The Real Deal New York

Posts Tagged ‘Avenue of the Americas’

  • Offices along Sixth Avenue

    Offices along Sixth Avenue

    Rents on Manhattan’s once-invincible Sixth Avenue have flatlined and vacancies are on the rise, as technology firms are showing a preference for trendier neighborhoods and large blocks of sublease space have hit the market, the Wall Street Journal reported.

    More than 780,000 square feet of office space is available for sublease along Sixth Avenue, according to CoStar data cited by the Journal. This allows tenants to find bargains, but is a worry for landlords who may have made recent big investments in the area. [more]

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  • Office buildings along Sixth Avenue in Midtown (credit: Google)

    As large office tenants either move or lay off employees, vacancies in the Sixth Avenue submarket could hit 12.5 percent—a 20-year high, Crain’s reported. The vacancy rate currently stands at 10.7 percent. [more]

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  • From left: Microsoft Chairman Bill Gates, Boston Properties Chairman Mort Zuckerman, SJP Properties CEO Steven Pozycki and a rendering of 250 West 55th Street

    Having been bumped from Boston Properties’ under-construction 250 West 55th Street, Microsoft now has the option of renewing its deal at the Vornado-owned, 2.1-million-square-foot 1290 Avenue of the Americas or relocating to 11 Times Square, the New York Observer reported.

    The reason for being bumped from 250 West 55th Street? Law firm Kaye Scholer signed a letter of intent to take 260,000 square feet in the tower, as previously reported. This and another deal with the law firm Morrison Foerster on the tower’s lower floors leaves Microsoft with the top floors, which are too pricey. [more]

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  • 1301 Avenue of the Americas

    After a long, rumor-fulled shopping process, Chadbourne & Parke has finally settled on 1301 Sixth Avenue as a home for its headquarters, the New York Observer reported. The 110-year-old law firm had come close to a 300,000-square-foot deal at 1 WTC before negotiations fell apart in March. Before that, the firm had considered a lease at 230 Park Avenue. Reports had also suggested that Chadbourne would join other law firms along Eighth Avenue and that it was considering either 11 Times Square or 250 West 55th Street.

    The space in 1301 Sixth Avenue — a 1.8 million-square-foot, 45-story office tower owned by the Paramount Group – opened after Dewey LeBoeuf, once one of the nation’s largest law firms, declared bankruptcy in May and left their 500,000-square-foot office. [more]

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  • Yuppies come to Greenwood Heights

    May 06, 2011 01:47PM

    The real estate market is in flux in Brooklyn’s Greenwood Heights according to the Wall Street Journal. In the last few years, condominium and rental buildings have been substituted for wood-framed houses in the area, which is between Park Slope and Sunset Park. And Sixth Avenue, a previously quiet residential area, has morphed into a relatively trendy bar and restaurant scene.

    The swift redevelopment comes as a result of an influx of young professionals in the last decade, the Journal said, after that demographic was priced out of longed-for Park Slope properties. The median listing price of a property in Park Slope is $673 per square foot, whereas a similar property can be snapped up for only $536 per square foot in Greenwood, according to data from Streeteasy.com. … [more]

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  • TIAA-CREF has sold a 49.99 percent stake in 685 Third Avenue to the Australian Future Fund Board of Guardians for $100.3 million, according to the Post. TIAA, which also transferred an additional 0.2 percent stake to an entity called 125 Unit Holders, bought the 31-story building from Pfizer for $190 million this past August and has been marketing around 612,000 square feet of office space for lease there through CB Richard Ellis in the months since. … [more]

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  • alternate text
    Images from the home at 117 East 69th Street, some muppets (center, left) and Edgar Bronfman (center, right)

    The Upper East Side’s Muppets Mansion, so-called because of its former use as the creative headquarters for Kemit the Frog and Miss Piggy mastermind Jim Henson, has been sold at a 16 percent discount after just one month on the market, according to the Observer. The 40-foot-wide townhouse, at 117-119 East 69th Street, belonged to Warner Music Group head Edgar Bronfman, who in 2008 paid $28.5 million for the property, gutted it, and planned to renovate, but moved to London instead and never followed through with the plans. … [more]

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  • NBC Universal has signed a 10-year lease for 1.4 million square feet of space at Rockefeller Center in the wake of its acquisition by Comcast, according to the Post. The space, which NBC parent company General Electric bought for $440 million in 1996 after the Rockefeller Center bankruptcy bailout, consists of full-floor office condominiums in 30 Rockefeller Center (where the lease includes 75,602 square feet), the studio building at 49 West 49th Street (where NBC leased 475,110 square feet) and 1250 Sixth Avenue (where NBC leased 187,065 square feet). As part of the deal, brokered by Scott Panzer of Jones Lang LaSalle, NBC will have first dibs on the condos if GE ever decides to sell them. … [more]

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  • alternate textFrom left: Robert Futterman and 229 West 43rd Street; Chase Welles and East River Plaza; and Jedd Nero and 798 11th Avenue

    The Real Estate Board of New York announced the nine contenders for its “Retail Deal of the Year” awards today, a competition that honors ingenious and influential real estate transactions (click here to see the full list of contenders). Included in the list was the controversial deal at the Times Square building at 229 West 43rd Street, through which retail brokerage Lansco claims it was cheated out of a $1 million commission. Robert Futterman of the eponymous firm represented the property owner, Africa Israel, in the deal and was named in the nomination. Other top deals submitted included the Costco lease at East River Plaza at 521 East 116th Street and the Volkswagen Group lease at 798 Eleventh Avenue.
    [more]

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  • Bankrupted St. Vincent’s Hospital is already looking to unload some of
    its Greenwich Village real estate. The New York Times reported that 555 Sixth Avenue, also known as Staff House, is set to
    officially hit the market today with Grubb & Ellis. St. Vincent’s has
    long been trying to sell the 180,000-square-foot property, and as of
    last Wednesday, Taconic Investment Partners is in contract to buy the building for $48
    million. Any other prospective buyer would have to offer more than
    $49.37 million, according to court documents. … [more]

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  • From left: 1330 Avenue of the Americas, 527 Madison Avenue (Source: PropertyShark). The buildings were part of a portfolio of Anthracite loans on which BlackRock lost millions last year.

    Struggling real estate investment trust Anthracite Capital filed for Chapter 7 bankruptcy liquidation yesterday, the company announced. As Crain’s reported, the BlackRock affiliate, which made real estate loans and bought debt from other lenders, defaulted on its debt and was delisted from the New York Stock Exchange just a few months ago. Shareholders are not expected to recover anything, and any value recovered by unsecured creditors “would be minimal,” the firm said in a statement. BlackRock, a publicly-traded asset management firm based in Midtown, said last year that it expected to lose $53.2 million on two Anthracite loans for five present and former Macklowe Properties office buildings, including 1330 Avenue of the Americas, which Macklowe has since lost to foreclosure, and 527 Madison Avenue, which Macklowe sold. Richard Shea, Anthracite’s president and chief executive, is a managing director at BlackRock. TRD
    [more]

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  • Hachette Filipacchi, the publisher that recently lost out to beauty giant Avon in talks to take over several open floors at the William Kaufman Organization’s 777 Third Avenue, is reportedly closing in on a deal at the 48-story Time-Life Building at 1271 Avenue of the Americas in Rockefeller Center. The contract would be for 132,000 square feet of space previously occupied by Lehman Brothers, which had subleased the three floors from Time Inc. Hachette would be downsizing significantly from its current 263,010 square feet at 1633 Broadway, which is owned by Paramount. Deloitte is also expected to vacate 1633 Broadway soon, in a move that could leave the door open for television network A&E. Currently located at 235 East 45th Street, A&E is in the market for 350,000 square feet of space and is rumored to have looked at the Empire State Building and Worldwide Plaza in addition to Paramount’s building. [Post]

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  • Avon inks big deal at 777 Third Avenue

    January 19, 2010 10:00AM

    Avon, the beauty giant which had reportedly been angling for nearly 250,000 square feet at the William Kaufman Organization’s 777 Third Avenue, made the deal official last night after less than three months of negotiations, the Post reported. The 15-year lease on floors two through 11 outsizes all leases signed in 2009, with the exception of the Gap’s move to 40 Worth Street. Sources told the Post that Avon will receive one year of free rent, after which the company will initially pay in the low $40s per square foot. Rent will gradually increase from there to the low $50s per square foot. Avon, which is currently located at 1251 Avenue of the Americas, plans to move to 777 Third Avenue in early 2011. It is keeping its smaller offices at 1345 Sixth Avenue for the time being. Avon’s new digs were previously occupied by Grey Group, an advertising firm that relocated to 200 Fifth Avenue. Peter Riguardi and Frank Doyle of Jones Lang LaSalle and Michael Lenchner of Sage Realty represented the Kaufman Organization in the deal. CB Richard Ellis’ Jon Zuckerman and Leonard DiMicelli with Cushman & Wakefield’s Dale Schlather represented Avon. [Post]

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  • UBS shopping for NYC-area office space

    December 29, 2009 08:43AM

    Swiss bank UBS is said to be on the hunt for some 800,000 square feet of New York-area office space, making it the largest tenant in the market, Bloomberg reported. UBS already has roughly 5 million square feet in the tri-state area, including offices at 299 Park Avenue and 1285 Avenue of the Americas, Lincoln Harbor in Weehawken, N.J. and a trading complex in Stamford, Conn. Some of the bank’s existing leases are expiring in 2013, though it is unclear which ones, and as such, the bank is beginning to search for offices in new and existing buildings in Manhattan and its outlying areas, according to Kris Kagel, a UBS spokesperson. Sources said UBS had already requested proposals from landlords, but Kagel said a decision likely wouldn’t come for several months. “It would definitely be a boon to the landlord that lands them,” said Robert Sammons, research director for Colliers ABR. “Manhattan rents are at or near their low point. It remains an ideal market for the tenant.” [Bloomberg]

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  • Law firm Paul Weiss Rifkind Garrison & Wharton, rumored last year to have been negotiating for a spot in Vornado Realty Trust’s new 42-story tower atop the Port Authority Bus Terminal, has decided instead to renew and expand its current space at 1285 Avenue of the Americas, also known as the Paine Webber Building. The firm had a lease expiring in 2010, and inked a 15-year deal that will give the building’s already-largest tenant two additional floors. The new lease, which has not yet been signed, will bring the firm’s total there to 550,000 feet. Moshe Sukenik and Barry Gosin of Newmark Knight Frank represented Paul Weiss in the transaction. [Post, 1st item]

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  • The Manhattan multifamily and commercial sales markets showed signs of improvement in the third quarter of 2009, while the office leasing market continued to be plagued by an increasing inventory of inexpensive sublease space and a shrinking workforce, according to a report released by Eastern Consolidated today.
    Sales of multifamily residential buildings in Manhattan increased, to 101 transactions totaling $392 million in the third quarter, from 66 valued at $254 million in the quarter earlier, the report said. The average transaction was valued at $271 per square foot, up from $260 per square foot in the second quarter. For commercial buildings, property sales volume was up to $1.08 billion from $510 million in the quarter earlier, though that number was largely driven by the sale of 825 Eighth Avenue for $605 million and 70 Pine Street/72 Wall Street for $150 million, two large transactions. TRD[more]

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  • Broadpoint Gleacher Securities Group has signed a 15-year lease on 75,000 square feet at 1290 Avenue of the Americas at 51st Street, owned by Vornado Realty Trust, and is looking to expand beyond that space in the future. The asking rent was between $50 and $60 per square foot. In the new location, the financial services firm will have a trading floor that will be connected to its office functions on the floor below by a central reception area. The group will sublease its current office space at One Penn Plaza at 49th Street and Madison Avenue.

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  • Firms seek large office spaces

    September 16, 2009 09:02AM

    Several office tenants are on the hunt for office spaces over 100,000
    square feet, the New York Post reported. Law firm Paul, Weiss, Rifkind,
    Wharton & Garrison’s lease at 1285 Avenue of the Americas expires
    in 2011, and the firm may renew but is also looking at new space. Law
    firm Gibson, Dunn & Crutcher, now at 200 Park Avenue, is looking
    for 200,000 square feet. Sesame Television Workshop is also looking for
    200,000 square feet, but it is looking primarily in the outer boroughs,
    relocating from One Lincoln Square. Health insurance firm HealthFirst,
    now occupying space at 25 Broadway and 123 William Street, is hoping to
    consolidate into one 150,000- to 180,000-square-foot space. … [more]

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  • Investors are returning to the Manhattan real estate market to pick up property at a discount, according to WNYC’s Lisa Chow. In addition to Fortress Investment Group’s purchase of Sheffield 57 at auction last week, a unit of Canada’s largest pension fund purchased 1330 Avenue of the Americas. A private equity firm purchased 1540 Broadway. Experts expect to see more of these kinds of sales, which are occurring at 40 to 50 percent discounts.

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  • $100-per-foot leases drop 80 percent

    August 10, 2009 02:23PM
    alternate textBuildings where deals have been done for over $100 this year. From left: 9 West 57th Street, 152 West 57th Street and 1095 Avenue of the Americas (Source: PropertyShark)

    Although the top taking rent so far this year is an eye-popping $185
    per square foot at Sheldon Solow’s 9 West 57th Street, it is just one
    of only a handful of leases signed for $100 or more per square foot
    this year in a challenging leasing environment, industry experts said. New York City landlords signed just 12 leases with taking rents of over
    $100 per square foot through July 31, down from 66 at the same time
    last year, figures from commercial services firm Cushman &
    Wakefield show, an 80 percent drop. “From 66 to 12 is a significant drop off, considering quite a few of
    those were renewals of captive tenants,” and most were not for large
    deals, said Jonathan Mazur, assistant director of research services for
    Cushman & Wakefield. He would not comment on particular deals. … [more]

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