On the Market
CBRE is gearing up to market the Helmsley Park Lane Hotel towards developers of high-end condominiums, according to published reports.
The 370,000-square-foot property, being sold by the estate of Leona Helmsley, has received at least two separate offers of more than $600 million, including one from industry scions Harry Macklowe and Steven Witkoff, The Wall Street Read More
From a Taconic Investment Partners project in Hunts Point to the World Trade Center site in Lower Manhattan, power in New York real estate circles has increasingly expanded from the comfortable confines of Midtown Manhattan to the fringes of all five boroughs. While large developments such as the Related Company’s Hudson Yards often dominate the conversation, Brooklyn, Queens and even the Bronx continue to grow in stature.
Long Island City is fast becoming a focal point for the real estate industry as Rockrose and other residential developers tap into the growing Queens neighborhood. In the Bronx, Taconic Investment Partners, formerly the owners of 111 Eighth Avenue, is in the process of a significant capital improvement plan at the BankNote Building on Lafayette Avenue in Hunt’s Point.
Below, a sampling of where power thrives in New York City in 2013.
Steve Wiktoff paced back and forth in a conference room at his partnership’s New York City office, eager to talk about his latest endeavors, but just as eager to tackle the other 10 commitments that had come his way over the course of the first of several interviews with The Mortgage Observer.
As forecasters became more and more certain that a monster storm named Sandy was barreling toward Manhattan in the 48 hours leading up to its landfall on Monday, October 29, Real Estate Board of New York President Steven Spinola lay in a hospital bed recovering from a sudden medical emergency.
But the hospital stay didn’t Read More
Law firm to the stars Grubman Indursky Shire & Meiselas will stay grounded at Carnegie Hall Tower after renewing its 26,000-square-foot lease at the Midtown building.
The entertainment firm, which lists Bruce Springsteen, Lady Gaga and U2 among its clients, will pay rents in the $90 per square foot range for the 30th, 31st and partial 32nd floors of the tower, where it has maintained offices since 1991.
Michael Cohen, the tristate president of Colliers International, represented the tenant. Matt Leon, a broker at Newmark Grubb Knight Frank represented the owner, TF Cornerstone, alongside in-house representative Chip Sealy.
Year in Real Estate
FEMA spokesperson William Rukeyser described the ad-hoc, jumbled feel of the company’s impromptu space in the Forest Hills Tower like a scene from a hard-hit neighborhood, with hanging wires, antennas strapped to the ceiling, Post-It notes and sheets of paper with various instructions scattered about, and impromptu folding tables holding printers and other office equipment. Most seemed at a loss for words when assessing damages.
“It’s—It’s—It’s just a mess,” Durst Organization spokesperson Jordan Barowitz told The Commercial Observer less than a week after the storm hit, struggling to describe the destruction in Lower Manhattan.
A property at 309 West 57th Street in Midtown West that once housed a Victorian Gothic church and later saw the likes of John Lennon and Frank Sinatra pass through its doors has changed hands for $42.5 million.
The 16-story, 75,600-square-foot rental property with 102 apartments and nearly 14,000 square feet of commercial space – currently home to night club Providence NYC – was purchased by New York City-based real estate investment firms Imperium Capital and Bronstein Properties.
The property, site of a former church and later a prominent recording studio, is located near a number of popular amenities and development projects, and it’s the latest in a string of high-profile acquisitions made by Imperium Capital.
In the merely 13 years since its founding, the retail real estate brokerage Robert K. Futterman & Associates has been responsible for $20 billion worth of transactions. The firm’s chairman and chief executive, Robert K. Futterman, has helped tenants and landlords sign the dotted line on $10 billion worth of deals while making his company a presence in New York, Las Vegas, Los Angeles, New Jersey and San Francisco.
Mr. Futterman spoke to The Commercial Observer as he wrapped up prep work for the International Council of Shopping Centers’ chaotic New York conclave, sharing his thoughts on the past year and future of retail real estate, the rebound from Hurricane Sandy and Downtown’s increasingly amorphous boundary.
Stat of the Week
Will the Midtown light shine brighter (it has been rather dim lately) since it escaped much of the wrath of post-tropical storm Sandy?
The jury, of course, is still out, but let’s review the facts: flooding and power outage issues continue in the southern third of Manhattan, but I most definitely think this part of the borough will come back.
Post-Tropical Storm Sandy
In the face of one of the worst natural disasters in the city’s history, commercial real estate landlords braced for Hurricane Sandy, employing every measure possible to hold property damage to a minimum and keep tenants safe.
But not even prophetic foresight could have allowed the city’s landlords—or New York City as a whole—to prevent much of the destruction that the mammoth storm wreaked across the five boroughs.
The road to recovery, especially in low-lying coastal areas like Staten Island, Coney Island and the Rockaways, will take months, if not years. Lower Manhattan went dark for days, with many companies largely shutting down due to power outages and salt water flooding, which is especially corrosive to mechanical equipment.
“It’s—It’s—It’s just a mess,” said Jordan Barowitz, a spokesman for the Durst Organization, who struggled to find words to describe the destruction in Lower Manhattan.
Billionaires And Their Toys
Extell Development’s Gary Barnett and One57, his gleaming 1,005-foot tower, have become a magnet for billionaires.
Of the nine full-floor spreads that have sold at the West 57th Street luxury tower, all have been purchased by billionaires of various international backgrounds, The New York Times reports.
The 0.00001 percenters who will soon be taking up residence at Read More
Training for a marathon while working a full-time job would be a challenge for anyone. But working up to that 26.2-mile mark while simultaneously doing your part to contribute to a nation-wide book of transactions that over the last 18 to 20 months included the origination of more than $20 billion in commercial real estate loans might pose its own set of challenges.
Steve Kenny, Bank of America’s commercial real estate banking executive for New York and New Jersey, is doing just that, though. And when he takes to the starting line for the ING New York City Marathon November 4 to set out on a course that will take him through all the five boroughs, the challenges he’ll face will in many ways be business as usual.
The vast number of glass towers rising in the New York City skyline–think 1 World Trade Center, One57, 7 Bryant Park–and a recent New York Times article on the subject got The Commercial Observer wondering about the city’s window washers. 32BJ SEIU, the trade union that represents 70,000 building works in New York City and Long Island, among them window cleaners, provided some details about the industry. As the square footage of their workspace continues to expand–1 World Trade Center’s podium, alone, will include more than 4,000 glass fins, measuring 13 feet 4 inches by two feet–these workers dangle dozens of stories up, suspended by safety belts and one New York State Department of Labor rule. After the jump, New York City’s window washing industry, by the numbers.
On the heels of The Commercial Observer’s report yesterday about all signs pointing to Nordtrom taking space at Extell Development’s project at 225 West 57th Street, the company said today that it has now finalized those plans. The store is projected to open in 2018 and excavation work could begin by the first quarter of 2013. When it opens, it will be the retailer’s New York flagship, and its first full-line store in the city.
In the world of Gary Barnett, everything is the best.
The president of Extell Development, a company he launched in the 1990s following a stint as a diamond trader in Belgium, made this plainly clear during a recent tour of One57, his 1,005-foot-tall tower near Carnegie Hall on West 57th Street. When completed, the building will rank not only among the city’s tallest properties, but, with its views of Central Park, among its most luxurious as well. In other words, the best.
On the One57 amenities: “This will be the best amenities package in the entire city. All the others are good. But they don’t have everything.”
On the One57 finishes: “Look at this kitchen. Where will you find a kitchen anywhere like this? It’s the best, and we have two of them.”
On the One57 floor plans: “We have the best floor plans on the market.”