The Real Deal New York

Lower Manhattan neighborhood news

  • From left: Steven Spinola and Margaret Chin

    From left: Steven Spinola and Margaret Chin

    The Real Estate Board of New York has flagged nine pieces of legislation introduced by the City Council that the industry group claims are counterproductive to Mayor Bill de Blasio’s much-publicized affordable housing plan.

    Among the nine pieces of legislation are proposals to limit after-hours construction, prohibit owners of buildings with multiple violations from receiving permits and requiring all hotel development plans – even those that are as of right – to go before the local community board for review. [more]

  • Regus-v-Brookfield-AmEx

    From left: Dennis Friedrich, Kenneth Chenault (Photo: Shutterstock), 200 Vesey Street (Photo: Google) and Mark Dixon

    The global executive office behemoth Regus Group filed a lawsuit seeking $10 million from landlords Brookfield Office Properties and financial services giant American Express over what it calls “oppressive” security measures at 200 Vesey Street, across from the World Trade Center. [more]

  • Joseph Sitt, 88 Greenwich Street and Andrew Heiberger

    Joseph Sitt, 88 Greenwich Street and Andrew Heiberger

    Joseph Sitt’s Thor Equities now has full control of a $25 million commercial condominium at 88 Greenwich Street, after purchasing the remaining 50 percent stake in the property from Andrew Heiberger’s Buttonwood Development for about $12.5 million. Heiberger and Sitt are partners in Town Residential. [more]

  • From left: Sharif El-Gamal, 51 Park Place (center) and Jean Nouvel

    From left: Sharif El-Gamal, 51 Park Place (center) and Jean Nouvel

    Sharif El-Gamal now has full control over the site of his upcoming Islamic museum at 49-51 Park Place, The Real Deal has learned. El-Gamal’s Soho Properties, which had a long-term ground lease with Consolidated Edison for the Lower Manhattan site, just closed on the fee interest for $10.7 million. [more]

  • William Rudin and 110 Wall Street

    From left: William Rudin and 110 Wall Street

    Rudin Management, which was reportedly eyeing a residential conversion for its Superstorm Sandy-damaged office building at 110 Wall Street, purchased nearly 36,000 square feet of development rights from a neighboring FiDi hotel earlier this month.

    William Rudin’s firm paid $7.76 million – or about $217 per square foot – to acquire 35,815 square feet of development rights from the Eurostar Hotel at 129 Front Street, property records show. [more]

  • Jared Kushner and 2 Rector Street

    Jared Kushner and 2 Rector Street

    Barely a year after paying $140 million for a Lower Manhattan office tower at 2 Rector Street, Kushner Companies and CIM Group were recently entertaining offers for up to $200 million for the property, The Real Deal has learned. [more]

  • From left: 225 Liberty Street and 1 Wall Street

    From left: 225 Liberty Street and 1 Wall Street

    It’s official: The Bank of New York Mellon is relocating its headquarters to Brookfield Place in Lower Manhattan.

    The bank inked a deal for about 350,000 square feet at 225 Liberty Street, the former 2 World Financial Center, the New York Post reported. The decision marks the end of questions over where BNY Mellon would land after putting its landmarked 1 Wall Street home base up for sale for between $500 million and $600 million earlier this year in a venture led by Harry Macklowe. [more]

  • Larry Silverstein and 3 World Trade Center renderings

    Larry Silverstein and 3 World Trade Center renderings

    UPDATED, 3:42 p.m., June 25: The Port Authority of New York and New Jersey voted today to release roughly $159 million of insurance money that was paid by insurers following the destruction of the original World Trade Center complex and is currently held in a reserve fund. The move will help Larry Silverstein to finance the construction of 3 World Trade Center. [more]

  • Fulton Street Transit Center rendering

    Fulton Street Transit Center rendering

    The opening of Lower Manhattan’s soaring Fulton Street Transit Center, scheduled for this Thursday, has been pushed back an additional 60 to 90 days. [more]

  • From left: Metin Negrin,

    From left: Lexin Capital’s Metin Negrin, 75 and 79 Nassau Street and Massey Knakal’s Bob Knakal

    The development firm Lexin Capital, which earlier this year snapped up a Chelsea office building and is constructing a hotel in the neighborhood, bought a pair of Financial District buildings from the Century 21 department store company for $46 million, according to public filings recorded today. [more]

  • Carmel-Lightstone

    From left: Ron Zeff, Andrew Scandalios, marketing rendering of Fulton Street, David Lichtenstein and 112-119 Fulton Street

    The San Francisco-based investment and building firm Carmel Partners inked a contract to buy a development site at 112-118 Fulton Street in Lower Manhattan from the Lightstone Group for more than $170 million, several sources told The Real Deal. [more]

  • scott-rechler-and-237-park

    Scott Rechler

    Scott Rechler’s RXR Realty secured more than half of the $300 million used to purchase the 61 Broadway in the Financial District last month with a loan from HSBC.

    The realty firm received $185 million at closing and another $15 million for future capital expenditures and leasing commissions, according to JLL’s capital markets team. The office building measures 786,975 square feet. [more]

  • From the June issue: Despite large leasing deals such as Time Inc. relocating to Lower Manhattan last month, the average asking rent in all three Manhattan markets ticked down in May, the first time that has happened in at least a year. [more]

  • From left: One New York Plaza and a Retro Fitness gym

    From left: One New York Plaza and a Retro Fitness gym

    Brookfield Office Properties is giving a Manhattan toehold to the little-known gym enterprise Retro Fitness, signing the company to 17,000 square feet on the newly renovated retail concourse level at One New York Plaza in Lower Manhattan. [more]

  • From left: Scott Rechler, a rendering of 3 World Trade Center and Larry Silverstein

    From left: Scott Rechler, a rendering of 3 World Trade Center and Larry Silverstein

    The Port Authority of New York & New Jersey yet again tabled a vote on whether to provide a $1.2 billion subsidy for Silverstein Properties’ development of 3 World Trade Center. The decision to stall appears to be triggered by a lack of support for the aid package. The lack of action may also mean that Larry Silverstein will now have to turn to the private sector to help him fund construction of the $2.4 billion tower. [more]

  • From left: 39 Fletcher street, and the interior and exterior view of 39 Fletcher Street

    From left: 39 Fletcher street, and the interior and exterior view of 39 Fletcher Street

    Permits were filed for construction of a 140,041-square-foot, 51-story residential tower between South Street Seaport and the Financial District. [more]

  • From left: Modern Spaces CEO Eric Benaim and 371 Madison Street interior and exterior

    From left: Modern Spaces CEO Eric Benaim and 371 Madison Street interior and exterior

    A former elementary school on the Lower East Side will now be marketed as a great place to live if you’re an “artsy type.” [more]

  • From left: 106-108, 114 and 118 Ridge Street on the Lower East Side

    From left: 106-108, 114 and 118 Ridge Street on the Lower East Side

    A contiguous trio of mixed-use properties are on the market on the Lower East Side for just under $60 million. [more]

  • brookfield-place-nyc

    Rendering of Brookfield Place

    The already low availability rate of Downtown office space is likely to drop even more, as a number of pending leases could take up roughly 2 million square feet before the end of the year. [more]

  • From left: BNY Mellon's current HQ at 1 Wall Street and new space contender 225 Liberty Street

    From left: BNY Mellon’s current HQ at 1 Wall Street and new space contender 225 Liberty Street

    The Bank of New York Mellon announced its plans to move the company’s Wall Street headquarters in the first quarter. Now, they have a choice to make: Jersey City or Lower Manhattan?

    The investment bank is weighing leases at two possible locations. One is in the 2.7 million-square-foot tower at 225 Liberty Street, while the other is in a 410,000-square-foot waterfront building at 70 Hudson Street in Jersey City. [more]

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