Kaufman Organization and Principal Real Estate Investors have closed on their acquisition of four former Ring buildings, totaling 341,441 square feet in Nomad and the Flatiron District, from Extell Development Company.
As Commercial Observer previously reported, the deal included 13-15 West 27th Street, 45 West 27th Street, 19 West 24th Street and 119-125 West 24th Street. Depending on the valuation, the 99-year net lease cost between $175 million and $200 million, according to David E. Ash of Prince Realty Advisors, the lone broker in the deal.
Masters of Real Estate
Nonprofit United Cerebral Palsy of New York City is expanding and relocating its current program after cutting a 30-year lease for 218,000 square feet at 80 West End Avenue.
The deal was made possible after the organization negotiated a contract to sell its current home at 122 East 23rd Street, a four-story building it has owned Read More
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.
Extell Development Company is under fire for its plans to create what some are calling a “separate but equal” arrangement at 40 Riverside Boulevard on the Upper West Side.
The developer reportedly plans two separate entrances for low-income residents and their high-income tenants living in luxury pads.
“This ‘separate but equal’ arrangement is abominable and Read More
Real estate investment and finance firm Princeton Holdings has sold its interest in a one million square foot portfolio of commercial properties located in Manhattan’s Midtown South submarket for $74 million to Extell Development Company.
Buyer Extell Development Company significantly boosts its existing stake in the portfolio and, having gained at least a 50 percent stake in Read More
An ownership feud over management of a largely vacant Midtown South property will be decided at auction in August. The 16-story prewar office building at 251 Park Avenue South, which sits nearly 70 percent vacant in the heart of the red hot submarket, is to be sold at public auction on August 28, by order of the Supreme Court of the State of New York.
The building is owned “tenancy in common”–a form of simultaneous ownership in a single property by two parties—by F.M. Ring Associates and an investor, reportedly Gary Barnett’s Extell Development.
Post-Tropical Storm Sandy
Steve Wiktoff paced back and forth in a conference room at his partnership’s New York City office, eager to talk about his latest endeavors, but just as eager to tackle the other 10 commitments that had come his way.
In the face of one of the worst natural disasters in the city’s history, commercial real estate landlords braced for Hurricane Sandy, employing every measure possible to hold property damage to a minimum and keep tenants safe.
But not even prophetic foresight could have allowed the city’s landlords—or New York City as a whole—to prevent much of the destruction that the mammoth storm wreaked across the five boroughs.
The road to recovery, especially in low-lying coastal areas like Staten Island, Coney Island and the Rockaways, will take months, if not years. Lower Manhattan went dark for days, with many companies largely shutting down due to power outages and salt water flooding, which is especially corrosive to mechanical equipment.
“It’s—It’s—It’s just a mess,” said Jordan Barowitz, a spokesman for the Durst Organization, who struggled to find words to describe the destruction in Lower Manhattan.
No Retreat, No Surrender
Gary Barnett continues to bulldoze his way across the city. Just last week, his Extell Development unveiled plans for a new tower at Riverside South; found a partner for a stalled 50-story hotel near Times Square; and secured $700 million in financing from Abu Dhabi toward One57, the condo-hotel tower on West 57th Street that will be the tallest, and likely most expensive, when it is completed. As if that were not enough, the developer has begun work just down the block on another of its long-simmering projects.
Fifteen Central Park West, be worried. Very worried.
Today, The New York Times reports on Gary Barnett’s long-fallow hole on West 57th Street, across from Carnegie Hall, which, now that he has some big Middle Eastern backers, he is turning into the city’s tallest, and perhaps most expensive, condo project. The price for Read More
The fight over Trump City is about to have a reprise.
Extell Development’s planned 2,500-apartment development on the westernmost portion of the Upper West Side is slated to start the city’s seven-month rezoning process Monday. This sets into motion debate over the future of the last parcel of the larger Riverside South development, a Read More
Extell Development’s skyscraper planned for 57th Street and Broadway will face a big test Tuesday, as the city’s Landmarks Preservation Commission is set to decide the fate of two connected buildings built by the B.F. Goodrich Company in 1909.
Just what that fate will be is unclear to many involved, a rare twist with a Read More
There’s a rule of thumb that applies to the city’s Landmarks Preservation Commission: The agency shouldn’t try to designate a building a landmark against its owner’s will unless the commission’s ready for a loud public skirmish. And, generally in the Bloomberg administration, the commission has steered clear of such battles, making for relatively few such Read More