The Sit-Down

Joseph Moinian Has Sold Off Two of His Towers and Is Focusing on the West Side

Joseph Moinian has sold his share of 180 Maiden Lane, selling his share of the Willis Tower in Chicago and is capitalizing on the Far West Side.

Behind Joseph Moinian’s desk is a glimmering view of the Hudson River between the buildings that separate his 3 Columbus Circle office from the Far West Side. While his back might be to the area, Mr. Moinian has a live feed of one of his buildings under construction in that area on a flat screen.

That building would be 605 West 42nd Street at the corner of 11th Avenue, dubbed “Sky,” where construction has topped off. That’s going to be followed by 3 Hudson Boulevard—a 1.8-million-square-foot office tower that will sit atop the new 7 train station at West 34th Street—adding to the property Mr. Moinian has built on 11th Avenue. Read More

The Lobby

TerraCRG Expands Commercial Leasing Division with New Hire

Peter Schubert

TerraCRG has tapped former Transwestern and Moinian Group broker Peter Schubert to expand its leasing presence throughout Brooklyn, Commercial Observer has learned.

The commercial brokerage and advisory firm that focuses solely on Brooklyn brought Mr. Schubert on as a partner and managing director of the company’s commercial leasing division, company officials said. Though TerraCRG has made a name for itself as an investment sales brokerage, Mr. Schubert will beef up the retail leasing staff at the six-year-old firm. Read More

Lease Beat

NCRC Takes Entire Floor at 535 Fifth Avenue

535 Fifth Avenue.

The National Community Reinvestment Coalition, or NCRC, is relocating to an entire 16th floor at 535 Fifth Avenue, Commercial Observer has learned.

The association, which expands financial access for working families and communities, signed a seven-year lease last week for 7,300 square feet in the building between 44th and 45th Streets. The asking rent was $55 square feet, according to Andrew Stein, a founding principal of Vicus Partners. He and Bert Rosenblatt, a co-founder at Vicus, represented NCRC in the deal. Cushman & Wakefield‘s Myles Fennon, Mitch Arkin, Haley Klein, Adam Nelson and Remy Liebersohn represented the landlord, the Moinian Group. Read More

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


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


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


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


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