Lease Beat

Publisher Shrinks Office Space by More than 50 Percent With Move to 1 Worldwide Plaza

1 Worldwide Plaza (Photo: CoStar).

Prometheus Global Media, the publisher of AdWeek, Billboard and, is moving from Noho to Times Square’s 1 Worldwide Plaza in a 10-year deal that reduces its office space by more than 50 percent.

The company will leave its 80,000-square-foot digs at 770 Broadway in August for a roughly 33,000-square-foot space on the 29th floor at the building between West 49th and West 50th Streets on Eighth Avenue, The Real Deal reported. The asking rent was in the low-$70s per square foot. Read More


Signature and RCG Fund Brooklyn Solomon Plaza Buy

Solomon Plaza.

New York-based JSR Capital acquired a two-story retail and office building in Borough Park, Brooklyn, for $25 million with $22.8 million in permanent and mezzanine financing brokered by Meridian Capital Group, Commercial Observer has learned.

The investment, development and management firm purchased the property at 5002 13th Avenue, known as Solomon Plaza, from a group of investors on April 20, according to two people familiar with the transaction. The sellers are three entities listed in city records as Gan Enterprises, Blima Homes and Samsol Homes. Read More

Mortgage Observer

Shaoul Secures Project Financing for Manhattan Condo Conversions

Post Luminaria.

Magnum Real Estate Group’s Ben Shaoul received two loans totaling $270 million to acquire and convert two luxury apartment buildings in Manhattan to high-end condominiums, sources familiar with the transactions told Mortgage Observer.

Mr. Shaoul acquired the 33-story Post Toscana at 389 East 89th Street and the 20-story Post Luminaria at 385 First Avenue for $270 million from Atlanta-based Post Properties on Sept. 19, public records show. Post Properties co-developed the Upper East Side and Gramercy Park rental properties with Ronnie Hackett’s Clarett Group in 2002 and 2003. Read More

Sales Beat

American Realty Capital NYRR Takes Equity Interest in One Worldwide Plaza

1 Worldwide Plaza.

Continuing its prolific buying spree in New York, American Realty Capital New York Recovery has acquired a 48.9 percent equity interest in One Worldwide Plaza for $220.05 million, the real estate investment trust announced today.

“We are pleased to have acquired another high-quality asset and look forward to an important partnership with George Comfort & Sons, Inc., RCG Longview, and DRA Advisors LLC,” Michael Happel, chief investment officer for NYRR, said in a prepared statement. “Worldwide Plaza is located in the Midtown Manhattan office sub-market and features large credit tenants as well as potential additional leasing opportunities.   This acquisition increased our portfolio value to over $2.1 billion, including other recently announced acquisitions.” Read More

Worldwide Plaza Confirms Recapitalization Plans


Worldwide Plaza will definitely look to recapitalize, following several months of lingering on the auction block. Sellers, George Comfort & Sons and RCG Longview, had purchased the building – located at 825 Eighth Avenue – in 2009 for just under $600 million.

“The truth of the matter is that they have decided on a recapitalization Read More

Sales Beat

Worldwide Plaza Bids Coming in Slightly Below George Comfort’s Lofty Targets

Worldwide Plaza

Bids for Worldwide Plaza are coming in below the sky-high projections sellers George Comfort & Sons and RCG Longview had hoped for when the partners (finally) put the nearly two million-square-foot office tower on the market in recent weeks.

Several sources familiar with the bidding process say that potential buyers who have stepped forward have so far offered around $1.5 billion for the property, which George Comfort and its partner purchased at the depths of the recession for around $600 million in 2009. Read More