The $200 Club: Triple Digit Leasing Activity Shifts into High Gear
Fate of F.M. Ring, Extell-Owned 251 Park Ave So to Be Decided at Auction in August
NYSC Renovating Gyms to Keep Up with Niche Industry
Town Sports International-owned New York Sports Clubs is in the process of renovating its existing city locations by removing bulky weight-lifting equipment and adding CrossFit-like training areas – a move that reflects its struggle to compete with the insurgence of a niche fitness industry.
Crain’s reported that so far 22 of the chain’s 39 Manhattan Read More
All in the Family: Construction Company Secures New York Office
LPCiminelli Inc., a Buffalo-based construction company, has signed a 5-year lease for 5,836 square feet on the 35th floor of 1250 Broadway. Asking rents were in the mid-$50s per square foot.
The deal with brokered on the tenant side by Kyle Ciminelli, managing director at Newmark Grubb Knight Frank and nephew of the LPCiminelli’s owner, Louis Ciminelli.
“Representing a family member is always fun,” Mr. Ciminelli told The Commercial Observer. Read More
Billionaire Greene Foraying Into Manhattan Market
Real estate entrepreneur and former Florida Senate candidate Jeff Greene, a newcomer to the New York City real estate arena, is reportedly building two Manhattan condominium projects.
The billionaire is planning a 75-unit, 140,000-square-foot condo project at 100 Vandam Street in the Hudson Square area; and the condo conversion of a six-story building at 576 Read More
Jersey’s Largest Private Medical Practice Onboard Near NY Jets Training Camp
The Rockefeller Group will develop a four-story, 100,000-square-foot medical office building for Summit Medical Group in Florham Park, N.J., where the state’s largest private multi-specialty medical practice signed a 15-year lease within the same development that houses the New York Jets‘ training camp.
Construction of the facility at 140 Park Avenue will begin in September 2013 with Read More
REBNY Gives Retail Deal of the Year Honors to David LaPierre, Jacqueline Klinger, Chase Welles
Brokers who brought big name chain retailers to a pair of Jeff Sutton properties won big last night at the Real Estate Board of New York‘s Retail Deal of the Year Awards at 101 Park Avenue.
David LaPierre of CBRE nabbed the prize for “most ingenious and creative retail deal that demonstrates exceptional broker acumen” for a transaction that brought Express to 1552-1560 Broadway. Jacqueline Klinger and Chase Welles of SCG Retail‘s success in landing Whole Foods in Harlem (at 100 West 125th Street) were deemed the brokers behind “the retail deal which is most significant in its overall characteristics and importance to the New York City Retail Market” Read More
Morning links
Through the Green: When Golf and Real Estate Collide
The two biggest wastes of time in real estate are cemeteries and golf courses—or so said Jimmy Breslin, the Pulitzer Prize-winning columnist and father of Patrick Breslin, executive vice president of the national retail group at Studley.
“Golf is the biggest waste of time in the world,” Mr. Breslin the younger, who fancies himself more of a tennis man, told The Commercial Observer.
The 113th United States Open tees off in suburban Philadelphia on Thursday at the Merion Golf Club. In honor of the event, The CO took a look at some of the New York area’s golf-related history and attractions. Read More
New York Emerges as Biotech Hub but Hurdles Remain
With the highest concentration of research facilities in the country, New York has quietly emerged as a challenger to the established biotechnology and pharmaceutical hubs of Boston and San Francisco, according to a New York City Life Sciences report provided to The Commercial Observer by CBRE.
Despite the growing presence of biotech and pharmaceutical companies in New York, the city still faces a challenge of providing adequate space to accommodate the increasing level of interest. Read More
Hedge Fund Signs 11,250-Square-Foot Lease Renewal in Noho
Serengeti Asset Management inked a 5-year, 11,250-square-foot lease renewal at 632 Broadway.
Nora Stats, a managing member at Tarter Stats O’Toole represented the tenant and its landlord, Renaissance Properties, in the transaction. Greg Gang of Tarter Stats O’Toole said that asking rents at the Noho property are $75 per square foot. Read More
Midtown East Office Condo Sale Reflects ‘Ownership Mentality’ of Foreign Firms
Sumitomo Real Estate has purchased a 3rd floor office condominium at 800 Second Avenue in Midtown East for more than $4.1 million, The Commercial Observer has learned.
Rudder Property Group, one of the only – if not the only – commercial real estate firms in the city that specializes in the office condo sales market, Read More
Columbia University Think Tank Urges Waterfront Development
A new report by a Columbia University think tank warns that the one million additional residents expected to hit the city by 2030 will have nowhere to live if the city’s waterfront neighborhoods aren’t further developed to accommodate them.
The Center for Urban Real Estate report’s authors would pack people into smaller areas than the Read More
Muss Development Rolls Dice on Foxwoods Resort Casino
Just days after Governor Andrew Cuomo introduced legislation that would authorize three new Upstate New York resort casinos, Foxwoods Resort Casino and Muss Development have signed a partnership agreement to build a destination resort style casino and hotel in Liberty, New York.
The presidents of the respective companies, Scott Butera and Joshua Muss, have been Read More
The Moinian Group Reveals Plans for 1.8-Million-Square-Foot 3 Hudson Boulvard
The Moinian Group this afternoon offered details about the upcoming 3 Hudson Boulevard, a 1,000-foot tall, 1.8-million-square-foot tower on 11th Avenue between West 34th and West 35th Streets in the thick of the Hudson Yards development.
“For more than two decades The Moinian Group has believed that the new West Side would emerge as Manhattan’s most sought-after neighborhood,” Joseph Moinian, founder of The Moinian Group, said in a prepared statement. “Our new mixed-use building at 3 Hudson Boulevard will stand as the pinnacle of elegance along the new Hudson Boulevard & Park. With 3 Hudson Boulevard, you are going to see something truly spectacular.” Read More
Morning links
Hudson Yards tower seeks tenants [Crain’s]
Feds find big jump in flood-prone New Yorkers [Crain’s]
Fate of 2 historic UES tenements weighed [Crain’s]
Rivercrest Realty Investors Sells 138 Spring Street in SoHo for $48.5M [NREI]
Meridian Capital Group Arranges $55M Refinancing of Five Columbus Circle [NREI] Read More
REIT Acquires Chelsea Holiday Inn
Carey Watermark Investors Inc. has acquired the Holiday Inn Manhattan 6th Avenue for $113 million, it was announced today.
“As the strongest performer of the top 25 hotel markets, New York City ranks first as the most active hotel investment market in the US,” said Michael Medzigan, chief executive officer of CWI, in a prepared statement. “The opportunity to enter the market through the acquisition of a relatively new, well-located property with an established operating history, strong initial cash returns and the potential for future appreciation made it an ideal investment for Carey Watermark.” Read More
