The City of New York has paid the Paterno family of Flushing $7.94 million to acquire 126-23 37th Avenue in Willets Point, according to property records.
The deal is part of the city’s strategy to control the land necessary to proceed with the redevelopment of the Queens neighborhood. The city currently holds over 95 percent of the land earmarked for phase one of the project, according to the New York City Economic Development Corporation.
Condé Nast and Interpublic Group were the gifts to New York that kept on giving, as the former added 138,773 square feet to the 1 million it inked last year at One World Trade Center and the latter blazed through a series of deals throughout the year, beginning with a whopping 220,359-square-foot transaction in October and ending with a smaller one last month.
In all, the city’s 10 biggest office leasing transaction were modest compared to 2011, when deals by Nomura Holding and Coach reached nearly 2 million square feet alone.
Still, a wave of transactions from a variety of business sectors—from government and education to legal, financial services and media—proved that, even during economic doldrums, bold can be beautiful.
After the jump, the 10 biggest office deals of 2012.
Editor’s Note: Renewals were not included in this list, nor were deals completed after Dec. 18, the date the final tally was published.
On the heels of its lease renewal at nearby 100 Church Street, the City of New York has re-upped for 207,812 square feet at 75 Park Place, a 14-story, 625,000-square-foot Jack Resnick & Sons building.
The space the city renewed for is used by the Office of Management and Budget, the Office of the Actuary Read More