Why is it that some building projects succeed and others do not? While there is no “right” answer, certain key factors influence whether or not a project will be successful.
It essentially boils down to a balance between the art and science of decision-making. All commercial real estate projects are a series of decisions stacked Read More
HFF closed a $46.4 million loan from Square Mile Capital Management to replace existing debt on a 371,680-square-foot office complex in Warren, N.J., Mortgage Observer has first learned.
The three-year, floating rate loan to Normandy Real Estate Partners on its property, Center 78, closed in mid-June. Read More
Since moving to 14 East 48th Street five years ago, First Church of Religious Science has essentially been without a congregation, but soon its 600 members will be able to worship under the church’s roof on the Upper West Side, Commercial Observer has learned.
“No one lived within miles of us,” the pastor, Wade Adkisson, told Commercial Observer. “They will not venture forth to 48th Street because it’s so expensive [to get there]. They had to pay $40 for two hours of parking. We’re moving into a neighborhood where people can walk to church.” The church has been holding its Sunday meetings at Elinor Bunin Monroe Film Center, at 144 West 165th Street. Read More
An affiliate of DRA Advisors, a pension fund, refinanced their debt on the University Office Park in Atlanta, Mortgage Observer has first learned. The $82 million loan from J.P. Morgan Chase was brokered by Shawn Rosenthal of CBRE.
“The floating rate loan is competitively priced,” Mr. Rosenthal said, declining to provide other terms of the deal. The previous loan had matured, he said. Read More
The $80 million 246-room Holiday Inn Brooklyn Nevins Station topped out yesterday at 300 Schermerhorn Street in Downtown Brooklyn. The Gene Kaufman Architect-designed hotel is slated to open in mid-2015.
“This new hotel is a poignant moment in the much-heralded transformation of Downtown Brooklyn,” said Gene Kaufman, founder of Gene Kaufman Architect, in a prepared statement. “This full-service Holiday Inn, featuring premium amenities such as a swimming pool, first-class dining venues and event spaces as well as a duplex penthouse presidential suite, is a clear sign that Brooklyn has become an international destination in its own right.” Read More
A site in the Boerum Hill section of Brooklyn has sold for a bit over $18 million, or $373 per buildable square foot, Commercial Observer has learned. It represents “the highest price per buildable square foot ever paid for a large development site of this size in Brooklyn,” said Stephen P. Palmese of Massey Knakal Realty Services. He exclusively handled the transaction.
The one-story building, at 472-484 Atlantic Avenue at the corner of Nevins Street, contains 16,100 square feet, with 150 feet of frontage on Atlantic Avenue, 40 feet of frontage along Nevins Street and 70 feet of frontage along Pacific Street. The site is home to a vacant laundromat, Atlantis Super Wash Center. Read More
Los Angeles-based ad sales automator Rubicon Project inked a 5-year, 12,358-square-foot lease to move its offices across the street to 180 Madison Avenue in Midtown, Commercial Observer has learned.
The new lease with asking rents of $57 per square foot at the 24-story, 200,000-square-foot building where the company has already moved into the entire 14th floor gives the firm an upgrade over its previous partial-floor space at 183 Madison Avenue, said Savills Studley broker Allyson Bowen, Rubicon’s representative in the transaction. Read More
The Flatiron/23rd Street Partnership and Van Alen Institute have joined forces for the first competition to design the annual holiday display featured in front of the Flatiron Building.
The Flatiron Plaza Holiday Design Competition has invited seven artists and architecture firms to participate in the challenge to create the winning entry, which will be on display at the intersections of Broadway, Fifth Avenue and 23rd Street, from its unveiling in November throughout the remainder of this year’s holiday season, according to a recent release issued by the Flatiron Partnership and Van Alen. Read More
Mayor Bill de Blasio has named Rick Chandler as the commissioner of the Department of Buildings and believes Mr. Chandler will make DOB a “truly customer-friendly agency,” he said while announcing a series of appointments at City Hall.
The mayor said that too many New Yorkers are “not having a good experience with DOB,” and added: “We aim to change that.” Mr. Chandler will assume the role around July 28. Read More
The nonprofit Brooklyn Waterfront Artists Coalition, an organization of hundreds of artists who host exhibitions out of an O’Connell Organization warehouse in Red Hook, will open its summer exhibition, “Out of Order,” on July 26.
The series will feature more than 800 works by over 200 artists with depictions of crises both personal and political and offer up free food and music events out of the two-floor space at 499 Van Brunt Street on the waterfront, according to a release from the organization. Read More
Marcus & Millichap announced yesterday the sale of a Dollar Tree location in Middle Village, Queens for $4.6 million.
The seller of the property, at 78-02 Metropolitan Avenue, was Bryce Realty & Development, a Queens-based merchant retail developer and owner. The buyer was a private investor based in Howard, Beach, Queens and was represented in the sale by Weichert Commercial, according to a M&M spokeswoman. Read More
A four-story East Side townhouse has hit the market with an asking price of $7.2 million, Commercial Observer has learned.
The 8,800-square-foot vacant building, at 321-323 East 58th Street, has 5,500 square feet of unused development rights, according to Eastern Consolidated. Victor’s restaurant used to occupy part of the 2,950-square-foot ground floor and a portion of the 2,000-square-foot cellar. The second floor (1,800 square feet), third floor (1,100 square feet) and fourth floor (1,000 square feet) are all residential. There are terraces on each of the top three floors. Read More
Alternative fund manager SQN Capital Management has signed a 10-year lease for a 7,293-square-foot portion of the 28th floor of Savanna’s 100 Wall Street, Commercial Observer has learned.
Asking rent for the space was $49 per square foot. The tenant will relocate from its current headquarters at 110 William Street. Read More
Affinity Health Plan has signed a new 95,000-square-foot lease at Simone Development’s Metro Center Atrium in the Pelham Bay section of the Bronx, the landlord announced today.
The managed care organization will relocate its headquarters to the mixed-use complex from 2500 Halsey Street. Affinity Health will join a number of other healthcare tenants at Metro Center Atrium, including Montefiore Medical Center, Calvary Hospital, Fresenius Medical Care North America and others. Read More
The landlord of Grand Central Terminal sent two lawyers to a preliminary Department of City Planning hearing on SL Green Realty Corp.’s proposal for One Vanderbilt to communicate the strong objections of Argent Ventures and its two private partners to the current plans for the 1,350-foot Midtown East office tower.
Sparks flew at a public meeting today about the pending environmental impact statement on the 67-story structure that would rise at 317 Madison Avenue adjacent to Grand Central, with litigation attorney Duane Loft of Boies, Schiller & Flexner offering up a threat to slap the city with a $1 billion lawsuit over the terminal’s unused air rights. Read More