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Preview: New York City Commercial Real Estate News From CoStar Group

New York City Commercial Real Estate News From CoStar Group



CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of



 



Omnicom Remains at 195 Broadway and Pulls in More Space

Thu, 15 Feb 2018 09:57:52 GMT

Global advertising and marketing firm Omnicom Media Group is expanding its presence at 195 Broadway, according to landlord L&L Holding, and has agreed to take an additional 205,514 square feet on the fourth through eighth floors. As part of the deal, Omnicom has also renewed its 82,006-square-foot space from which it currently operates on the 17th and 18th floors. The 15-year deal will bring the firm's total occupancy in the building up to 287...



Normandy Real Estate Partners Secures $81M for LIC Industrial Repositioning

Thu, 15 Feb 2018 05:44:59 GMT

Rendering of the proposed repositioning of 25-11 49th Avenue in Long Island City.Courtesy of Normandy Real Estate Partners. Long Island City, making headlines for its apartment construction boom, is also attracting the attention of office developers. Normandy Real Estate Partners, Keystone Equities and Drake Street have teamed on an office project they say is almost fully preleased. Normandy Real Estate Partners has secured an $81 million loan...



Commercial Real Estate Investors Roll into the Bronx

Wed, 14 Feb 2018 06:34:24 GMT

At the intersection of Bruckner Boulevard and the Whitestone Expressway, sedans and semis whizz past the site of a vacant, multi-level movie theater that is about to become one of New York City’s largest fulfillment centers. Millennials (and other big e-shoppers) should rejoice. Square Mile Capital and Innovo Property Group are partnering on the repositioning of 2505 Bruckner Blvd., which is being brought to market by JLL. The site has been...



Hotel Financings Powering Surge in CMBS Market

Tue, 13 Feb 2018 04:35:50 GMT

Blackstone Group's Turtle Bay Resort in Kahuku, HI CMBS issuance this year is off to a strong start, driven, as it was last year, by single-borrower deals totaling $4.7 billion so far. Notably, hotel properties again have been one of the stars of the current run and have facilitated a number of large refinancings and acquisitions. Issuance of CMBS loans in the hotel sector grew from $2.7 billion in 2016 to nearly $14.5 billion in 2017, according...



ALM Media Signs for 46,000 SF in HQ Move

Mon, 12 Feb 2018 08:04:13 GMT

Digital B2B publisher ALM Media will relocate its global headquarters to 150 E. 42nd St. in New York City, where it has signed a long-term lease for 46,000 square feet of office space on the property’s mezzanine level. ALM will make its move in the third quarter of 2018, CoStar News has learned. The company is known as the owner behind such brands as GlobeSt.com, Law.com, Real Estate Forum and The National Law Journal. Its commitment reflects...



Wellness Coworking Firm Primary Grabs 31,000 SF at 251 West 30th

Mon, 12 Feb 2018 05:47:36 GMT

Primary, a shared workspace provider that offers members on-site wellness services, has signed a 10-year lease for four floors in the Chelsea Square office building at 251 W. 30th St. in New York City. Primary’s space encompasses 31,083 square feet on the second, third, fifth and sixth floors of the building. It will move into its new space in March 2018. The lease is the largest signed within the property since it was acquired in April 2016...



3 Hudson Blvd to Rise with Help of EB-5 Funding

Mon, 12 Feb 2018 03:48:36 GMT

For the completion of 3 Hudson Boulevard, developer The Moinian Group is diversifying its capital stack. George Washington Immigration Group LLC, an EB-5 Regional Center based in Jericho, NY, will commit from $250 million to $350 million toward the full project cost, according to The Moinian Group. Architect FXFOWLE designed the 53-story, 900-foot-tall glass tower situated at 555 W. 34th St. in New York City. The building is expected to come...



Nasdaq Relocating to 145,000 SF at Durst’s 4 Times Sq

Thu, 08 Feb 2018 05:32:47 GMT

Nasdaq has decided to relocate its global headquarters to 4 Times Square, the 48-story, 1.8-million-square-foot office tower owned by The Durst Organization. The exchange signed a 15-year lease for a total of 145,000 square feet, inclusive of an extension on 24,000 square feet currently occupied by its MarketSite division. MarketSite moved into 4 Times Square in January 2000, according to CoStar data. Nasdaq will begin moving its New York City...



NY Liquidation Bureau Leases 43,000 SF

Wed, 07 Feb 2018 10:18:07 GMT

New York Liquidation Services, a New York state agency, signed a 15-year lease for about 43,138 square feet in the office building at 180 Maiden Ln. in New York, NY. The 41-story building totals 1.19 million square feet in the Financial District submarket. Continental Casualty developed the property in 1984, and it was most recently sold in 2015 to MHP Real Estate Services and Clarion Partners for $470 million, according to CoStar data.See CoStar...



Suna Equities Sells Uptown Multifamily Bldg for $27.6M

Wed, 07 Feb 2018 09:56:46 GMT

Suna Equities Ltd. divested its multifamily building at 14-16 W. 107th St. in New York City for $27.6 million, or about $405 per square foot. Located in the Upper West Side, the 60-unit apartment building totals 68,200 square feet. The historic building was built in 1910, and was renovated in the mid-1980s. Ronald Solarz and Gary Meese of Eastern Consolidated represented the seller. Solarz procured the buyer, a local private real estate investor...



Nonprofit Partnership Purchases 135-Unit Multifamily Complex

Wed, 07 Feb 2018 09:50:47 GMT

A joint-venture partnership between Belveron Real Estate Partners, Hudson Valley Property Group, NCV Capital Partners and Nuevo El Barrio para la Rehabilitación de la Vivienda y la Economia, acquired a 135-unit affordable housing project from Metropolitan Realty Group LLC for $60 million, or about $444,000 per unit. The property was built in 1982 at 1680 Madison Ave. in New York City, situated in the East Harlem MF submarket. The building was...



Geoghegan, Idnani Join Robert K. Futterman & Associates

Wed, 07 Feb 2018 09:41:05 GMT

Jeff Geoghegan and Ravi Idnani have joined Robert K. Futterman as directors in the firm's New York City office. Geoghegan and Idnani, both formerly with Eastern Considolated, focus on retail leasing, specifically with restaurants and hospitality properties. The duo will continue to work on landlord as well as tenant representation in the New York metro area. "We are thrilled to add Jeff and Ravi to our New York team," said Robert Futterman...



Law, Financial Firms Continue Leasing 437 Madison

Wed, 07 Feb 2018 04:52:41 GMT

The Plaza District’s 437 Madison Ave. in New York City keeps filling up. Los Angeles-based digital media and entertainment law firm Mitchell Silberberg & Knupp LLP (MSK) and investment advisor Cambridge Associates have each signed leases to relocate to the office tower later this year, landlord William Kaufman Organization announced this week. MSK will move August 2018 after signing a 15-year lease for 18,650 square feet across the entire 25th...



Google Reported to Be Discussing $2B Acquisition of Chelsea Market

Tue, 06 Feb 2018 07:41:24 GMT

Google is reportedly in talks to acquire Chelsea Market for more than $2 billion according to a report published Tuesday by The Real Deal citing undisclosed sources. Matt Bronfman, CEO of Atlanta-based Jamestown, Chelsea Market’s current landlord, would neither confirm nor deny to CoStar News that Google will buy Chelsea Market. Situated at 75 9th Avenue between 15th and 16th streets, the nine-story property spans 1.2 million square feet,...



Liquidnet Holdings Moving to The New York Times Building

Fri, 02 Feb 2018 06:27:07 GMT

The New York Times just filled 126,427 square feet of its Times Square headquarters at 620 Eighth Ave. in New York City. Liquidnet Holdings has agreed to sublet the 17th through 20th floors for a 15-year term. It will relocate from 498 Seventh Ave. in March. Liquidnet, a trading network for institutional asset managers, was looking for a larger base in Midtown, according to David Dusek, managing director with JLL, which assisted the tenant in...



The Children’s Museum Acquires Vacant UWS Church for $45M

Thu, 01 Feb 2018 09:52:24 GMT

The Children’s Museum of Manhattan (CMOM) has closed on its new permanent home, purchasing 361 Central Park West (1 W. 96th St.) in New York City for $45 million, or about $1,500 per square foot, from North Development Group. Law firm Kleinberg Kaplan advised the museum in its acquisition of the property, a 30,000-square-foot landmarked church originally built in 1900 on one-third of an acre in Manhattan's Upper West Side. CMOM says it will...



Knotel Signs 17,000-SF Lease in Midtown

Wed, 31 Jan 2018 09:57:44 GMT

Knotel, the coworking office space provider, signed a 10-year deal for 17,204 square feet at 560 Lexington Ave. in New York City. Built in 1981, the 22-story property was renovated in 2015. The building features Gold Wired Certification and was awared an Energy Star in 2015 for its operating efficiency. Other tenants in the building include KPMG and Bayernlb. Knotel will occupy the entire seventh floor, where asking rents average around...



Delany Joins Eyzenberg & Company

Wed, 31 Jan 2018 09:34:23 GMT

Gregg Delany joined New York-based real estate investment bank Eyzenberg & Company as a senior director. In his new role, Delany will represent commercial real estate owners and investors in arranging new debt and equity. Delany was previously a managing director at Greenwich Group International and a founding principal at Longitude Investment Advisors, where he consulted on capital raises, bank-to-bank mergers and acquisitions, FDIC bank failure...



Equity Office Meets Demand

Wed, 31 Jan 2018 05:08:15 GMT

Demandbase, a leader in Account-Based Marketing (ABM), has signed a new lease deal to occupy 15,931 square feet on the 9th floor of Equity Office's 114 W. 41st St. in New York City. The tenant will relocate from its current headquarters space in the Chrysler building during the first quarter. “Demandbase has expanded rapidly and outgrown our current space in the Chrysler Building,” said Chris Golec, CEO of Demandbase. “We chose 114 West 41st...



Nelson Joins Avison Young NYC

Mon, 29 Jan 2018 06:23:13 GMT

James Nelson has joined Avison Young as a principal and head of New York metro area investment sales. Based in the firm's New York City office, Nelson will be tasked with leading and managing the company’s investment sales practice in the region. Nelson brings more than 20 years of commercial real estate experience, most recently as a vice chairman with Cushman & Wakefield. Before that he was at Massey Knakal, where in 2004 he was named the...