At street level, 1155 Avenue of the Americas is Thomas Pink, but upstairs it’s Don Draper meets Dow Jones. The News Corp.-owned publisher has signed a 117,000-square-foot lease for 10 years for advertising-sales offices on the third and fifth through eighth floors of the Durst Organization‘s 41-story black granite tower.
The 1984 Emery Roth & Sons-designed Read More
SL Green, the city’s largest office landlord, has agreed to sell 19 West 44th Street for $123.2 million to Deka Immobilien, a German real estate investor.
That’s nearly double the $67 million that SL Green paid for the 292,000-square-foot building in 2004. The company plans to invest the $118 million in net proceeds towards 125 Park Avenue, which it agreed Read More
David and Jed Walentas, the father-and-son real estate moguls whose Two Trees Management got its start decades ago in Soho, before abandoning it to craft Brooklyn’s Dumbo neighborhood almost wholecloth, are buying a Manhattan office building, the only one in their portfolio.
The family is in contract to buy the 340,000-square-foot 50 West 23rd Street, Read More
Starting next spring, the tower floors of 452 Fifth Avenue will be available for lease, The Observer has learned. The space, spanning the 12th to the 30th floors, and totaling 300,000 square feet, will likely be one of the most-sought-after office plots in midtown.
CB Richard Ellis is representing IDB Group subsidiaries Property and Building Read More
Billy Macklowe, the son of real estate great Harry Macklowe—who, in one of the boom’s great gambles, famously bought a $7 billion office portfolio only to have to give much of it back to the bank in the throes of the recession, and to sell the GM Building to boot—has officially left his dad’s company to form Read More
The LaSalle Academy has leased its current building—55,000 square feet at 44 East 2nd Street—to the first New York school to be operated by the World Class Learning Group, which runs the British Schools of America. The new elementary school, set to open in September of this year, will be called the World Class Learning Read More
A dollop of good news for commercial real estate observers—though, given recent economic history, all such dollops should be taken with a healthy grain of salt.
Midtown’s Class A vacancy rate—a key indicator of office market health—dropped this month from 13.9 to 13.4 percent, according to brokerage Jones Lang LaSalle:
It was last year at Read More
American Media Inc., publisher of, among others, one-time Pulitzer favorite The National Enquirer, will relocate its New York City hub from One Park Avenue to 4 New York Plaza in downtown. American Media will take 85,000 square feet in the skyscraper between Water and Pearl streets. That’s nearly double the amount of space the publisher Read More
A House of Hoops—Nike and Footlocker’s concept store/temple to all things basketball—will open a second New York City location at 11 West 34th Street, between Fifth and Sixth avenues, according to someone involved in the transaction.
The first House of Hoops opened in Harlem, at 268 West 125th Street, in the fall of 2007, with a Read More
The new chief of commercial real estate titan Cushman & Wakefield said the majority owner of the beleaguered brokerage is considering taking it public, according to The New York Times:
One of the biggest question marks is the future of Cushman & Wakefield, the world’s third-largest commercial real estate brokerage, according to National Real Estate Investor magazine. Read More
It’s done! Carlos Slim, richest man in the world, Mexican telecom billionaire and New York Times creditor, has officially closed on his first piece of the rock, an 11-story office building at 417 Fifth Avenue.
Cushman & Wakefield, the brokerage that handled the sale, issued a release Monday (even though the Cushman team that brokered Read More
Well, then. SL Green, the city’s biggest commercial landlord, is apparently not content to merely bag more buildings (it announced deals earlier this spring for 125 Park and 600 Lexington).
The REIT also has just negotiated 17 new deals, totaling 62,201 square feet, throughout its New York portfolio. The deals include six at the Graybar Read More
The union that nearly brought a doorman strike last month is planning a move to a new headquarters.
The Service Employees International Union 32BJ announced Monday that it has signed a 245,000-square-foot, 20-year lease at 620 Avenue of the Americas, at 18th Street. The building, bought by the Chetrit Group in 2005 for $289 million, Read More
Eleven Times Square, the brand-new and entirely empty million-square-foot office building that has stood for months as the symbol of boom-time real estate hubris, is a symbol of excess no longer.
After months upon months of labored negotiations—and much semantic parsing by journalists covering them—law firm Proskauer Rose has finally signed a deal for 400,000 Read More
