There were $8.17 billion in closed building sales in the year’s first
half, with an additional $5.62 billion in sales under contract,
according to a Cushman & Wakefield market report. Closed sales were
down 65.1 percent compared to the same time period year, when $23.42
billion in sales closed. Most of the activity was in Midtown, with 18
properties closed or under contract and class A office space selling
for an average of $972 per square foot. Midtown South had 11
transactions, with class A office space selling for an average of $403
per square foot. Downtown saw three transactions at an average of $405
per square foot. TRD… [more]

One of the top-producing brokers at investment services firm Besen
& Associates has moved over to Marcus & Millichap Real Estate
Investment Services. After a decade at Besen, Adelaide Polsinelli starts today at Marcus
& Millichap as an associate vice president of investments at the
company’s Manhattan office at 270 Madison Avenue and 40th Street. Polsinelli, 48, said the firm’s national platform and “its ability to
access more investment capital than any other company” attracted her.
… [more]

Going against the struggling market, some commercial landlords are raising the rents higher than ever before. L&L Holding Company is asking for a rent of $85 per square foot at 200 Fifth Avenue, a 400,000-square-foot former International Toy Center office building. Overall, the market is comparing well in comparison to 2001, experts say. But figuring in concessions like free rent and remodeling, the market begins to look bleaker. As giants like Lehman Brothers and Citigroup look to offload some of their holdings, millions of square feet at prestigious addresses are hitting the market. … [more]

Many wineries are leaving their vineyard homes behind and moving to New York City. City Winery, a night club crossed with a winery, will open what it bills as Manhattan’s first private label winery at 143 Varick Street this fall. Michael Dorf, who owns the Knitting Factory, is heading up the venture. David Lecomte, a French winemaker, will supervise the wine-making operations. Crushpad, a San Francisco-based winery, will also open a city winery in the fall. Brooklyn already has its own wineries, including Brooklyn Oenology and Bridge Urban Winery. Another is planned for Red Hook, at a warehouse by the Fairway supermarket. 

Sportscaster Bob Costas paid just over $11 million for a condominium unit in the tony 15 Central Park West building, according to city records posted today. NBC and HBO sports host Costas and his wife Jill Sutton took title on Nov. 20, paying $11,017,000, the records showed. The building has been a sellout, attracting buyers such as former Citigroup head Sanford Weil, who paid $42.4 million for a penthouse unit.
… [more]

Billionaire Developer John Catsimatidis could be a mayoral candidate. Along with real estate, his Red Apple Group includes the Gristedes markets and the United Oil Refinery.

Foreign investors are offsetting the credit market’s effect on the Manhattan office market, which some analysts say will remain stagnant for up to 18 months. Wachovia Securities predicted commercial prices could drop from five to 10 percent, and sales could fall by 50 to 60 percent. Foreign investors are helping to keep the market afloat with big buys. Italy’s Risanamento recently paid $1,450 per square foot for an office condo at 660 Madison Avenue, the second-highest recorded price for an office building. Africa Israel Investments’ purchase of the old New York Times Building and Somerset Partners’ expected purchase of 450 Park Avenue have also boosted confidence in the office market. more… [more]