The Real Deal New York

Midtown neighborhood news

  • From left: Norges' Yngve Slyngstad, 1095 Sixth Avenue and Blackstone's Jonathan Gray

    From left: Norges’ Yngve Slyngstad, 1095 Sixth Avenue and Blackstone’s Jonathan Gray

    UPDATED, 1:21 p.m., Sept. 17: Fresh off the acquisition of a 45 percent stake in Boston Properties’ 601 Lexington Avenue, the sovereign fund that manages Norway’s substantial oil wealth is making a play for Blackstone Group’s 1095 Sixth Avenue, according to a source familiar with the talks. A deal for the tower, expected to fetch up to $2.25 billion, would be the biggest single office asset sale in New York since the GM Building traded hands in 2008. [more]

  • Boston Properties' Mortimer Zuckerman and 601 Lexington Avenue

    Boston Properties’ Mortimer Zuckerman and 601 Lexington Avenue

    Norges Bank Investment Management, an arm of the central bank of Norway, has reached an agreement to purchase a 45 percent interest in 601 Lexington Avenue, along with equal shares in two Boston properties, from real estate investment trust Boston Properties for $1.5 billion in cash.

    Norges Bank is also picking up an equal interest share in Boston’s Atlantic Wharf Office Building and 100 Federal Street as part of the deal. Following the agreement, Norges Bank and Boston Properties will form a joint venture for each of the three properties, with the latter retaining property and leasing management. [more]

  • bo-retail-opportunities-pabt-2

    From left: retail spaces at the Port Authority Bus Terminal and Journal Square PATH station

    Cushman & Wakefield is poised to land a contract to broker up to 230,000 square feet of retail space at Port Authority transit hubs in the city and across the Hudson River, agency documents show. [more]

  • Extell's development site at 429 West 36th Street

    Extell’s development site at 429 West 36th Street

    Gary Barnett’s Extell Development Corp. is looking to buy at least $30 million worth of air rights from the Port Authority of New York & New Jersey for a residential development site it owns in the Hudson Yards neighborhood, according to agency documents.

    Extell owns three properties between Ninth and 10th Avenues on the far West Side running block-through from 36th to 37th streets along Dyer Avenue, the sunken roadway that snakes from the Lincoln Tunnel to 30th Street. Extell’s site is surrounded by a number of hotel and residential developments in the booming neighborhood just north of the Related Companies’ and Brookfield Office Properties’ large, mixed-use projects. [more]

  • Knakal-Beekman-101

    From left: Robert Knakal, 25-27 Beekman Street and 205 West 101st Street (Building photos: Google)

    Real estate insiders say a package of eight family-owned parking garages in prime Manhattan and Brooklyn that recently hit the market could net as much as $250 million because of their redevelopment potential. [more]

  • 99 Park Avenue (Credit: CoStar Group)

    99 Park Avenue (Credit: CoStar Group)

    Risk management software company Numerix is taking 31,615 square feet at Eastgate Realty’s 99 Park Avenue, The Real Deal has learned. Numerix is taking space formerly occupied by online advertising network Collective.

    In the sublease deal, Numerix will pay rents starting in the low $40s per square foot for its fifth floor space at the 26-story, 640,000-square-foot building, located between 39th and 40th streets. [more]

  • 1251 Sixth Avenue

    1251 Sixth Avenue

    Law firm Davis Wright Tremaine will be moving to Mitsui Fudosan’s 1251 Sixth Avenue, The Real Deal has learned. Davis Wright is jumping ship from Paramount Group and Beacon Capital Partners’ 1633 Broadway, and will take 42,000 square feet at its new location. [more]

  • Rendering of SL Green's planned Grand Central overhaul

    Rendering of SL Green’s planned Grand Central overhaul

    Grand Central is slated to undergo a $210 million transformation that will yield four new staircases to the subway platforms, two new street entrances, a revamped mezzanine and a brand new 4,000-square-foot waiting area as part of developer SL Green’s deal with the de Blasio administration. [more]

  • The base of the Mobil Building at 150 East 42nd Street, where Mount Sinai has about 450,000 square feet

    The base of the Mobil Building at 150 East 42nd Street, where Mount Sinai has about 450,000 square feet

    UPDATED, 2:10 p.m., September 3: Mount Sinai Medical Center bought seven commercial condominiums at the base of the Mobil Building for $110.6 million, according to property records filed with the city today. The Goelet family, one of the city’s oldest landlords and the owner of the fee position in the building, along with Hiro Real Estate, which owned the leasehold, provided the financing for the deal. [more]

  • Midtown Apple store cube secures patent

    August 28, 2014 02:50PM
    Apple store cube at 767 Fifth Avenue

    Apple store cube at 767 Fifth Avenue

    Apple has secured a U.S. patent on the glass cube design atop its subterranean Fifth Avenue store in Midtown Manhattan.

    The tech giant initially applied for a trademark on the design in front of the GM Building at 767 Fifth Avenue back in 2010, and a decision on that application is still pending. Apple received a European trademark on key design elements of its retail stores within the EU last month, and a cylindrical glass topper for the company’s Shanghai store received a patent in 2012, 9to5mac reported.  [more]

  • Perlbinder-sm

    245 East 36th Street (Photo: Microsoft)

    Perlbinder Realty, the Manhattan real estate firm led by brothers Stephen and Mark Perlbinder, won its third extension for a long-delayed mixed-use high-rise planned for Second Avenue between 36th and 37th streets, partly spanning an entrance to the Queens Midtown Tunnel.

    The site is a large one, and so is the question mark about its future. The owners have not developed it since first winning approvals from the city in 2002. At the moment, the property has a parking lot on part of the land. The north portion is occupied by a ramp providing access to the Queen Midtown Tunnel, which is operated by the Metropolitan Transportation Authority. [more]

  • The Mobil Building at 150 East 42nd Street

    The Mobil Building at 150 East 42nd Street

    Real estate investors David Werner and Mark Karasick have secured the funds to complete their acquisition of the leasehold position in the iconic Mobil Building, The Real Deal has learned. Meridian Capital Group and Eastdil Secured arranged a $700 million loan for the 1.8 million-square-foot property at 150 East 42nd Street. The deal is one of the biggest financings of the year. [more]

  • From left: Cushman & Wakefield's Sherry Cushman, 4 Brookfield Place and a rendering of Manhattan West

    From left: Cushman & Wakefield’s Sherry Cushman, 4 Brookfield Place and a rendering of Manhattan West

    Gotham law firms are increasingly going the way of big banks, shrinking the amount of space per attorney and relocating from pricey Midtown locales in an attempt to reduce office space overall. [more]

  • Cohen-Missry-Polevoy-One57

    From left: Bruce Cohen, Morris Missry, Martin Polevoy and One57 at 157 West 57th Street (Photo credit: John Cahill)

    Within the lofty heights of New York City commercial and residential real estate world, it’s often a given that as the prices rise, the number of industry professionals equipped to service such buyers and sellers, declines. [more]

  • From left: 1441 Broadway and a rendering of the renovated building

    From left: 1441 Broadway and a rendering of the renovated building

    The city’s last Office Depot will shutter its doors near Times Square at the end of the year. The move comes as the company trims more than 150 locations nationwide by year’s end following its acquisition of former rival Office Max. [more]

  • Clark-245-1251-ESB-Malkin

    From left: Ric Clark, 245 Park Avenue (Credit: CoStar), 1251 Sixth Avenue, Empire State Building and Anthony Malkin

    The sales pricing per square foot for Manhattan office buildings has been surging over the past several years. A look at revenue growth for class A office towers, however, reveals a far different picture. [more]

  • 144 East 48th Street

    144 East 48th Street

    Arch Street Capital, a Greenwich, Conn.-based real estate investor and adviser, purchased the leasehold interest at the Midtown Extended-Stay Marriott at 144 East 48th Street from AEW Capital Management for $89.6 million.

    The deal was funded with a $57 million loan from Barclays, according to the New York Observer. The transaction hit city records Tuesday. [more]

  • Holliday-719

    SL Green Realty CEO Marc Holliday (Photo: Steve Friedman) and 719 Seventh Avenue (Photo: Google)

    A small firm that leases the entire Times Square building that powerhouse real estate investment trust SL Green Realty purchased in July for $41.1 million, is refusing to take orders from its new landlord. [more]

  • From left: Josh Zegen, the Morgan Lofts at 11 East 36th Street and Michael Shah

    From left: Josh Zegen, the Morgan Lofts at 11 East 36th Street and Michael Shah

    UPDATED, 3:08 p.m., August 14: The Bobker Group will get to hold on to the Morgan Lofts for now, after securing $19 million in financing on the same day the unsold condos at the property were headed to a Chapter 11 bankruptcy auction. [more]

  • From left: 511 West 35th Street and Eliot Spitzer

    From left: 511 West 35th Street and Eliot Spitzer

    Eliot Spitzer is planning to build a hotel with a retail component on the Hudson Yards development site his firm snapped up last year for $88 million. And the former New York governor is apparently willing to shell out millions more for a bigger building. [more]


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