On the Market
Real estate investment and development company DDG is looking to demolish two buildings on the corner of East 88th Street.
DDG picked up the properties, 1558-1560 Third Avenue and 180 East 88th Street, which have rear lots that connect with one another, from Muss Development for nearly $70 million in the last quarter of 2013. The site houses two vacant five-story apartment buildings.
American Bible Society has hired Cushman & Wakefield to market for sale its 12-story headquarters building at 1865 Broadway.
The site is being marketed as a development opportunity and could accommodate a building of over 300,000 square feet. The Columbus Circle site could command as much as $300 million, according to Crain’s New York, which first reported the news.
Macklowe Properties has sold the retail condominium at the base of its residential condominium conversion at 150 East 72nd Street to RFR Realty for $19.9 million, Cushman & Wakefield, the firm that represented Macklowe in the deal, announced.
The building, on the southeast corner of Lexington and 72nd Street, is configured as four individual retail storefronts, totaling 4,000 square feet of ground floor space with 900 square feet of below-grade space and more than 150 feet of retail frontage on two major thoroughfares.
Fortis Property Group has purchased 151-161 Maiden Lane for $64 million.
Cushman & Wakefield made the announcement today after a team of Helen Hwang, Nat Rockett, Steve Kohn, Jared Kelso, John LiGreci, Bruce Mosler and George Giannopoulos represented Maiden Lane Development LLC in the sale.
“151-161 Maiden Lane is an irreplaceable waterfront location, spanning an entire Read More
A partnership between Fisher Brothers and The Witkoff Group has acquired 101 Murray Street from St. John’s University for $223 million, it was announced today. The sale is the largest residential development site transaction in lower Manhattan.
“101 Murray Street is a development site like no other in Manhattan with the potential to become a truly world-class residence,” said Helen Hwang, executive vice president at Cushman & Wakefield, who represented the seller, in a prepared statement. “We are privileged to have helped St. John’s University successfully realize such an important transaction for its academic mission.”
Dominated last year by smaller middle-market transactions, New York’s investment sales market has welcomed the return of large institutional transactions in 2013, while leasing activity in the first half of the year also experienced positive year-over-year growth.
With 10 transactions in excess of $400 million under contract through the second quarter, 2013 is set to be the single most active year for large deals since the Great Recession began in early 2008, according to midyear statistics from Cushman & Wakefield.
The Newmark Grubb Knight Frank team of Barry Gosin, Brian Waterman and Romel Canete was awarded the Real Estate Board of New York’s Henry Hart Rice Award for the Most Ingenious Deal of the Year Award at the trade association’s 69th annual cocktail reception yesterday evening. The deal, which was a lease for Morgan Stanley at One New York Plaza, closed in April of last year.
The judging committee evaluated 37 dealmakers across sales, lease and finance transactions over the last year. So impressive were the submissions, that a presenter at last night’s event at the 101 Club wondered aloud whether the authors of the submissions had advanced degrees in creative writing.
The new ownership of a former teddy bear factory at 497 Broome Street in SoHo is breathing new life into a building that’s available for lease for the first time since it was built in 1900, The Commercial Observer has learned.
A.M. Properties and Quality Capital have appointed Cushman & Wakefield as exclusive leasing agent Read More
Scott Rechler’s RXR Realty has signed a 99-year triple-net lease at British department store tycoon Mohamed Al Faye’s 75 Rockefeller Plaza in Midtown Manhattan, where it plans to undertake a major capital improvement to reposition the building.
The 33-story building will be fully vacated by Time Warner Cable in 2014, leaving behind roughly 630,000 square feet of rentable area, and the renovations will include a new lobby and a restoration of its landmarked, classic limestone façade, executives at RXR said.
Dermot Property Associates has sold a portfolio of 14 buildings in Manhattan, the Bronx and Queens for $190.5 million, The Commercial Observer has learned.
Ten of the buildings – five in Manhattan and five in the Bronx – were sold to the Parkoff Organization for $158 million, and the remaining four were sold to Douglaston Realty, said Aaron Jungreis, president of Rosewood Realty Group, who represented the buyers.
The 14 buildings were initially marketed as a package before it was determined that splitting it up was in the best interest of both the buyers and the seller.
Investment sales volume in Manhattan dropped 30 percent year-over-year in the first three quarters of 2012 from the same period in 2011, mainly due to a reduction in distressed activity, data from commercial services firm Cushman & Wakefield shows.
In its third quarter report for the Manhattan commercial real estate market, Cushman & Wakefield shows that as of September 2012, investment sales volume totaled $13.6 billion, from over $20 billion in the same period of 2011. “The drop in volume, we believe, is due to the reduction in distressed property sales,” said Helen Hwang, a company executive vice president.
71 Smith Street, a development site in Brooklyn’s Boerum Hill, is up for grabs. Cushman & Wakefield and JRT Realty Group have been tapped to market the property, a parking lot.
The 27,582-square-foot parcel is located between Schermerhorn and State Streets and allows for a 311,801 square-foot mixed-use project to be built. Up to 206,530 square feet of residential space can be raised. Another 105,271 square feet for commercial use is also zoned for the site.
The Citigroup Building at One Court Square in Long Island City sold for a reported $500 million today.
A preferred equity investment that was arranged by Cushman & Wakefield was provided by a group headed by the Paramount Group, Inc.
A self-described car guy, Woody Heller, executive managing director and head of the Capital Transactions Group at Studley, sees parallels between automobiles as hard assets and commercial real estate investment sales velocity in New York. Apart from the obvious luxury to be found in cars and Class A buildings alike—his 33-million-square-foot transaction volume likely doesn’t include a jalopy—both markets have also lately been bolstered by similar factors.
“With debt available and with interest rates so incredibly low, it encourages one to buy because money is so cheap,” he said. “If the asset class is in favor compared with what much of the alternatives are—if borrowing costs are incredibly low—it continues to steer people to want to invest in hard assets like real estate.”