Sales Beat

Ariel Property Advisors Sells Adjacent Manhattanville Buildings for $15 M.

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Ariel Property Advisors has announced the sale of two adjoining six-story multifamily properties at 556-562 West 126th Street for $15 million, or $384,615 per unit.

The buildings, with a combined 36,599 square feet, feature 39 units, with 36 four-bedrooms, two one-bedrooms and one commercial unit and are located steps from Columbia University’s new 17-acre Manhattanville campus.

Between the Columbia Read More

Manhattan Market Report

Education Sector’s Manhattan Office Space Surges With Monster Deals and Expansions

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Though it still makes up just two percent of the Manhattan office market’s total inventory, a number of significant deals have caused a surge in the education sector’s Manhattan footprint.

A report from CBRE attributes the 47 percent jump in office space leased by the sector – between 2005 and November 2012 – to a growing residential population, increases in enrollment at universities, campus expansions, greater availability and lower asking rents in sections of Midtown South and Downtown. Read More

The Lawyers You Call

Kramer Levin Naftalis & Frankel’s Jay Neveloff on NYC Land Use Law

Jay Neveloff.

Jay Neveloff is a partner at Kramer Levin Naftalis & Frankel whose practice is focused on real estate and other commercial transactions. His past and present client list includes Starwood Hotels, the owners of Starrett City, New York Life Insurance Co. and the Trump Organization. Mr. Neveloff spoke to The Commercial Observer last week about how land-use issues have evolved in the city over the past 10 years. Read More

Creeping Ivy

A Weary Columbia Moves Full-Speed Ahead

Columbia’s prez, Lee Bollinger, almost breaks a sweat when he talks about the school’s plans to move ahead with expansion plans, reports Crain’s. “A note of impatience frequently creeps into the voice” of the ever-polished Mr. Bollinger when he talks about Manhattanville, says the article.

Apparently the former law prof found himself nonetheless Read More