Construction

The Weather’s Finally Warming Up, but the Winter Was Frigid for Construction Jobs

Steven Hurwitz's veteran construction workers are working to stay on target at 5 Beekman Street.

For Steven Hurwitz, this winter was probably more chilling than it was for his fellow New Yorkers.

The executive vice president of GFI Development Company had to worry about how many days his veteran construction workers would lose on 5 Beekman Street—a Downtown hotel Mr. Hurwitz’s company is developing—because of foul conditions. Like any developer, GFI planned ahead to lose days every now and then to poor conditions in which cranes couldn’t lift concrete or the city’s Department of Buildings deemed the wind gusts unsafe to work on towers. Read More

Feature

Is 57th Street the Most Overpriced Block in the U.S.?

View of 57th Street from Eighth Avenue looking east (Photo: Arman Dzidzovic/Commercial Observer).

It all started innocently enough: a single building with a fancy design, a couple of apartments in the $90-plus million range, a few billionaires looking to park their money in New York luxury real estate…

But several buildings (and tens of millions of dollars worth of apartments) later, one has to wonder whether the strip of über-luxury condominium development on 57th Street—nicknamed “Billionaire’s Row”—has finally run its course. Read More

Sales Beat

CIM Group Pays $104 M. for 5 Hanover Square

hanover

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

Sales Beat

CIM Group Scoops 225 Fifth Avenue in the Flatiron District for $78 M.

(Credit: CIM Group)

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. Read More