A joint venture led by Jeff Sutton’s Wharton Properties has nabbed a three-building site at 530 Broadway from Joseph Sitt‘s Thor Equities for $326 million. The sale closed on March 6 and appeared in public records today.
The retail mogul bought the 11-story property to extend his dominance in Soho. It hit the market in February 2013 and Mr. Sitt agreed to sell it to the new owners that September. Read More
The Sacony-Mobil Building, a 1.7 million-square-foot office tower at 150 East 42nd Street is on the market, according to Bloomberg News. The building’s owner, Hiro Real Estate, a Japanese investment firm, is asking $900 million for the long-term leasehold.
The building is 90 percent occupied and has two major tenants, Wells Fargo and Mount Sinai Hospital, which each occupy approximately 500,000 square feet. The 42-story tower is located less than a block from Grand Central Terminal. Read More
Oxford Properties Group, a division of the Ontario Municipal Employees Retirement System, has agreed to acquire 450 Park Avenue from Somerset Partners and Michael Tabor for $575 million. The sale values the 33-story office tower at over $1,700 per square foot, according to The New York Times, which first reported the deal.
“A lot of pension funds, Asian companies, sovereign funds and other investors are increasing their allocations for real estate,” Douglas Harmon of Eastdil Secured, who brokered the deal, told the Times. “If you do that, the first place you want to be is Manhattan.” Read More
Gary Barnett‘s Extell Development has closed on an ownership stake in 212 Fifth Avenue, Mr. Barnett confirmed to Commercial Observer.
The 26th Street office building partnership deal closed for $90 million on January 13 and was recorded with the city yesterday, PropertyShark records indicate. Read More
Vornado Realty Trust is reportedly planning to sell 1 Park Avenue and is seeking roughly $650 million for the office tower.
The real estate investment trust, which has interests in more than 20 million square feet of Manhattan office space, has hired Douglas Harmon and Adam Spies of Eastdil Secured to market the 20-story, 925,000-square-foot Read More
A venture of the Related Companies, the Abu Dhabi Investment Authority and Singapore’s GIC has purchased the office space of Time Warner Inc. at the Time Warner Center for $1.3 billion, the seller announced today.
Time Warner will relocate its corporate headquarters and New York City employees from Columbus Circle to Related’s Hudson Yards. The company has made an “initial financial commitment” to the development, according to a press release. Time Warner has agreed to lease back office space in the Time Warner Center until 2019, when the development at Hudson Yards is expected to be complete. Read More
Kent Swig will reportedly face off in court with JPMorgan Chase tomorrow after suing the bank on Thursday, claiming that its plan to sell his office tower at 90 Broad Street violates a 2006 “last look” agreement that Mr. Swig had with the bank.
In early July, Jonathan Gray, Blackstone’s global head of real estate, appeared on CNBC in an exclusive interview with the network. Dubbed Most Powerful Man in Real Estate—this ran in a banner during the 12-minute segment—Mr. Gray outlined the strategy behind Blackstone’s recently launched mortgage REIT, Blackstone Mortgage Trust.
With a mid-summer rising of rates at the front of most minds, Mr. Gray explained what, at the heart of it, apart from the Blackstone name, makes the endeavor a safer bet. “Blackstone Mortgage Trust is a floating rate lender,” he told David Faber, the co-anchor of Squawk on the Street. “Rising rates for this vehicle are better.”
Related Companies has not bid on Sotheby’s Upper East Side headquarters as part of a deal to bring the international auction house to Hudson Yards, a source familiar with the matter told The Commercial Observer.
Earlier reports suggested Related was eyeing a bid for the property at 1334 York Avenue. The reported deal, a 1031 tax-free exchange, would see Sotheby’s buy or lease a significant portion of the 750,000-square-foot retail podium connecting the first two Hudson Yards office towers, according to a story yesterday in the New York Post. Read More
Related Companies is reportedly landing another high-profile tenant at Hudson Yards, as Time Warner gears up to move from its Columbus Circle headquarters into a new 80-story skyscraper-to-be at the 26-acre west side complex.
A building described by some as “the most important generator of popular songs in the Western world,” including The Coasters‘ 1958 hit The Brill Building at 1619 Broadway is famous for housing music industry offices and studios where some of the most popular American music tunes were written over the last several decades.
Now, its Read More
A contract was signed on Friday for the sale of Westbrook Partners and Moinian Group‘s 295 Madison Avenue, The Commercial Observer has learned.
Murray Hill Properties represented the buyer, The Eretz Group. A source, who spoke on the condition of anonymity and declined to name the purchaser, said that the sale price exceeded $200 million. Read More
Mortgage Observer Weekly has learned that a $310 million CMBS loan on 120 Broadway closed last week, likely at a rate in the mid-2 percent range. Wells Fargo originated the loan.
A previous CMBS loan on the building had an outstanding balance of $215 million. Originated back in May of 2006, it was set to mature in June 2013, according to data from Trepp. Read More
Morgan Stanley has provided a $275 million loan to finance the acquisition of the Milford Plaza Hotel, sources told The Mortgage Observer. The 10-year loan has an interest rate under 3.5 percent, according to sources familiar with the deal, and will be securitized.