Industry City stakeholders announced today details for the redevelopment of its six million-square-foot waterfront complex in Sunset Park, a reinvigoration that is being sparked by $1 billion worth of investment and the growing demand for space for the “innovation economy” that has taken root in Brooklyn.
Thanks to tech tenants, a burgeoning manufacturing scene and substantial public and private investments, this South Brooklyn neighborhood is having its moment. Read More
Angelo Gordon has tacked on a 34,000-square-foot addition to its office at 245 Park Avenue, The Commercial Observer has learned.
The deal is the firm’s second expansion in the last year. Angelo Gordon initially added about 20,000-square-feet to its 55,000-square-foot occupancy last June bringing them to a total of 74,000-square-feet.
New York City is the number one retail location in the world. Retailers from around the world flock to open flagship stores throughout the Big Apple. Apple’s store on Fifth Avenue, with its familiar cube, has the highest revenue of all Apple stores. Then there are the flagships of Uniqlo, Zara, Tiffany & Co., Bergdorf Goodman and a cast of others. Nevertheless, when you ask prominent owners of commercial real estate as well as local and national retailers, the general consensus is that the outer boroughs of New York City are severely under-retailed.
Eastern Consolidated’s Barbara Byrne Denham reported in May 2012 that retail sales per capita ratios for the outer boroughs were far below the national average. Brooklyn was 39 percent below, Queens was 40 percent below and the Bronx came in a whopping 60 percent below.
Petco has inked a deal for a new location in the Bronx.
The pet supply store will be located in the Riverdale Crossing retail center and will occupy 9,556 square feet of ground floor space in the freestanding building next to the crossing’s 118,000-square-foot anchor tenant, BJ’s Wholesale Club.
As The Commercial Observer reported last week, the real estate investment company Angelo Gordon is close to a deal to extend its lease at 245 Park Avenue.
On Tuesday, more details of the transaction emerged.
First, it’s not done but in advanced talks and sources expect it to close in as soon as a Read More
The real estate investment firm Angelo Gordon has renewed its office lease at 245 Park Avenue The Commercial Observer has learned.
The company renewed its hold on two floors at the 1.6-million-square-foot Midtown tower, which is owned by the office REIT Brookfield Properties.
Angelo Gordon extended its lease for the entire 22nd and 26th floor, Read More
In the world of Gary Barnett, everything is the best.
The president of Extell Development, a company he launched in the 1990s following a stint as a diamond trader in Belgium, made this plainly clear during a recent tour of One57, his 1,005-foot-tall tower near Carnegie Hall on West 57th Street. When completed, the building will rank not only among the city’s tallest properties, but, with its views of Central Park, among its most luxurious as well. In other words, the best.
On the One57 amenities: “This will be the best amenities package in the entire city. All the others are good. But they don’t have everything.”
On the One57 finishes: “Look at this kitchen. Where will you find a kitchen anywhere like this? It’s the best, and we have two of them.”
On the One57 floor plans: “We have the best floor plans on the market.”
In its heyday, the manufacturing plant in Garden City, Long Island, housed laboratories for DuPont Pharmaceuticals before it went on to harbor chemists with a competing drug maker, Bristol Myers Squibb. But by 2004, the 188,500-square-foot complex of two buildings on Stewart Avenue and Endo Boulevard—a street named for the pharmaceutical firm that originally occupied the plant in 1964—had become a casualty of new compliancy standards by the F.D.A. In other words, the cost of upgrading the complex to conform was no longer in the best interest of the owner or even Bristol Myers Squibb, which relocated.
Enter Joe Farkas, a former CB Richard Ellis broker who, as president of the Jericho-based Metropolitan Realty Associates, has mined real estate gold from older assets, like the Garden City site, that have outlived their original use.