The Plan

The Plan: 1560 Broadway

1560 Broadway

Three is better than one—in buildings as much as anything else. Landlords SL Green Realty Corp. and Jeff Sutton at 1552 Broadway and Newmark Holdings and the Benenson Family at 1560 Broadway tapped Rosen Johnson Architects to figure out a way to link their two buildings, and smush in a third in between the two (which was demolished). Rosen Johnson principals Paul Rosen and Anthony Johnson designed an innovative new scheme for the space with great retail potential just off Times Square. Read More

Midtown East Rezoning

SL Green, City Square Off With Argent at Community Board

1 Vanderbilt

Forget Caeser’s Palace. The best recent slugfest took place last week at the main branch of the New York Public Library on 42nd Street.

City officials and SL Green Realty Corp.  executives argued for the proposed 1 Vanderbilt tower and the five-block Vanderbilt Corridor rezoning during a three-hour Uniform Land Use Review Procedure hearing before Manhattan Community Boards 5 and 6 last Monday night. Read More

Midtown East Rezoning

SL Green Scores a TD at 1 Vanderbilt

1 Vanderbilt

TD Bank inked a lease to anchor SL Green Realty Corp.’s proposed 1 Vanderbilt skyscraper in an approximately 200,000-square-foot deal for both a flagship retail space and a sizable office footprint in 2020, SL Green announced today.

The 67-story, 1.6-million-square-foot tower slated for 317 Madison Avenue still needs to gain approval through the city’s Uniform Land Use Review Procedure, and representatives for SL Green will be presenting the project to Manhattan Community Boards 5 and 6 at a public hearing tonight at the 42nd Street Library. Read More

Lease Beat

Road Runner Capital Partners Renews in Midtown East

800 Third Avenue

Investment firm Road Runner Capital Partners, also known as Schottenfeld Group, will remain in its 20,010-square-foot space at 800 Third Avenue in Midtown East for more than seven additional years, according to SL Green Realty Corp.’s third quarter U.S. Securities and Exchange Commission filing.

The financial firm signed an early lease renewal, thereby “bringing the remaining lease term to 7.2 years,” the filing notes. Read More

Midtown East Rezoning

SL Green, City Planning Detail 1 Vanderbilt Transit Upgrades

1 Vanderbilt

Officials with SL Green Realty Corp. and the Department of City Planning outlined a detailed rebuttal today to claims by executives with Grand Central Terminal landlord Argent Ventures that the developers pursuing a rezoning to build the 1,350-foot 1 Vanderbilt tower across the street from the terminal haven’t made the necessary public-benefit commitments to build 528,900 square feet above the Midtown East site’s existing zoning restrictions.

SL Green presented local Community Board 5 with a 68-page report that aggregates the $210 million in transit upgrades for the planned 67-story structure at 317 Madison Avenue that the company says it negotiated over 17 months of talks with the Metropolitan Transportation Authority. Read More

Midtown East Rezoning

Grand Central Landlord Threatens Lawsuit Over One Vanderbilt [Updated]

Vanderbilt Corridor

The landlord of Grand Central Terminal sent two lawyers to a preliminary Department of City Planning hearing on SL Green Realty Corp.’s proposal for One Vanderbilt to communicate the strong objections of Argent Ventures and its two private partners to the current plans for the 1,350-foot Midtown East office tower.

Sparks flew at a public meeting today about the pending environmental impact statement on the 67-story structure that would rise at 317 Madison Avenue adjacent to Grand Central, with litigation attorney Duane Loft of Boies, Schiller & Flexner offering up a threat to slap the city with a $1 billion lawsuit over the terminal’s unused air rights. Read More

Lease Beat

SL Green Inking Leases at 215 Park Avenue South

215 Park Avenue South

SL Green Realty racked up 43,678 square feet worth of new leases and renewals at 215 Park Avenue South in the past two months, the company announced yesterday.

Howard Tenenbaum and Gary Rosen of SL Green represented the building manager in-house during negotiations with three tenants: public affairs firm Global Strategy Group, marketing agency Lippe Taylor and production company Warshaw Blumenthal Advertising. Read More

Mortgage Observer

Citigroup Securitizing $1.45B Loan to SL Green

388 Greenwich Street

Citigroup has received preliminary ratings for the issuance of CMBS secured by a first mortgage loan of $1.45 billion, according to a pre-sales report from Morningstar Credit Rating.

The floating-rate mortgage loan was recently provided by a group led by Citi to the company’s current landlord at 388-390 Greenwich Street in Tribeca, SL Green Realty, for the purpose of buying out Canadian pension fund Ivanhoe Cambridge’s joint ownership in the buildings, as Mortgage Observer previously reported.  The seven-year mortgage was provided by a lending group that included Bank of China, Wells Fargo, and Barclays, according to a statement from SL Green when the loan closed, last month.  Read More

Sales Beat

SL Green to Acquire 719 Seventh Avenue for $41.1M

719 Seventh Avenue. (PropertyShark)

SL Green has agreed to acquire 719 Seventh Avenue for $41.1 million, the real estate investment trust announced today.

The Times Square-area property is located on the southeast corner of 48th Street and Seventh Avenue and can accommodate a building of up to 28,114 square feet, as well as LED signage. The buyer intends to demolish the existing building and utilize the site’s development rights, according to a press release announcing the deal. Read More

In Negotiations

TD Bank in Talks to Anchor Proposed SL Green Tower

Rendering of 1 Vanderbilt.

Canadian financial services company Toronto-Dominion Bank is in talks to anchor 1 Vanderbilt, SL Green’s proposed office tower in East Midtown, according to published reports.

The U.S. unit of the company, TD Bank, is headquartered in the Philadelphia suburb of Cherry Hill, N.J., but is considering an expansion in New York City and is in negotiations to take space at 1 Vanderbilt, The Wall Street Journal reported. Read More

Lease Beat

Global Strategy Group Moving to 215 Park Avenue South

215 Park Avenue South. (SL Green)

Public relations firm Global Strategy Group has signed a 21,974-square-foot lease for the 15th floor — and a portion of the 14th — at SL Green’s 215 Park Avenue South, Commercial Observer has learned.

The firm plans to relocate from its existing offices at 895 Broadway this fall and was drawn to the building’s location in the heart of Union Square, at 18th Street, and an existing installation that will serve as the new backdrop for their expanding operations. Read More

Mortgage Observer

Q&A: David Schonbraun, Co-Chief Investment Officer, SL Green

David Schonbraun of SL Green

Mr. Schonbraun told Mortgage Observer about his tennis career, SL Green’s entry into lending and how New York City has more available debt and equity than perhaps any other time in history.

Mortgage Observer: I know you were an avid tennis player growing up. Did you plan to play professionally?

David Schonbraun: That was the initial plan. I got hurt, tried to come back – it was tough. But it’s probably the best thing that ever happened to me, actually. Tennis got me into Princeton. In retrospect, I probably would have played tennis for a couple years and I would have started at a less opportune time in the market cycle. Read More

Lease Beat

Financial Tech Firm Expands at Tower 45

Tower 45 at 120 West 45th Street.

Financial technologies company Curex Group Holdings has renewed and expanded its headquarters lease at 120 West 45th Street (aka Tower 45) in the Grand Central submarket for a combined 22,925 square feet of space.

The lease covers the entire 22nd floor and 5,003 square feet of expansion space on the 23rd floor. Read More