Controversy swirled this week, as Mexican architect Enrique Norton accused developers of spoiling his most recent project, Cassa NY, a new hotel on West 45th Street. Mr. Norton was enraged that instead of the glass curtain he envisioned over the base, the building will have a white skin and rectangular punched windows, like the rest Read More
July brings more modestly optimistic news for the city’s commercial real estate industry, according to the latest report from brokerage Cassidy Turley.
Manhattan-wide vacancies are still dropping, down from May’s 13.1 percent to 12.8 in June, marking the lowest amount of empty office space since at least April of last year. Downtown Read More
Following today’s story in The Times that Gary Barnett’s Extell Development plans to start construction within weeks on its luxury residential tower across from Carnegie Hall, here’s a rendering provided by the developer. The tower, designed by Christian de Portzamparc, is to be the city’s tallest residential building.
Its name: Carnegie 57.
Steve Roth’s plan for what would be the city’s third tallest tower, across from Penn Station on the site of the current Hotel Pennsylvania, just got a boost, as Borough President Scott Stringer on Wednesday gave his conditional approval for the proposal.
The planned 1,200-foot skyscraper—which is theoretical in that it would not likely be Read More
Carlos Slim Helu, the richest man in the world, is in contract to buy an office building on Fifth Avenue, according to a source close to the transaction.
Mr. Slim, the Mexican telecom billionaire and The New York Times‘ largest creditor, is in contract to buy the building, at 417 Fifth Avenue, for $140 million, Read More
Maybe midtown’s investment sales market is finally coming back to life.
On Thursday came news of two building trades: SL Green officially announced its purchase of Hines’ 600 Lexington Avenue for $193 million, or about $636 a square foot, a healthy price for this economy. (More details of the deal here.)
And the winner is… SL Green! For almost 180 million smackeroos!
SL Green, the city’s largest office landlord, has won the bidding war for Hines’ 600 Lexington Avenue, the glass-clad, 36-story tower between 52nd and 53rd streets, according to Crain’s. Rumblings of the deal were first reported at Observer.com late last week.
According to Read More
Texas-based Hines Interests is in contract to sell the 36-story, 282,409-square-foot office tower at 600 Lexington Avenue for at least $160 million (other sources put the bids at $180 and $190 million), according to a representative of one of the losing bidders.
Darcy Stacom of CB Richard Ellis, who listed the tower for Hines, called the losing Read More