Mitchell’s NY, a family-owned publication delivery business, is relocating its Long Island City headquarters and distribution center within the neighborhood to Time Equities‘ 47-11 and 47-51 Austell Place between Skillman Avenue and 27th Street.
Faith Hope Consolo and Joseph Aquino of Douglas Elliman‘s retail group negotiated the 40,000-square-foot deal on behalf of Mitchell’s NY in a direct deal with Time Equities‘ senior acquisitions and asset manager, Brad Gordon.
Connection engine Honest Buildings has launched a free iPad app for real estate service pros who have submitted projects on the website so they can share their work in real-time on-the-go to prospective clients, Commercial Observer has learned.
“We kept getting examples of people’s work in the PDF two-page document that every vendor in the real estate industry has to showcase what they have,” said Riggs Kubiak, the company’s CEO. “We thought we could drastically improve that experience.”
New York-based landlord, developer and manager Time Equities nabbed a $23 million first mortgage for a shopping center in Seekonk, Mass., a suburb of Providence, Rhode Island. Time Equities’ director of mortgage brokerage, Stuart Bruck, said the loan “allowed us to recapitalize some long held equity we had in the building.”
Gleaming new skyscrapers. Swarms of young pedestrians. Cutting edge tech and creative office tenants. High-end retail. Sprouting condo towers. A new transportation hub.
This isn’t a city of the future—it’s the “New Downtown,” as Francis Greenburger of Time Equities described it to Commercial Observer last week.
This past Sunday marked the five-year anniversary of the lowest point in the stock market crash which sent everyone, including New York City’s real estate market pros, reeling. In late 2010 and early 2011, New York City essentially recovered from the economic meltdown but business hasn’t always been rosy since. Commercial Observer checked in to see how the city’s commercial real estate brokers were doing five years ago and how they are faring today.
Developer Francis Greenburger of Time Equities has secured $400 million in financing to move forward with a Helmut Jahn-designed downtown Manhattan residential tower at 50 West Street.
The Wall Street Journal reported last night that the financing gives the developer the go to begin construction on the long-stalled 63-story residential project, which will overlook Battery Park and the Hudson River, in the fall.
Governor Andrew Cuomo’s office negotiated a 10-year renewal for its 39,254-square-foot space on the 38th and 39th floors at Time Equities’ 633 Third Avenue. Starting rent was in the low-$60s per square foot, according to CompStak data.
A simultaneous 10-year lease renewal signed by Empire State Development stands to save the agency $2.5 million. In the 104,200-square-foot deal for floors 33 to 37, Empire State Development will pay rents in the low-$60s per square foot, according to data from CompStak, down from rent in the mid-$80s per square foot.
A 10-year lease renewal signed by Empire State Development at Time Equities’ 633 Third Avenue stands to save the agency $2.5 million. The 104,200-square-foot deal for floors 33 to 37 will see Empire State Development pay rents in the low-$60s per square foot, according to data from CompStak, down from rent in the mid-$80s per square foot.
The reduction in rent of approximately $24 per square foot will reduce Empire State Development’s yearly rent to $6.5 million through June 2016 from the previous annual rent of nearly $9 million, according to notes from an April directors meeting. Rents will increase to $68.50 per square foot, or just over $7 million per year, from July 2020 until the termination of the lease, but still represent considerable cost savings for the urban development corporation.
The International Council of Shopping Centers landed in New York at the Hilton yesterday morning for Day 1 of its two-day New York National Conferences. Keynote addresses were made, palms were greased and rubbery chicken was endured, as attendees shuffled between booths set up by retailers and brokerage firms ranging from A&G Realty Partners to Zinburger Frozen Yogurt.
After the jump, The Commercial Observer’s Billy Gray joins, and attempts to stay above, the fray.