Staten Island’s proposed Empire Outlets development project – and an accompanying 600-foot, $300 million ferris wheel – entered into the city’s six-month Universal Land Use Review Procedure yesterday.
If the zoning changes and special permits required for the construction of the development (and the giant wheel) are granted upon completion of the review, Brooklyn-based developer Read More
Rockrose Development Corp. is in the process of demolishing seven dilapidated Long Island City warehouses to pave the way for the construction of what will become the tallest residential building in Queens, The Commercial Observer has learned.
The 50-story, 907,000-square-foot, 500-foot-tall building at 43-25 Hunter Street will not only be the tallest, but it will Read More
Kushner Companies seeks highly motivated seasoned Property Manager to assist with our East Village portfolio
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On the heels of news that Yahoo will buy Tumblr for $1.1 billion, the Web giant is moving to the former home of The New York Times, the firm announced today.
Yahoo signed a long-term lease for the 9th through 12th floors in the 15-story building, joining tech tenants 10gen and Citysearch in the building.
“For a while Read More
CBRE is gearing up to market the Helmsley Park Lane Hotel towards developers of high-end condominiums, according to published reports.
The 370,000-square-foot property, being sold by the estate of Leona Helmsley, has received at least two separate offers of more than $600 million, including one from industry scions Harry Macklowe and Steven Witkoff, The Wall Street Read More
RWN Real Estate Partners paid $3.8 million for a retail condominium at 328 Bowery, where the firm has appointed RKF as exclusive leasing agent for the space, The Commercial Observer has learned.
RWN will redevelop the 4,114-square-foot space and the existing storefronts, giving one to two prospective tenants 100 feet of wraparound frontage at the corner Read More
The global IT and communications services provider Orange Business Services will be leaving the Financial District, The Commercial Observer has learned.
The firm has been operating out of a suite at 2 World Financial Center but will be moving uptown to centralize their offices inside a 17,000-square-foot, full-floor space at 10 East 40th Street,.
“As a communications service provider that caters to Read More
The New York-based development and construction firm Wonder Works Construction will be leaving its offices in Flatiron to move to Herald Square.
The firm currently houses its main office in a 5,000-square-foot office on the fourth floor of 18 West 21st Street, but will move out in favor of a larger 8,000-square-foot suite at Sol Goldman Investments’ 894 Sixth Avenue. Read More
The Four Seasons Restaurant, home of the “power lunch,” is facing a six-fold rent increase when its current lease expires in 2016, The Huffington Post reported yesterday. The iconic New York eatery, which currently pays $19.74 per square foot, could be looking at rents of $125 per square foot for its 29,476-square-foot space inside the Seagram Building at 375 Park Avenue.
Documents viewed by the Huff Post indicate that as part of the owners’ $782.8 million mortgage deal, financed jointly by Citigroup and Deutsche Bank and being marketed to investors via commercial mortgage backed securities, bankers expect management at the property to begin charging the The Four Seasons market rents, which according to the documents are determined to be $125 per square foot. Read More
Industry veteran Shari Krasnow-Renzi has joined Avison Young as a director of project management as part of the firm’s expansion of its project management services platform in New York City, the company announced today.
Ms. Krasnow-Renzi previously spent 15 years with Turner & Townsend, where she managed build-out and construction assignments.
She will oversee project Read More
Eastern Consolidated is marketing the $11.2 million sale of a package of buildings that house downtown restaurants The Harrison, Flor de Sol and Five Guys Burgers and Fries, The Commercial Observer has learned.
A Swedish investment group that owns the three properties tapped Eastern to sell the adjacent Tribeca buildings at 355 and 361 Greenwich Street. The Five Guys branch is located at 496 LaGuardia Place. Read More
The mixed-use building at 137 East 47th Street between Third and Lexington Avenues has been sold for $8 million dollars. The owners, undisclosed local investors, sold the building for nearly four times the price they paid less than a decade ago.
“The sellers bought in 7-8 years ago for $2.4 million dollars and today exited Read More
Malkin Holdings LLC is less than half of one percentage point away from gaining the number of votes it needs to launch the controversial real estate investment trust that would include the Empire State Building as an asset, according to a regulatory filing from Anthony and Peter Malkin.
The new filing states that 79.6 percent Read More
Promising Brooklyn startup gives up on NYC [Crain’s]
Silverstein Secures Financing for 926-Foot Lower Manhattan Hotel, Condo [Commercial Observer]
ASA College Inks 160,000 SF at Herald Center [Commercial Observer]
Trading Up: Boutique Financial Services Firms Flock to 540 Madison Avenue [Commercial Observer]
Lenox Hill Hospital/North Shore-LIJ Renews at 110 East 59th Read More
W&H Properties, a subsidiary of Malkin Holdings, has instituted two leasing programs at the repositioned 250 West 57th Street, whose operator has updated the lobby, added new elevator cabs, and renovated the public corridors, bathrooms and building systems.
The first offering is a prebuilt program, which Delta Dental has taken advantage of on the building’s sixth floor in a 2,348-square-foot space. The other is the PIO, or prepared for immediate occupancy program, which law firm Weinman Schnee Morais has opted for in a 1,862-square-foot suite on the 22nd floor.
Fred Posniak, senior vice president of Malkin Properties, spoke to The Commercial Observer about both leasing programs and spaces, offering details on the differences between them and how they appeal to individual tenants. Read More
Silverstein Properties has secured financing for a 926-foot, 82-story Financial District tower at 30 Park Place that will house a Four Seasons hotel and condominium.
The Children’s Investment Fund Management provided financing for the $950 million project with a $660 million loan to Silverstein and the California State Teachers’ Retirement System (CalSTRS), a co-owner. 30 Park Place will be the tallest residential building in lower Manhattan. Read More