Behind the turnstile
Madison Capital is expected to close on its purchase of 606 Broadway by the end of the year, Commercial Observer has learned, after going into contract nearly a year ago.
Madison Capital paid $25.825 million for the Soho property as well as $13 million for an alternative parking facility for the Metropolitan Transportation Authority, which leases 606 Broadway from the city under a master lease.
Get ready for a dynamic 14,750-square-foot transit marketplace just outside of the Columbus Circle subway station. Called Turn-Style, the underground concourse will comprise 34 stores ranging from 153 to 662 square feet when it opens in the spring of 2015. The rents are $300 to $400 per square foot for five- to 10-year terms, according to the Lansco retail team of Linda Rosenthal, Ryan Bergman and Robin Abrams that is marketing the space.
Commercial Observer got its hands on the marketing flyer for Turn-Style, which includes some cool renderings and interesting details about the project.
It might sound counterintuitive that removing trash cans would reduce litter, but in fact an experiment by the Metropolitan Transportation Authority at 10 subway stations reportedly found just that, prompting a new decision to remove garbage cans from 29 more stations on the J and M lines.
A 10-station pilot program found that the stations had Read More
Susan Fine will call upon her experience redefining Grand Central Terminal to redevelop the Columbus Circle subway station with a mix of service retailers, high-end shops and a set of evolving kiosks that draw inspiration from abroad. Read More
The annual forecast from the New York Building Congress estimates that 2013 construction spending will eclipse the peaks of 2007.
New York City Construction Outlook 2013-2015, completed with support from the New York Building Foundation and assistance from Urbanomics, estimates total construction spending will reach $31.5 billion this year, greater than the previous high of Read More
New York’s largest commercial landlord, SL Green, has agreed to sell 333 West 34th Street for $220.3 million to American Realty Capital New York Recovery REIT, it was announced today.
“We are pleased to be acquiring an attractive property for our New York property portfolio, located in the prime 34th Street Corridor of Midtown Manhattan,” said Michael Happel, chief investment officer of NYRR, in a statement. “This high-quality asset is in excellent physical condition and is fully occupied by four major tenants.”
Madison Marquette has selected Newmark Grubb Knight Frank to market The Center Building in Long Island City, which city records show the firm and its partners purchased for $84.5 million late last year.
The 500,000-square-foot building at 33-00 Northern Boulevard, a former assembling plant for Ford Model T’s, hit the market last year when Brooklyn-based Hampshire Properties announced that it had concluded its renovation at the property.
At the time, The Real Deal reported that Hampshire had brought the property up to 100 percent occupancy, but that the lease of its anchor tenant, the Metropolitan Transportation Authority, would expire in two years.
“There is undeniable value given The Center Building’s location, space and amenities,” said NGKF’s Howard Kesseler, who will represent ownership with Jordan Gosin, in a statement.
Massey Knakal has sold a portfolio of three office buildings on behalf of Yeshiva University for $87.5 million, The Commercial Observer has learned.
The 16-story, pre-war office building at 920 Broadway – in Midtown South’s Flatiron District – has roughly 110,000 rentable square feet and accounted for $58.5 million of the transaction. It features 96 feet of footage on Broadway and 74 feet along East 21st Street and the corner building is zoned for office and residential development.
The 12-story block-through office building at 9 East 38th Street in the heart of Midtown has about 94,000 rentable square feet, with 47.5 feet of frontage along East 38th Street and 50 feet of frontage on East 39th Street. A three story, 25-foot-wide adjunct building provides half of the frontage along 39th Street, with the two buildings netting the remaining $29 million of the transaction.
A former Yeshiva University lecture hall at 237-241 East 34th Street in Murray Hill has sold for $15.5 million, city records show.
A caveat in the potential for development at the site didn’t stop a series of potential buyers from lining up for a competitive bid to buy the property, said Massey Knakal’s John Ciraulo, who handled the sale along with Michael Azarian and Kobi Leifer.
Three developers courted the university, but a New York City-based firm with a long track record of building dormitory space ultimately prevailed, with plans to do the same at the Yeshiva site.
Lies Damned Lies and...
Jay Walder has announced that he is stepping down as head of the Metropolitan Transportation Authority in October. (more…)
Public transportation cuts are hindering home sales in the city, the Wall Street Journal writes today.
That finding should prove uncontroversial with anyone who’s bought, sold or rented an apartment in the city’s outer reaches. But the Journal story is pretty thin on data to back up what some frustrated residents and real estate Read More
The perennial attempt to hike subway and bus fares is one of the more ritualistic political dances in New York. Any leader of the Metropolitan Transportation Authority who ever tries logic (fares, adjusted for inflation, are virtually the same as in the mid-1990s) is inevitably met with a blast of criticism. Politicians decry the move. Read More
The M.T.A. on Monday made public its new $1 billion deal with Stephen Ross’ Related Companies to develop the West Side rail yards, and in it are some details about just when the agency can start to expect taking in rent for selling off the air over its giant 26-acre LIRR yard by the Read More
Lest onlookers be consumed with the M.T.A.’s current fiscal woes—it has another $319 million gap to fill even after approving a big round of major service cuts and more belt tightening, according to the state comptroller—the transit agency on Friday reminded riders that it is headed for a long-term financial reckoning as well.
Chairman Jay Walder Read More
On the heels of the $93 million in service cuts the M.T.A.’s board approved Wednesday—which come as the agency is facing what it says is a nearly $800 million budget gap for the year—here’s a look at one of the continuous problems it faces on the revenue side, thanks to the recession.
For years, real estate transfer taxes Read More