The Port Authority of New York and New Jersey is selling the remaining 50 percent interest in the 365,000 square feet of space within the retail complex being built at the World Trade Center site to Westfield Group for $800 million.
That brings the total price tag, combined with the $600 million Westfield paid for Read More
The World Trade Center site has been closed off from lower Manhattan and the rest of the city for 12 long years. But by this time next year, the site will be fully reintegrated back into the streetscape, and New Yorkers will reclaim the Downtown they once knew. It’s no coincidence that major developments at Read More
The The tiff was most recently on display as “rival” command center vehicles for the respective police departments pulled up outside of the site, with the NYPD snubbing Port Authority requests to roll off, according to the report.
While one law enforcement source called the rivalry “childish” and another apparently laughed it off as a “playground Read More
World Trade Center
The price tag apparently matches the grandeur of the new underground concourse that passes underneath the World Trade Center site, which opened to pedestrians for the first time since 9/11 two weeks ago.
The Port Authority of New York & New Jersey passageway told Next City that the passageway cost approximately $225 million.
The 600-foot Read More
Antonio “Nino” Vendome, chairman of Vendome Group, has announced the simultaneous opening of two new art galleries in West SoHo’s Hudson Square district.
The first gallery, Studio Vendome, is located in American architect Philip Johnson’s Urban Glass House at 330 Spring Street. The second gallery, Studio Vendome Projects, is located at 30 Grand Street, across from Read More
World Trade Center
The underground concourse that passes underneath the World Trade Center site is open to pedestrians for the first time since 9/11.
The passageway links businesses and ferry service to the west of the site to PATH trains and Lower Manhattan to the east.
The 600-foot underground concourse within the 800,000-square-foot transportation hub, which, according to Read More
The annual forecast from the New York Building Congress estimates that 2013 construction spending will eclipse the peaks of 2007.
New York City Construction Outlook 2013-2015, completed with support from the New York Building Foundation and assistance from Urbanomics, estimates total construction spending will reach $31.5 billion this year, greater than the previous high of Read More
A survey of more than 100 prominent commercial real estate machers states that Downtown Brooklyn is the neighborhood to watch, beating out heavy-hitters including Hudson Yards as the city’s Most Likely to Succeed.
“This could be another ‘prestige’ breakthrough for Brooklyn,” William H. Jennings, partner-in-charge of Marks Paneth & Shron, said in a prepared statement. “Many people already think it’s much ‘cooler’ to live in Brooklyn than Manhattan. It may soon be the ‘hot’ place to office.”
Sprinkles Cupcakes has signed a 7,000-square-foot lease extension and expansion at 780-782 Lexington Avenue, giving the shop an additional 1,000 square feet for the launch of an ice cream undertaking next to its existing Manhattan cupcake operation.
An “ATM machine” outside the shop will allow customers to order cupcakes 24 hours a day, according to Read More
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.
Stat of the Week
In honor of this week’s Power 100 rankings of real estate professionals, I figured I would create the first annual Power 5 rankings of the top submarkets by year-to-date leasing activity. To make things even across all 17 submarkets, they are based on leases signed and renewed as a percentage of the submarket’s total inventory. So without further ado, here are the Power 5.
From the outside, 222 Broadway fits the stereotype of the Downtown financial office tower.
But when Bank of America downsized, leaving roughly 250,000 square feet of space vacant, a series of tours guided by its new owner, L&L Holdings, quickly blasted that stereotype away.
Condé Nast committed to 80,000 square feet at the tower in early March. WeWork, which provides collaborative workspace for tech and media companies, was next in line.
Stat of the Week
Last week, as I drove past the World Trade Center site with my son, a question came from the back seat, “Dad, is that where the Twin Towers used to be?”
While the story in Midtown South over the past two years has inarguably been Class B and, to a lesser extent, Class C buildings and their increasing cachet among tech startups, the story in lower Manhattan is still all about Class A properties. With approximately five million square feet of new inventory coming online next year with the completion of 1 World Trade Center, the market will boast some of the most efficient and modern space in all of Manhattan.
More immediately, however, approximately two million square feet of space at the World Financial Center is expected to be made available by next month, thanks to lease rollovers by Nomura and Deloitte, among other major tenants. With such availability of Class A space, no wonder the asset class saw a 30 percent uptick in leasing from last February. Jonathan Mazur, director of research at Cushman & Wakefield, clued The Commercial Observer in on some other big statistical changes in lower Manhattan last week and gave us a sense of what’s to come in 2013.
Everybody Go Downtown
After the storm, things are looking brighter for the lower Manhattan real estate market.
Even with construction scaffolds clogging the district’s narrow streets in a reminder of Hurricane Sandy’s devastation, Downtown office leasing activity jumped 73 percent in the first two months of the year, according to Cushman & Wakefield.