Regions Northeast | New York
NYU Buys Gramercy Green for $275M
Aug. 19, 2008
New York University acquired Gramercy Green condo building from J.D. Carlisle for $275 million with plans to convert the 21-story property into a dorm, The Real Deal reported. The building is located at 310 Third Avenue.
Teen Retailer Buys Office Space in Manhattan
Aug. 19, 2008
rue21, a leading specialty value teen retailer for girls and guys is on the move in New York City. The 400 plus store retailer has acquired and customized a 3,800-square-foot office located in the Fashion District.
Summer Brings Progress, Challenges for WTC Renewal
Aug. 15, 2008
As Labor Day nears, the effort to revitalize the World Trade Center has experienced significant forward motion as well as a few hitches. In the months to come, the massive rebuilding project is likely to show signs of progress as well as facing a series of difficult choices. Public agencies and private-sector interests swiftly addressed some of the 15 major challenges detailed June 30 by Christopher Ward, the recently appointed executive director of the Port Authority of New York and New Jersey.
Boston Properties' $440M Office Purchase Wraps Up Macklowe Deal
Aug. 14, 2008
Just a day after announcing the closing of two New York City office building acquisitions from Macklowe Properties totaling $705 million, Boston Properties has completed its purchase of yet another Macklowe trophy office building, 125 West 55th St. The acquisition of 125 West 55th St. was part of a $3.95 billion, four-property portfolio purchase agreement Boston Properties and partners made with debt-ridden Macklowe earlier this year.
Paramount Closes on $1.5B NYC Office
Aug. 14, 2008
Only a day after the finalization of the sale of two Macklowe Properties buildings in Manhattan to Boston Properties, Paramount Group Inc. has closed on another of the buildings Macklowe owned for a while, 1301 Avenue of the Americas. The unconfirmed transaction price, widely reported when the deal was announced early this summer, is about $1.5 billion.
PREI Partners with L&L Holding for NYC Office Shopping Spree
Aug. 14, 2008
Prudential Real Estate Investors established a joint venture with L&L Holding Co. L.L.C. for the acquisition of premier office properties in the greater New York City area. Acting on behalf of institutional investors, the team will plunk down as much as $500 million for the purchases, most of which will be made in Manhattan.
Boston Properties Completes Acquisition of Two NY Properties from Macklowe
Aug. 13, 2008
Boston Properties and its partners have closed on the acquisition of 540 Madison Ave. and Two Grand Central Tower in New York City for about $705 million, a major part of the $3.95 billion, four-property portfolio deal that it struck with beleaguered seller Macklowe Properties earlier this year.
4 Colliers Firms Consolidate Ownership
Aug. 12, 2008
Colliers Turley Martin Tucker, Colliers Pinkard and Cassidy & Pinkard Colliers are consolidating their ownership structures into one holding company. Following the closing of this transaction, the new holding company will expand to include Colliers ABR in New York.
BDO Seidman Inks 121,000SF Lease at 100 Park Avenue
Aug. 11, 2008
BDO Seidman signed a 15-year lease to occupy 121,400 square feet of office space on three floors at Manhattan's 100 Park Avenue.The transaction, for which financial terms were not disclosed, raises building occupancy from 67 percent to 80 percent.
CBRE Promotes Reicher to Vice Chairman
Aug. 06, 2008
CB Richard Ellis said today that Craig Reicher, a 21-year commercial real estate veteran, has been promoted to vice chairman, joining the ranks of the firm’s executive leadership in the New York Tri-State Region.
New York Palace, Hotel Bel-Air Come Under Dorchester Domain
July 29, 2008
London-based luxury hotel group Dorchester Collection, owner of such iconic properties as the Beverly Hills Hotel and Hotel Plaza Athénée in Paris, has brought two additional legendary assets under its umbrella with the attainment of contracts to manage New York City's renowned New York Palace Hotel and the tony Hotel Bel-Air in Los Angeles.
Eye on NYC: Developers Press Ahead with Massive Projects
July 28, 2008
Developments that will reshape the Manhattan skyline continue to move forward by fits and starts. A joint venture of Vornado Realty Trust and affiliates of Lawrence Ruben Co. won a six-month extension on a deadline that is central to plans for a 1.3 million-square-foot office tower that would rise above the Port Authority Bus Terminal in Midtown Manhattan. Port Authority of New York and New Jersey, granted the extension to allow the joint venture, 20 X Square Associates L.L.C., to wrap a 99-year lease for redevelopment of the terminal’s north wing. The extension will also allow for a transaction to lease, renovate and manage retail space in the terminals' south wing.
ING Sells Roosevelt Raceway Center on Long Island for $103M
July 24, 2008
ING Clarion Partners L.L.C. has sold the Roosevelt Raceway Center in Westbury, N.Y. The New York office of Holliday Fenoglio Fowler L.P. announced the finalization of the $103 million sale and arranged financing, representing the buyers, the Mattone Group and Gartenstein Properties, who put up $32.3 million in cash. The property consists of 427,000 square feet of retail stores and condominiums. The deal also included a $70.7 million fixed-rate loan from New York Community Bank.
Corning Reaches Agreement to Sell Steuben
July 24, 2008
Corning Inc. has reached an agreement to sell its Steuben Glass Division to Steuben Glass L.L.C., a newly formed affiliate of Schottenstein Stores Corp.
Root Capture Leases Industrial Space in Brooklyn
July 23, 2008
Kalmon Dolgin Affiliates arranged a 20,000-square-foot lease for Root Capture Inc. at the property located at 131 North 14th Street in the Williamsburg neighborhood of Brooklyn, N.Y.
NYC Office Snapped Up for $146M
July 22, 2008
The 274,000-square-foot office building at 180 Madison Ave. in Manhattan has officially come under new ownership, courtesy of a transaction between two New York City-based real estate companies.
Habitat for Humanity to Build M-F Project in Brooklyn
July 21, 2008
A block on Atlantic Avenue in Ocean Hill-Brownsville, Brooklyn, N.Y., will generate almost $34.5 million in economic stimulus, thanks to the affordable condominiums that Habitat for Humanity - New York City is building on the site.
Manhattan Apartment Sold to Local Investor
July 18, 2008
A partnership including Kent Swig of Swig Equities L.L.C. has sold a pair of pre-war apartment buildings on Manhattan’s Upper West Side to a locally--based operator of residential and mixed-use properties for $61 million, or about $450 a square foot.
Merrill Lynch Backs Out of Plans to Move HQ to WTC
July 17, 2008
The Port Authority of New York and New Jersey confirmed today that Merrill Lynch has pulled out of plans to locate its headquarters at a new office tower to be constructed at the World Trade Center site in Lower Manhattan.
Brooklyn Land Parcel Sells for $22M
July 17, 2008
In a transaction valued at $22M, Kalmon Dolgin Affiliates arranged the sale of a 42,000-square-foot development site on North 3rd Street in the Williamsburg neighborhood of Brooklyn, N.Y.
Computer Technology Company to Give $1.5B to New York Projects
July 15, 2008
New York City Governor David Paterson announced IMB Corp.'s intention to invest $1.5 billion in certain upstate New York projects with the state donating $140 million in development grants, Reuters reported today. The financing is expected to generate 1,000 high-tech jobs, according to the paper.
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