Sales Beat

GM Building Stake Sold to International Buyers


A 40-percent stake in the General Motors Building has been acquired by the family of Chinese real estate developer Zhang Xin, through The Sungate Trust, and M. Safra and Co. Inc., the investment firm of the Brazilian Safra family, from the Goldman Sachs Real Estate Opportunities Fund and Meraas Capital. According to reports, the stake sold for $1.4 billion, valuing the property at $3.4 billion.

“This landmark sale signals a return to the billion-dollar plus level for an individual investment transaction and is recognition of the value for elite trophy assets by the most sophisticated global investors,” said Darcy Stacom, of CBRE, who brokered the sale alongside colleague Bill Shanahan, in a prepared statement. “This sale underscores both the GM Building’s universal appeal as one of the world’s most important commercial assets and New York City’s un-diminished value, as the premier location for trophy investment properties.” Read More

the lead indicator

Tax It All or Don’t Tax at All

chandan silo for web

The Senate has taken up the Marketplace Fairness Act, which would upend the overlong tax holiday for Internet commerce.

It’s not that online purchases have been tax-free. Unless you are in one of the few jurisdictions with no sales tax, your opportunity for a good-citizenship declaration of online purchases comes every April 15. Predictably, only a tiny share of American taxpayers seizes the chance. Read More

The Plan

Check Out Available Space at the General Motors Building

CO Page 34 - The Plan

The 50-story General Motors Building at 767 Fifth Avenue is among the most sought-after properties in New York. It’s the rare building that takes up an entire city block, situated across from the Plaza and Central Park and bounded by Fifth and Madison Avenues, in one of the top shopping districts on the planet.

Cushman & Wakefield is currently marketing a 6,514-square-foot ground-floor retail space that was made available when CBS moved its morning show’s studio to Hell’s Kitchen last summer. Prospective tenants can count on blockbuster neighbors like the Apple Store and, also in 767 Fifth Avenue, FAO Schwarz to reel customers in to a tall, airy space.

C&W Senior Director Steven Soutendijk reviewed the plan with The Commercial Observer and discussed, what exactly, the space has to offer. Read More

Sales Beat

Thor Equities and ASB Real Estate Investments Pay $96.5 M for Meatpacking Building

875 Washington Street

Thor Equities and ASB Real Estate Investments’ Allegiance Real Estate Fund have purchased 875 Washington Street in the Meatpacking District for $96.5 million.

The 60,000-square-foot, five-story building, between 13th and 14th Streets, features office and retail space and is located across the street from the High Line Park, a main driver in the neighborhood’s assent as one of the city’s most-travelled retail destinations.

“The Meatpacking District is the place to be in the fashion world, and as purveyors of high-end retail real estate, it is only fitting that we continue to expand our presence here,” said Joseph Sitt, CEO at Thor Equities, in a statement. “Situated among many of the world’s best nightlife, dining, and shopping outposts, 875 Washington is truly in the heart of the excitement and growth of Manhattan.” Read More

The Year in Review

Commercial Real Estate In Memorium: 2012

A sketch of David Winoker.

New York real estate is some of the most desirable and expensive in the world, but the ever-fluctuating price of a square foot of space in a given neighborhood is unquestionably dwarfed by the value of human life. This year, the commercial real estate world lost several notable figures and The Commercial Observer would like to take a moment to remember them. Read More

Lease Beat

Manon Set to Open in Meatpacking

Courtesy of the Maison Dellos Group

The Maison Dellos Group, owned by Andrei Dellos, is set to open a new four-story restaurant in the Meatpacking District called Manon.

The restaurant will be located at 407 West 14th Street and will feature a mix of French, American, and Pan-Asian cuisines. The restaurant will span 19,740 square feet with the restaurant occupying the first two floors and a part of the third, a wine cellar on the rest of the floor, and then offices on the fourth floor. Read More

Sales Beat

Imperium Buys Williamsburg Building

Apple Store

Imperium Capital, a real estate investment company, has acquired a roughly 16,000-square-foot building in Williamsburg for $3.4 million, the company’s principals revealed to The Commercial Observer. The firm bought the building in partnership with Great Point Properties, another investment firm.

The property, 174-180 North 11th Street, sits on a parcel that can accommodate about 36,000 square feet of development the firm’s executives said, though they said they plan on operating the existing building there for the foreseeable future in large part because of its retail space.

“We are very bullish on Williamsburg, especially the northern end near McCarren park,” Sam Schneider, a managing partner of the company, told The Commercial Observer. “We love that area specifically for residential and retail.” Read More