Food & Drink
Like visions of sugarplums dancing before a retailer’s eyes, cash-dripping tourists are streaming into the city this holiday season. And these shopkeepers are offering the tourists a few visions of their own.
From the window displays of the big-name department stores to the Union Square Holiday Market and the latest new offerings in Soho, ‘tis the season to be jolly for New York City retailers.
On the Market
The historic Rainbow Room will be reopening to the public for brunch on Sunday after a private opening party on Wednesday. Then on Monday night the Rainbow Room, on the 65th floor of 30 Rockefeller Plaza, will be open for dinner.
Owner and operator Tishman Speyer oversaw the renovations which included an updated dining room, two new lounge spaces, one of which will be open to the public, and a 950-foot wraparound terrace. The company declined to indicate the price tag through a spokeswoman. Gabellini Sheppard Architects, the architecture firm which reimagined Rockefeller Center‘s observation deck, Top of the Rock, designed the Rainbow Room’s public spaces.
Fresh off of closing on a law firm lease at the Rockefeller Center area building once known as the headquarters of Exxon, Newmark Grubb Knight Frank and Mitsui Fudosan invited brokers to view 1251 Avenue of the Americas and visualize filling the five available floors with new tenants.
The Japan-based landlord and its longtime representatives from NGKF showcased the 100-yard-long, column-free space available on the 51st floor of the 2.3-million-square-foot structure with breathtaking views in order to woo prospective tenants.
Bank of the Ozarks and Ladder Capital lent $45.5 million in funds for a seasoned New York City investor to buy a three-lot land assemblage in the Rockefeller Center area for $47 million, Mortgage Observer has learned. The buyer, HID Acquisition Group LLC, a subsidiary of Hidrock Realty, closed on the parcels last month and plans to build a residential condominium, Hidrock’s CEO said.
Bank of the Ozarks provided $26 million in a senior mortgage, while Ladder Capital lent $19.5 million in mezzanine funds, a source told MO.
John Wheeler was tapped in March 2012 to run JLL’s lower Manhattan office after returning to the firm in 2009. He is a managing director at the company and has been with JLL for 14 years. He had two stints working on the principle side of the business for Gramercy Capital and Antares Real Estate Partners. Today he directs JLL’s efforts on Gramercy Capital’s 13.5-million-square-foot national portfolio. A couple of his key transactions have been a 500,000-square-foot sublease to Morgan Stanley at 1 New York Plaza and a 450,000-square-foot master lease to the City of New York at 180 Water Street. In his entire career, Mr. Wheeler, 52, has negotiated 13 million square feet of leases for clients. Last week, Commercial Observer sat down with Mr. Wheeler in his office at 140 Broadway and talked about lower Manhattan post-Superstorm Sandy, leasing prices being pushed from the bottom up and the newly distinguished submarket of the Water Street corridor.
Behind the turnstile
Related Companies has released a new visual for the construction timeline at Hudson Yards (at left) as well as a new video (below) as construction begins on the platform that will cover the rail yards.
Hudson Yards is the largest private real estate development in the history of the United States and the largest development in New York City since Rockefeller Center, according to new press materials from Related, which is overseeing the building of the 26-acre site bounded between 10th and 12th Avenues and running from 30th to 33rd Streets.
Get ready for a dynamic 14,750-square-foot transit marketplace just outside of the Columbus Circle subway station. Called Turn-Style, the underground concourse will comprise 34 stores ranging from 153 to 662 square feet when it opens in the spring of 2015. The rents are $300 to $400 per square foot for five- to 10-year terms, according to the Lansco retail team of Lisa Rosenthal, Ryan Bergman and Robin Abrams that is marketing the space.
Commercial Observer got its hands on the marketing flyer for Turn-Style, which includes some cool renderings and interesting details about the project.
Law firm Emery Celli Brinckerhoff & Abady is moving to bigger digs at Rockefeller Center, Commercial Observer has learned.
The firm, which has an active commercial and real estate litigation practice, is expanding its office space by more than 4,000 square feet to 16,163 square feet comprising the entire 10th floor at 600 Fifth Avenue near 48th Street.
Transwestern has been awarded the exclusive office leasing assignment for Olympic Tower at 645 Fifth Avenue, home to the National Basketball Association.
The 18-floor, 400,000-square-foot office building along Fifth Avenue, between 51st and 52nd Streets, in the Plaza District offers expansive views of Fifth Avenue, Rockefeller Center and the spires of St. Patrick’s Cathedral.
Multi-family office and portfolio management firm TAG Associates is relocating its corporate headquarters to SL Green’s 810 Seventh Avenue after spending nearly three decades at Rockefeller Center.
810 TAG Associates Leaving Rock Center for SL Green Building The firm signed a 10-year, 22,437-square-foot lease for the 7th floor of the 41-story, 694,000-square-foot office tower. Read More
Related's Hudson Yards
When HFF’s New York office negotiated its first major deal in 1998, Michael Tepedino, a recently hired broker at the time, and his colleagues called on Cigna, an “old-line relationship” that one of them knew on the life insurance side of the business.
The borrower, SL Green Realty Corp., was by no means desperate to find a lender.
Related Companies‘ Stephen Ross has reportedly selected British artist and designer Thomas Heatherwick to create the artistic center piece for the new public space at Hudson Yards.
Mr. Heatherwick, know for the Olympic cauldron at the 2012 London Games, will team with landscape architect Thomas Woltz to design the four-acre space with a large-scale artwork – Read More
Perry Finkelman at times sounds like he’s describing something from a science-fiction movie. The CEO of Automotion Parking Systems talks of designing machines, manipulating machines—even machines that send text messages. It’s not Rise of the Machines he speaks of … not exactly. But the technology that will control the 697-car underground parking garage that Automation plans to Read More
DZ Bank has signed a 10-year extension of its 29,524-square-foot lease at SL Green Realty Corp.’s 609 Fifth Avenue, The Commercial Observer has learned.
The bank, one of Germany’s largest leading international commercial financial institutions, will continue to occupy the entire 7th and 8th floors of the 13-story, 156,700-square-foot boutique office building.
“We are delighted Read More
International investment advisory firm Metropolitan Real Estate is moving its New York headquarters from 135 East 57th Street to 650 Fifth Avenue, The Commercial Observer has learned.
The firm signed an 11-year lease for 11,289 square feet, taking the entire 29th floor of the 36-story, 382,500-square-foot office building located in the Plaza District on 52nd Street, on the northern edge of Rockefeller Center.
“We are excited to add Metropolitan Real Estate to the growing list of excellent tenants at 650 Fifth Avenue,” said Dr. Houshang Ahmadi, president of the not-for-profit Alavi Foundation, the majority owner and managing partner of 650 Fifth Avenue Company.