Category : Featured

By Daniel Geiger Greystone, a hedge fund and investment management company, has renewed its roughly 25,000 s/f lease at the high end midtown office building Carnegie Hall Tower. The firm is one of the original tenants in the building, which was built by the Elghanayan brothers in the late 1980s, and occupies the 60-story tower’s penthouse, a space that features sweeping views of Central Park.

By Roland LiA 4,500 s/f building at 250 Canal Street, on the southeast corner of Lafayette Street, is on the market for $30 million. It is also being marketed for a long term net lease of 49 years, with an annual rent starting at $1.8 million. The square structure has 72 feet of frontage along both Canal and Lafayette and is adjacent to a subway station, seeing heavy foot traffic. The one-story property is currently subleased to an individual, who has subleased it to various souvenir and handbag retailers.

By Liana GreyLAS VEGAS — A rebound in retail sales gave the 35,000 shopping pros at the ICSC convention here plenty to talk about during the three-day event. At a cocktail reception hosted by Marcus and Millichap, business-related chatter filled the room. Connections were made at informal parties, like the one Robert K. Futterman & Associates threw Monday night at a poolside lounge at the Continental hotel and casino.

By Daniel GeigerSherwood Equities has acquired a vacant development site near the West Side rail yards for over $42 million in partnership with Fidelity Real Estate Group, the company announced this afternoon. The parcel, located at 356 10th Avenue, can accomodate up to 556,000 s/f of either commercial or residential development or a mix of the two, though additional air rights can be purchased for the site that would allow up to about 700,000 s/f to be built.

By Roland LiShalom Azani of Ahabel Realty Inc. has purchased a building at 293 Tenth Avenue for $7.4 million, according to city records. The Chelsea building has a long-term lease with Paul Kasmin Gallery, which has displayed the works of Andy Warhol and Frank Stella. In April, Azani sold a development site at 508 West 20th Street to Sherwood Equities for $7.3 million. He had owned the site for over 20 years, and has a portfolio of commercial properties in the area.

By Daniel GeigerOrbiMed Advisors, a private equity fund that invests in healthcare, has signed a lease for the entire 54th floor of 601 Lexington Avenue for rents above $100 per s/f. The space, about 30,000 s/f in size, had been occupied until recently by the law firm Howrey, which dissolved its operations earlier this year. OrbiMed will be relocating from 767 Third Avenue, where it leases that building’s 30th floor. Although it wasn’t clear by press time exactly what OrbiMed will pay in the deal at 601 Lexington, several knowledgeable sources said that the company agreed to rents that start just higher than $100 per s/f.

By Daniel GeigerRockpoint Group is offering its minority share in the office building 299 Park Avenue for sale, according to sources. The real estate investment company purchased a 49.5% interest in the 1.2 million s/f skyscraper from the Swiss bank UBS, which is also the building’s largest tenant, at the beginning of 2010. The company paid about $150 million for the stake and assumed a portion of the tower’s $325 million mortgage, according to written reports at the time. A little over a year later, Rockpoint has now hired an investment sales team from CB Richard Ellis led by Darcy Stacom and Bill Shanahan to shop the stake.

By Liana GreyLAS VEGAS — Few deals are sealed at ICSC's Annual Conference, but it's a good place to get them started. On Sunday morning, Gary Alterman, a vice president of Robert K. Futterman & Associates' New York office, met with a Manhattan developer and a tenant based in California, and drew up an outline for a potential deal. "We're going to meet in June," he said.