The man behind the project is lender Michael Goldberg, who got the city to partially lift its stop-work order Read More
Ever since the founding of the state of Israel, citizens of this tiny nation have made small financial investments in commercial real estate in the United States. Fifty years ago, these investors might have purchased a six-story walk-up apartment house on the Upper West Side. Today, new breeds of Israeli investors are aggressively pursuing commercial Read More
Today the World’s Most Famous Office Building announced the completion of the installation of bike racks as part of its ongoing sustainability initiative. The only thing, though, is the “bike racks” aren’t really bike racks, but rather a whole “dedicated bicycle storage room … purpose-built to provide secured and weather protected bicycle storage for tenants.”
Isn’t Read More
Vornado and SL Green, two of New York’s biggest REITs, have agreed to buy $400 million in debt from Broadway Partners and Investcorp on the 1.2 million-square-foot complex at 280 Park Avenue.
Broadway and Investcorp bought the building for $1.2 billion in 2007, in one of the most expensive building purchases that heady year. In more recent news, the Read More
Much like The Observer, who had Pitt winning the national championship, Jones Lang LaSalle has already lost their NCAA tournament pool.
Using their “proprietary predictive model,” a.k.a. office vacancy rates for the cities in which the schools are located, the commercial real estate services firm put Ohio State, Richmond, Temple and New York’s own St. Read More
Commercial real estate lender iStar Financial, which during the recession questioned it’s own ability to carry on without any new lines of credit, has finally got the cash it needs, as reported by Reuters.
The lender has secured $3 billion in financing to help it pay down it’s $7.3 billion in debt obligations, part Read More
Morrison & Foerster, the San Francisco-based law firm with the off-kilter nickname, has signed a letter of intent for 200,000 square feet at 250 West 55th Street, the office tower started by Mort Zuckerman’s Boston Properties but later capped at its foundation after previous anchor-tenant deals fell apart amid a chilly construction-financing market.
The move makes sense Read More
Last week the American Institute of Architects New York chapter handed out their annual design awards. Thirty-eight projects—all with some New York connection—were selected as winners and given “honor” or “merit” stamps of approval based on their “design quality, program resolution, innovation, thoughtfulness and technique.”
Winning projects fell into four categories: interiors, architecture, un-built work Read More
One of the city’s more… interesting… structures, the Cooper Square Hotel in the East Village is now property of Westport Capital Partners, a firm specializing in “opportunistic and distressed real estate investments” as part of a $70.9 million debt restructuring deal.
Star investor and philanthropist Michael Steinhardt and an unnamed partner have acquired rom the New York Stock Exchange two former American Stock Exchange buildings, 18-22 Thames Street and 78-86 Trinity Place, for a total of $65 million.
Mr. Steinhardt, who made his money as Wall Street’s so-called most successful money manager and who now mostly focuses on Read More
In their first move since being acquired by Kableto–er–Comcast, NBC Universal just inked a 10-year deal for over 1.4 million square feet of office condos at Rockefeller Center, with over 700,000 square feet of it at 30 Rock alone, the Post reports.
In addition to the massive lease at 30 Rock, NBCU has Read More
Is the city’s public-private affordable housing model—the Community Preservation Corp., a group of 70 banks and insurance companies, in particular—expediting Brooklyn’s gentrification?
The Gotham Gazette seems to think so. The Gazette investigated the city’s publicly available property transaction records and found that since 2007, 65 percent of the $701 million invested in Brooklyn Read More
According to CB Richard Ellis, New York is projected to have the country’s second highest office rent growth in 2011, behind San Francisco.
CBRE noted that office rents were expected to grow for the first time in three years nationwide, though only modestly and that growth would be “limited to key markets,” before a more Read More
Not only did we just fall behind D.C. in commercial real estate pricing recovery, but now we’re behind Rio as the second most expensive office market in the Americas.
An annual report, released by Cushman & Wakefield today, revealed that while South America, and Brazil in general, has skyrocketing office occupancy costs (rent, Read More