Vorando Realty Trust has agreed to sell 866 United Nations Plaza for $200 million, the real estate investment trust announced earlier today. The Commercial Observer has learned the buyers of the 360,000-square-foot building are Meadow Partners and United Realty Partners.
Vornado Realty Trust has acquired the land and air rights necessary to proceed with its development at 220 Central Park South, the real estate investment trust announced yesterday.
The $194 million acquisition will allow Vornado to begin construction of its planned 920-foot tall luxury residential condominium and puts to rest an ongoing dispute between the REIT and Extell Development, the seller of the rights.
2013 Owners Magazine
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
Mayor Michael Bloomberg has announced two new tech initiatives to expand the city’s access to wireless and broadband connectivity, one of which encourages the deployment of leading broadband technologies across its commercial real estate buildings.
The Wireless Corridor Challenge will establish free public WiFi corridors in each of the five boroughs, while WiredNYC, described as LEED Read More
Vornado Realty Trust reported its second quarter results on Monday, with funds from operations up to $235.3 million, or $1.25 per diluted share, from $166.7 million, or $0.89 per diluted share, for the same period last year.
“It was a positive quarter,” Michael Knott, managing director at Green Street Advisors, told The Commercial Observer. “The first quarter was very noisy from an accounting standpoint.”
Symantec Corporation has signed a 24,100-square-foot lease for part of the 54th floor at Vornado Realty Trust’s One Penn Plaza, The Commercial Observer has learned.
ValueOptions has signed a 10-year, 19,100-square-foot lease for a portion of the 31st floor at Vornado Realty Trust’s One Penn Plaza, The Commercial Observer has learned.
The healthcare provider will relocate from its current space at the EmblemHealth building at 441 9th Avenue, sources said.
The 57-floor, nearly 2.6-million-square-foot One Penn, designed by Kahn & Jacobs and built Read More
As the economy continues to build steam, a new Brooklyn finds itself craving a new retail culture—and developers and financers are keeping close watch. While New York’s most populous borough has seen a large number of residential buildings take shape in the past year, financing for retail construction projects and acquisitions are just now beginning to catch up.
When asked, the developers behind several of the latest big retail projects told The Mortgage Observer that many of those properties would have a more chic look and feel and a more versatile use than traditional shopping outlets and malls. One common point of comparison has been Jamestown’s Chelsea Market, the high-end urban food court and shopping center with galleries and production studios mixed in.
Morgan Stanley has inked the year’s largest sublease with an 11-year deal for 148,421 square feet of space at Vornado Realty Trust’s 1290 Avenue of the Americas.
The space is across the entire 12th and 13th floors, part of AXA Equitable’s 443,599 square feet in the 44-story, 2-million-square-foot tower, according to The Real Deal, which Read More
It’s been mostly quiet on the Walmart front since plans for a Brooklyn behemoth collapsed last fall, but prominent New York brokers insist that the world’s largest retailer is in active negotiations for a spot in the five boroughs.
IT-solutions firm Presidio Networked Solutions has signed a long-term, 14,106-square-foot lease at One Penn Plaza following its acquisition of BlueWater Communications LLC.
The two firms will move from the separate spaces they occupied on the 19th and 16th floors, respectively, consolidating onto the 28th floor.
“They wanted to put both companies together in an efficient office environment that would be conducive to business,” John Pavone of DTZ, who represented the tenant with Nick Bates, told The Commercial Observer.
This week, Malkin Holdings cleared a major hurdle in its quest to list its portfolio, which includes the Empire State Building, as a $1 billion real estate investment trust.
Should the Malkins list in the near future, they’ll be doing so as the market approaches the heights of last decade, when share prices for various REITs skyrocketed before a downfall in early 2009, when the market bottomed out. Of the REITs examined by The Commercial Observer, all experienced significant declines between 2008 and 2009, and all but one have failed to regain their former highs.
Below, a selection of some of the country’s largest REITs, including their respective gains, losses and recoveries, as well as their current share prices as of Monday’s close.
Earlier this week Vornado Realty Trust reported its first quarter results, with funds from operations, a key metric for judging the performance of real estate investment trusts, falling to $201.8 million, or $1.08 per share, from $348.5 million, or $1.82 per share, over the same period last year.
The decline of over 42 percent is attributable in part to the REIT’s investment in J.C. Penney Co. but does not necessarily represent the REIT’s real estate assets, according to analysts.
With a number of projects in the pipeline, Bruce Eichner is planning a dramatic comeback to New York real estate with an 80/20 residential project at the Harlem Park site he agreed to acquire last week.
Mr. Eichner is in the midst of an architectural competition for the planned development at 1800 Park Avenue and 125th Street, The Commercial Observer has learned.
“He is going to do something creative with the building,” Geoffrey Newman, senior managing director at Newmark Grubb Knight Frank, said of the project. “For a rental perspective, I think it’s going to be a spectacular building.”
Vornado Realty Trust has sold the Harlem Park site at 1800 Park Avenue to Bruce Eichner and Continuum Company, the New York Post reported.
Mr. Eichner is planning to develop a 596,000-square-foot 80/20 residential building at the site which would include street-level retail, a garage and 600 apartment units, 200 of which would be affordable housing, according to the report.