Mayor Bill de Blasio today held an emergency press conference to address the massive building collapse in East Harlem that he said has already led to at least two fatalities and 18 injuries.
Mr. de Blasio directly labeled a gas leak as the cause of the explosion. Read More
A four-story mixed-use building at 156-158 East 33rd Street in Kips Bay is on the market less than a year after the building last sold. Eastern Consolidated is marketing the property with a $7 million asking price.
The sellers, who declined to be identified, acquired the building in July of last year for $2.42 million and embarked on a complete gut renovation of the building. The sellers’ planned to flip the building at the time of the acquisition, according to the listing broker. Read More
Have you ever thought about making love in a space you were supposed to lease out or sell? Have you ever done it?
We didn’t think so. But two New Jersey residential brokers allegedly did just that and are paying the price, as TV news mag “Inside Edition” preps to broadcast video of their sexual exploits. Read More
Charles Cohen, president and chief executive of Cohen Brothers Realty, has been awarded the Ordre national du Mérite by President François Hollande of France, Commercial Observer has learned. The real estate investor heads the Cohen Media Group, a distributor of foreign and independent films, and is being honored for his commitment and contributions to the French artistic community.
“Response here in the United States to our foreign films, particularly our French classics, has been terrific and I couldn’t be more thrilled accepting this extraordinary honor from the French government,” Mr. Cohen said in a prepared statement. Read More
Independent investment banking advisory firm Evercore Partners has signed a lease to expand its offices in New York.
The firm that advises clients on mergers, acquisitions, public offerings and other strategic transactions will add 30,356 square feet to its New York presence, taking the entire 11th floor and a portion of the 12th floor at 40 East 52nd Street. Move-in is expected later this summer with the deal spanning the next nine years. Read More
An explosion caused the collapse of two East Harlem buildings on 116th Street and Park Avenue this morning, killing two people and injuring more than a dozen others. In addition, many people are missing.
City Council Speaker Melissa Mark-Viverito said at a press conference: “There are people unaccounted for, and that is of concern,” according to a tweet from Yoav Gonen, City Hall bureau chief at the New York Post.
This past Sunday marked the five-year anniversary of the lowest point in the stock market crash which sent everyone, including New York City’s real estate market pros, reeling. In late 2010 and early 2011, New York City essentially recovered from the economic meltdown but business hasn’t always been rosy since. Commercial Observer checked in to see how the city’s commercial real estate brokers were doing five years ago and how they are faring today. Read More
Online fashion retailer Shopbop has expanded by approximately 1,000 square feet at 230 West 41st Street, Commercial Observer has learned. The company, a division of Amazon, now occupies 24,954 square feet at the building.
Shopbop has expanded steadily at 230 West 41st Street since first moving to the 20-story building from Soho in 2012. The tenant initially signed a 13,340-square-foot lease for the building’s entire 19th and 20th floors then nearly doubled its space to approximately 24,000 square feet last year. Asking rent at the building is $48 per square foot. Read More
In Billy Joel’s 1980 hit, “You May Be Right,” the singer boasted of his “crazy” antics crashing parties, riding his motorcycle in the rain and even walking ”through Bedford-Stuy alone.”
Neighborhoods like Park Slope and Williamsburg have long been the headline-grabbers when it comes to booming Brooklyn neighborhoods, but the Bedford-Stuyvesant neighborhood is quickly losing the ruff-and-tumble reputation Mr. Joel alluded to, now considered a prime candidate as Brooklyn’s next up-and-coming real estate frontier. Read More
Despite their surprisingly rapid recovery five years after being placed into government conservatorship, Fannie Mae and Freddie Mac will be dissolved, if bi-partisan legislation announced today by the Senate banking committee eventually passes.
Under the bill, private capital would have to take the first 10 percent of all mortgage losses, effectively removing much of the firm federal backing that mortgage-backed securities repackaged by Fannie and Freddie have enjoyed. Read More
Techonomy Media, a digital publisher and conference producer operating out of a co-working space with its investor, Simulmedia, has opened its own offices on West 22nd Street.
As a result of its recent growth and future strategic plans, Techonomy was looking for a space in the heart of Silicon Alley, which the company said that it found at ABS Partners Real Estate‘s 20 West 22nd Street. Read More
Sherwood Equities has signed three new tenants to deals at 370 Lexington Avenue, Commercial Observer has learned.
In the largest of the three deals, Virtusa Corporation, a global IT services company, has signed a five-year lease for 3,500 square feet on the 16th floor of the building. The Massachusetts based company will relocate from 230 Park Avenue. Read More
Seven retail spaces are available for lease at a six-story Lower East Side building that is home to the homey Eastwood Bar.
Douglas Elliman‘s Faith Hope Consolo, Joseph Aquino and Arthur Maglio have been tapped to market the building, at 221 East Broadway, at the southeast corner of Clinton Street. Read More
The Fashion Institute of Technology has signed an 18-year, 55,000-square-foot lease at 333 Seventh Avenue.
The Samco Properties-owned building is located across the street from the college’s campus on West 27th Street and the design school will relocate its administrative there. Asking rent for the property was in the $40s per square foot, according to a statement announcing the deal. Read More
Mission Capital Advisors’ debt & equity finance group has arranged $33 million in permanent first mortgage and mezzanine financing on behalf of Icon Realty Management to refinance existing debt on The GEM Hotel Chelsea, Mortgage Observer has exclusively learned.
The financing, provided by Ladder Capital, was divided between a CMBS loan with 30-year amortization and an interest-only mezzanine loan, a person familiar with the negotiations said on the condition of anonymity. Read More