A group of Greece-based construction supply companies have come stateside to expand their exports as their homeland contends with a tough economic recovery.
Executives from companies that make metal, windows and kitchen sinks have been meeting with New York construction leaders over the last couple of days to discuss possible relations that would put their products in buildings across the city. While forging those relations and exports are at the early stage, they and Greek-American business leaders are confident they’ll build up the Big Apple. Read More
A gas-related explosion is believed to have impacted four East Village buildings and injured 15, three critically.
At 3:17 p.m., private contractors were conducting plumbing and gas work inside 121 Second Avenue between East Seventh Street and St. Mark’s Place which caused an explosion that impacted 119, 121, 123 and 125 Second Avenue. The building at 121 partially collapsed and the one at 123 completely collapsed. Fire fighters are working on battling a fire at 119 Second Avenue, and that building is at risk of collapsing, officials said at a press conference this afternoon. Read More
Mobile advertising company Amobee has signed a 3.5-year lease for the 12,250-square-foot 10th floor in the Flatiron District, Commercial Observer has learned.
Amobee, which provides services for large advertisers, publishers and operators, took the short-term lease at 162 Fifth Avenue “to have flexibility, as they were unsure about the amount of growth they will have in the upcoming years,” according to a spokeswoman for ABS Partners Real Estate. Amobee will be relocating from nearby 155 Fifth Avenue between East 21st and East 22nd Streets. Read More
Morgan Stanley provided a $19.5 million loan to refinance 33 West 46th Street, a Midtown Manhattan office building, according to CBRE, the broker on the deal.
The 38,259-square-foot, 1915 loft office building in Manhattan was sold to an LLC associated with the government of Argentina in 2009 for $11 million, according to city records and a source with knowledge of that deal. CBRE declined to comment on the ownership. Read More
An online real estate bidding site is boasting a new record for a recent sale in East Harlem.
Auction.com, a California-based e-bidding real estate site, oversaw the sale of 1700 Lexington Avenue, between East 106th and East 107th Streets, that wound up selling for $607 per square foot—a record for a one- to four-family home in the neighborhood, they boasted. Read More
The Bollman Hat Company,a designer, manufacturer and distributor of headwear and accessories, has re-signed a portion of its space at 411 Fifth Avenue between East 37th and East 38th Streets.
The 1868 hat company occupies 11,000 square feet, or the entire second floor, of the property, as well as 2,565 on the building’s 10th floor. It re-signed a seven-year lease for the 10th floor space. It uses both floors for offices and showrooms for various brands. The second-floor lease expires in 2022. Read More
Kamakura Shirts signed a lease at Brookfield Place yesterday, the day before the Lower Manhattan complex officially opened.
The Japanese men’s dress shirt company’s 699-square-foot space is across the hall from Equinox (opened last month) and sandwiched between a women’s fashion brand that hasn’t been announced and Time Inc.‘s lobby, Edward Hogan, the national director of retail leasing for Brookfield Office Properties, told Commercial Observer during a tour of the partially complete complex yesterday. The lease is for 10 years, he said, noting that asking rents are currently $400 to $500 per square foot. Kamakura Shirts will open in about three months. Mr. Hogan negotiated the deal for Brookfield, along with Stephen Plourde of The McDevitt Company. Craig Slosberg of JLL represented the tenant. Read More
When a building goes up, just about everything else does, too.
The number of residential units approved per year has steadily risen over the last five years, carried by the outer boroughs where the demand is higher, according to a New York Building Congress report released today. While residential construction is only expected to climb in response to an affordable housing demand, the numbers are still well below pre-recession levels. Read More
A fast-growing Middle Eastern food chain is heading Downtown among a cluster of other chains aimed at the lunchtime crowd, Commercial Observer has learned.
Naya Express inked a 10-year deal earlier this week for a 1,620-square-foot site at the redeveloped 1 New York Plaza, according to brokers in the lease agreement. Its neighbors include Chipotle and Starbucks, which have already set up shop, as well as the salad shop Chopped and burger joint Schnippers. Read More
Late last year, WeWork—the communal workspace company, which was founded in 2008—was valued at $5 billion. This co-working giant has been swallowing up hundreds of thousands of square feet of New York office space, and is only planning more. (It was reported last week that they’re even bringing the concept to residential as well as commercial space.)
It is fair to say that this company is standing the traditional office on its head. How did that happen? Where will they strike next? And (because this is in a Midtown South issue), how ripe is Midtown and Midtown South for expansion? We posed these questions—and a few others—to Miguel McKelvey who co-founded the company with Adam Neumann. Read More
Three fashion companies, selling goods from men’s sports T-shirts to high-end lingerie, have new or expanded leases at 530 Seventh Avenue, the building owner Savitt Partners announced.
The 490,000-square-foot building is between West 38th and West 39th Streets. Read More
Valerie Carlise has joined DTZ’s New York office as the managing director of operations, the company announced last week.
Ms. Carlise, who previously worked as the director of operations for Savills Studley’s New York and Boston offices, started her new role in February. She is “work[ing] to drive operational efficiency” alongside Peter Hennessy, the president of the New York tri-state region, according to a spokesman for the real estate company. Read More
StepStone Group, a global private markets firm, has leased the entire 17th floor at the Lipstick Building, one of the floors leased to Bernard L. Madoff Investment Securities, and the site of where company head Bernard Madoff operated his $65 billion Ponzi scheme, Commercial Observer has learned.
StepStone signed a 10-year lease for the 19,270-square-foot renovated space in the 34-story IRSA- and Marciano Investment Group-owned office tower at 885 Third Avenue between East 53rd and East 54th Streets, according to a release from the owners and the building’s co-asset management firm Herald Square Properties. The asking rent was $85 per square foot. The deal brings the building to 97 percent occupied. Only the 13,200-square-foot 28th floor is available for lease. Read More
A French apparel brand is setting up its second New York City shop on the Upper West Side, Commercial Observer has learned, and is slated to open in September.
Paris-based IRO has inked a 10-year lease with the owner of 241 Columbus Avenue for 1,560 square feet on the first two floors of the building. The deal includes 860 square feet on the ground floor and 700 square feet on the lower level. Read More
MetLife lent $190 million to a joint venture between TIAA-CREF and Australia’s sovereign wealth fund, known as the Australian Government Future Fund, to cover upgrades on the partnership’s 685 Third Avenue office tower, Mortgage Observer has first learned.
The five-year debt deal, which closed on March 18, carries a loan-to-value ratio of 54 percent, a MetLife spokesperson said. The 31-story building in Midtown has no existing debt, according to public records. Read More