Year in Real Estate

The 10 Biggest Leases of 2013

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For two years in row, 1 World Trade Center scored among the city’s largest transaction, starting with 2011’s Condé Nast showstopper and following with last year’s 270,000-square-foot UGS deal. But in 2013, the buzz moved uptown when another marquee deal, L’Oreal’s 400,000-square-foot commitment to the Related Companies, stole the headlines at the new Hudson Yards development.

Last year was a relatively modest one compared to 2011 when it came to office leasing, but 2013 saw a significant rebound—the top 10 deals totaled more than 2.7 million square feet, a 50 percent increase year over year. Like 2012, a variety of sectors made the list, from financial services to law firms to the media and publishing industries.

Below are the top 10 leases of 2013 by square footage, courtesy of Cushman & Wakefield.

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Lease Beat

N+S Wines Set to Open in Queens

Courtesy of Komo News

N+S Wines is set to open up shop in Queens.

The newly established liquor store will be opening a location in the shopping plaza at 5850 Francis Lewis Boulevard in Flushings, brokers told The Commercial Observer.

“It’s a great location with a lot of residential customers,” said Grant Dolgin, a broker at Kalmon Dolgin Affiliates. Read More

Mortgage Observer

Capital One Grows, Minus Pains

Rick Lyon.

Capital One Bank has grown steadily since it was founded by current chairman, CEO and president Richard Fairbank in 1993. Along the way it grew from a mono-line credit card company funded through the capital markets into a more diversified entity with commercial and consumer banking. It managed to make Visigoths funny and capitalize on Alec Baldwin’s Words With Friends meltdown, while simultaneously deepening its reach into lines of business like commercial real estate.

The bank as a whole had $294.5 billion in loans outstanding and $216.5 billion in deposits as of March 31, 2012, according to its first quarter 2012 results. The commercial and multifamily real estate portion of this increased when comparing year-end results recently as well—rising to $15.4 billion for the period ended Dec. 31, 2011 from $13.4 billion the previous year. Read More

Mortgage Beat

Capital One Sells Mortgage Note on 55 Gansevoort to DelShah Capital

Michael Shah.

DelShah Capital has snapped up the note on a 26,000-square-foot, five-story Meatpacking District building it had been eyeing for several months—taking the first mortgage and senior liens on 55 Gansevoort Street from lender Capital One Bank. The firm plans to renovate some floors, creating office space. It may also partner with a restaurant currently occupying space in the building.

Michael Shah, principal and CEO of DelShah Capital, told The Commercial Observer that the deal was complex because a restaurant, Villa Pacri, occupies several floors there. Read More