Chinese President Xi Jinping travelled to India in mid-September with a stated goal of bolstering political and trade ties between the world’s two most populous nations.
The relationship between the countries has always been uneasy. In the modern era, their territorial and geo-political ambitions have rarely found alignment; as they have jockeyed for regional influence, friction over issues such as the disputed territories of Kashmir and India’s easternmost frontier with Tibet have stymied efforts at cooperation elsewhere. Even as the pomp of the latest state visit was getting underway, Indian and Chinese troops were posturing on their respective sides of the shared Himalayan border. And though there was no indication of conflict in New Delhi’s more civilized environs, the leaders did agree that the region would be well served by an updated perspective on these sources of conflict. Read More
A panel of judges in the State Supreme Court’s Appellate Division today reversed a previous ruling that put large portions of New York University’s contentious $6 billion 2031 expansion plan on hold. The appellate decision takes issue with Judge Donna Mills’ January finding that four Greenwich Village parcels, which the city had previously turned over to NYU, constituted “implied” parkland and thus could not be ceded (“alienated,” in legal parlance), to the university without a vote in the state legislature. Judge Mills’ ruling gave the go-ahead to the university for only one of four planned buildings—which had become the target of a lawsuit filed by Assemblywoman Deborah Glick, Community Board 2, local residents and the Greenwich Village Society for Historic Preservation (GVSHP), among others—while pumping the proverbial brakes on the other three. Read More
Fairway supermarket chain may have gained attention for its expansion tear and accolades as a specialty retailer, but the company is looking to bail on at least one of its leases in Manhattan, according to sources with knowledge of the situation.
The lease in question is at Jack Resnick & Sons‘ 255 Greenwich Street in the Financial District with other Fairway lease transactions possibly facing the same fate. Read More
Located at the crossroads of Midtown, 4 Times Square offers unmatched corporate brand visibility and positioning opportunities. Located steps from Bryant Park, 4 Times Square offers dramatic views, spacious outdoor terraces, generous slab-to-slab heights, and large column-free spaces for highly efficient layouts. Uniquely positioned, the iconic tower is centrally located amongst Grand Central Terminal, Port Authority Bus Terminal, Penn Station and various mass transit options. Please visit www.durst.org and www.4timessquare.com for more information.
The New York City Board of Elections and office suite provider Regus signed respective leases totaling almost 50,000 square feet at Muss Development’s Forest Hills Tower at 118-35 Queens Boulevard in Forest Hills, Queens, The Wall Street Journal reported yesterday.
The city agency will move into a 36,103-square-foot space on three different floors of the 17-story building by the fourth quarter of 2015 and the real and virtual office space finders will occupy 13,317 square feet on the fourth floor of the 1981 structure with asking rents in the high $30s, Jason Muss, a Muss principal, told Commercial Observer. Read More
New York-based multifamily and healthcare lender Greystone provided a $27.5 million HUD loan to Michigan and North Carolina-based multifamily developer Singh Development to refinance a 340-unit apartment community in Canton, Mich., Mortgage Observer has first learned.
Greystone’s Fred Levine originated the 35-year, low-rate financing on Wyndchase Apartments, a luxury townhome and apartment complex located at 41376 Williamsburg Boulevard. Read More
Since opening in 1907, the iconic Plaza Hotel has embodied New York City elegance and luxury. Mortgage Observer looks back at the development—and many subsequent sales, redevelopments and repurposings—the landmark lodge has seen in the more than 100 years since it was erected at the corner of Central Park and Fifth Avenue. Read More
The property at 280 Park Avenue, a Class-A building located between East 48th and East 49th Streets, has secured two new leases for a total of 36,417 square feet, according to the New York Post.
“Leasing activity has accelerated as the building’s $150 million comprehensive redevelopment nears completion,” said SL Green‘s Steven Durels in a press release. Read More
Office leasing activity this year in the tight Midtown South market has already bested last year’s total by more than 2 million square feet, according to a new quarterly report released this morning by CBRE.
Transactions like Google’s 178,065-square-foot lease at 85 10th Avenue, Yelp’s 152,232-square-foot deal at 11 Madison Avenue and Squarespace’s 93,517-square-foot lease at 225 Varick Street have netted a year-to-date total of 5.16 million square feet for 2014 after last year’s leasing totaled only 3.06 million square feet in the market composed of six neighborhoods bounded by Chelsea and Madison Square on the north and Soho and Hudson Square on the south, the report says. Read More
Restoration Hardware will be taking over the old Pastis building at 9-19 Ninth Avenue, The Wall Street Journal reported. And Commercial Observer has learned that the deal represents an apparent relocation for the high-end home furnishings company from its Flatiron District digs.
Restoration Hardware has signed a 15-year lease for the building, and will be paying $250 million over the course of the term, the Journal reported. The lease is for 70,000 square feet. The existing building is 30,000 square feet (15,000 on the ground floor and 15,000 on the second floor). The owners, Aurora Capital Associates and William Gottlieb Real Estate, will be adding a 15,000-square-foot lower level and 25,000 square feet spread over the third, fourth and fifth floors, a source with knowledge of the deal told Commercial Observer. Plans call for a wraparound terrace on the third floor and a large outdoor space on the fifth floor. Read More
Bethesda, Md.-based DiamondRock Hospitality Company amended a $170.4 million senior mortgage secured by the Lexington New York City hotel in Midtown, to extend the loan’s term and reduce the REIT’s borrowing costs, the company said in a release.
Citibank provided the initial three-year debt on the 725-key, full-service hotel at 511 Lexington Avenue in March 2012, city records show. Read More
Lafayette College, an undergraduate liberal arts college in Easton, Pa., is opening office space in Manhattan for its investment committee, Commercial Observer has learned.
The college secured space at 99 Park Avenue, located between East 39th and East 40th Streets. It will occupy 3,216 square feet of space on the 18th floor of the 26-story building. Read More
Dynamex, a same-day transportation and logistics services company last week signed a triple-net 10-year lease for six floors at 34 West 36th Street, Commercial Observer has learned.
The tenant, which is a subsidiary of TransForce, will combine its two New York City offices—one on Morton Street and another on 39th Street—at the West 36th Street building. Read More
Certified public accounting and advisory firm Janover LLC will relocate and expand its Manhattan footprint in January 2015 through a 10-year, 14,101-square-foot lease at Jack Resnick & Sons‘ 485 Madison Avenue, Commercial Observer has learned.
The company with over 100 employees and an additional office in Garden City, Long Island will move its Manhattan office three blocks west from 805 Third Avenue into a full-floor space on the ninth story of the building between East 51st and East 52nd Streets, said Harry Krausman, a principal at Cassidy Turley. Read More
The YAI Network, a nonprofit service provider helping individuals with intellectual and developmental disabilities, has opened an 8,449-square-foot location for one of the nonprofit’s pre-employment and community service programs in a second-floor office space the nonprofit subleased from Success Academy Charter Schools at the NBA Player Association‘s building at 310 Lenox Avenue in Central Harlem, ABS Partners Real Estate announced last week.
The 57-year-old organization with eight affiliates in the New York metropolitan area, Puerto Rico and the U.S. Virgin Islands has occupied the space between West 1125th and West 126th Streets where it helps adults learn job-related skills, said Sandy Speiser, YAI Network’s director of program development. Read More
Sam Zell’s former partner Gary Garrabrant is back in action and back in the news. This year’s primary target: commercial and residential properties in emerging markets.
Mr. Garrabrant, 57, and Mr. Zell, 72, are creating competing funds to buy stakes in real estate businesses across Latin America, China and India, The Wall Street Journal reported in late August. Read More