The frequent turnover at the Port Authority of New York and New Jersey’s top position has helped contribute to escalating costs at the yet-to-be-completed World Trade Center site, according to a committee report released yesterday.
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Pace University has renewed its 32,707-square-foot lease at the downtown office building 156 William Street, sources have told The Commercial Observer.
The university will lease the building’s entire fifth floor and a portion of the eighth. Asking rents at the property, a 190,000-square-foot building owned by Capstone Equities, are in the $30s per square foot.
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When the New York Beer Company opens for business at 321 West 44th Street this March, patrons will be able to invest in the alcohol consumption of their peers. Loosely inspired by the New York Stock Exchange, the latest enterprise by restaurateur Brian Connell will feature brews priced according to how popular each brand is among its customers. Despite the novel idea, Mr. Connell’s search for approximately 2,500 square feet of ground-floor space and 2,500 square feet of basement space hit a dead end early last year after a nine-month scouring of Midtown South. Read More
Marcus & Millichap Capital Corporation, a subsidiary of Marcus & Millichap Real Estate Investment Services, has named Anita Pins as an associate director in the company’s Manhattan office, it was announced last week.
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After being outmatched by both Midtown South and Downtown during most of 2011, Midtown got off the mat in January as its overall vacancy rate tumbled to 10.9 percent from 11.6 percent in December (its lowest figure since the 10.2 percent of December 2008).
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The law firm Ropes & Gray has completed a deal to sublease one of its floors at 1211 Avenue of the Americas, the large midtown office tower where it has its New York headquarters.
Ropes & Gray is subleasing the building’s 41,500-square-foot 32nd floor to the law firm Grais & Ellsworth for seven years. Asking rent for the space was in the $50s per square foot.
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New Yorkers’ restored enthusiasm is spilling out into the streets. Most of the revelers are undoubtedly celebrating our city’s Super Bowl victory. But a small minority—real estate investors among them—is also marking an inflection in the recovery.
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It would have been easy for Lou D’Avanzo and his Cushman & Wakefield leasing team to rest on their laurels.
While Condé Nast’s million-square-foot lease at 1 World Trade Center last year has become a dominant emblem of downtown’s resurgence as a popular destination for office tenants, the C&W group’s lease-up of 77 Water Street has also etched its way into recent lore in the neighborhood.
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Jamestown Properties and Rockwood Capital, along with Crown Acquisitions and Murray Hill Properties, finalized their deal to purchase 530 Fifth Avenue for a reported $390 million, officials said.
The property, which was previously owned by Joseph Moinian and the Chetrit Group, will receive a $20 million renovation to upgrade the building.
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Educational Affiliates is signing a 40,000-square-foot lease at 97-77 Queens Boulevard, a large office building owned by the LeFrak Organization in Rego Park, Queens.
The tenant operates career schools that train nurses, medical assistants, commercial drivers and computer specialists among other professions.
A source familiar with the lease said that Educational Affilitiates plans to open a nursing school at the location.
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Yesterday, Forest City Ratner developer Bruce Ratner escorted Commercial Observer staff writer Daniel Geiger and photographer Kiki Conway on a tour of the Atlantic Yards arena. While Mr. Ratner was evasive when faced with specific questions about the project and construction timeline, the pictures are revealing. Indeed, with arena seating now underway, and Read More
New York landlord Charles Cohen says he’s not concerned about opening vacancies in his portfolio.
In the past year, two large tenants relocated from buildings Mr. Cohen owns.
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A chauffered Lexus LS sedan pulled up to the corner of Dean Street and Flatbush Avenue and out slid Bruce Ratner from the back seat. He was 15 minutes late.
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While a far cry from a peak in 2007, the number of office transactions that crossed the $100-per-square-foot threshold in Manhattan last year—a whopping 56—was three times that of 2010, when only 19 such deals were tallied in the borough. The number of leases signed for office space in the $80-to-$99 range, meanwhile, also saw Read More
Since breaking into Manhattan in 1998, the Spector Group has immersed itself in some of the city’s most notable design projects, including a series of assignments for NASDAQ, office designs for Internet start-up companies and some of the area’s earliest initiatives for data centers and telecom hotels, some of which are now being converted back to office use. Principal Scott Spector, 49, spoke to The Commercial Observer about one of his family-owned company’s biggest assignments, rebuilding the Winter Garden, as well as ongoing work for NASDAQ and what may be his most imaginative job yet—designing eclectic office space for Quirky.com with repurposed bowling alley materials.
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