Sales Beat

L&L Sells 195 Broadway to Investors

195 Broadway

Institutional investors advised by JP Morgan have acquired a majority ownership of the landmarked 195 Broadway from L&L Holding Company and Beacon Capital Partners.

L&L chairman and chief David Levinson and partners bought the Financial District property for $206 million in 2005. The New York Post reported that the 29-story office tower is currently worth about $500 million. Read More

Lease Beat

Blue Mountain Capital Renews at 280 Park Avenue

Courtesy of the Real Deal

Blue Mountain Capital has extended its lease and will expand at 280 Park Avenue.

The firm had previously occupied a 22,250-square-foot office on the fifth floor of the building where it has been located since 2007. It will relocate to the 12th floor of the building where employees will spread out across the entirety of a 49,541-square-foot floor plate. Read More

Lower Manhattan 2013

Cornered: So Far No Takers for 150,000-Square-Foot Retail at 23 Wall, But Repositioning in the Works

23 Wall Street

A onetime citadel of finance is proving to be a complicated sell.

The former J.P. Morgan headquarters at 23 Wall Street has been without a tenant for about seven years. And ambitious plans to woo a large retailer are being reconsidered.

Built in 1914, 23 Wall Street—also known as The Corner—has had a dramatic and occasionally fraught history. It was bombed in 1920, possibly by an Italian anarchist. The blast killed 38 people. The New York Stock Exchange is across the street, but despite the foot traffic its location generates, the property’s fortified address is a major reason why retailers—and large department stores in particular—have been reluctant to move in. Read More

Lawsuits

Solow Sues Banks over Manipulation of Libor

solow_0

7 West 57th Street Realty Co., a real estate company controlled by Sheldon Solow, filed a lawsuit in federal court yesterday against Citibank, Bank of America, Barclays, JPMorgan and a number of other banks for allegedly conspiring to manipulate the London Interbank Offered Rate (Libor).

The complaint alleges the defendant banks’ conspiracy to manipulate Libor resulted in the seizure of Mr. Solow’s $450 million bond portfolio by Citibank. The portfolio was pledged as collateral for Libor denominated loans, the complaint says, and was comprised largely of high-grade municipal bonds. Subsequently, Solow was obligated to pay a $100 million judgment. Read More