Sales Beat

Downtown Residential Development Site Sells for $223 Million


A partnership between Fisher Brothers and The Witkoff Group has acquired 101 Murray Street from St. John’s University for $223 million, it was announced today. The sale is the largest residential development site transaction in lower Manhattan.

“101 Murray Street is a development site like no other in Manhattan with the potential to become a truly world-class residence,” said Helen Hwang, executive vice president at Cushman & Wakefield, who represented the seller, in a prepared statement. “We are privileged to have helped St. John’s University successfully realize such an important transaction for its academic mission.” Read More

Lease Beat

RXR Realty Signs 99-Year Lease at 75 Rockefeller Plaza

Scott Rechler’s RXR Realty has signed a 99-year triple-net lease at British department store tycoon Mohamed Al Faye’s 75 Rockefeller Plaza in Midtown Manhattan, where it plans to undertake a major capital improvement to reposition the building.

The 33-story building will be fully vacated by Time Warner Cable in 2014, leaving behind roughly 630,000 square feet of rentable area, and the renovations will include a new lobby and a restoration of its landmarked, classic limestone façade, executives at RXR said. Read More


C&W Team Takes Top REBNY Honors

Michael Rotchford, Tara Stacom and Woody Heller

Tara Stacom and Michael Rotchford, executives at Cushman & Wakefield, took top honors at REBNY’s annual Most Ingenious Deal of the Year Award last night for their work representing the owners of One World Trade Center in the large office lease that was done there last year with the publishing and media giant Conde Nast.

The event, which dolls out a trio of awards, ended with three prominent women as winners, a notable result in the male-dominated leasing and sales brokerage business. Read More

On the Market

Al Fayed Shopping 75 Rockefeller Plaza

75 Rockefeller Plaza.

The real estate investor and British department store tycoon Mohamed Al Fayed is exploring a sale of the Manhattan office tower 75 Rockefeller Plaza.

According to executives who have been briefed on the offering, Mr. Al Fayed is aiming to negotiate a leasehold of the property in which he would continue to own the land under the 600,000-square-foot building and collect rent but put control of the asset in the hands of an investor. Read More

Leasing Agents

Cushman Tapped to Lease Manhattan West

Cushman & Wakefield has been tapped as leasing agent for Brookfield Office Properties’ massive 5.4 million-square-foot Manhattan West development on Ninth Avenue between West 31st and 33rd streets.

The new development boasts two new office towers at 2 million square feet apiece, along with a smaller tower–just by a hair, at 1.2 million square feet — and a fourth building at 200,000 square feet that will be a mixed-use space. Read More