The Real Deal New York

Posts Tagged ‘111 eighth avenue’

  • Google's 111 Eighth Avenue NYC headquarters

    Google’s 111 Eighth Avenue NYC headquarters

    Tech giant Google scored more than $21 million in real estate tax savings during the past two years, thanks to an unusual intervention on the part of City Finance Department. [more]

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  • Larry Page, Sergey Brin and 85 10th Avenue

    From left: Larry Page, Sergey Brin and 85 10th Avenue

    Google is set to take 360,000 square feet at the Related Companies’ 85 10th Avenue. The search giant will move into the 540,000-square-foot former Nabisco factory between 15th and 16th streets between Chelsea Market in the High Line. [more]

  • YouTube's studio in Tokyo, Japan (Photo by fumi via Flickr)

    YouTube’s studio in Tokyo, Japan (Photo by fumi via Flickr)

    YouTube will open a 25,000-square-foot creative studio space in Chelsea next year, DNAinfo reported.

    The studio, to be located at 22 West 21st Street, will allow filmmakers to produce professional-quality videos on the site, a spokesperson for the Google-owned company told DNAinfo. The studio will offer editing suites, voice-over booths and sound stages, as well as on-site training programs. [more]

  • From left: 111 Eighth Avenue, which saw the biggest hike in value, and Stuy-Town, which saw the biggest markdown

    From left: 111 Eighth Avenue, which saw the biggest hike, and Stuy-Town, which saw the biggest slash

    In the city’s eyes, Google’s New York City headquarters at 111 Eighth Avenue saw the greatest jump in so-called market value for the upcoming tax year, according to The Real Deal’s analysis of Department of Finance tax assessments. [more]

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  • Chelsea Market building at 95 Ninth Avenue

    Google is looking across the street to the Chelsea Market building for more office space, after some attempts to soak up additional space at its headquarters at 111 Eighth Avenue were thwarted, Crain’s reported.

    The Internet and advertising giant is in talks to take about 75,000 square feet at 95 Ninth Avenue, the space across the street from 111 Eighth (where offices are in at least one instance connected via slide). The company leased 95,000 square feet at 95 Ninth, already an expansion from their previous space, about two months ago. If the pending lease is signed, Google’s total square footage at the space will be around 300,000. [more]

  • Google comes to Chelsea Market: VIDEO

    October 12, 2012 08:30AM
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    Chelsea Market

    Google already has its own building at 111 Eighth Avenue that it bought for $1.9 billion, but now the tech giant is set to lease approximately 94,000 square feet at Chelsea Market, according to the Wall Street Journal. (See video after the jump)

  • Eastdil’s Doug Harmon and 550 Madison Avenue

    Eastdil Secured beat CBRE, Cushman & Wakefield, Jones Lang LaSalle and Newmark Grubb Knight Frank to market Sony’s 36-story building at 550 Madison Avenue, the New York Post reported. Sony had considered selling the 800,000-square-foot property since the beginning of the summer, after the company posted a nearly $6 billion loss during the last fiscal year.

    As previously reported, the Sony U.S. headquarters could be worth between $700 million and $1 billion. Eastdil is also currently behind the marketing of Worldwide Plaza, which the Post said could fetch over $1 billion. [more]

  • 111 Eighth Avenue

    Advertising giant Deutsch will renew its lease for 100,000 square feet at 111 Eighth Avenue, the New York Observer reported. This further derails Google’s plans to expand in the 3 million square-foot building it bought at the end 2010 for a record $1.8 billion.

    Google had been in talks to pay the ad firm, owned by Interpublic Group, to choose not to exercise its option to renew. Deutsch had considered inking a lease at 11 Madison Avenue, the Observer said. [more]

  • 111 Eighth Avenue

    As if the $1.8 billion Google spent to acquire 111 Eighth Avenue in 2010 wasn’t enough, now the search giant will be hit by a massive property tax bill increase — 17 percent greater than the one it incurred last year.

    After some delay, the city will send out its updated property tax assessments, which take affect in July, over the next few days, and according to the Wall Street Journal most bills will increase. [more]

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  • alternate<br /></a>text
    111 Eighth Avenue
    Inside Google’s new 111 Eighth Avenue digs, the search engine is facing off against ad giant Deutsch for space on the 14th and 15 floors, the New York Post reported.

    Donny Deutsch’s firm has a 140,000-square-foot lease it inked with the previous owners that runs through 2013, and comes with a renewal option to expand at market rate — which the Post pegs at about $70 per square foot in the Meatpacking District. At the same time, Google wants to expand within its new building. … [more]

  • Taconic closes $220M fund targeting NYC

    October 04, 2011 02:57PM

    Taconic Investment Partners co-CEO Paul Pariser and 111 Eighth Avenue

    Taconic Investment Partners, the firm that was part of a group that sold the Chelsea office building 111 Eighth Avenue to Google last December for $1.8 billion, completed raising $220 million for a fund focused on buying New York City properties, the company said in a statement today.

    The Chelsea-based firm is targeting “value-add and opportunistic multifamily, office and retail assets in New York City,” the company said, expecting to earn a 15 percent to 17 percent net return on the investments.

    “The shifting real estate landscape and capital markets disruption are likely to provide opportunities for significant long-term upside potential,” company co-CEO Paul Pariser, said in the release.

    Even as Taconic did well with the Google sale, in other deals it has suffered, for example at 375 Pearl Street. Taconic purchased the tower in 2007 for $173 million and sold it this June for $120 million. – Adam Pincus[more]

  • More and more of the big technology companies are interested in space in Manhattan, in particular because of their desire to be near the advertising companies on Madison Avenue, the New York Times reported. During the upcoming Advertising Week, Yahoo will be able to present its new offices in Viacom’s Times Square building to potential advertising clients, in a way that it wasn’t able to do before.

    Yahoo’s Times Square suite at 1540 Broadway has purple-hued conference rooms, a lobby with custom graphics and door pulls shaped like exclamation points, and a dynamic design that are symbolic of a high-tech company. … [more]

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    Jim Breyer of Accel Partners and 111 Eighth Avenue

    Venture capital firm Accel Partners is setting up shop on the 16th floor of 111 Eighth Avenue, the Chelsea building former tech startup Google bought for $1.8 billion last year, the New York Post reported. The space is the technology investment firm’s permanent New York City headquarters when conducting business with the city’s growing tech scene, largely centered on the area between Union Square and the Flatiron District dubbed “Silicon Alley.” The office will be headed by Jim Breyer, a lead investor in Facebook, and a member of the board of directors of Walmart and Dell. [Post, 2nd item][more]

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    Clockwise: 111 Eighth Avenue, Meatpacking District-inspired chandelier, coffee cup-based kitchen, old New York phone booths, and dining hall with city graphics (interior photos: AM New York)

    The fifth floor of Google’s new New York headquarters is designed with the theme “Hidden New York”, and am New York got pictures of the industrial-style designed space. There’s the Meatpacking District-inspired conference room with real meat hooks used for chandeliers, a meeting room inspired by a city studio apartment with couches furnished from halves of old-fashioned claw-foot bathtubs, walk-in phone booths replicating those found years ago in New York, a kitchen based on the “We Are Happy to Serve You” coffee cups and a dining hall with wall graphics that mirror the view from the windows. See photos from am New York above. [am New York][more]

  • The volume of Manhattan office property sales has more than doubled in the second quarter to $5.5 billion, after lagging the rest of the commercial property sales market in the first quarter of 2011 and all of 2010, according to Eastern Consolidated’s office property mid-year report for 2011 released today. After stalling for more than nine quarters, the office sales market surged in the second quarter with 14 sales of $100 million or more, the report shows. Those included Paramount Group’s purchase of a minority interest in 1633 Broadway for $980 million and Monday Properties’ $760 million recapitalization of 230 Park Avenue through Invesco. These preliminary second-quarter results mark a large increase over the fourth quarter of 2010, when Google purchased 111 Eighth Avenue for $1.77 billion. That deal marked 46 percent of the $3.85 billion volume that quarter. – Miranda Neubauer[more]

  • Google attempts Nike buyout at 111 Eighth

    February 18, 2011 03:08PM

    Google isn’t wasting any time in its plan to gobble up additional office space at 111 Eighth Avenue, the mammoth Chelsea office building that it purchased for $1.8 billion late last year. According to a Real Estate Weekly source, the search engine giant has already made a buyout offer of an undisclosed sum for Nike’s 100,000 square feet of sixth-floor space at the 3 million-square-foot property, which was declined. Nike’s lease expires in 2014, but Google apparently wants to expand more quickly than that. The source said Nike rejected the offer because it’s currently paying less than market-rate and doesn’t want to move early. [REW]

  • Are commercial lenders back?

    February 14, 2011 11:30AM

    Big lenders are back — kind of, according to Crain’s, with several high-profile commercial loans coming through in recent months. The Bank of China’s $800 million loan for a refinancing at 245 Park Avenue and Bank of America’s $500 million Google loan at 111 Eighth Avenue are among the headline-grabbing deals that have commercial real estaters feeling optimistic. Joseph DePaolo, chief executive of Manhattan-based Signature Bank, said that while some lenders are still reluctant to get into the commercial and industrial markets, multi-family loans and refinancings are plentiful. … [more]

  • New tower planned atop Chelsea Market

    February 14, 2011 08:54AM

    Jamestown Properties is buying out its partners in the Chelsea Market for more than $225 million and planning to add a 300,000-square-foot tower atop the retail and office hotspot, which takes up the block between 10th and 11th avenues and 15th and 16th streets. According to the Wall Street Journal, the deal, with Angelo, Gordon & Co., Belvedere Capital and original Chelsea Market developer Irwin Cohen, values the property at around $800 million. Cohen paid less than $10 million for the former run-down industrial building in the early 1990s. … [more]

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  • The flip may be staging a comeback in some choice New York City neighborhoods, but overall, commercial property values are still falling across the five boroughs, even as sales activity has begun to thaw. On a per-square-foot basis, commercial properties traded at 8.4 percent below their 2009 prices last year, according to year-end sales figures released today by Massey Knakal Realty Services. The firm tracks citywide sales of all property types, including multi-family, industrial, office, hotel and development sites. … [more]

  • For New York City real estate, 2010 in many ways marked a return to normalcy after the tumultuous aftermath of the financial crisis. As the ubiquitous real estate appraiser and Miller Samuel CEO Jonathan Miller put it: “it was a year of a sense of relief.” City home prices stopped their freefall and sales activity improved considerably from the post-Lehman doldrums. Stalled condominium projects like the Sheffield and 1 Rector Park re-started sales. Mexican billionaire Carlos Slim bought Tamir Sapir’s Fifth Avenue townhouse, the Duke Semans mansion, for $44 million. As the unspoken taboo on ostentatious spending faded, a number of high-end residential properties changed hands at the end of the year, including Brooke Astor’s 14-room duplex at 778 Park Avenue, which finally sold after two years on the market (albeit for a significant discount from its original asking price). Japanese retailer Uniqlo snagged 89,000 square feet at 666 Fifth Avenue’s former Brooks Brothers space for a record $300 million, demonstrating that retail is still thriving along the posh shopping corridor.
    But the economic downturn continued to make its presence felt. The office market remained uneven and troubled lender iStar Financial fought to stave off bankruptcy amid lingering fears of a double-dip recession.
    Here are The Real Deal staff’s picks for the stories that most altered the New York City real estate landscape in 2010, in alphabetical order. … [more]