Behind the turnstile
When Commercial Observer stopped by Peter Riguardi’s Madison Avenue office for an interview, the dark-haired, 53-year-old Mr. Riguardi—head of JLL’s New York office—was in excellent spirits. In just a few hours, he would be attending the broker party for JLL’s newest building, 28 Liberty Street (formerly 1 Chase Plaza) where the powers that be were auctioning off $2,000 gift certificates at Saks Fifth Avenue, and first-class stays in Europe and Shanghai. (By the way: These are not the most extravagant giveaways at a JLL party. They once raffled off a boat.)
The Staten Island native, who now divides his time between a house in New Jersey and a residence on the Upper East Side, seems like a genuinely chipper person—he talks affectionately about his sons (two of whom followed him to the real estate business) and gets excited when you mention Staten Island pizza.
Get ready for a dynamic 14,750-square-foot transit marketplace just outside of the Columbus Circle subway station. Called Turn-Style, the underground concourse will comprise 34 stores ranging from 153 to 662 square feet when it opens in the spring of 2015. The rents are $300 to $400 per square foot for five- to 10-year terms, according to the Lansco retail team of Lisa Rosenthal, Ryan Bergman and Robin Abrams that is marketing the space.
Commercial Observer got its hands on the marketing flyer for Turn-Style, which includes some cool renderings and interesting details about the project.
MO's Top 50
The New York City investment sales market is on fire this year, with the first two months of 2014 trouncing the first quarter of last year in dollar volume, according to a new report from Massey Knakal Realty Services provided to Commercial Observer. The sales volume hit $6.7 billion in January and February, up $3 billion from the first three months of 2013.
Deutsche Bank’s CMBS guru and real estate financing head honcho, Jonathan Pollack, took the No. 1 spot on this year’s 50 Most Important People list due to several colossal deals and his team’s top ranking in the global and U.S. securitized debt markets.
While the German global banking and financial services company reported an unexpected overall loss of 965 million euros, or $1.3 billion, for the fourth quarter of 2013, its real estate debt operations have continued to show clear gains.
Time Warner Inc. was rumored to be eyeing space at Hudson Yards as early as last spring, but only this month did the company confirm it would anchor Related Companies’ 30 Hudson Yards, an 80-story tower on the Far West Side. Concurrently, Related agreed to a deal to buy back the Time Warner Center in Columbus Circle for $1.3 billion and will market space there for the first time since the building came online a decade ago. The complex deals, which include a significant financial commitment to Hudson Yards by Time Warner, are vital for the ambitious development and another victory for Related Chairman Stephen Ross, who has long championed the viability of his plans for the once-barren pocket of Manhattan.
A venture of the Related Companies, the Abu Dhabi Investment Authority and Singapore’s GIC has purchased the office space of Time Warner Inc. at the Time Warner Center for $1.3 billion, the seller announced today.
Time Warner will relocate its corporate headquarters and New York City employees from Columbus Circle to Related’s Hudson Yards. The company has made an “initial financial commitment” to the development, according to a press release. Time Warner has agreed to lease back office space in the Time Warner Center until 2019, when the development at Hudson Yards is expected to be complete.
Food For Thought
Oh, the week of Thanksgiving—a few days off, a big meal and shopping until your credit cards explode. Yes, it’s that time of year again—Early Bird Thursday, Black Friday, Cyber Monday. There’s a lot of ground I want to cover here (due to the season and due to the expansion of retail locally), so let’s Read More
New York City’s latest construction boom has led to a rise in sexy, boutique hotels—not your usual generic flagships but cool new concepts like the Viceroy, the Virgin Hotel and upcoming SLS Hotel on Park Avenue South. Along with these new hotel flags come equally exciting food concepts, as restaurants have become an essential component Read More
Dominated last year by smaller middle-market transactions, New York’s investment sales market has welcomed the return of large institutional transactions in 2013, while leasing activity in the first half of the year also experienced positive year-over-year growth.
With 10 transactions in excess of $400 million under contract through the second quarter, 2013 is set to be the single most active year for large deals since the Great Recession began in early 2008, according to midyear statistics from Cushman & Wakefield.
A string of recent large office building sales reflects increased investor hunger for safe, long-term bets, amid a post-recession environment characterized by lower commercial mortgage delinquencies, higher confidence and streaming lines of credit.
Published reports show that on Friday two foreign investors bought a 40 percent stake in the General Motors Building, valued at $3.4 Read More
Renovation and Repositioning
Comcast has closed on its $1.3 billion purchase of 1.3 million square feet of office and studio space at 30 Rockefeller Plaza, city records confirm.
The transaction was part of the media and communications giant’s $16.7 billion purchase of a 49 percent stake in NBCUniversal from General Electric, announced last month.
The location, the centerpiece of Rockefeller Center, is host to the property’s annual Christmas tree lighting and inspiration for the title of NBC’s television series “30 Rock.”
The Brodsky Organization is renovating and repositioning 157 Columbus Avenue following the departure of longtime tenant Walt Disney Co., The Commercial Observer has learned.
The renovation is the first at the Upper West Side office building since it was built 30 years ago, in 1983 – the same year Walt Disney signed its lease there.
Ownership hired architecture firm Davis Brody Bond LLP to design the new lobby, elevator cabs, bathrooms, and upgraded building infrastructure, while a team from Cushman & Wakefield will resume its leasing efforts on the roughly 70,000 square feet of available space after the renovations, expected to conclude this summer, are complete.
A property at 309 West 57th Street in Midtown West that once housed a Victorian Gothic church and later saw the likes of John Lennon and Frank Sinatra pass through its doors has changed hands for $42.5 million.
The 16-story, 75,600-square-foot rental property with 102 apartments and nearly 14,000 square feet of commercial space – currently home to night club Providence NYC – was purchased by New York City-based real estate investment firms Imperium Capital and Bronstein Properties.
The property, site of a former church and later a prominent recording studio, is located near a number of popular amenities and development projects, and it’s the latest in a string of high-profile acquisitions made by Imperium Capital.
During a ski trip to Colorado several months ago, Michael May, an executive at Cantor Fitzgerald, remembers his eagerness to hit the slopes. He rose at the crack of dawn and found his friend Marty Burger, who had organized the trip, waiting in the lodge with the same idea in mind.
Traveling with a large group of executives, they skied all day. Mr. May remembers being exhausted, but Mr. Burger convinced him to join him and few others for some indoor tennis back at the hotel. A couple of games, at Mr. Burger’s urging, turned into a couple of sets.
Patrick Smith is an executive vice president and principal of the retail real estate services firm SRS Real Estate Partners, which was spun off from Staubach when that company was acquired by Jones Lang LaSalle. Mr. Smith is a busy leasing dealmaker not only in the city but nationally and represents a host of large retailers that have been active in the market both here and around the country, including Dick’s Sporting Goods, Party City and Disney. With ICSC, the biggest retail event of the year, only weeks away, Mr. Smith weighed in on the state of the retail market with The Commercial Observer and discussed what he has planned for this year’s conference in Las Vegas.