The New York State Attorney General’s office is reportedly reviewing the Leona M. Helmsley estate’s liquidation of its stake in the properties launched as part of the Empire State Realty Trust REIT last month, which includes the Empire State Building.
The process will begin once the Helmsley estate files a final accounting of the sale Read More
The future of commercial real estate debt and equity is safe with this, the second class of Mortgage Observer’s rising stars. This year, we opened the nominations up to include professionals from coast to coast, and the results represent just that, with some new California and New Jersey faces joining some more familiar to the Read More
Commercial law firm Meister Seelig & Fein has signed a 15-year-lease for 56,764 square feet at SL Green’s 125 Park Avenue.
The move into the seventh and eight floors of the 655,000-square-foot, 26-floor building is a significant upgrade from the firm’s current 38,000-square-foot space at 2 Grand Central Tower.
“While many law firms are cutting Read More
Etrali Trading Solutions, a French company, has signed a seven-and-a-half-year lease for 5,837 square feet on the 19th floor of 1500 Broadway, The Commercial Observer has learned.
Starting rent for Etrali’s lease is in the mid-$50s per square foot, according to data from CompStak. An Etrali employee confirmed the deal, citing an expiring lease at the company’s current 225 Liberty Street location and better financial terms as motivation for the relocation. The company expects to move into its new Times Square space next month.
The fast-growing Avison Young continued its hiring spree and physical growth spurt by announcing today that Ted Stratigos would lead the firm’s new Long Island office.
Mr. Stratigos comes to Avison after 33 years at Cushman & Wakefield‘s Long Island branch, where he most recently served as a Principal and Managing Director. The Canadian firm has expanded to 50 offices from 11 just four years ago.
Empire State Building
Malkin Holdings has received an unsolicited $710 million offer for One Grand Central Place—another surprise twist that could stifle plans to make the Empire State Building past of a real estate investment trust.
The 1.3-million-square-foot, 55-story building at 60 East 42nd Street is the second largest building in the proposed Empire State Realty Trust and follows a string of previous unsolicited offers made on the Empire State Building itself.
“All these offers make it difficult for the Malkins not to take them into consideration,” said Jason Meister, a vice president at Avison Young who is representing both Joe Sitt and Rubin Schron in two separate bids for the Empire State Building. “It’s a very compelling offer because its value is above what they’re offering it at in the IPO.”
Empire State Building
Is the Empire State Building fated to become a bagel production factory?
Probably not. But the latest in a string of offers to buy the building does come from Reuven Kahane – the same Reuven Kahane who introduced the bagel to Jerusalem.
The Oakland, California-based investor topped three previous offers for the building with a $2.25 Read More
Some were surprised, to say the least, when news spread last month that Brazil’s Banco Itaú had agreed to pay upward of $200 per square foot for a 35,000-square-foot space on the 50th floor of the General Motors Building at 767 Fifth Avenue.
“I nearly fell off of my chair when I read that,” said Read More
Go West, Young Man
The Moinian Group this afternoon offered details about the upcoming 3 Hudson Boulevard, a 1,000-foot tall, 1.8-million-square-foot tower on 11th Avenue between West 34th and West 35th Streets in the thick of the Hudson Yards development.
“For more than two decades The Moinian Group has believed that the new West Side would emerge as Manhattan’s most sought-after neighborhood,” Joseph Moinian, founder of The Moinian Group, said in a prepared statement. “Our new mixed-use building at 3 Hudson Boulevard will stand as the pinnacle of elegance along the new Hudson Boulevard & Park. With 3 Hudson Boulevard, you are going to see something truly spectacular.”
Industry veteran Shari Krasnow-Renzi has joined Avison Young as a director of project management as part of the firm’s expansion of its project management services platform in New York City, the company announced today.
Ms. Krasnow-Renzi previously spent 15 years with Turner & Townsend, where she managed build-out and construction assignments.
She will oversee project Read More
In another whopping example of large real estate owners seeking to capitalize on current market conditions by unloading top-shelf inventory, Boston Properties has reportedly sold its 23-story office building at 125 West 55th Street for $470 million to J.P. Morgan Asset Management.
The deal follows a string of other Class A building sales this year – 550 Madison Avenue, 30 Rockefeller Plaza, 237 Park Avenue and 75 Rockefeller Plaza – which accounted for $3.8 billion of the city’s first quarter dollar volume and created a 46% year-over-year jump, according to data from Avison Young.
Midtown South is starting to look a little like Downtown North.
In the latest sign of the evolution of Manhattan’s former no-man’s land between Midtown and Downtown into the hottest office submarket in the U.S., Cushman & Wakefield last week noted a migration of financial firms into Midtown South and a corresponding overflow of technology and media firms into the Financial District over the past 10 years.
“We’ve never seen such an intertwining of the Midtown South market and Downtown,” Andrew Peretz, executive vice president at C&W, said in an interview.
Like the westward expansion that gripped the nation during the early to mid-1800′s, the expansion of Midtown Manhattan offers the city’s commercial real estate pioneers a modern crack at manifest destiny.
The trajectory of Midtown’s new building stock over the last seven decades tells a story of westward expansion that most recently struck Midtown West with the Hudson Yards development project.
“Hudson Yards really is the last frontier,” said James Delmonte, principal and vice president of research at Avison Young. “Firms are looking for newer product and larger floor plates, largely because there really is no available land on the east side.”
Office-leasing specialist Adam Rappaport has joined Avison Young as principal, leaving Cushman & Wakefield after 13 years to join a growing list of industry pros to be scooped by the Canadian firm.
A string of hires within the last few months highlights the firm’s mission to expand its footprint across New York City and the United States — and Mr. Rappaport cited that as a motivator for his move.
“I am excited to be part of an organization that is poised for such tremendous growth, and look forward to leveraging my relationships and expertise to establish new avenues for business development,” Mr. Rappaport said, in a statement announcing his hiring.
Avison Young was named the exclusive agent to market for sale a 29-year leasehold at 16 West 36th Street, the Canadian firm’s fast-growing New York office announced yesterday.
Neil Helman and Charles Kingsley, both principals and members of the firm’s Capital Markets Group, are marketing the leasehold on behalf of 16 W. 36th Associates LLC, the landlord of the 13-story Midtown property with 67,271 rentable square feet.
The landlord is a partnership between a private real estate investment fund and local investor, both of whom wish to remain anonymous at this time.