Initial Public Offerings
Sony Corporation of America has signed a 15-year, 525,000-square-foot lease at 11 Madison Avenue, the company confirmed today.
The U.S. branch of the Japanese conglomerate will occupy the top 10 floors of the building, as well as the rooftop overlooking Madison Square Park. Additionally, Sony will have a dedicated entrance to the building with the address 25 Madison Avenue.
Masters of Real Estate
Shares in commercial real estate finance firm Ladder Capital ended the first day of trading largely unchanged, falling 1 cent on Thursday to $16.99. The company had priced 13.25 million shares at $17, raising $225 million, late Wednesday.
Trading under the symbol LADR on the New York Stock Exchange, the company’s shares rose 14 cents, or .82 percent, to $17.13, as of 12:12pm on Friday.
The Commercial Observer will host its annual Masters of Real Estate conference on October 16 at The Metropolitan Club, located at 1 East 60th Street. Beginning at 8am, the event will feature three panel discussions on the State of New York City Real Estate, the State of Opportunistic Investments and the State of the Capital Markets.
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
hacking, Breaking News
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.
The hacking of Go Daddy that brought down scores of websites this afternoon hit several prominent real estate companies.
Colliers International, CIM Group and The Durst Organization all had their websites disabled as a result of the attack, which reports claim was committed by the outlaw hacking group Anonymous.
National retailer J.C. Penney is taking the whole shebang at 200 Lafayette Street.
The company has signed a 15-year lease for the entire 130,000-square-foot Soho building, including its 11,500-square-foot retail space, The Commercial Observer has learned.
Love the Drake!
It’s ICSC week in New York City and while many in the retail business consider the event secondary to the larger conference held by the organization in Las Vegas each May, for many Manhattan real estate brokers, the conference is the most important of the year—and not necessarily just because of its jam-packed daytime roster of speakers and seminars.
In establishments from the New York Times’s four-star-rated Del Posto to the Dream Hotel in Lower Manhattan, buttoned-up retail brokers will be wining and dining potential clients during a two-day orgy of after-hour soirees, dinners and suds-soaked meetings, all designed with the deal in mind.
Love the Drake!
It has been arguably the most watched development site in the city for the past few years, and all the moreso now as Harry Macklowe and his new partners at CIM prepare to build something on the former site of the Drake Hotel. Even though both developers eschew press, details have dribbled out Read More
Love the Drake!
A few weeks ago, The Observer took a stroll around the Drake Hotel site and noticed an orange crane poised in the northwest corner. That was just the first in a series of signs that the developers are moving ahead on one of North America’s most valuable development sites.
Insiders told The Observer Read More
Developers are moving forward with super-secretive plans to begin construction on the most valuable development site in North America.
A team led by the California-based CIM Group has filed an application with the Department of Buildings to begin construction on the site, at Park Avenue and 57th Street where the Drake Hotel once was, according Read More
Life is stirring again at the ghostly Drake Hotel site.
With financing for development sites still virtually frozen, CIM Group has received a $30 million mortgage from Pacific Northwestern Bank on the former home of the Gilded Age hotel, according to public records.
As The Observer reported in February, the spot at Park Avenue and 57th Street is likely the only existing development Read More