Mortgage Observer

Old New York: 32 Old Slip

32 Old Slip.

A look at the history of 32 Old Slip in Lower Manhattan, originally the site of a building held by the United States Assay Office—the last public gold refinery in the country. Since then the 1.2-million-square-foot property has been through multiple sales and a big turnaround following Hurricane Sandy. Read More

Lease Beat

Law Firm Renews, Restacks at 1633 Broadway


Law firm Kasowitz, Benson, Torres & Friedman LLP has signed a 20-year renewal at The Paramount Group’s 1633 Broadway.

The deal will see the firm restack at its headquarters, trading its current space on floors 20 through 24 for 225,000 square feet on floors 19 through 23. The restacking will include a complete reconstruction and technological renovation project spearheaded by TPG Architecture.

“It was intricate reinventing the infrastructure of a 43-year-old building in order to support the demanding needs of a cutting-edge law firm that needs to be in operation 24/7,” said Mark Weiss, of Newmark Grubb Knight Frank, who represented the tenant, in a prepared statement. “We ultimately succeeded in creating a modern day solution for a middle-aged building.”

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The Plan

Check Out Proposed Glass-Cube Retail Under 1633 Broadway

CO Page TK - The Plan

Cushman & Wakefield is marketing a sub-level retail space at 1633 Broadway, where a 733-glass cube entryway designed by Moed de Armas & Shannon will serve as a portal to two lower levels made up of 39,588 square feet of stacked concourse space.

The opportunity lies within a 2.5 million-square-foot Class A office tower spanning the entire block-front of Broadway between 50th and 51st Streets, owned by the Paramount Group.

The vacant sub-level space, formerly occupied by the outer-space-themed Mars 2112, has been gutted, and a sparkling glass entry cube, reminiscent of the above-ground glass façade leading to Apple’s flagship store on Fifth Avenue, will provide visibility and signage opportunities for a range of potential uses, said Alan Schmerzler, an executive director at Cushman & Wakefield who reviewed the floor plans with The Commercial Observer. Mr. Schmerzler is marketing the space along with Executive Vice President Brad Mendelson, Senior Director Steve Soutendijk and Senior Associate Chris Schwart. Read More