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Gus Delaporte

By Gus Delaporte 5/08 1:00pm

Sales Beat

425 Lexington Avenue

Hines Properties to Be Sold in $1 Billion Deal

Hines has selected buyers for its properties at 499 Park Avenue and 425 Lexington Avenue, it was announced today. The properties, part of the Hines U.S. Core Office Fund, are set to be acquired by American Realty Advisors and institutional investors advised by J.P. Morgan Asset Management, respectively, for a combined total of over $1 billion.

“New York has demonstrated a capacity for large scale capital transactions,” Tommy Craig, senior managing director at Hines, told The Commercial Observer. “That has been validated [in these transactions.]” Read More

By Gus Delaporte 5/07 7:15pm

MSG

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City Planning Proposes 15-Year Limit for MSG Special Permit

At a meeting yesterday, the City Planning Commission proposed a 15-year term for Madison Square Garden’s application for a special permit to operate an arena of more than 2,500 seats. The proposal, some way short of MSG’s request the permit be renewed in perpetuity, is still a small victory over previous suggestions of a 10-year limit.

Opponents of Madison Square Garden’s request point to the need for a renovated Penn Station, a process which is inhibited by the arena’s location. A term limit, they say, provides ample time for both Madison Square Garden to find a new location and for plans for a new Penn Station to be drawn up. Read More

By Gus Delaporte 5/07 2:45pm

On the Market

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Verizon to Market Space at 140 West Street for Sale or Lease

Telecommunications company Verizon plans to market 18 floors at its building at 140 West Street for sale or lease in an effort to consolidate its operations, it was announced today. As part of the plan, Verizon will boost its presence in Downtown Brooklyn where the company will move approximately 1,100 employees to 395 Flatbush Avenue.

Verizon will invite real estate investors to assess the value of the West Street space and submit plans for its use this week. Anticipated uses include both residential and hotel space, according to a statement. Read More

By Gus Delaporte 5/07 9:00am

The Sit-Down

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Catching Up With Hines

Hines has been busy on the investment and development side over the past few months. After breaking ground at 7 Bryant Park in February, officials at the 56-year-old firm announced in March that they would put up for sale its properties at 499 Park Avenue and 425 Lexington, both part of the Hines Core Fund. Read More

By Gus Delaporte 5/07 7:30am

Assignments

254 West 31st St

“Back to the Drawing Board” at 254 West 31st Street After Social Media Company Reconsiders

Leasing agent Transwestern is “going back to the drawing board” at 254 West 31st Street after losing an unnamed potential social media tenant, The Commercial Observer has learned.

“The company is actually growing so fast that they think they already need more space before they have even signed the lease,” said a source familiar with the negotiations, who declined to name tenant but said the company makes gaming apps. Read More

By Gus Delaporte 5/06 12:45pm

Assignments

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C&W Eyes Tenants New and Old at 199 Water Street

Cushman & Wakefield’s leasing team at 199 Water Street is targeting traditional financial services tenants as well as new media and communications firms for the Downtown property, Robert Constable, broker, told The Commercial Observer.

“There is no limitation on who we would target [as tenants,] the space is so flexible,” Mr. Constable said. Read More

By Gus Delaporte 5/03 1:30pm

Sales Beat

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Cohen Commercial Properties Acquires Bronx Retail Property for $11.425M

Cohen Commercial Properties has acquired a 12,212-square-foot, two-tenant, retail property at 1800 Williamsbridge Road in the Bronx for $11.425 million, The Commercial Observer has learned.

“It is a conservative investment, but it’s in an area that currently and in the longer term is going to appreciate in value,” Andrew Cohen, chief executive officer at CCP, said of the acquisition. Read More

By Gus Delaporte 5/03 9:00am

The Plan

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Check Out Malone’s New Office at 145 West 57th Street

Originally on the hunt for an office space between 2,200 and 2,500 square feet, real estate investment firm Malone looked at available space at 145 West 57th Street.

Not satisfied with the original 2,271-square-foot portion of the ninth floor it was shown, Malone instead opted to take the entire 4,368-square-foot floor plate, combining two separate spaces that, once reconfigured, will include two conference rooms, two pantries and a number of perimeter offices, including an executive corner suite.

Abe Labaton, managing director at Murray Hill Properties, who represented the tenant, spoke with The Commercial Observer last week about the layout and the process of combining spaces. Read More

By Gus Delaporte 5/02 9:00am

Postings

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Power 100 Heat Map

From a Taconic Investment Partners project in Hunts Point to the World Trade Center site in Lower Manhattan, power in New York real estate circles has increasingly expanded from the comfortable confines of Midtown Manhattan to the fringes of all five boroughs. While large developments such as the Related Company’s Hudson Yards often dominate the conversation, Brooklyn, Queens and even the Bronx continue to grow in stature.

Long Island City is fast becoming a focal point for the real estate industry as Rockrose and other residential developers tap into the growing Queens neighborhood. In the Bronx, Taconic Investment Partners, formerly the owners of 111 Eighth Avenue, is in the process of a significant capital improvement plan at the BankNote Building on Lafayette Avenue in Hunt’s Point.

Below, a sampling of where power thrives in New York City in 2013. Read More

By Gus Delaporte 5/02 7:30am

Lease Beat

BankofAmericaTower

In Continuing Trend, Funds Negotiate Sublease at One Bryant Park

Manikay Partners has signed a six-year sublease from Marathon Asset Management for 8,828 square feet at One Bryant Park, also known as the Bank of America Tower, it was announced this week.

“We surveyed the market and Manikay was primarily looking for something that was built already with a term of less than 6 years and this fell right into the sweet spot,” Dan Turkewitz, senior vice president at Jones Lang LaSalle, who represented the subtenant, told The Commercial Observer. Read More

By Gus Delaporte 5/01 1:30pm

New Developments

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Eichner Plans Comeback with Harlem Park Site

With a number of projects in the pipeline, Bruce Eichner is planning a dramatic comeback to New York real estate with an 80/20 residential project at the Harlem Park site he agreed to acquire last week.

Mr. Eichner is in the midst of an architectural competition for the planned development at 1800 Park Avenue and 125th Street, The Commercial Observer has learned.

“He is going to do something creative with the building,” Geoffrey Newman, senior managing director at Newmark Grubb Knight Frank, said of the project. “For a rental perspective, I think it’s going to be a spectacular building.” Read More

By Gus Delaporte 5/01 11:30am

Lease Beat

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Men’s Apparel Brand Bonobos Signs Soho Lease

Bonobos, an e-commerce men’s apparel brand, has signed a 1,500-square foot lease at 35 Crosby Street in Soho, it was announced today.

“This is a great location with many original details and a lot of character,” said Justin Fantasia, associate at RKF, who represented the tenant, in a prepared statement. “Bonobos will garner plenty of foot traffic while maintaining a destination feel off of the hustle and bustle of tourist-heavy Broadway.” Read More

By Gus Delaporte 5/01 7:30am

Master Lease

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Collaborative Master Lease Deal at 400 Park Avenue

Waterman Interests has signed a 75-year master lease at 400 Park Avenue, it was announced yesterday. Waterman, owner of the leasehold, struck the deal with Benenson Capital Partners, owner of the land. Terms of the deal were not disclosed.

“What was rewarding to us and energizing about the transaction was it was terrific to work on something in a collaborative fashion in a situation when at times it can be adversarial,” Tod Waterman, founder and managing member of Waterman Interests, told The Commercial Observer. Read More