Category : Headline

Deals & DealmakersHeadline

Fresh bid to crack domain rules

REW Staff
by REW Staff950
Omelets require broken eggs. And building big things in the big city can mean running up against resistance from smaller property owners. From Lincoln Center to Atlantic Yards, eminent domain has been an essential tool in some of the city’s largest development projects. Late last month, the U.S. House of Representatives passed, by voice vote, a bill that would prevent the use of eminent domain on property to be used for economic development in all but a list of specific cases, including the construction of a road, hospital, airport, or military base. The proposed law could have serious implications for development in New York. “This bill would hurt urban cities like New York and Chicago and Atlanta the most, where the housing stock is old,” Bova-Hiatt said.
Deals & DealmakersHeadline

NKF courting headline acts for former Times building

REW Staff
by REW Staff757
Newmark Knight Frank is looking to make some more headlines. The brokerage firm — whose parent last week announced a plan to buy Grubb & Ellis — is marketing 480,000 s/f of office space in the building that was, for most of the last century, home to the New York Times. “We think it’s a phenomenal product and we think we’re going to find a tenant that will make it the flagship building of their enterprise,” said Lance Korman, executive managing director at Newmark and a member of the building’s leasing team.
Deals & DealmakersFeaturedHeadline

Star techies making Midtown South shine

REW Staff
by REW Staff967
By Al Barbarino Every game has its winner and loser. In the game of Manhattan real estate, Midtown South will be 2012’s crowned victor. Speaking at a Real Estate Board panel called “Believe in growth, where it’s happening, who’s growing, why it’s happening and how to get in on it,” CBRE vice chairman Kenneth Rapp predicted, “We’re going to see [Midtown South] really surge in 2012.”
Deals & DealmakersHeadline

Ratner in talks for 100,000 s/f space

REW Staff
by REW Staff920
Forest City Ratner is in talks to lease a 100,000 s/f factory space at the Brooklyn Navy Yards. The facility would be the manufacturing hub for pre-fabricated modules the developer wants to use to build on the Atlantic Yards site in Brooklyn. Speaking at the first annual Real Estate Weekly Women's Forum, which took place at the McGraw Hill Auditorium last week, MaryAnne Gilmartin, executive vice president of Forest City Ratner in charge of the 22-acre project that includes the new Nets arena, said the company was excited to be pioneering the use of modular building technology.
Deals & DealmakersHeadline

‘Empire State Building’ sold for $32M

REW Staff
by REW Staff890
A Broadway property known as the Original Empire State Building has been sold for $32.5 million. Built in 1897, 640 Broadway was purchased by a local buyer according to Bob Knakal and James Nelson, the Massey Knakal brokers who handled the sale. “It’s rare that a block front property comes on line,” said Nelson. “Given its scale and prime location, we received interest from around the world, but ultimately a strong, local buyer prevailed.”
Brokers deliver LIC site for new FedEx hub
Deals & DealmakersFeaturedHeadline

Brokers deliver LIC site for new FedEx hub

REW Staff
by REW Staff1487
By Al Barbarino FedEx is building a new 140,000 s/f distribution center in Long Island City. “The new facility is part of a nationwide network expansion to boost daily package volume capacity and further enhance the speed and service capabilities of the FedEx Ground network,” said David Westrick, a company spokesman. Construction work on the facility, which will ultimately replace an existing compound at 5590 48th Street in Queens, is expected to begin in February. It is set to open in the spring of 2013 and will cost roughly $56 million, including land, construction and “material-handling equipment.”
Construction & DesignFeaturedHeadline

City seeking developer for Navy Yard super store

REW Staff
by REW Staff1118
Nearly 25 years after the redevelopment of the six-acre Admirals Row site at the corner of Flushing Avenue and Navy Street was first proposed, the federal government has transferred the property to the City of New York, which will turn it over to the Brooklyn Navy Yard Development Corporation (BNYDC) for development. The move paves the way for the area’s first major supermarket will be built and new space for industrial tenants will be developed. BNYDC, which manages the Brooklyn Navy Yard on behalf of the City, will now issue a request for proposals (RFP) seeking a developer to create a 74,000 s/f supermarket and 79,000 s/f of additional neighborhood retail space, as well as 127,000 s/f of industrial space on Admirals Row.
Headline

New Age Companies Promising Even Better Tomorrow for Midtown South Owners

REW Staff
by REW Staff705
By Al Barbarino Manhattan vacancy rates declined steadily into the fourth quarter of 2011 as a continued wave of new age companies solidified Midtown South as the least vacant central business district in the nation. Total Manhattan vacancy rates fell to 9.1 percent during the fourth quarter, down from 9.3 percent in the third quarter and 10.5 percent one year ago, according to the latest data from Cushman and Wakefield. Midtown South saw the greatest decline from one year ago, falling from 8.6 percent to 6.4 percent – a national low. “Midtown South is on fire,” said Joseph R. Harbert, COO of Cushman and Wakefield’s New York Metro region. He added, “We’re a magnet for intellectual capital right now,” referring to the slew of non-traditional companies flooding into Midtown South.