Long Island City
Rockrose Development Corp. is in the process of demolishing seven dilapidated Long Island City warehouses to pave the way for the construction of what will become the tallest residential building in Queens, The Commercial Observer has learned.
The 50-story, 907,000-square-foot, 500-foot-tall building at 43-25 Hunter Street will not only be the tallest, but it will Read More
The New York Post reports that members of the New York Mets have “forsaken Yankee-style Manhattan condos” by renting units in two waterfront residential buildings in Long Island City.
The “blue-collar” Mets have decided “against glitzy Manhattan digs,” with Jon Niese, Jordany Valdespin, John Buck and Justin Turner among the players renting at the Avalon Riverview buildings, the Post stated.
Miami native Rick Rosa stuffed a few bags with his belongings in 1999 and headed for New York City.
Though not the postcard image he envisioned, he stumbled upon the industrial waterfront neighborhood of Long Island City, where he found an affordable pad, close to Manhattan, with a yard for his dog, Benny.
“The neighborhood 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.
A city proposal to sell three lower Manhattan buildings, potentially converting 750,000 square feet of outmoded office space into luxury housing or hotels, has run into objections from community representatives in the City Hall area, who argue that the plan should have included provisions for a school, community center or affordable housing.
The City Council’s subcommittee on planning, dispositions and concessions plans a hearing next week on the disposal of the properties at 22 Reade Street and 49-51 Chambers Street. Disposition of the third building in the package, at 346 Broadway, was approved in 1998. Mayor Michael Bloomberg announced the sale in January as part of a drive to make the city more efficient by consolidating its office spaces.
Late last year, when the education publishing company Scholastic offered up about 60,000 square feet of sublease space at the top of the Soho office building 568 Broadway, the firm quickly found it wouldn’t be difficult to fill.
Within weeks, a host of tenants were competing for it, including several tech firms, one of the most active sectors of the leasing market in Manhattan right now. Tumblr, foursquare and AppNexus, all well-known names in the industry, moved to the front of the pack.
On the face of it, such a decision would seem easy. Of the three, only AppNexus, a firm that specializes in online advertising and is backed by the software giant Microsoft, is known to be profitable. But in a tech boom in which riches don’t always flow from the most likely sources, the deal for the space took a different turn.
The competition soon boiled down not to AppNexus but to Tumblr and foursquare, two companies that have become top brands in the new internet boom and have raised tens of millions of dollars in venture capital between them, but have yet to find income-producing platforms for their services.
TF Cornerstone is planning a bold makeover of 387 Park Avenue South, leasing executives for the building say.
The company, which owns several prominent office properties in the city including Carnegie Hall Tower, will build an outdoor area and conference facility on the 12-story building’s roof and clad its lower floors in a new glass facade. A new lobby and elevators will also be installed as part of the project.
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.
645 Madison Avenue has reeled in another high priced lease despite a flat rental market in the city that has left most landlords with little leeway to bump up rates.
Marble Arch Investments has taken the building’s entire 17th floor, a nearly 7,000 square foot space for seven years. The building’s landlord TF Cornerstone was asking for rents north of $100 per square foot for the floor and just about got them in the lease negotiation, which, as is typical for such talks, usually sees rates drop as tenants and their leasing reps work to finagle a better deal.
Financial planners Lionstone Capital have renewed its lease at The Carnegie Hall Tower on 152 West 57th Street for another 3 years, a person close to the deal told The Commercial Observer.
The firm will continue to occupy a 4,117-square-foot space at the 36th floor of the 60-story building. Asking rent for the space is $100-a-square-foot.
Sam Seiler of CBRE represented Lionstone Capital in the lease deal. Matt Leon of Newmark Grubb Knight Frank represented TF Cornerstone, the property manager of 152 West 57th Street, in the deal.
TF Cornerstone is readying plans to undertake a major renovation of 387 Park Avenue South, a roughly 215,000-square-foot office building the company owns at the edge of booming Midtown South.
Matthew Leon, a top leasing executive at Newmark Grubb Knight Frank who oversees leasing of TF Cornerstone’s Manhattan portfolio of space, said that over $10 million will likely be spent in order to upgrade the building.
The large Brazilian bank Banco Pine has signed a 3,000-square-foot lease at 645 Madison Avenue.
The bank, which is one of several Brazilian banking groups that have made recent moves in the city, will take a pre-built office unit on the 22-story building’s ninth floor for rent in the high $70s per square foot. The term of the lease stretches five years.
FNBNY has signed a 6,000-square-foot lease at Carnegie Hall Tower, one of Midtown’s so-called country-club office buildings known for its sweeping Central Park views and expensive rents.
FNBNY took a portion of the 550,000-square-foot building’s 52nd floor in the deal for rents close to space’s asking price of $115 per square foot a source told Read More
With three dozen projects underway in Long Island City, the brothers behind Rockrose Development—two of whom split to form TF Cornerstone in 2009—are poised to compete against one another for prize renters and retailers in what is rapidly becoming Queens’s answer to Williamsburg and Dumbo. TF Cornerstone chairman Thomas Elghanayan spoke to The Commercial Observer about the EastCoast, his firm’s waterfront rental complex, the infamous Rockrose Development coin toss, and his tense relationship with brother Henry Elghanayan, chief executive of Rockrose Development.
In 2009, the brothers behind the Rockrose Development Corporation—Henry, Thomas and Frederick Elghanayan—divided their four-decade business partnership in half, with Frederick and Thomas spinning off to form TF Cornerstone, and Henry staying put at Rockrose with his son, Justin Elghanayan, 33. Since that relatively amicable split, in which the company’s $3 billion empire was divided in half, Henry Elghanayan has rebuilt the portfolio and elevated his son, who has taken the reins as the project manager of Linc LIC, a development in Long Island City, Queens, scheduled to include two residential towers and a retail complex that, when finished in 2013, could breathe new life into the long-simmering neighborhood. Last week, Justin Elghanayan spoke to The Commercial Observer about his family’s recent split, the future of Rockrose and his Long Island City project, which includes what could be the tallest building in Queens.