The New York City investment sales market is on fire this year, with the first two months of 2014 trouncing the first quarter of last year in dollar volume, according to a new report from Massey Knakal Realty Services provided to Commercial Observer. The sales volume hit $6.7 billion in January and February, up $3 billion from the first three months of 2013. Read More
Lauren Elkies Schram
By Lauren Elkies Schram 3/07 11:30am
The nonprofit and public sectors finished 2013 with a bang when it came to leasing in New York City.
The two sectors leased more than 5.7 million square feet in 2013, a 36 percent increase from 2012, and more than double the space leased in 2011, according to Cassidy Turley‘s 2013 nonprofit and public sectors leasing activity report released exclusively to Commercial Observer. Read More
By Lauren Elkies Schram 3/06 2:09pm
Following the completion of a $140 million redevelopment, the Times Square hotel formerly known as the Milford Plaza (and later The Milford) has reopened as Row NYC, the hotel announced.
Highgate Hotels and Rockpoint Group‘s two-year renovation project included adding to the lobby Iconic M, a satellite location of the cult international news retailer Soho News, as well as a state-of-the-art Internet lounge. Read More
By Lauren Elkies Schram 3/06 7:45am
Law firm Emery Celli Brinckerhoff & Abady is moving to bigger digs at Rockefeller Center, Commercial Observer has learned.
The firm, which has an active commercial and real estate litigation practice, is expanding its office space by more than 4,000 square feet to 16,163 square feet comprising the entire 10th floor at 600 Fifth Avenue near 48th Street. Read More
By Lauren Elkies Schram 3/05 3:15pm
More than three years after developer Sharif El-Gamal faced a firestorm over plans for an Islamic prayer and community center in lower Manhattan, the head of Soho Properties is searching for temporary space for Park51, Commercial Observer has learned.
Yesterday afternoon, Aziz Friedrich from Soho Properties was spotted touring a 2,000-square-foot second-floor space at 44 Trinity Place, being marketed by Eastern Consolidated’s James Famularo and Ravi Idnani. The asking rent for the Trinity Place space is $100 per square foot and the lease term is 10 years, according to the listing. It seems an unusual space for a center since it is above Wogies Bar & Grill. Messrs. Famularo and Idnani declined to comment. Read More
By Lauren Elkies Schram 3/05 1:05pm
Next week, the case against a real estate company which is in negotiations to bring a Crunch Gym to a Tribeca residential condominium heads to court, and the decision could make or break a gym lease at 140 Franklin Street.
On Wednesday, March 12, the court will conduct a hearing to determine whether to grant the 140 Franklin Street condominium board’s application to prevent Lily Realty from signing a lease with Crunch, pending the trial. There is currently a temporary restraining order in place prohibiting Lily Realty from executing any lease with Crunch. That order expires upon the court’s decision, which will be issued following next Wednesday’s hearing. Read More
By Lauren Elkies Schram 3/05 7:45am
The ultra-luxurious Zeckendorfs-developed residential condominium 15 Central Park West has a ground-floor office space available for lease. A fun perk: access to the building’s amenities.
The 2,177-square-foot loft space with two bathrooms can be used for commercial purposes or as live/work space. The space, available raw, is on the southeast corner of the Robert A.M. Stern-designed building and is being listed by A&I Broadway Realty’s Valentina Sharapan. Read More
By Lauren Elkies Schram 3/04 1:43pm
Pool table manufacturer Blatt Billiards has sold its six-story building at 809 Broadway, according to property records.
The buyer, a syndicate of Israeli investors using the name 809 Broadway Holding LLC, paid $24 million for the building, which is between 11th and 12th Streets. The deal closed on February 13 and was recorded with the city today. Read More
By Lauren Elkies Schram 3/04 12:30pm
Accountant Irv Schwarzbaum is helping a 10 percent shareholder in a Brooklyn commercial property prove that the 90 percent shareholder is undervaluing the price of their building in a potential sale. While there is some pressure to pay off a loan that has come due at the property and the majority owner presented a third-party buyer, Mr. Schwarzbaum is skeptical. Read More
By Lauren Elkies Schram 3/04 11:03am
The downtown office market is continuing to draw tenants from Midtown and Midtown South, reversing historic trends, according to new data from Cushman & Wakefield.
The leasing velocity in lower Manhattan in January was 740,668 square feet. [Update: Cushman & Wakefield originally erroneously said the leasing velocity was 592,959 square feet.] Read More
By Lauren Elkies Schram 3/04 7:45am
A low-rise multi-family complex in Far Rockaway, Queens, has sold for $8.52 million, Commercial Observer has learned.
The complex, at 22-29 Dix Avenue, is comprised of five, four-story buildings with 130 apartments. Read More
By Lauren Elkies Schram 3/03 1:10pm
A fifth technology company has taken a full-floor of pre-built office space designed by the Mufson Partnership at 292 Madison Avenue, Commercial Observer has learned.
Raptor Trading, a provider of multi-asset electronic trading and risk management solutions, signed a lease for the 5,752-square-foot 22nd floor at the 41st Street building. Among the tech firms it joins is Exponential Interactive, which took the entire 11th floor in the building last year, as Commercial Observer previously reported. Read More
By Lauren Elkies Schram 3/03 10:17am
The sale of a site that formerly housed a six-story church on the Upper East Side has closed for $21 million, according to property records.
Roman Catholic Archdiocese of New York closed on the sale of its property at 321 East 61st Street (also with an address of 330 East 62nd Street) on February 12. It was recorded with the city on February 27. Read More
By Lauren Elkies Schram 2/28 4:00pm
The scaffolding will soon come down at WeWork‘s offices at 175 Varick Street, Marc Spector, a principal at Spector Group, told Commercial Observer, and the façade work will be completed by the end of March.
Spector Group was charged with creating an entirely new base to the exterior façade at 175 Varick Street for the national collaborative workspace provider. The upgrades include a dark grey grid façade and large portals of glass with black window mullions. Read More
By Lauren Elkies Schram 2/28 12:00pm
Residential listings database StreetEasy is moving to the Flatiron area from Soho, six months after being acquired by Zillow, The Real Deal first reported.
Zillow signed a 13,300-square-foot lease for StreetEasy on the ninth floor of 130 Fifth Avenue at 18th Street. The per-square-foot rent, TRD said, was in the mid $60s. Zillow will be joining Fresh, which is on the 10th and 11th floors and Brown Harris Stevens, which has the entire second floor. Read More