Lease Beat

Wells Fargo Subleases For New ATMs in Times Square Station [Updated]

Wells Fargo ATM

Wells Fargo bank will open its second ATM area in the Metropolitan Transportation Authority‘s Times Square-42nd Street Station through a 485-square-foot sublease until August 2017 for a retail storefront beneath Eighth Avenue near West 44th Street that will net the agency an annual rent of $24,400, MTA officials said.

The bank with over 12,000 ATM locations nationwide and an existing one elsewhere in the bustling station in a corridor near West 42nd Street and Broadway, according to the firm’s website, subleased the space from One Stop Music, a music, DVD, video games, luggage, posters and electronics store that moved to a 600-square-foot space across the hall, said store owner Adam Chowdury. Read More

Lease Beat

Kingsbridge National Ice Center Secures 99-Year Lease

Kingsbridge Armory

A highly anticipated 99-year lease has been signed for the Bronx’ Kingsbridge National Ice Center, according to a press release issued by KNIC LLC today.

Documents have been finalized with the New York City Economic Development Corporation to secure the ice center’s future, adding new momentum into the transformation of Kingsbridge Armory. Though the plan for the ice center was approved by the City Council last December, two lawsuits had slowed the process from moving forward. Read More

Lease Beat

Live Music Agency Renews in Garment District

561 Seventh Avenue

Live event music production company Element Music signed a long-term lease to remain in its 3,944-square-foot space on the entire eighth floor of the Handler Real Estate Organization‘s 561 Seventh Avenue between West 40th and West 41st Streets in the Garment District, Commercial Observer has learned.

The company that books bands such as a group featuring company founder Marianne Bennett to play exclusive parties hosted by celebs like Catherine Zeta-Jones and Michael Douglas will start its new lease in late 2015 in the building where asking rents run for $51 per square foot after Handler completes a renovation of the floor to make a “more open, fluid, and efficient layout,” Handler officials said. Read More

Midtown East Rezoning

SL Green, City Planning Detail 1 Vanderbilt Transit Upgrades

1 Vanderbilt

Officials with SL Green Realty Corp. and the Department of City Planning outlined a detailed rebuttal today to claims by executives with Grand Central Terminal landlord Argent Ventures that the developers pursuing a rezoning to build the 1,350-foot 1 Vanderbilt tower across the street from the terminal haven’t made the necessary public-benefit commitments to build 528,900 square feet above the Midtown East site’s existing zoning restrictions.

SL Green presented local Community Board 5 with a 68-page report that aggregates the $210 million in transit upgrades for the planned 67-story structure at 317 Madison Avenue that the company says it negotiated over 17 months of talks with the Metropolitan Transportation Authority. Read More

Lease Beat

Online Supermarket To Open Second Retail Location

318 West 39th Street

Hybrid grocery store and one-hour delivery service MaxDelivery will open its second retail location in the second quarter of 2015 through a 9,800-square-foot lease on the ground floor of the Gural family’s 12-story building at 318 West 39th Street between Eighth and Ninth Avenues in the Garment District, Commercial Observer has learned.

The company that already services Lower Manhattan from a location at 51 White Street in Tribeca will expand its combined physical store and online ordering operation into a space formerly occupied by a dress store where the asking rents run for $75 per square foot, said Scott Edlitz, a senior managing director at Colliers International. Read More

Lease Beat

Security Company Nabs 77K-SF Lease in Meatpacking

A rendering of  430 West 15th Street. (Atlas Capital Group's website)

Palo Alto, Calif.-based Palantir Technologies has signed a 15-year sublease for 77,293 square feet at 430 West 15th StreetThe New York Post reported. The computer security company deal includes two five-year options. Asking rents ranged from $90 to $110 per square foot.

Earlier this year, Atlas Capital and Rockpoint net-leased the 99,558-square-foot, eight-story garage between Ninth and 10th Avenues. Read More

Mortgage Observer

Shaoul Secures Project Financing for Manhattan Condo Conversions

Post Luminaria.

Magnum Real Estate Group’s Ben Shaoul received two loans totaling $270 million to acquire and convert two luxury apartment buildings in Manhattan to high-end condominiums, sources familiar with the transactions told Mortgage Observer.

Mr. Shaoul acquired the 33-story Post Toscana at 389 East 89th Street and the 20-story Post Luminaria at 385 First Avenue for $270 million from Atlanta-based Post Properties on Sept. 19, public records show. Post Properties co-developed the Upper East Side and Gramercy Park rental properties with Ronnie Hackett’s Clarett Group in 2002 and 2003. Read More

The Plan

The Plan: 140 William Street

Dancers in the window at 140 William Street.

At the start of the current school year last month, Pace University unveiled the second phase of its renovation project at Pace Performing Arts’ home at 140 William Street.

Plans included the conversion of the seventh floor and penthouse into a design studio, sound studio, mechanical and electrical equipment rooms and a rooftop terrace for special events. Read More


How Safe Are Buildings in Lower Manhattan?

Safety in Lower Manhattan remains a top priority for stakeholders.

Thirteen years after Sept. 11, 2001, stakeholders, elected officials and security personnel in Lower Manhattan remain acutely aware that the 1.7-square-mile area south of Canal Street is still vulnerable to terrorism. Because safety concerns for people and property remain paramount, unprecedented steps have been taken to ensure preparedness in the event of an emergency.

“We continue to evaluate Read More

Sales Beat

Building at 570 Seventh Avenue Changes Hands for $163M

570 Seventh Avenue.

The property at 570 Seventh Avenue, a 21-story, 167,000 square-foot building on the corner of West 41st Street, is in contract, according to the New York Post.

American Realty Capital, a New York-based investment advisory firm, is purchasing the building from Carlyle Investment Management and Capstone Equities for $163 million. The two parties purchased the building in July 2013 for $83 million. Read More

Power Broker

SOM’s Mega-Project Manager Dishes on 1 WTC

T.J. Gottesdiener

Models, awards and pictures from projects all over the world adorn the walls and corridors of the Lower Manhattan offices of Skidmore, Owings & Merrill, but the World Trade Center assemblage stands apart from all the rest. There are the gleaming pictures of Dubai’s 2,716-foot Burj Khalifa, a framed certificate recognizing Midtown’s Lever House for the 1980 American Institute of Architects’ 25-year award and the awe-inspiring design portfolio that includes seven of the world’s tallest 15 buildings and over 100 New York City structures. But they give way to a transparent scale model of the World Trade Center complex that’s all alone next to conference rooms and the executive offices where managing partner T.J. Gottesdiener oversees design, construction and planning at the firm’s New York City office. Read More

Mortgage Observer

Elevated Expectations in India

Sam Chandan.

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