Lease Beat

Crystal Designer Swarovski Takes 18,000 SF in Midtown East

10 East 53rd Street.

Austrian crystal maker Swarovski signed an 11-year-deal for 17,850 square feet at SL Greene Realty Corp.‘s 10 East 53rd Street, according to a press release from SL Greene. The lease is for the entire 26th and 27th floors of the 37-story tower between Fifth and Madison Avenues, according to the landlord. The 354,046-square-foot-building is currently undergoing a $64 million renovation.

Mark Mandell of Cushman & Wakefield represented Swarovski in the transaction, while JLL‘s Paul Glickman, Cynthia Wasserberger, Alexander Chudnoff, Frank Doyle, Mitti Liebersohn and Benjamin Bass represented the landlord. Representatives from Cushman & Wakefield and JLL were not immediately available for comment. Read More

Zoning

SL Green Gets OK to Build Atop Soho Structure

102 Greene Street

SL Green Realty Corp. received approval last week from the City Planning Commission to add two additional floors to the mixed-use building at 102 Greene Street in Soho. Under the approved plans, the developer would add residential space to the three-story building. The plans also call for a change in the designation for parts of the existing floors from Joint Living Work Quarters for Artists to residential.

The City Council has 20 days to act on the plan after it receives the planning commission’s report. Should the council take no action in that time, the commission’s action is final, according to a spokesperson for the planning commission. Read More

Lease Beat

Lowe’s Signs Deal for Chelsea Flagship

635-641 Avenue of the Americas

Lowe’s Home Improvement has signed a 15-year lease for a Chelsea flagship store comprised of 36,000 square feet on multi-levels at 635-641 Avenue of the Americas, SL Green Realty Corp. announced this week.

Commercial Observer reported in June that the home improvement and hardware chain was searching for locations around New York City, including at 635-641 Avenue of the Americas between West 19th and West 20th Streets, for an urban concept.  Read More

Lease Beat

SL Green Signs Equinox in Plaza District

10 East 53rd Street

Upscale fitness club Equinox Fitness will open a new four-level center in 2016 at SL Green Realty Corp.’s 10 East 53rd Street in the Plaza District, the landlord announced earlier this week.

The full-service fitness club, which operates 73 centers in major U.S. markets, London and Toronto, signed a 25-year, 32,000-square-foot lease, officials with SL Green said. Read More

Lease Beat

Two Finance Firms Nab Space in West Midtown [Updated]

810 Seventh Avenue.

Brightwood Capital Advisors and DH Capital LLC and DH Capital Securities together have taken 26,080 square feet at 810 Seventh Avenue between West 52nd and West 53rd Streets.

As first reported by The New York Post, Brightwood Capital Advisors took 17,320 square feet and DH Capital LLC and DH Capital Securities took 8,760 square feet. Brightwood’s lease is for 10-plus years and spans the entire 26th floor, according to a release from SL Green Realty Corp., the building’s owner. DH Capital’s lease is for seven-plus years and occupies a portion of the 20th floor.  Read More

The Plan

The Plan: 635-641 Avenue of the Americas

635-641 Avenue of the Americas

SL Green Realty Corp. is nearing completion of its 12-month, $15 million renovation and recombining of what used to be two separate buildings at 635-641 Avenue of the Americas between West 19th and West 20th Streets, Steven Durels, the company’s director of leasing and real property, told Commercial Observer. The company owns two of the three buildings that used to comprise one department store in the Ladies Mile Historic District after architect William Hume completed it in 1902. And shortly after purchasing the two buildings for $173 million in 2012, SL Green set about turning the building at 635 Avenue of the Americas, which had become an auto mechanic instruction school, into the second half of a repositioned office property. “When we bought the building, it was apparent to us that there was the opportunity to create something special,” Mr. Durels said. The building at 641 was already a complete office building. Read More

Midtown East Rezoning

Argent, SL Green Trade Barbs Over Grand Central Air Rights

Click to enlarge: rendering of 1 Vanderbilt public improvements. (Kohn Pedersen Fox Associates)

The dispute over Midtown East rezoning between Grand Central Terminal landlord Argent Ventures and 1 Vanderbilt developer SL Green Realty Corp. spilled over into the panel circuit this morning at the annual September conference of the Appraisal Institute.

Shortly after SL Green managing director Robert Schiffer detailed roughly $210 million in infrastructure improvements for the 1.6-million-square foot tower slated for Vanderbilt Avenue and East 42nd Street–upgrades like new stairways to the terminal and an enclosed public space, in addition to building setbacks on the 65-story tower allowing new open viewing lines for the terminal–Argent director of development Eric Anderson reiterated the company’s opposition to potential city bonuses giving SL Green the right to construct the new tower without buying any of Argent’s 1.3 million square feet of transferable development rights at Grand Central. Read More

Lease Beat

Leases Signed at 110 East 42nd for Full Occupancy

110 East 42nd Street.

Four leases totaling 48,482 square feet have been signed at 110 East 42nd Street between Park and Lexington Avenues, according to a release issued by the building’s landlord, SL Green Realty Corp. The building is now 100 percent occupied.

Asking rent for the spaces was $55 per square foot, according to Gary Rosen, senior managing director at SL Green, who represented building ownership in the transactions along with Howard Tenenbaum. Read More

Midtown East Rezoning

City Officials, SL Green Respond to Grand Central Landlord

Vanderbilt Corridor

A week after a contentious Department of City Planning hearing on the Vanderbilt Corridor proposal to rezone five blocks in Midtown East, City Planning officials and attorneys for SL Green Realty Corp. doubled down on their view that the proposal won’t block Grand Central Terminal landlord Argent Ventures from selling the historic property’s unused air rights.

With Argent and preservation advocates raising tough questions about whether a go-ahead to build the One Vanderbilt office tower adjacent to Grand Central without buying any transferable development rights from Argent would hinder needed aid to a city landmark, SL Green lawyers and city officials responded with a full-throated defense of the plan. Read More

Sales Beat

SL Green to Sell Three Manhattan Assets

180 Broadway. (PropertyShark)

SL Green Realty Corp. has agreed to sell three of its Manhattan assets, the real estate investment trust announced today. The deals, for 2 Herald Square, 180 Broadway and 985-987 Third Avenue, will generate net cash proceeds of $240 million, according to a press release.

The REIT will sell the leased fee interest in 2 Herald Square for $365 million. SL Green acquired the interest in joint partnership in 2007 before consolidating its position in 2010, the landlord said. Read More

Midtown East Rezoning

One Vanderbilt Gets Advisory Nod from LPC

One Vanderbilt

The city’s Landmarks Preservation Commission lent their advisory support to the design of SL Green Realty Corp.’s potential 1,350-foot One Vanderbilt tower during a public hearing yesterday on whether the company’s schemes will form a harmonious addition to the site adjacent to Grand Central Terminal.

After a presentation on the building’s look, its planned public space and the company’s vision of how the glass base of the building would fit into the historic area, officials with the city agency who examined the company’s schemes as part of a 2010 Bowery Savings Bank building development rights purchase by SL Green gave their backing to the proposed Kohn Pedersen Fox Associates skyscraper as a welcome addition to the landscape. Read More

Lease Beat

First Nationwide Expands in Midtown East

220 East 42nd Street

Commercial real estate insurance company First Nationwide Title Agency will double its space to 6,465 square feet by the end of the year at SL Green Realty Corp.’s 220 East 42nd Street in Midtown East, SL Green announced yesterday.

The build-out on the 31st floor of the 37-story News Building for the company that has expanded from 12 staff members to 34 since its founding in August 2012 will be coupled with an expansion in the firm’s Uniondale office in Nassau County, said the firm’s CEO, Steve Napolitano. Read More

Mortgage Observer

CREFC: It’s a Borrower’s Market!

CREFC Conference 2014.

It was a lenders party, technically, though borrowers may have more reason to celebrate.

This year’s CRE Finance Council powwow at the New York Marriott Marquis hotel in Times Square drew an audience of about 1,200—mostly members of lending institutions ranging from large banks, life insurance companies and CMBS shops to alternative lenders, private equity firms and the GSEs. Read More