It was another year of highs, lows and mammoth deals. While concerns about the Ebola epidemic and increasing violence abroad rattled markets in 2014, the year nonetheless brought jobs growth, rising stocks and an improved real estate market to the U.S. Of course, the specter of China’s ascendance, a double-edged sword for the American economy, is a wild card. China overtook the U.S. as the world’s largest economy in 2014, and at the same time Chinese investments in U.S. real estate reached an all-time high. Read More
Cushman & Wakefield, the exclusive leasing brokers for One World Trade Center, opened a downtown headquarters Monday through a 10-year, 10,222-square-foot lease on the 45th floor of 1 WTC, the firm announced yesterday.
The firm that maintains its global headquarters in Midtown now boasts an office footprint in space with asking rents of $69 per square foot that the company also markets on behalf of the Port Authority of New York and New Jersey and the Durst Organization.
A week after photos of lightning striking the steel spire of One World Trade Center made international news, experts familiar with the electric bolts pointed to the building’s resilience against such dangers.
The 1,776-foot skyscraper, the tallest building in the Western Hemisphere, sustained six lightning shocks since the end of June, said Rob Cooper, the president of top lightning protection system installer Associated Lightning Rod Company. Read More
Midtown South’s 1.66 million square feet of activity was 50% higher than its five-year quarterly average – the highest quarterly total since Q4 2001. And Downtown’s 1.62 million square feet of leasing marked the 12th consecutive quarter that it surpassed its five-year average – this time by 44 percent. Read More
The real estate industry sat wide-eyed in anticipation of the ruling by the Council on Tall Buildings and Urban Habitat in November that officially named 1 World Trade Center the tallest building in the Western Hemisphere, beating out Chicago’s Willis Tower.
But in the not too distant future the gleaming new tower could have competition in its own backyard – Hudson Yards, that is – as Massey Knakal is exclusively marketing the sale of a development site that it believes could spawn what the firm has dubbed “The Hudson Spire,” an 1,800-foot-tall super-skyscraper.
Bill Rudin sits at the helm of one of the largest privately owned real estate companies in the city. Like much of the Real Estate Board of New York community, in addition to his firm’s undertakings, he often puts at the top of his agenda initiatives that might not always show immediate results but which are essential for the future success of the city. Mr. Rudin, a REBNY vice chairperson, spoke to The Commercial Observer about his current projects, REBNY, major real estate happenings over the last year and what needs to be done to keep New York City competitive. Read More
World Trade Center
Officials are reportedly planning a ribbon-cutting ceremony next Wednesday for the opening of 4 World Trade Center, which will make the 978-foot building the first to open at Ground Zero.
“We want people to come and experience this both as a great office building but also a sense of accomplishment that we’ve really turned the Read More
The price tag apparently matches the grandeur of the new underground concourse that passes underneath the World Trade Center site, which opened to pedestrians for the first time since 9/11 two weeks ago.
The Port Authority of New York & New Jersey passageway told Next City that the passageway cost approximately $225 million.
The 600-foot Read More
Flags waved and onlookers cheered back in May when construction workers hoisted a crown atop 1 World Trade Center. The gleaming tower reached a symbolic 1,776 feet, and the Port Authority proclaimed it the “tallest building in the Western Hemisphere.” An official ruling had not been made, however, throwing the building into a rivalry with Read More
World Trade Center
A denial from the New York Times’ op-ed department didn’t stop British graffiti artist Banksy from lashing out against One World Trade Center on his website instead, calling it the “biggest eyesore in New York.”
The root cause of the artist’s beef with the gleaming new tower was not clear, but his scorn seemed to Read More
The underground concourse that passes underneath the World Trade Center site is open to pedestrians for the first time since 9/11.
The passageway links businesses and ferry service to the west of the site to PATH trains and Lower Manhattan to the east.
The 600-foot underground concourse within the 800,000-square-foot transportation hub, which, according to Read More
Burberry. Salvatore Ferragamo. Ermenegildo Zegna. Michael Kors. Scoop. Hermes. Judith & Charles. Calypso St. Barth.
It’s an impressive list of retailers. What’s more striking is that Brookfield Office Properties cut deals with all of them this year, and they’ll be sharing a home at the revamped Brookfield Place beginning next year, forming an unprecedented shopping destination Downtown.
One World Trade Center
Hong Kong-based Great Eagle Group has closed on the $229 million purchase of a 214-room hotel, formerly The Setai Fifth Avenue, which comprises floors one through 27 at 400 Fifth Avenue in Midtown.
“We are pleased to have completed this transaction and the timing couldn’t be better, especially with The Residences at 400 Fifth Avenue Read More
The Durst Organization has set aside two floors totaling 94,000 square feet for a pre-built and build-to-suit program at One World Trade Center, the developer announced today.
The program—located on floors 45 and 46—is designed to accommodate up to 18 tenants. The two floors are being subdivided in to smaller spaces between 2,000 and 20,000 square feet.
In 2005, CBRE broker Mary Ann Tighe told The New York Times that there had never been a “phenomenon quite like Bob Alexander.” What’s more phenomenal is that the 58-year-old chairman of the firm’s tristate region still ranks among its top brokers, having landed some of the city’s highest-profile deals this year as a lead broker representing Read More