The Real Deal New York

Posts Tagged ‘1140 sixth avenue’

  • stephen-schwarzman

    Blackstone head Stephen Schwarzman and 1140 Sixth Avenue

    The 22-story office building at 1140 Sixth Avenue has landed another full-floor, 12,750-square-foot lease, bringing the total number of new leases in the tower over recent months to approximately 51,000 square feet. The new lease comes from CityMD, an urgent care practice.

    Equity Office Properties and Blackstone Group purchased the 231,000-square-foot building in 2011 for roughly $100 million, following a fierce bidding war. Blackstone subsequently made capital improvements that include a new glass façade, new lobby, new elevators, and redesigned mechanicals and infrastructure. [more]

  • 1140 Sixth Avenue and 666 Third Avenue

    Out of a sample of 50 office buildings in Midtown, over half have grown “significantly” over the past 20 years, while just one of them was actually physically expanded.

    According to Crain’s, which cites data from a new Commercial Tenant Real Estate Representation report, 34 percent of the buildings expanded by 5 percent or more over the past 10 years. By expansion, the study means new building measurements issued by landlords, such as including hallway and lobby space in rentable square footage, which increases rent collections. [more]


  • 1140 Sixth Avenue and Sol Goldman

    [Updated at 11:35 a.m. on Aug. 30 with information from DOB and the FDNY]  Blackstone Group, which acquired the ground lease at 1140 Sixth Avenue in May, has filed a lawsuit against the landlord to block a default notice it received for five alleged violations issued by the New York Fire Department.

    Blackstone, in an Aug. 26 complaint filed in New York State Supreme Court, alleges that the estate of billionaire Sol Goldman, which owns the building, between 44th and 45th streets, sent it a default notice June 30, claiming it had 12 outstanding FDNY violations, nine Department of Buildings violations and two Environmental Control Board violations. … [more]

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  • Commercial real estate brokerage Holliday Fenoglio Fowler has closed a $98.25 million loan sale secured by the leasehold interest of 1140 Sixth Avenue to affiliates of investment firm the Blackstone Group, they announced today.

    Earlier this year, Blackstone beat out 30 other bidders to grab the building, at that point owned by Stellar Management and Rockpoint Group, at auction. The approximately 191,000-square-foot building has a value of around $523 per square foot, The Real Deal reported in March. TRD[more]

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    From left: Blackstone CEO Stephen Shwarzman, Laurence Gluck, 1140 Sixth Avenue, Andrew Scandalios, and Rockpoint head Pat Fox

    Private equity firm Blackstone was the winning bidder in the highly competitive process to buy the $116 million non-performing note for the leasehold on the entire building at 1140 Sixth Avenue, which is owned by Stellar Management and Rockpoint Group, sources said.
    Blackstone will pay something close to — but a little bit less than — $100 million for the note held by German lender Landesbank Baden-Wurttemberg, sources said, but the precise figure could not be obtained. In addition, the owners have an agreement to transfer the leasehold to Blackstone, a source said, but it was not clear if Blackstone would pay for the title, or when the exchange would happen. … [more]

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    1140 Sixth Avenue and Laurence Gluck

    It’s a good day for investors looking to pick up commercial property debt: in addition to the $75 million senior mortgage at 80 Broad Street that just came on the market, Crain’s reported that a $116 million senior loan at 1140 Sixth Avenue is also about to hit the block. The 22-story building, owned by Laurence Gluck’s Stellar Management and Rockpoint Group, sits on the corner of West 44th Street and according to Jones Lang LaSalle’s Scott Latham, it is likely to draw “tons of interest” and as much as $600 per square foot. … [more]