Despite tough times for office leasing, Edward Minskoff’s luxury office tower at 51 Astor Place — set to premiere in May — will still ask rents as high a $115 per square foot, the New York Times reported. The developer is hoping the neighborhood’s quirkiness will attract technology companies. [more]
Posts Tagged ‘Edward Minskoff’
Japanese enviro-retailer Muji will lease an 8,600-square-foot space at 52 Cooper Square, in the East Village, for a ten-year term, brokers for the building’s landlord told The Real Deal today. Henry Goldfarb and Stanley Lindenfeld, brokers with commercial firm Lee & Associates, said impending changes in the area spurred Muji’s decision. [more]
After losing out to Cornell-Technion in its bid to build a technology campus on city-owned land, the New York Genome Center is close to signing for 150,000 square feet at Edward Minskoff’s 101 Sixth Avenue in Soho, the Wall Street Journal reported. The center is a group of universities, medical centers and labs that conducts DNA-sequencing research. The Journal said the group could help the city catch up in the field of genomic science, which involves using machines to analyze a blood samples and decode a person’s entire DNA sequence. It is expected to create 2,000 new jobs in the next five years. [more]
Edward Minskoff’s ambitious 51 Astor Place project now has a website, Curbed noticed, and it reveals the juicy details of the development, including additional renderings.
The 12-story Fumihiko Maki-designed office building will offer two roof decks and an outdoor plaza with an Alexander Calder sculpture. The lobby will have an art installation “constructed of back-lit cast glass, which complements the building’s overall design,” Curbed noted. Perhaps that shouldn’t be a surprise given Minskoff’s notable 20th century art collection. [more]
From the February issue: In New York City, possibly the only thing rarer than a developer who can get a $100 million-plus construction loan these days is a developer who can get one to build a speculative office tower.
Recently, Edward Minskoff surmounted both hurdles, winning approval for a $165 million loan to build a flashy, 400,000-square-foot, 13-story office tower in the heart of Astor Place, an area one doesn’t normally associate with new office space. [more]
In the last three months of 2011, New York City real estate executives gave more than six times as much to Republican political committees as Democratic groups, a review of federal election documents released yesterday shows.
Republican backers, including Vornado Realty Trust’s Steven Roth and Related Companies’ Stephen Ross, donated a total of $280,000 in the fourth quarter of the year to federal campaign committees, while Democrats contributed $43,300. An additional 10 donors gave $36,000 to political groups that back candidates in both parties (see partial list above and full list after the jump). … [more]
From left: Edward Minskoff and 101 Sixth Avenue (building credit: PropertyShark)Edward Minskoff has bought out partner Andalex Group at 101 Sixth Avenue for an undisclosed price, the New York Post reported. Minskoff had owned at 32 percent stake in the building before the purchase, and now takes complete control of the 425,000-square-foot tower, which will be vacant once SEIU Local 32BJ moves out (it’s moving to 620 Sixth Avenue).
The building, between Watts and Grand streets in Soho, is undergoing a gut renovation in hopes of attracting entertainment, media and technology companies. … [more]
From left: Edward Minskoff, founder of Minskoff Equities, Paul Glickman, vice chairman of Jones Lang LaSalle, a rendering of 51 Astor Place and Robert Futterman
Minskoff Equities has tapped commercial real estate brokerage Jones Lang LaSalle to market the office space at 51 Astor Place, the company’s forthcoming 400,000-square-foot property, which is currently under construction near Cooper Union, company founder Edward Minskoff told The Real Deal today. Robert K. Futterman & Associates will be marketing the property’s retail component, he said.
“Jones Lang LaSalle had good market coverage for the tenants out there that we feel strongly about — stronger than other firms,” Minskoff said. “They represent a lot of the tech tenants and financial tenants that we feel are our most promising [prospects.]”
As for Futterman, Minskoff said he had a long and successful relationship with the brokerage, making it the obvious choice for the retail at the East Village building, which is slated to be completed by 2013. … [more]
Edward Minskoff’s Minskoff Equities has closed on a construction loan valued at between $165 and $200 million with Bank of America for 51 Astor Place, the real estate company’s new office development near Cooper Union, the New York Observer reported.
Minskoff is confident in the success of the 400,000-square-foot property, which is slated to be completed by 2013, he said, despite not having signed any tenants so far.
“It will surpass the Bank of America building [at One Bryant Park] in some ways,” he said. To some brokers, rents at 51 Astor Place, which will range from about $88 to $115 per square foot, the Observer said, seem a little high. … [more]
Developer Edward Minskoff is preparing to break ground at 51 Astor Place, he told Real Estate Weekly, a 400,000-square-foot office tower between Third and Fourth avenues and 8th and 9th streets. Minskoff’s firm, Edward J. Minskoff Equities, will begin demolition of the building currently sitting on the site by the end of this year, REW said.
With other developers avoiding risks as the economy continues to fluctuate, Minskoff is betting that 51 Astor will attract tenants once built, saying it will be superior to Manhattan’s comparatively shabby office stock.
“It’s a state of the art building that’s going to be more technologically advanced than 98 percent of other buildings today,” Minskoff said. “Companies that want to operate their businesses efficiently and effectively realize now that they need great space to do it.” … [more]
Developer Edward Minskoff detailed his plans for 51 Astor Place, the former home of Cooper Union’s engineering department and the New York Film Academy Cafe, in a segment on NY1 last week. Minskoff, head of Edward J. Minskoff Equities, purchased the building in 2008 and commissioned famed Japanese architect Fumihiko Maki to design a 13-story office building before inking an anchor tenant. The 183-foot tall building will have a ribbed granite and glass exterior and will boast a different design on each of its four sides. “This building technologically will be the most advanced building built in New York City since the Bank of America headquarters [completed in 2009] on 42nd Street,” Minskoff said. … [more]
From left: Edward Minskoff, 51 Astor Place and its architect Fumihiko Maki
A Long Island City industrial property that was once slated to become a 635-room graduate student dorm may ultimately become a satellite campus for a university instead. According to the Daily News, Alma Realty, which purchased the vacant, 30-30 Northern Boulevard building from Edward J. Minskoff Equities for $21.5 million in January and already has approval from Community Board 1 for a 19-story dormitory there, has decided to spend its money developing residential buildings in Manhattan instead. … [more]
Developer Edward J. Minskoff Equities abandoned plans to build a 635-room dormitory in a rapidly-changing section of Long Island City in order to concentrate on larger projects in Manhattan, the company’s president said.
Edward Minskoff, president of the commercial firm, had sought to build the 19-story tower on the property at 30-30 Northern Boulevard in Queens Plaza.
He sold it to Long Island City-based Alma Realty, which paid $21.5 million for the 238,000-square-foot building and the 103,000-square-foot parcel under it on Jan. 27, city property records published last Friday show. The sale went into contract in September 2010. … [more]
Developer Edward Minskoff , president of Edward J. Minskoff Equities, is hoping to begin construction at 51 Astor Place in July, on what would be the city’s first large new speculative office building since the collapse of Lehman Brothers in 2008, according to the Wall Street Journal. Minskoff says he will begin construction without any pre-leasing on a Maki and Associates-designed, 430,000-square-foot tower on the site, just outside the East Village, that he acquired in late 2007. Although most of the city’s modern office space is in Midtown and the Financial District, Minskoff predicted that the building would attract high-tech companies, investment banks and advertising firms. … [more]
The 44-story office tower at 1166 Sixth Avenue has just seen a staggering 260,000 square feet worth of closed deals, especially given today’s commercial real estate environment. D.E. Shaw, the hedge fund, doubled its current space in the building by subleasing four floors vacated last year by insurance company Marsh & McLennan, which also owns the upper half of the building. Edward Minskoff is the owner of the tower’s lower half, where D.E. Shaw is located, and where the asking rent was reported to be $45 per square foot. Some have since wondered whether D.E. Shaw would soon move the rest of its employees out of the company’s 100,000 feet at nearby 120 West 45th Street into Minskoff’s building. Westwood One Radio Networks also inked a lease for the 10th floor, and hedge fund manager Invesco signed a renewal and expansion on Marsh & McLennan’s floors 25 through 27, where the asking rents were said to be $58 per square foot. [Post, 1st item]Top row, from left: Ron Pizzuto, Harry Macklowe, Emily Landau and Jerry Speyer; Second row, from left: Beth Rudin DeWoody, Edward Minskoff, Denise and Andrew Saul and Aby Rosen
The influential art magazine ARTnews included several New York City real estate notables such as Aby Rosen and Edward Minskoff
in their 2009 list of top 200 art collectors worldwide published this
month. Rosen, a partner in RFR Holding, which owns renowned buildings
Lever House and Seagram Building, collects modern and contemporary art.
Minskoff, president of acquisition and development firm Edward J.
Minskoff Equities, collects postwar, pop, and contemporary American and
European art. The list included Harry Macklowe and his wife Linda,
collectors of contemporary art; developer Lew Rudin’s daughter Beth
Rudin DeWoody, who collects modern and contemporary art; and Jerry
Speyer and his wife Katherine Farley, who focus on contemporary art.
The list is not ranked, but is ordered alphabetically. … [more]