens listing at 960 Fifth Avenue.
Finance taking tech route in crowded field
By Konrad Putzier Trying to grow in the increasingly competitive mortgage brokerage business, Eastern Union is relying on unconventional methods. The company is launching an … Continued