Construction Beat

NoHo’s 22 Bond Finally Evolving into a Condo

Rendering of 22 Bond Street.

The building at 22 Bond Street has long been in the remaking, but an end—as a condominium—appears in sight.

The developers are “in the process of transitioning from a hotel project to residential,” said Gregory Atkins, project executive at Second Development Services. The firm is developing the six-unit condo, also known as 25 Great Jones Street since it extends through the block, along with Richport Group. “We’re just working out kinks.” Read More

Mortgage Observer

Zar Property Refinances Soho Office Buildings as Daily Mail Gets Ready to Relocate

42-50 Greene Street and 90 Grand Street

Safra National Bank of New York has provided a $70 million loan to Zar Property NY to refinance the Manhattan real estate firm’s three connected office buildings at 42-50 Greene Street and 90 Grand Street in Soho. The 10-year refinancing closed on April 8, public records show.

The owners recently paid for capital improvements on the five-story property, including new building systems and new lobby space. Those upgrades were completed in late 2013. Read More

Lease Beat

Berkley Insurance Expands at 757 Third Avenue

757 Third Avenue.

Berkley Insurance Company has expanded its presence at RFR Realty’s 757 Third Avenue by 5,080 square feet, Commercial Observer has learned.

The tenant, a principal reinsurance subsidiary of the W.R. Berkley insurance firm, now occupies a total of 42,533 square feet on the 10th and 11th floors of the building. Previously, the company had consolidated its Midtown and Downtown offices into 37,452 square feet at 757 Third Avenue. Read More

Cover Story

Start Me Up: Young Tech Companies on Real Estate

Berlin Startup Tour

In an independent survey conducted earlier this year, approximately 50 New York start-ups in varying stages of funding were asked how important they considered real estate.  Of the respondents, none labeled real estate “very important” while only five considered real estate “important.”

The vast majority—36 respondents—considered it “not important” and eight admitted to never having thought about real estate at all. Read More

Lease Beat

Haifa-Related Non-Profit Opening in FiDi

80 Broad Street

The American Society of the University of Haifa is setting up shop at 80 Broad Street, Commercial Observer has learned.

The non-profit organization, which promotes American-Israeli interests and values by serving as the bridge between the University of Haifa and Israel-minded Americans, is taking 2,305 square feet on a portion of the 21st floor. The lease is for seven years in the building, which is between Stone and Beaver Streets. Read More

Lease Beat

Jeweler Paul Morelli Takes Prime Madison Avenue Space

Paul Morelli. (Credit: paulmorelli.com)

Paul Morelli will be opening his first New York store after signing a 10-year lease for a two-level space at 895 Madison Avenue. 

The jeweler, a presence at luxury goods department store Bergdorf Goodman since 1981, will occupy a 728-square-foot ground floor space and a 1,221-suare foot basement, with 40 feet of frontage across from Ralph Lauren’s New York flagships. Read More

Lease Beat

SL Green Signs 17 Deals at the Graybar Building

Graybar Building.

SL Green has signed 17 leases totaling over 86,000 square feet at its 420 Lexington Avenue property in recent weeks, according to The New York Post. The tower, also known as the Graybar Building, is now 95 percent leased.

Leading the way was a 19,682-square-foot expansion for Pride Technologies LLC and Pride Global Finance, the Post reported. Pride Global, a private equity holding company, operates Pride Technologies, an information technology company. Read More

Sales Beat

RBS Sells 627 Greenwich Street to Criterion for $75M

627 Greenwich Street. (PropertyShark)

The Royal Bank of Scotland has sold 627 Greenwich Street in Greenwich Village to Criterion Real Estate Capital for $75 million, according to public records filed with the city Monday afternoon.

Chuck Rosenzweig, a managing partner Criterion Real Estate Capital, signed the purchase agreement, which is dated March 25, under an LLC, LG Acquisitions I. Steve Cho, a managing director with RBS Real Estate Finance in Chicago, signed off on the deal for the seller, listed as 627 Acquisition Company, LLC. A source familiar with the deal confirmed Criterion as the buyer. Read More

Lease Beat

Datagram Adds Office at Intergate.Manhattan

375 Pearl Street.

Internet hosting provider Datagram has added a 5,200-square-foot “mission-critical” office space at Intergate.Manhattan at 375 Pearl Street, landlord Sabey Data Centers announced today.

Datagram, an existing data center tenant in at the facility, is the first office tenant at Intergate.Manhattan. The tenant signed the lease in January and is expected to occupy the new space beginning in July. Read More