$14,000 deal between Housing Authority and Two Bridges resident withdrawn. Nearly 30,000 square feet of deals for 510 Madison Avenue. New York Mag to launch new design magazine. East Village underground park gets over $100,000 in funding. SHoP Architects gets new partner. Coney Island amusement park moves into former flea market space. Read these stories and more after the jump.
Posts Tagged ‘510 Madison Avenue’
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Financial firm Thiam Management inked a deal for nearly 6,000 square feet at 510 Madison Avenue, for a price in the $90s-per-square-foot range, Real Estate Weekly reported. The space represents one of two pre-built office units on the eighth floor of the 30-story, 350,000-square-foot property. The other eighth floor space was recently leased to a financial firm called Africa Global for about the same price. “The leasing on the eighth floor is supportive of the continued interest in the building,” said Paul Amrich, an executive vice president at CB Richard Ellis, who along with Kerry Powers, represents the building’s landlord, Boston Properties. Real Estate Weekly notes that the renewed interest shows the building has come along way since funding issues plagued 510 Madison when it was controlled by Macklowe Properties. [more]
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Boston Properties is nearing a deal to lease 66,000 square feet in its upcoming, and still mostly unclaimed, 510 Madison Avenue office tower to SAC Capital, the hedge fund owned by billionaire Steven Cohen, according to the Observer. Rumors of the negotiations surfaced months ago, but a lawsuit in which Cohen’s ex-wife accused him of insider trading had apparently put the talks on hold. A judge dismissed the case earlier this week, though, and sources said that clears the way for the lease signing to take place within days. SAC, which may get naming rights as part of the deal, is currently located at 540 Madison Avenue. [more]
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From left: Paul Amrich of CBRE, 510 Madison Avenue and JLL’s Cynthia Wasserberger
A series of leases signed late last year at 510 Madison Avenue, for well over $100 a square foot, signifies a turnaround for the 350,000-square-foot building and may be a sign of recovery for Manhattan’s overall high-end office market, brokers told the New York Times. The office tower at 53rd Street, which was once owned by developer Harry Macklowe, was taken over by Boston Properties in September. “Boston Properties had the vision to buy the building at a time in the market five months ago when even then people were very cautious about $100 rents,” said Paul Amrich, an executive vice president at CB Richard Ellis, which is representing 510 Madison. “But they knew the trophy status of the building and the location of the building would prove that we would get to those rents again.” [more] -
From the January issue: The collapse of the commercial real estate market in New York has
sparked a phenomenon that is being widely debated in legal and financial
circles: Is loan-to-own an act of bad faith or simply a smart business
move?
Lenders are increasingly willing to foreclose on defaulted loans for
office towers, malls and multifamily high-rises. But some developers
are crying foul over what they say are “pretextual” defaults, created by
a lender to help third-party investors snap up distressed assets on the
cheap.
These battles — which center on whether lenders are unfairly
colluding with third-party investors on loan sales — have begun to play
out in the courts, including two of the most high-profile cases,
involving 3 Columbus Circle and 510 Madison Avenue. [more] -
Boston Properties’ Mortimer Zuckerman (top), Harry Macklowe and 510 MadisonBoston Properties has scored its first office tenant at 510 Madison Avenue, the new, vacant building on the corner of East 53rd Street that the company purchased from Harry Macklowe for $275 million earlier this year, Crain’s reported. The lease, for the entire 28th floor, was signed by Senator Investment Group at more than $100 per square foot, sources said. While Senator may turn out to be the first firm to relocate to the 30-story tower, it isn’t the first to agree to take space there.
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Marc Holliday
SL Green Realty CEO Marc Holliday is feeling optimistic. The commercial real estate behemoth has raised its performance expectations for 2010, predicting that earnings per share could hit as much as $4.75 by the end of the year. The company’s previous earnings guidance suggested that earnings per share would reach anywhere between $3.90 and $4.10 by 2010′s end. Holliday said that recent events have influnced his company’s outlook. “The repayment of our loans in connection with the sale of 510 Madison Avenue marks the conclusion of one of SL Green’s most successful debt investments to date,” Holliday said, noting that gradually stabilizing market conditions have also shaped his outlook. “We are pleased with the steady improvement of the New York City office market in 2010, both on the leasing and investment fronts.” TRD
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While SL Green failed to scoop up 510 Madison Avenue last week, after Boston Properties announced it had reached a deal to buy the troubled Macklowe building for $317 million, it does stand to gain a tidy windfall from the property, according to Crain’s. Once Boston Properties closes on the deal, SL Green will gain a $50 million profit on the two discounted loans it purchased on the building last year — marking a 50 percent return on the investment. Anthony Paolone, an analyst for JPMorgan Chase who has researched the deal, said that SL Green has reason to celebrate, even though it didn’t win the ultimate prize. “[SL Green] almost certainly wanted to own 510 Madison given its location and quality, but we think the sale of the asset and the ultimate payoff of the debts [owed to SL Green] is nonetheless a lucrative outcome for the company,” Paolone said. [Crain's]
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Mortimer Zuckerman and 510 Madison Avenue[Updated: 8:27 p.m., Aug. 22, 2010 and 2:32 a.m., Aug. 21, 2010] Boston Properties said today that it has agreed to buy Harry Macklowe’s embattled [more]
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Mortimer Zuckerman and 510 Madison Avenue
[Updated: 8:27 p.m., Aug. 22, 2010 and 2:32 a.m., Aug. 21, 2010] Boston Properties said today that it has agreed to buy Harry Macklowe’s embattled [more]
