Greenwich, Conn.-based Knighthead SSRE REIT, Inc. is suing the owner of East Houston Hotel for defaulting on more than a couple of million dollars in loan payments on the Lower East Side property, according to court documents.
The proprietor of the 42-key hotel at 151 East Houston Street at East Houston and Eldridge Streets owes $2.5 million plus late charges, default interest and costs and expenses as of April 1, according to the April 6 complaint filed in New York Supreme Court.
Seattle-based Nordstrom, Inc. will be opening a 34,000-square-foot Nordstrom Rack at Staten Island’s Empire Outlets, New York City’s first outlet center, the store announced today.
Last month, Commercial Observer reported the deal was signed with BFC Partners, the developer behind Empire Outlets.
On the Market
Chicago-based Infrastructure Engineering, Inc. is heading to Harlem to establish its first New York City offices.
The firm, which was established in 1986, has signed a lease for 1,275 square feet on the ground floor at 233 West 135th Street, between Adam Clayton Powell and Frederick Douglass Boulevard. The asking rent was $32 per square foot and the lease is for three years.
World Trade Center
Eastern Consolidated is asking $6.75 million for a two-story Chinatown commercial building and former stable house just one block from the Manhattan Bridge at 49 Market Street, Commercial Observer has learned.
The firm said the 4,400-square-foot building (with approximately 4,000 square feet of unused development rights) is best-suited for “investors seeking in-place tenancy and income,” with the ability to bring it to its full as-of-right potential of roughly 8,400 square feet, or perhaps to use it as a component for a future assemblage with adjacent properties.
REBNY President Steven Spinola is praising friend and Silverstein Properties, Inc. Chairman Larry Silverstein for the progress made at the World Trade Center site and his various contributions to New York City real estate.
Mr. Spinola published an article in Real Estate Weekly yesterday highlighting and lauding Mr. Silverstein’s accomplishments encompassing “more than a lifetime’s worth of success” following the 82-year-old’s recent announcement that he would step down as co-CEO of SPI.
Memorial Sloan Kettering Cancer Center has signed a seven-year, 54,200-square-foot sublease with EdisonLearning, Inc. at 485 Lexington Avenue, Commercial Observer has learned.
MSKCC will occupy the second floor of the building and the lease will run through the end of EdisonLearning’s own sublease of the space, as EdisonLearning had subleased it from Advance Magazine Publishers for an 11-year term in 2009 after relocating from its previous offices at 521 Fifth Avenue.
A 210,000-square-foot office Midtown East building is set to get updated common areas to “strategically attract new media and tech firms,” Newmark Grubb Knight Frank announced today.
Capital improvements at the Meadow Properties building, at 211 East 43rd Street, include gut-renovating the lobby, common spaces and elevators; reconfiguring the floor plates; adding kitchen/cafés to each office suite; installing new bathrooms on every floor; and giving tenants their own submeters for electricity. Work started on the lobby this month.
Apex Systems, Inc. has signed a new seven-year, 4,318-square-foot lease at Savanna’s 100 Wall Street, Commercial Observer has learned.
The company, a leading provider of information tech staffing, follows a string of tech/creative tenants that have filled roughly 50,000 square feet in the Downtown building over the last 15 months.
Savanna’s Downtown portfolio, which consists Read More
Mergers and Acquisitions
C. Wonder has signed an additional 8,835-square-foot lease at Adams & Company’s 1115 Broadway, bringing the firm’s total footprint in the building to 36,530 square feet.
The clothing, accessory and home décor company moved into the building nearly two years ago, taking 24,000 square feet at the time, and it is in talks to grab Read More
Vox Media is reportedly buying online media company Curbed.com L.L.C., and the two companies are already celebrating in style – over fried chicken and pork buns.
The New York Times broke word yesterday that the digital media company would acquire Curbed and its three web publications, which report on real estate, dining and retail, for a mix of stock and cash valued at $20 million to $30 million.
Luxoft USA, Inc. has signed a roughly 4,700-square-foot, 10-year lease for a portion of the fifth floor at Savanna’s 100 Wall Street.
The software development and IT solutions provider relocates to the building from its former Penn Plaza location, representative of a broader shift among tech tenants moving Downtown.
“We definitely are seeing an influx of Read More
Capital One Bank has completed the syndication of the previously announced $220 million credit facility for American Realty Capital New York Recovery REIT, Inc. (“NYRR”).
The syndicated loan will be used primarily to facilitate acquisitions of large, institutional-quality properties in New York City, the bank said.
Capital One Bank acted as the sole lead Read More
How many fast food joints does it take to satisfy a multi-billion-dollar real estate operation?
New York-based real estate giant American Realty Capital has purchased 10 fast food restaurants in the Dayton, Ohio area alone in the last two months, the Dayton Business Journal reported.
The firm paid $15.5 million for the portfolio, which includes Read More
New York City-based national real estate investment firm The Praedium Group and its partners have sold the leasehold interest at 16 West 36th Street in Midtown to South Kiamie Industries, Inc. for $12.9 million – and a Brooklyn residential property in the Crown Heights neighborhood for $22 million.
The firm announced the Manhattan sale earlier Read More
ING US, Inc. has signed an 11-year lease extension for 144,000 square feet at the historic 1.4-million-square-foot 230 Park Avenue, The Commercial Observer has learned.
The leading provider of retirement, investment management and insurance services has been in the building since 1984, starting with a 55,000-square-foot lease and steadily expanding its footprint over the past Read More