The Real Deal New York

Posts Tagged ‘666 fifth avenue’

  • Colliers' Doug Frye (inset) and 666 Fifth Avenue

    666 Fifth Avenue (inset: Colliers’ Doug Frye)

    Commercial leasing brokerage Colliers International is relocating the company’s New York headquarters from 380 Madison Avenue to 666 Fifth Avenue. [more]

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  • 666_fifth_retail.jpg

    Retail at 666 Fifth Avenue

    UPDATED, Aug. 28, 7:15 a.m.: The popularly-priced watch store Swatch Group put its location at 666 Fifth Avenue on the market with an asking price of $2,500 per square foot, sources said. [more]

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  • JCPenney signed a lease for roughly 38,000 square feet of retail space at 200 Lafayette Street.

    From the January issue: As tourists continued to flock to Gotham in record numbers, New York City retail saw a banner 2012: Nordstrom announced it would take 285,000 square feet of space at Extell’s under-construction One57 tower, and one of the retail condos at the base of 666 Fifth Avenue sold to Vornado for $707 million. In the third quarter of last year alone, retail rents shot up 30 percent in the Herald Square area and 23 percent both on Upper Fifth Avenue and in Times Square, according to data from the CBRE Group. And the Lower Fifth Avenue market — the stretch from 42nd to 48th streets that has recently seen higher-end retailers replace souvenir shops — continued to burgeon, adding clothing designers Joe Fresh, Ted Baker and Aritzia to its list of increasingly up-market tenants. [more]

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  • 666 Fifth Avenue

    Manhattan commercial property sales were $10.5 billion in the fourth quarter of 2012, up 80 percent from the $5.8 billion in sales in the third quarter, according to the latest Manhattan Commercial Property report from Eastern Consolidated. A key reason for the surge was investor anxiety about capital gain increases that would be triggered by the fiscal cliff. “We found that both buyers and sellers were eager to make the deal and have it close by year-end,” said Daun Paris, president of Eastern Consolidated. The report found that the volume of property sales also increased to 345, up from 318 in the third quarter. … [more]

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  • From the August issue:

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  • Tallying who won at 666 Fifth Avenue

    August 08, 2012 11:00AM

    From the August issue: When Kushner Companies paid a record $1.8 billion for the aluminum-clad office building 666 Fifth Avenue in 2007, located between 52nd and 53rd streets, the market was still booming.

    But less than two years later, Lehman Brothers had collapsed, and that 10-digit price tag seemed to be an outrageous reminder of a bygone era. Yet company CEO Jared Kushner continued to believe that the retail portion alone could be worth $1 billion. [more]

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  • From left: Vornado CEO Michael Fascitelli and H&M's 640 Fifth Avenue retail space

    Vornado Realty Trust’s CEO Michael Fascitelli was bullish on Upper Fifth Avenue in the company’s first ever earnings call, covering the second quarter of 2012. Fascitelli said that the firm expected to receive a huge bump in rent as the lease for a large retail location on Fifth Avenue ends.

    “In just the next couple of years, one of our best leases on Fifth Avenue expires,” he said during the call. “Re-leasing there could produce an annual increase in rent of more than $20 million.” [more]

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  • 666 Fifth Avenue

    Vornado Realty Trust has reached a deal to pay about $710 million for the retail portion of Kushner Companies’ 666 Fifth Avenue, the Wall Street Journal reported. The sale would drive the value of the retail space at the building, which spans an entire city block and houses shops such as Uniqlo and Hollister, to $1 billion, according to the Journal.

    In 2008, Crown Acquisitions and the Carlyle Group bought a 49 percent interest in the building’s retail section, valuing the asset at $525 million. If the transaction goes through, it will represent a significant profit for the sellers, a partnership of Crown, Carlyle and Kushner. [more]

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  • For the record

    January 17, 2012 10:30AM

    From the January issue: Even in a year marked by continued economic malaise, buyers, sellers, landlords, lenders, builders, investors and even tourists broke records in New York in 2011. Several developers last year made headway on towers that, when built, are set to surpass the highest points in the current skyline. The most notable, of course, is One World Trade Center, which will be New York’s tallest building when it reaches its full height of 1,776 feet. After the jump, see a list of the all-time highs — and lows — reached in the last year. [more]

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  • From left: The  exterior of the new Uniqlo store at 666 Fifth Avenue on opening night (credit Freshness Mag) and the interior 

    Where Brooks Brothers once stood you now have Uniqlo, the ultra-hyped Japanese clothiers whose advertisements in recent weeks have achieved an almost unparalleled degree of saturated ubiquity on billboards, buses and in subway cars throughout the five boroughs. All of those ads announce the opening of their new flagship (and their third New York City store) at 666 Fifth Avenue, between 52nd and 53rd streets. That store, which opened a few weeks ago, stands in clamorous discordance next door to the recently opened Hollister flagship, whose darksome façade is enlivened with shallow pools of water and live video feed of the California surf.

    Architecturally, the most remarkable thing about Uniqlo’s façade is the fact that the company was allowed to peel off some of the building’s signature embossed aluminum panels at the third story and in the process diminish somewhat the overall effect of the building, which was completed in 1957 to designs by the firm of Carson & Lundin. … [more]

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  • Even though concerns about a double-dip recession are still great, large retail companies continue to pay top prices for premier locations, the Wall Street Journal reported.

    Recent examples include clothing company Uniqlo’s $300 million lease on Fifth Avenue, similar to the price Dolce & Gabbana paid to lease space nearby.

    “The rent we pay is quite a large amount,” said Shin Odake, COO of Uniqlo USA, of the store opening between 52nd and 53rd streets on Fifth Avenue in two weeks. “But given that we think we have the best location on Fifth Avenue, and many people walking by will be from across the United States and other countries, we think the rent is actually quite reasonable.” … [more]

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  • NBA signs temporary lease at 590 Fifth

    August 18, 2011 02:42PM

    From left: Thor Equities CEO Joseph Sitt, 590 Fifth Avenue and former NBA store site at 666 Fifth Avenue

    The National Basketball Association has signed a temporary retail lease at Thor Equities‘ 590 Fifth Avenue, between 47th and 48th streets, Thor announced today. The NBA will occupy two levels totaling more than 6,000 square feet with 20 feet of direct frontage on Fifth Avenue. The league will continue to search for a permanent location in Manhattan.

    A spokesperson for Thor was not immediately available to comment on the terms of the lease.
    For 12 years, the NBA store occupied a 35,000-square-foot lease at 666 Fifth Avenue, but chose not to renew its lease last year after Cushman & Wakefield increased the asking rent by 500 percent, CBS reported at the time. The store closed in February. The increase was reportedly instigated after Japanese retailer Uniqlo snagged 89,000 square feet at the former Brooks Brothers space for a record $300 million over 15 years. – Katherine Clarke[more]

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    Source: Eastern Consolidated

    Historically low cap rates have finally drawn Manhattan commercial property sellers to the table and ignited the previously anemic market, Eastern Consolidated President Daun Paris said with today’s release of the company’s second-quarter property sales report.

    As a similar report by Massey Knakal Realty Services indicated last week, the dollar volume of property sales in the second quarter of 2011 surged, largely on the backs of $100-million-plus transactions. The Eastern Consolidated report shows sales doubled to $9.4 billion compared to the previous quarter. There were 25 such sales in the second quarter as opposed to the 11 recorded in the first quarter, according to the report. However, overall sales activity remained stagnant, as 187 transactions closed in each quarter. – Adam Fusfeld[more]

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    Jared Kushner

    For Jared Kushner, the 30-year-old owner of the New York Observer and 666 Fifth Avenue, 2011 will be a defining year, according to the New York Times. Personally, Kushner’s wife, Ivanka Trump, is pregnant and poised to give birth to his first son. Professionally, Kushner is working to modify the loans on the $1.8 billion purchase of 666 Fifth Avenue he and his company, Kushner Companies, made at the height of the bubble, and to ensure that the Observer remains relevant through its third editor-in-chief in two years. Kushner, the story notes, was born into real estate through his father Charles. He began making deals of his own as an undergraduate at Harvard University buying apartment buildings throughout Boston. … [more]

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  • Charles Kushner of Kushner Companies, Vornado’s Steven Roth and 666 Fifth Avenue

    The large office and retail landlord Vornado Realty Trust is negotiating with Kushner Companies to buy a stake in 666 Fifth Avenue’s equity and is talking with representatives of the building’s lenders to cut its debt, several industry sources said.

    The real estate investment trust Vornado would pay an undefined “nine-figure” sum (meaning something between $100 million and $999 million), according to a source, for a piece of the building.

    Sources gave conflicting accounts of how far along any deal was. Several said no deal was finalized, and one said Kushner was talking with multiple potential partners such as funds. But it was clear that Kushner was actively pursuing investors in the building.

    In the spring of 2010, Kushner asked that the $1.2 billion in securitized loans on the 1.5 million-square-foot building located between 52nd and 53rd streets, be put into special servicing with LNR Partners, so that the debt could be restructured…. [more]

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    Source: Eastern Consolidated

    Despite strong employment growth and stabilizing Manhattan office rents, Manhattan commercial property sales took a big hit in the first quarter of 2011 compared to the last three months of 2010, according to a report released today by Eastern Consolidated. Sales totaled $3.9 billion on 184 transactions in the first quarter, compared to $6.6 billion in sales in fourth-quarter 2010, but those numbers far surpassed first-quarter totals in 2010 (see the chart above). The report attributed the decline to investors rushing to close deals before the capital gains tax expired, unaware that the bill would ultimately be renewed. One area of commercial property sales that increased sharply in the first quarter was Manhattan retail property sales. TRD[more]

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    A new tenant for the high-profile Takashimaya building at 693 Fifth Avenue will likely pay a ground-floor rent higher than the $2,000 per square foot that Swatch recently signed for in a space nearby, property owner Joseph Sitt, chairman and CEO of Thor Equities, said in an interview with Insights from The Real Deal (see video above).

    Swiss-based Swatch inked a 15-year deal that starts at about $2,000 per square foot in the retail condo at 666 Fifth Avenue owned by Carlyle Group, Kushner Companies and Crown Acquisitions.

    Sitt said there was “no question” he would get rents in the range of $2,500 per square foot. He added there were six tenants looking seriously at the space in the 20-story building.

    In addition, Robert Knakal, chairman of commercial brokerage Massey Knakal Realty Services, told Insights that the first quarter sales for retail property in Manhattan nearly reached the $586 million figure for all of 2010…. [more]

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    Jared Kushner at 666 Fifth Avenue

    Despite a recent wave of high-priced, high-profile retail deals, Jared Kushner’s 666 Fifth Avenue is proving no different than many other over-leveraged Manhattan buildings purchased at the height of the real estate market: it’s now running low on cash. According to the Wall Street Journal, Kushner, who led his family’s record $1.8 billion purchase of the office and retail tower in early 2007, is negotiating with lenders to recapitalize the property in exchange for a modification of its $1.22 billion mortgage. The building is now around $3.5 million-per-month short on its debt service payments, and its reserve fund has dwindled to just $10 million, sources said. … [more]

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  • Swiss watch retailer Swatch signed a 15-year lease today valued at $80 million for the
    remaining 2,000-square-foot ground-floor retail space in the commercial condominium
    at 666 Fifth Avenue owned by a joint venture of the Carlyle Group, Kushner Companies
    and Crown Acquisitions, sources close to the deal said.
    The rent for the space with a 20-foot wide frontage squeezed between Hollister and
    Uniqlo, was approximately $2,000 per square foot, the source said. Bradley Mendelson, a
    top retail broker at Cushman & Wakefield, represented the landlord…. [more]

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