Lease Beat

Financial Services Firm Relocates on Madison Avenue

295 Madison Avenue

Financial services firm Sontag Advisory has signed a 15,875-square-foot lease for the entire fifth floor at 295 Madison Avenue, relocating from its offices just two blocks away at 261 Madison.

The deal doubles the firm’s office space after a one-and-a-half year search focused on finding an existing built space rather than expanding at its previous location. Read More

renovations

Moinian to Install New Lobby at 60 Madison Avenue Later This Year

Renderings of the new lobby at 60 Madison Avenue.

The Moinian Group will begin the final phase of renovations at 60 Madison Avenue in the fourth quarter of this year, The Commercial Observer has learned.

Improvements at the 13-story, 195,000-square-foot Midtown South building will include a new glass and stone lobby designed by the architecture firm Gensler, new elevator cabs, updated common corridors and an advanced security system.  Read More

Go West, Young Man

The Moinian Group Reveals Plans for 1.8-Million-Square-Foot 3 Hudson Boulvard

3 Hudson Boulevard

The Moinian Group this afternoon offered details about the upcoming 3 Hudson Boulevard, a 1,000-foot tall, 1.8-million-square-foot tower on 11th Avenue between West 34th and West 35th Streets in the thick of the Hudson Yards development.

“For more than two decades The Moinian Group has believed that the new West Side would emerge as Manhattan’s most sought-after neighborhood,” Joseph Moinian, founder of The Moinian Group, said in a prepared statement. “Our new mixed-use building at 3 Hudson Boulevard will stand as the pinnacle of elegance along the new Hudson Boulevard & Park. With 3 Hudson Boulevard, you are going to see something truly spectacular.” Read More

Cover Story

Midtown Madness: Leasing Still Sluggish in Manhattan’s Priciest Market

TO GO WITH AFP STORY: US-economy-propert

Midtown Manhattan, the biggest and most expensive U.S. office market, is still adapting to New York’s post-financial-crisis economy, as technology and new media companies flood into the more affordable areas and banks remain wary of expanding in higher-priced real estate.

With construction getting under way on millions of square feet of planned Class A offices on the West Side, much of the leasing action for the year to date has centered on neighborhoods like Murray Hill, the Penn Station area and the Garment District, which are attracting companies that have been priced—or crowded—out of the technology hub in Midtown South, brokers said. Financial companies, traditionally the biggest occupiers of Midtown real estate, remained conservative, pursuing greater efficiency in their use of real estate rather than growth.

“The days of bigger is better are gone,” said Eric Thomas, senior vice president of Cresa, a specialist in tenant representation. “Capital preservation is still key. That’s why renewals still reign in many cases.” Read More

Controversies

Retail Brokers ‘Kicking and Screaming’ as Landlords Skip the Middle Man

Joe Sitt

Some commercial real estate brokers are “kicking and screaming” about the audacity of some city landlords who they claim are disregarding their “exclusives” with retailers by attempting to land tenants on their own.

The idea of “skipping the middle man,” once thought of as a tool for efficiency, is enraging some brokers, who tell The Commercial Observer that large retail owners including  Joe Sitt, Jeff Sutton and Joe Moinian, are steering out of their way – but digging deep under their skin.

“Totally not kosher,” one perturbed president of a top city brokerage wrote in an email to The Commercial Observer.  “It puts the retail brokers in a difficult spot and it is morally incorrect.” Read More

Assignments

Murray Hill Properties Wins Leasing Assignment At Moinian-Owned 60 Madison Avenue

60madace

The Moinian Group has awarded the leasing assignment for 60 Madison Avenue to Murray Hill Properties, The Commercial Observer has learned.

Newmark Grubb Knight Frank was the previous leasing agent at the 12-floor, 200,000-square-foot building at Madison Avenue between 26th and 27th Streets. Murray Hill Properties, which a source says won the assignment two weeks ago, plans to rename the building 2 Madison Park. Read More

Lease Beat

Merchant Cash and Capital Expands 9K

Courtesy of SkyScraperNet

Merchant Cash and Capital has expanded their occupancy on Park Avenue South.

The traditional small business loan provider has called 450/460 Park Avenue home for the past seven years and will continue in expanding to 22,400 square feet. Just last year, the company added 6,900 square feet to their lease and now will add an Read More

Lease Beat

Fusion Learning Inc. Signs for 8,270 Square Feet at 450-460 Park Avenue South

450 parkimg_13_283x430

Fusion Learning Inc. closed on 8,270 square feet at 450-460 Park Avenue South. It is the first Manhattan location for Fusion, the Western Association of Schools & Colleges-accredited tutoring facility.

Jovani Rampersad, the commercial leasing director for the Moinian Group, represented the owner while Deb van der Hayden and Noah Savage of Jones Lang LaSalle represented the tenant. Read More

Lease Beat

OfficeLinks Grabs 14K in 450-460 Park Avenue South

Courtesy of Moinian Group

OfficeLinks has inked a deal to open another location in New York.

The on-demand office space and meeting facility provider will take a 14,000-square-foot office in the Moinian Group‘s Class A 450-460 Park Avenue South.

The lease comes following OfficeLinks’ lease signing of a space on the 84th floor of the Willis Tower, previously known Read More

Marketwatch

The Big Squeeze: How Technology Start-Ups Found Midtown South, and What Happens When the Bubble Bursts

Midtown South.

If Don Draper still ran an advertising agency, he’d have a very different Manhattan life. Instead of a dozen martinis and oysters at Grand Central every night after work, it’d probably be a quick Peroni and antipasti at Eataly before hitting the gym.

He might even be home early enough to kiss Betty and read a book to his kids. And, of course, he’d work in a fabulous open-plan office in Manhattan’s most desired commercial real estate market, Midtown South. Read More

Machers

Moinian Mayhem: 3 Columbus Circle Showdown Only First of Many

Joe Moinian, the blockbuster developer who bought up millions of square feet for billions of dollars during the boom, is set for a court date later today with rival developer Steve Ross, head of the Related Companies, over Moinian’s redevelopment of 1775 Broadway.

Moinian began redeveloping the art deco office building two years ago, rebranding Read More