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
Benefit Street Partners, an arm of the private equity firm Providence Equity Partners, has reportedly signed an 18,345-square-foot lease at Sheldon Solow’s 9 West 57th Street for a whopping $200 per square foot.
The lease covers a portion of the 50-floor Solow Building’s 49th floor, according to published reports. Read More
Speculation has continued to build that Blackstone Group’s 43-year-old global head of real estate, Jonathan Gray, may well take over for the private equity firm’s CEO Stephen Schwarzman or President and Chief Operating Officer Hamilton “Tony” James should either retire in the near future. Mortgage Observer looks back on some rare quotes the media-shy billionaire has provided to the media—most of them in mid-2013. Read More
Cushman & Wakefield has reportedly hired former New York City Police Commissioner Raymond Kelly to head a new anti-terrorism and crime division.
The “risk management services” division will advise commercial real-estate clients on how to protect their buildings and data from threats. Read More
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
The North American office of Oslo-based marine insurer Skuld will relocate to 757 Third Avenue from 805 Third Avenue, Commercial Observer has learned. The company has signed a 10-year lease for the entire 6,961-square-foot 25th floor of the RFR Realty-owned building.
The deal continues a brisk leasing pace at 757 Third Avenue, where Berkley Insurance Company, Laura Pomerantz Real Estate and Grant Thornton have all recently signed deals. Read More
Marcus & Millichap has arranged the $5 million sale of a 3,884-square-foot townhouse at 353 West 20th Street in Chelsea, Commercial Observer has learned.
It’s not every day that a 23-foot-wide property hits today’s hot Chelsea market, brokers handling the sale said, noting that the seller “meticulously managed” the property for two decades before deciding to cash in on their investment. Read More
Just two days after Two Trees buckled under pressure from the De Blasio administration to beef up the affordable housing component of the Domino Sugar Refinery redevelopment project, the City Planning Commission has unanimously approved the developer’s plans.
Two Trees had already agreed to go well beyond the 440 required units of affordable housing and build 660 units (out of the 2,300-unit total) at the site, but on Monday it sweetened the deal by raising that number to 700 (an additional 110,000 square feet). Read More
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
Last week, the developer RFR Holding broke ground on 610 Lexington Avenue, a condominium tower that will be next to the Seagram Building. RFR partnered with China Vanke, China’s biggest public developer, which took a stake in its first New York development.
RFR also filed a $180 million deed that transferred the property from 610 Lexington Avenue LLC to 610 Lexington Property LLC. Read More
As the city continues to roll out of the Great Recession and an optimism not seen in years permeates the real estate industry, foreigners from all over the globe continue to view New York as a safe haven for investment.
From Europe and Asia to the Middle East and South America, individual investors from abroad, as well as foreign developers, companies and other entities, are not only drawn to New York, they are also incentivized to invest their money here. Read More
A group of institutional owners has received financing to acquire a historic neighborhood property in Brooklyn.
CIBC has provided a $29.2 million first mortgage to global investment firm DLJ Real Estate Capital Partners for its purchase and future upgrade of the prewar rental building at 25 Monroe Place in Brooklyn Heights. Read More
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
Accounting for interest rate swaps by private companies is simplifying, but those real estate companies set to adopt new standards are being warned by some accountants: Buyer, beware.
Private real estate companies in acquisition mode have often financed their activity in the market through floating-rate debt, which in most cases is cheaper and easier to obtain than a fixed-rate loan. In turn, those companies will enter into an interest rate swap that allows them to exchange a fixed-rate payment for the floating-rate payment. Read More
Rapidly expanding raw juice and smoothie bar Juice Press has signed a 10-year, 13,459-square-foot lease on the ground floor of Jamestown Properties’ Falchi Building, Commercial Observer has learned.
The company will consolidate its production and distribution to the Long Island City building from two Manhattan retail locations. The ground floor space includes access to a loading dock, which will ease the delivery of fresh produce, according to the tenant brokers. Read More