Construction Beat

Moinian Hit with Partial Stop Work Order on West 42nd Street

605 West 42nd Street. (Photo by Damian Ghigliotty)

The Moinian Group‘s under-construction 60-story rental tower at 605 West 42nd Street has been hit with a partial stop work order, according to Department of Buildings records.

The development company, led by CEO Joseph Moinian, was cited for “six randomly visible broken wires” on the crane at the 11th Avenue construction site. DOB issued the partial stop work order—which stops a certain type of work or work on a particular section of the construction site or building—last Friday and it won’t be cleared until the company resolves it and contacts DOB for clearance, a DOB spokesman explained. Read More

Lease Beat

Four New Tenants Sign Midtown South Leases [Updated]

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The Moinian Group and Thor Equities inked deals for four new tenants totaling 40,397 square feet in their 26-story building at 245 Fifth Avenue just north of Madison Square Park, Commercial Observer has learned.

E-commerce reviewer service TrustPilot and skin care and spa provider Anti-Aging America each signed for 13,627 square feet for the entire fourth and sixth floors of the building, respectively, while ad agency Wednesday NY will move into the 8,916-square-foot 25th floor later this year and the nonprofit research organization the Families & Work Institute will occupy a 4,227-square-foot area on the 10th floor of the building. Read More

pre-builts and renovations

Moinian, Thor Launch Pre-Built Program at a Flatiron Building

245 Fifth Avenue. (Thor Equities' website)

At a Flatiron District building they own, The Moinian Group and Thor Equities are launching a full-floor pre-built program targeting the tech, advertising, media and information, or TAMI, fields, Commercial Observer has learned.

In addition to the pre-builts, the owners are committing millions of dollars to the renovation of the lobby and elevator cabs at the building, at 245 Fifth Avenue at 28th Street. Construction will commence once the final plans are approved. Read More

Mortgage Observer

Bank of China to Provide $550M for Moinian Group 80/20 Development

605 West 42nd Street. (Photo by Damian Ghigliotty)

New York’s mayor of six months has remained relatively mum about the finer details of his affordable housing plan, but the deals may soon start to speak for themselves.

Bank of China is close to finalizing a deal that will provide $550 million in HFA credit enhancement bonds to fund the construction of the Moinian Group’s 80/20 residential development at 605 West 42nd Street, sources familiar with the transaction told Mortgage Observer exclusively. Read More

New Developments

Developers, WeWork Eye Former Prison

550 West 20th Street. (Credit: PropertyShark)

A number of developers and co-working giant WeWork toured the former Bayview Correctional Facility, a defunct women’s prison in Chelsea, with an eye toward possibly bidding on the property, according to a report by The Wall Street Journal.

The Related Companies, L&L Holding Company, Taconic Investment Partners and William Macklowe Company toured the facility, the Journal reported. The list of other potential suitors that viewed the property includes the rapidly expanding co-working space provider WeWork, Steinway Musical Instruments and Avenues: The World School. Read More

C&W Loses Brokers But Retains Agency at 535-545 Fifth Ave.

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Last month, Cushman & Wakefield lost broker Andrew Sachs to Newmark Grubb Knight Frank in what could have been a blow to the firm’s leasing assignment at The Moinian Group’s 535-545 Fifth Avenue. After careful consideration, however, the landlord elected to stick with C&W and Bruce Mosler will lead a new leasing team at the East Midtown building.

“We are sorry to see the old team go,” said Gregg Weisser of the Moinian Group. “We certainly had an opportunity to look at other teams and other companies and we did that but there’s something to be said for feeling comfortable with the people you work with, C&W does that for us.” Read More

Lease Beat

Integreon Consolidates at 1450 Broadway

1450 broadway

Integreon Managed Solutions will consolidate its New York offices at 1450 Broadway after the company signed a 7-year lease for a 7,532-square-foot portion of the building’s 11th floor. Asking rent for the space was $55 per square foot.

The company, which provides legal, research and business support solutions, will relocate and expand within 1450 Broadway and move from 622 Third Avenue, where it has maintained an additional New York office. Read More

The Sit-Down

Hudson Hawk: The Moinian Group’s Oskar Brecher Talks Hudson Yards

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In June, the Moinian Group announced its plans for 3 Hudson Boulevard, a 1,000-foot-tall, 1.8 million-square-foot tower between West 34th and West 35th Streets in Hudson Yards. Designed by Dan Kaplan of FXFOWLE, the property will include 1.5 million square feet of office space, 22,000 square feet of retail and possibly as much as 300,000 square feet of residential space. The man behind the Moinian Group project is Oskar Brecher, the company’s vice president and director of development. Across the United States, Mr. Brecher and his team are involved with nearly 10 million square feet of development. The Commercial Observer spoke with Mr. Brecher at his firm’s 3 Columbus Circle office, where he described the 3 Hudson Boulevard project envisioned by the Moinan Group, headed by CEO Joseph Moinian.  Read More

Lease Beat

Tech and Media Moving in at Moinian’s 37 West 17th Street

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Decision Desk and Eastern Harbor Media have both signed five-year, 2,500-square-foot leases at the Moinian Group‘s 37 West 17th Street property, where asking rent was $42 per square foot.

“The whole neighborhood is a magnet for tech and digital media companies,” Eliot Warren of the Kaufman Organization, who represented the tenants, told The Commercial Observer. Read More

Lease Beat

First National Bank of New York Wins Bidding War at 1450 Broadway

First National Bank of New York had to fight off competition before it signed a lease for the entire 3,771-square-foot 37th floor at 1450 Broadway, where asking rents for the tower floors range from $65 to over $70 per square foot.

“We actually had a bidding war for the 37th floor,” Jonathan Fanuzzi, broker at Jones Lang LaSalle, who represented the landlord The Zar Group, told The Commercial Observer. “We had four different tenants looking at that, so we were able to shake out some additional demand.” Read More

Lease Beat

Macro Risk Advisors Renews at 1450 Broadway

Agency-broker Macro Risk Advisors has renewed its 3,771-square-foot lease on the 28th floor of 1450 Broadway. Asking rents for the tower floors range from $65 to over $70 per square foot.

“These are all office users that are being drawn to this building primarily due to the location and renovations,” Jonathan Fanuzzi, broker at Jones Lang LaSalle, who represented the landlord, told The Commercial Observer of the building’s recent leasing activity, declining to comment on the term of Macro Risk Advisors’ lease. Read More

Lease Beat

1450 Broadway Welcomes Taiwanese Airline

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EVA Airways, the second largest Taiwanese airline, has signed a lease for the entire 3,771-square-foot 31st floor at 1450 Broadway, where asking rents for the tower range from $65 to over $70 per square foot.

“EVA Air might not be a household name to you and me but it is a major corporate tenant,” Jonathan Fanuzzi, broker at Jones Lang LaSalle, who represented the landlord The Zar Group, told The Commercial Observer. Mr. Fanuzzi declined to comment on the exact term of the airline’s lease, but did say it was between five and 10 years. Read More

Hudson Yards

Time Warner ‘Leaning Towards’ Hudson Yards

Hudson

Time Warner is “leaning towards” selling its 1.1-million-square-foot headquarters at 60 Columbus Circle and moving to Hudson Yards, Following the cue from anchor tenant Coach, last month SAP and L’Oréal cut deals to lease 115,000 and 402,000 square feet at Related Companies’ South Tower, respectively, bringing it to 80 percent occupancy.

A media company with the influence and scope of Time Warner would be a game-changer for the Yards, some believe.

“The next tenant is an important moment for the district because it starts to build real momentum with tenants from other parts of the city,” Derek Trulson, a broker at Jones Lang LaSalle, who represents Extell Development Co. in leasing its site in the area, told the Journal. Read More

Lease Beat

CVS Leases Space at 3 Columbus Circle

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Pharmacy CVS Caremark has signed a 15-year lease for 21,158 square feet at 3 Columbus Circle, it was announced this morning. Asking rents were not disclosed.

The lease is for the vacant part of the 768,565-square-foot building’s ground floor and a portion of the second floor, according to a statement from SL Green Realty, the landlord in partnership with The Moinian Group. The pharmacy is expected to occupy the space beginning June 1. Read More