A look at the history of the Starrett-Lehigh building, which traded last month in a massive sale from RXR Realty to Blackstone Group. The dazzling structure, first built to accommodate rail deliveries, has transformed throughout the years as it went from offering rents from $1 per square foot per year to trading for nearly $100 million. Read More
On the Market
Greenwich, Conn.-based Arch Street Capital bought the Residence Inn New York Marriott with a $57 million loan from Barclays, the bank confirmed to Mortgage Observer.
Arch Street, a real estate investor and adviser, bought the leasehold interest at 144 East 48th Street from AEW Capital Management for $89.6 million, according to records filed with the city today.
CBRE is gearing up to market the Helmsley Park Lane Hotel towards developers of high-end condominiums, according to published reports.
The 370,000-square-foot property, being sold by the estate of Leona Helmsley, has received at least two separate offers of more than $600 million, including one from industry scions Harry Macklowe and Steven Witkoff, The Wall Street Read More
The Year in Review
A giant gorilla-like creature scales the Empire State Building, clutching a beautiful blond woman. Fighter jets circle, machine guns shooting to kill. He pounds his chest, roaring, refusing to go down without a fight.
The final scene from the 1933 production of King Kong gripped viewers and put them on the edge of their seats Read More
New York real estate is some of the most desirable and expensive in the world, but the ever-fluctuating price of a square foot of space in a given neighborhood is unquestionably dwarfed by the value of human life. This year, the commercial real estate world lost several notable figures and The Commercial Observer would like to take a moment to remember them.
With school back in session earlier this month, The Commercial Observer reviewed its library of leather bound text books and plucked at random a collection of 15 entry-level real estate trivia questions, touching on everything from ethic and law to pop culture and the brick and mortar itself.
While a high score won’t ensure success in real estate, it does promise popularity in life and bragging rights at the water cooler. The answers are upside down below, after the jump. Buena Suerte!
The Mortgage Observer has learned that a $200 million refinancing of the Carlton House condominium conversion is in the works. Bank of America is in talks with partners Angelo, Gordon & Co. and Extell Development to provide the financing, though the loan hasn’t closed and terms weren’t available.
According to The Wall Street Journal, the Malkin family has changed the structure of the IPO that it hopes to bring to market for the Empire State Building. Investors had complained that, under the previous structure of the deal, the family would receive preferential tax treatments not accessible to the tower’s 2,800 investors.
Manhattan real estate moguls talk about his “Solomonic wisdom,” according to The New York Times.
Former Mayor Rudolph Giuliani called him the “dean of damage control.” His public relations firm, Rubenstein Associates, once simultaneously represented both Leona Helmsley and Donald Trump.
So it’s no exaggeration to say that nothing of importance happens in New York City without somehow involving Howard J. Rubenstein.
The estate holding the assets of the one-time hotelier and reputed Queen of Mean Leona Helmsley sold two properties on Manhattan’s East Side on Oct. 1, according to city records.
The properties in question are a ground-floor 4,178-square-foot retail condominium at 760 Third Avenue and the nearby 144 East 48th Street, a 114,500-square-foot apartment building Read More