The Manhattan investment sales market was “a tale of two cities” in the second quarter, with private equity firms stepping into the limelight with big-ticket deals while institutional investors took a backseat, according to a report from commercial brokerage Avison Young provided to The Real Deal. [more]
Posts Tagged ‘499 park avenue’
CBRE has been tapped to handle leasing at American Realty Advisors’ 499 Park Avenue, GlobeSt reported. [more]
Airy, open-plan office spaces, once seen as difficult to rent, are commanding some of the highest office rents in Manhattan since the recession, the New York Times reported, some more than $100 a square foot. These spaces, with dramatic city views, can be found in Midtown towers like 499 Park Avenue and 250 West 55th Street, the Times said, as well as downtown at 1 and 3 World Trade Center, now under construction.
Also desirable for their floor plans are buildings like 51 Astor Place, 28-40 West 23rd Street and 30 Rockefeller Center, where investment company Lazard is redesigning its 430,000 square feet on the top floors.
“Constantly now, we see firms wanting to build dramatic space,” said Peter Turchin, an executive vice president at CBRE. … [more]
From left: Hines Interests Chairman Gerald Hines, renderings of 56 Leonard Street, 1045 Sixth Avenue and the MoMA Tower
Already behind the controversial MoMA Tower and a new Bryant Park tower, perpetually under-the-radar real estate firm Hines Interests is undertaking another major project, the New York Observer reported in a lengthy profile, by reviving the stalled 56 Leonard Street condominium project in Tribeca.
The Herzog & de Mueron-designed 57-story condo was first announced by developer Alexico Group a month before Lehman Brothers collapsed, and even sold four of its planned 145 units. But the recession took the plans for the building down with it, and the site currently has a foundation and little else. Typical of the understated firm, Hines refused to divulge much detail other than to say it would become another of Herzog & de Mueron’s “global landmarks.”… [more]
From left: Steve Coutts, 499 Park Avenue (source: PropertyShark), 450 Park Avenue (source: PropertyShark), 1114 Sixth Avenue
Downtown landlords who inked major leases in Class A buildings last year made
practically no money on those deals once basic expenses were subtracted, a
recent report from commercial advisory firm Studley shows.
Office building owners of Class A towers earned an average of just $0.53 per
square foot on the approximately 15 large leases inked in 2010, once taxes,
operating expenses, electricity and concessions were accounted for.
That is down from the peak of $28.93 per square foot in 2007, and it was the
lowest landlord effective rent recorded since Studley began conducting the
survey in 1995. In it, they review the lease figures from direct, full-floor lease
deals in Class A buildings that have a term of at least 10 years. The survey
looked at deals in buildings such as 88 Pine Street, 7 World Trade Center and 77
Water Street, brokered by a variety of firms…. [more]
From left: Diane Ramirez, president of Halstead Property, the firm’s old East Side office location at 1356 Third Avenue and the new building at 499 Park Avenue (building photos source: PropertyShark)
Halstead Property’s East Side office will be relocating to a new flagship location at 499 Park Avenue, at the corner of 59th Street, doubling the residential firm’s existing space, Halstead President Diane Ramirez announced today. The new office will occupy 17,000 square feet on the 14th and 15th floors of the I.M. Pei-designed building, whose glass façade provides views of Central Park. Plans are still being finalized, and the construction will be overseen by the Gensler architecture team. The East Side office, at 1356 Third Avenue between 77th and 78th streets, will close when the new location is completed. TRD