Grocon, Australia’s largest privately owned development company, is seeking $500 million in financing for the acquisition of a majority stake in Park Avenue Tower at 65 East 55th Street, a source familiar with the transaction told Mortgage Observer on background.
Grocon is in the market for “non-recourse loan proceeds collateralized by Park Avenue Tower to facilitate the sponsor’s acquisition of 95 percent of the controlling fee-simple interest in the property,” that person said.
Published reports indicate that next week Forest City Ratner will ship and begin stacking modular units next to the Barclay’s Center in Brooklyn to create the first Atlantic Yards residential tower, a 32-story building dubbed B2.
The 363-unit tower is set to become the tallest modular building in the world when construction wraps up, estimated by Read More
In a world where connectivity is to business what water is to plants, communications companies and cities are finding out just how much they have in common. “Our goal is to attract and retain customers with network and scalable bandwidth,” Time Warner Cable Business Class GVP – Business Operations Bill Tyson told Wired City. “And the city has the same desire, to attract and retain businesses to New York.”
Nonprofit United Cerebral Palsy of New York City is expanding and relocating its current program after cutting a 30-year lease for 218,000 square feet at 80 West End Avenue.
The deal was made possible after the organization negotiated a contract to sell its current home at 122 East 23rd Street, a four-story building it has owned Read More
The Port Authority of New York and New Jersey is selling the remaining 50 percent interest in the 365,000 square feet of space within the retail complex being built at the World Trade Center site to Westfield Group for $800 million.
That brings the total price tag, combined with the $600 million Westfield paid for Read More
Housed on the top floors of 30 West 22nd Street for nearly 20 years, the Van Alen Institute, an organization dedicated to advancing innovation in architecture and design, began to imagine a more accessible space on the 1,620-square-foot ground floor of its Chelsea location.
Earlier this year, the organization launched an international design competition, which was narrowed down to 24 and then three
teams. The jury settled on a plan proposed by Collective-LOK, which will allow the space to take on a variety of uses through a “screenplay” design. Construction is expected to begin in April of next year with a September 2014 opening planned.
David van der Leer, executive director of the Van Alen Institute, and Jon Lott, architect with CLOK, spoke to The Commercial Observer last week about the plan’s unique design components and flexibility.
Solil Management subleased roughly 27,500 square feet of SL Green‘s 1185 Avenue of the Americas. The company, which manages the late developer Sol Goldman‘s estate, will sublease the entire 10th floor space from oil giant Hess.
Norman Bobrow and David Badner of Norman Bobrow & Company of the eponymous brokerage represented a tenant that was looking for more space than at its home of 24 years at 640 Fifth Avenue. Amy Fox and Stuart Romanoff of Cushman & Wakefield represented the sub-landlord. Read More
Ariel Property Advisors has sold a portfolio consisting of three mixed-use properties at 2245, 2259, and 2285 Adam Clayton Powell Jr. Boulevard, between West 132nd and West 135th Streets in Central Harlem, for $4.2 million, The Commercial Observer has learned.
“Buyers were quickly attracted to the portfolio’s well-maintained condition and future upside,” said Victor Sozio, vice president of Ariel Property Advisors, Read More
NewsCred has signed a lease for the entire 13,121-square-foot sixth floor at Billy Macklowe’s 386 Park Avenue South, The Commercial Observer has learned.
The tenant will pay rent starting in the low-$50s per square foot in an eight-year deal, according to data from CompStak. Asking rents at the Midtown South property range from $55 to $72 per square foot.
Chocolatier Jacques Torres has signed an 880-square-foot lease at The Dorchester at 110 East 57th Street, The Commercial Observer has learned.
The popular sweets retailer will open a pop-up store this week in time for the holiday before closing for renovations at the end of January. This is the fifth NYC location for Jacques Torres, which also has an ice cream parlor in Dumbo. Read More
The holiday season will be full of color and holiday décor at Manhattan’s tallest buildings thanks to Empire State Realty Trust, Inc.
The Empire State Building, which stands 1,454 feet above Midtown Manhattan, will boast state-of-the-art holiday decorations in its lobby, a full LED light display and holiday concerts for the 2013 holiday season. The Empire State Building will continue the annual lighting of its tower to commemorate Thanksgiving, Hanukkah, Christmas and New Year’s Eve. In addition to the holiday lights, the building will have pianists in the lobby and choir performances on the 80th floor. A full list of holiday events and concerts is available on the company’s website.
Dairy Queen, the Midwestern purveyor of the Blizzard, is coming to New York City.
The New York Post reports that the Edina, Minn.-based company has signed a lease for 2,500 square feet at 54 West 14th Street. DQ, which first opened in Joliet, Ill. in 1940, will debut in New York next spring on the ground and mezzanine levels of the property.
Having exorcised the hedonistic Limelight nightclub’s drugged out demons, the former Episcopal church at 656 Avenue of the Americas is set to become a branch of exercise chain David Barton Gym.
Rumors that DBG was cruising the Chelsea location have circulated for months, but the gym has confirmed the news on its Facebook page. And The Commercial Observer has learned that Scott Edlitz, a retail specialist who joined Colliers International just last month, brokered the 19,000-square-foot deal on behalf of the tenant. Daniel Iwanicki represented the landlord, Ashkenazy Acquisition Corporation, in-house. The new location will open next fall. Read More
Cassidy Turley is reportedly weighing options for a recap, merger or an outright sale, hiring J.P. Morgan as advisor and eyeing Newmark Grubb Knight Frank and Blackstone as potential partners or suitors.
Real Estate Alert reported today that the firm hired J.P. Morgan over the summer and is seeking equity to speed along its expansion Read More
Last week, just ahead of the Thanksgiving travel rush, the Global Gateway Alliance, an advocate for airport infrastructure improvement chaired by real estate developer Joseph Sitt of Thor Equities, released an economic impact report on the New York metro area’s major airports: J.F.K., LaGuardia and Newark-Liberty. The findings were promising. Over the past decade, jobs created by the region’s airports increased by nearly 100 percent, with the three hubs collectively employing close to 500,000 jobs in the region.
“These numbers confirm what we’ve long know to be true: New York’s metropolitan airports are incredible economic drivers,” said Mr. Sitt. “When studies like this are released, it is clear to everyone the role the airports play in supporting the region economically.”
Below, The Commercial Observer lays out some of the key facts and figures from the report.