To the untrained eye, last year’s City Council hearing on the Howard Hughes Corporation’s plans to tear down and replace the mall on Pier 17 at the South Street Seaport revealed the Lower Manhattan community and its elected officials’ deep reservations with the idea. But to the company’s counsel, Paul Selver, the hearing played out Read More
On the Market
The Ring Portfolio, a collection of largely vacant buildings in Midtown South and subject of a fiercely contested legal battle, was earlier this year turned over to Gary Barnett’s Extell Development. The properties, in varying states of disrepair, represent nearly 1 million square feet of space, all in the middle of New York City’s most popular submarket. In April, Extell traded four of the Ring buildings to the Kaufman Organization via 99-year net-lease deals. The agreement left Kaufman with the significant responsibility of renovating and leasing the properties. One of them, 119-125 West 24th Street, is already on the market, while the other three undergo wholesale repositioning. Last week, Grant Greenspan, a principal with the Kaufman Organization, spoke with Commercial Observer about the acquisition process and the challenges ahead.
Space at The Kaufman Organization’s 119-125 West 24th Street, formerly part of the Ring portfolio, is now available for lease, Commercial Observer has learned. Average asking rent for space in the vacant 12-story building is $67 per square foot.
For tenants occupying 40,000 square feet or more, the landlord will offer naming rights, complete with a separate lobby. A former freight elevator lobby has been converted into a second lobby for that purpose.
Gary Barnett’s Extell Development has acquired 160 East 125th Street from the East Harlem Abyssinian Triangle for $39 million, according to published reports.
The site is currently leased to a Pathmark supermarket and includes 300,000 square feet of air rights and over 450,000 total buildable square feet with exclusionary housing bonuses, according to The Real Deal, which first reported the news.
Gary Barnett’s Extell Development has bid $39 million for a site at 160 East 125th Street in East Harlem, according to the New York Daily News.
The East Harlem Abyssinian Triangle owns 51 percent of the site, according to the report, while the other 49-percent stake is owned by the city. The site is currently occupied by a nearly 60,000-square-foot Pathmark supermarket.
As soon as next week, Gary Barnett’s Extell Development is slated to sign a contract to sell the long-term ground leases on four Ring portfolio office buildings to the Kaufman Organization, Commercial Observer has learned.
The $150 million deal, to be sealed next week or the week afterward, will include 119-125 West 24th Street, 13-15 West 27th Street, 19-21 West 24th Street and 45-47 West 27th Street, a source with knowledge of the deal said.
One57 was on fire over the weekend – literally. The fire reportedly started on a loading dock at the luxury residential tower on Saturday night and was brought under control around 10 p.m., but not before nearby resident and lawyer Michael Hurwitz prepared a lawsuit filed with the state Supreme Court against Extell Development.
“The whole area was in a blazing fire,” Mr. Hurwitz told Luxury Listings NYC. “It was a very close call … it was 100 percent unacceptable what was going on there.”
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.
Masters of Real Estate
Vornado Realty Trust has acquired the land and air rights necessary to proceed with its development at 220 Central Park South, the real estate investment trust announced yesterday.
The $194 million acquisition will allow Vornado to begin construction of its planned 920-foot tall luxury residential condominium and puts to rest an ongoing dispute between the REIT and Extell Development, the seller of the rights.
There’s “something major” happening in every submarket in the city, but will gridlock in Washington and the impending mayoral election thrust the city back into recession – or even into a backdrop of crime and bankruptcy reminiscent of the 1970’s?
Not a chance, said a group of the city’s top real estate developers at Observer Read More
With more than 52 million visitors to the Big Apple in 2012, one thing seems certain: By all accounts, the hospitality industry is thriving in New York City. Hundreds of new hotels, with nearly 20,000 rooms, have joined the inventory over the past few years. Despite this, according to some industry leaders, there is reason to feel uneasy about the outlook for continued growth in this asset class.
The auction to settle a dispute over 251 Park Avenue South, which is jointly owned by F.M. Ring Associates and Extell Development, has been postponed until October 9. The fate of the building had previously been set to be decided on August 28.
“A typical reason [for the postponement] would be that the parties are having settlement negotiations,” Joshua Stein, court appointed referee, told The Commercial Observer, adding he had no specific knowledge of the reason for the postponement, which was first reported earlier this week by the New York Post.
Seattle-based luxury retailer Nordstrom has reportedly paid $102.5 million for the site of its future Midtown flagship store at 225 West 57th Street.
The seven floor store will anchor a massive 88-story, 1,550-foot residential condo tower that Extell Development is building at the site.
The retailer said its store will encompass 285,000 square feet when it Read More
Neighbors of One57 are reportedly fuming around-the-clock after the Department of Buildings granted Extell Development a 24-hour work permit.
Residents are lashing out over a permit that allows Extell to run an exterior elevator and work on its crane through August 18, which is the latest of more than 300 such variances issued over the last year, Read More
“Sell the building.” So began my great adventure of 2013.
Earlier this year, a court ordered me to hold a public auction of 251 Park Avenue South, a 16-story office building that is almost 70 percent vacant—an incredible opportunity for someone to create a new landmark in one of the hottest neighborhoods in New York City.