While it did not rival what some recalled as a “blistering” second quarter, the Manhattan commercial real estate office market continued to gain momentum in the third quarter, and most real estate observers took the growth as a sign of more to come.
Positive absorption and rising rents throughout Manhattan are on track to rain in a strong end to the year, as Midtown remained steady, Midtown South shined, and Downtown turned heads.
An affiliate of Los Angeles-based CIM Group has purchased 5 Hanover Square from Savanna’s The Savanna Fund II REIT for $104 million.
The 25-story, 330,000-square-foot building, located on the northern side of Hanover Square, between Pearl and Beaver Streets in Manhattan’s Financial District, also contains roughly 7,500 square feet of retail on the ground floor. Read More
Los Angeles-based real estate investment firm CIM Group has closed on its purchase of the retail portion of 225 Fifth Avenue in the Flatiron District for more than $78 million, city records show.
The retail property consists of two parcels totaling 40,079 square feet and is currently 100 percent leased to a number of long-term tenants including JP Morgan Chase, 24 Hour Fitness, Verizon Wireless, and United States Postal Service.
J.C. Penney, a nationwide retailer with ties to Vornado Realty Trust and its chairman Steven Roth, is opening a retail store and leasing office space in Soho. But as Mother’s Day approaches it has hit a sour note with an affiliate of the American Family Association, a religious group that espouses hate speech.
Kushner Companies unveiled plans this week to turn 200 Lafayette Street into what officials there believe will be one of Midtown South’s most coveted office addresses.
Mr. Kushner, a principal of the large real estate investment company Kushner Companies (and owner of both The Commercial Observer and The New York Observer), bought the roughly 150,000-square-foot building in partnership with the CIM Group in January for approximately $50 million. Mr. Kushner plans to pump significant capital to restore the over 100-year-old building’s classic aesthetic while refurbishing its space to house modern amenities and infrastructure. After a jump, a tour of the building through renderings obtained exclusively by The Commercial Observer.