A major Chinese investment firm has secured a loan from a U.S. lender to develop a large-scale residential real estate project in Brooklyn. But Xinyuan Real Estate Co. is taking a different tack from that of many foreign investors that have developed real estate in New York City: It is proceeding without a U.S.-based joint venture partner.
Xinyuan, through its U.S. real estate arm XIN Development, plans to build a seven-story condominium development in South Williamsburg, to be called Oosten, according to a representative for the firm. The project nabbed a $165 million loan from New York-based Fortress Investment Group, according to data provided by the real estate services firm Real Capital Analytics. Fortress did not respond to a request for comment.
Art in Real Estate
Douglas Elliman retail pros Faith Hope Consolo and Joseph Aquino have been hired to lease the standalone Soho building that was once home to Tommy Hilfiger‘s headquarters, Commercial Observer has learned. The asking rent for the single-tenant building is $2.25 million.
The 11,520-square-foot elevator building at 372 West Broadway, at the corner of Broome Street, spans three floors and includes a lower level selling floor and a rooftop garden. There is 112 feet of frontage along West Broadway.
The walls of Douglas Elliman’s Carroll Gardens office are up for lease each month. But the rent is free.
Artist and curator Leon Nicholas Kalas of nearby Boerum Hill has teamed up with executive vice president and director of sales Camille Logan to turn the office at 325 Court Street into an exhibit space for artists looking for free exposure.
Behind the Book, a non-profit literary organization, is moving from its digs on West 123rd Street to a two-level space at 216-218 West 135th Street come June 1.
Having signed a three-year lease, Behind the Book will be situated in the 1,650-square-foot ground level and 625-square-foot basement level at the West 135th Street building, which is between Adam Clayton Powell Jr. and Frederick Douglass Boulevards, the brokers in the transaction said.
Paul Morelli will be opening his first New York store after signing a 10-year lease for a two-level space at 895 Madison Avenue.
The jeweler, a presence at luxury goods department store Bergdorf Goodman since 1981, will occupy a 728-square-foot ground floor space and a 1,221-suare foot basement, with 40 feet of frontage across from Ralph Lauren’s New York flagships.
YSB Salon has signed a 10-year lease at 2520 Frederick Douglass Boulevard, between 134th and 135th Streets in Central Harlem, Commercial Observer has learned.
The lease includes 550 square feet of space on the ground floor and 450 square feet on the lower level. The tenant, a full-service hair and beauty salon, will pay rent in the mid-$80s per square foot.
Gleaming new skyscrapers. Swarms of young pedestrians. Cutting edge tech and creative office tenants. High-end retail. Sprouting condo towers. A new transportation hub.
This isn’t a city of the future—it’s the “New Downtown,” as Francis Greenburger of Time Equities described it to Commercial Observer last week.
On the Market
This past Sunday marked the five-year anniversary of the lowest point in the stock market crash which sent everyone, including New York City’s real estate market pros, reeling. In late 2010 and early 2011, New York City essentially recovered from the economic meltdown but business hasn’t always been rosy since. Commercial Observer checked in to see how the city’s commercial real estate brokers were doing five years ago and how they are faring today.
Seven retail spaces are available for lease at a six-story Lower East Side building that is home to the homey Eastwood Bar.
Douglas Elliman‘s Faith Hope Consolo, Joseph Aquino and Arthur Maglio have been tapped to market the building, at 221 East Broadway, at the southeast corner of Clinton Street.
Is there a clear-cut line between southern Chelsea and the Meatpacking District now that both are no longer gritty?
Not really, says a committee that is trying to launch a new Business Improvement District called Meatpacking Area BID that would treat the two areas as one in order to provide maintenance, development and promotional services.
Douglas Elliman is marketing the 1,409-square-foot retail space at 412 Columbus Avenue, Commercial Observer has learned. The firm’s leasing and sales team of Faith Hope Consolo and Joseph Aquino has been awarded the exclusive agency for the space, the duo’s third assignment on the block.
“We are redoing the entire block front,” Ms. Consolo said. “For a long time the Upper West Side was about sneakers and sweatpants. Now, it’s lululemon and lipstick.”
Hedge fund manager Mark Sonnino has reportedly purchased an office building at 555 West 25th Street in West Chelsea from Sharone Ben-Harosh of FlatRate Moving for $27 million just months after selling his home for $43 million.
The 40,856-square-foot building, between 10th and 11th Avenues, is occupied by creative tenants, including the Dillon Gallery, a Read More
Renderings have been unveiled for a roughly 14,000-square-foot Madison Avenue retail space next to the Whitney Museum of American Art.
The project, still under construction at 935 Madison Avenue, is part of a renovation of a historical 1876 property on 74th Street. The retail portion includes roughly 7,200 square feet on ground floor and 7,100 on the lower level, said Isaacs & Co.’s Joel Isaacs, who is marketing the retail space with colleague Josh Lewin. It will have over 100 feet of frontage on Madison Avenue.
A Harlem prewar residential condominium near Central Park will be the home of a new orthodontics practice.
Central Park North Orthodontics, will be setting up an office on the ground floor at 1851 Adam Clayton Powell Jr. Boulevard, between 112th and 113th Streets.
It has been just brutal outside, a mess of snow, sleet, rain, ice and slush requiring acrobatic skills to jump from snow mound to snow mound.
While surfaces are icy, subway service has been interrupted, states of emergency have been declared and people are cold, has the wintry mix impacted the business of real estate in New York City?
Commercial Observer checked in with some real estate folks to find out.