The Real Deal New York

Posts Tagged ‘flatiron district’

  • Six-story townhouse at 25 E. 22nd Street and David Chu

    From left: townhouse at 25 E. 22nd Street and David Chu

    Nautica founder David Chu sold his six-story townhouse in the Flatiron District for nearly $27 million.

    The buyer – listed as Hannah Charitable LLC – paid $26.8 million for the 19,800-square-foot property, according to property records. The townhouse had been listed at $29.99 million in May 2013. Chu, currently the CEO at jewelry firm Georg Jensen, bought the building at 25 East 22nd Street for $9.3 million in 2004, as The Real Deal previously reported. [more]

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  • thor

    Joseph Sitt and 164 Fifth Avenue

    Thor Equities acquired a 19,000-square-foot Flatiron District office building for $23 million.

    Design nonprofit AIGA owned and currently occupies the site at 164 Fifth Avenue, near 22nd Street. The four-story property will be delivered vacant. The development firm led by Joseph Sitt made a string of recent buys along Fifth Avenue, including 530 Fifth Avenue for $595 million and 685 Fifth Avenue for $475 million. [more]

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  • acadia

    From left: 5-7 East 17th Street, Christopher Conlon and Open Kitchen

    UPDATED, 9:57 a.m., June 6: Acadia Realty Trust, the White Plains, N.Y.-based retail real estate investment trust co-developing the City Point mega-project in Brooklyn, found a tenant for the second portion of the now-vacant Barnes & Noble space in the Flatiron District, the developer told The Real Deal. [more]

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  • From left: Kaufman's Grant Greenspan and 119 West 124th Street

    From left: Kaufman’s Grant Greenspan and 119-125 West 124th Street

    The Kaufman Organization is now leasing at 119-125 West 24 Street in the Flatiron District. [more]

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  • 36-East-23rd-Street

    East 23rd Street between Madison and Park avenues

    The Flatiron 23rd Street Partnership is launching free public wireless network projects in an effort to draw high-profile tenants to East 23rd Street between Third and Sixth avenues.

    Related Companies’ One Madison is slated for completion by the spring, which would result in the removal of scaffolding that currently covers the stretch. But there are at least six ground-floor vacancies in that stretch that the Business Improvement District is campaigning to fill soon. [more]

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  • real-capital-analytics

    From left: Cassidy Turley’s Adam Ardise, 110 Fifth Avenue and Real Capital Analytics’ Robert White

    An 11-story Beaux-Arts office tower owned by Rabina Properties and Samson Management has reached full occupancy after commercial real estate research firm Real Capital Analytics recently grabbed more than 16,000 square feet on the seventh floor. [more]

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  • skyway

    Skyway’s Steven Mashaal, 30 West 21st Street

    UPDATE, 10:53 a.m., Jan. 6: Skyway Development Group intends to build a seven-story single-family home in the Flatiron District, on the site it purchased for $38.5 million in June.

    The  6,500-square-foot townhouse at 30 West 21st Street between Fifth and Sixth avenues will hold a ground-floor retail space, a one-car garage, six floors for a single residence, and a terrace, according to a plan exam application filed today. Karl Fischer is serving as architect of record on the project. [more]

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  • biz-insider

    150 Fifth Avenue and Henry Blodget

    News website and clickbait powerhouse Business Insider struck a four-year deal to sublease 20,646 square feet at the L&L Holdings trophy property 150 Fifth Avenue.

    Universal Music Group leases the entire building, near 20th Street, in the Flatiron District. Asking rent is in the low $50s per square foot. CBRE broker Ross Zimbalist represented Business Insider, while Jones Lang LaSalle brokers Sean Black and Bill Peters represented Universal. [more]

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  • david-chu

    25 East 22nd Street and David Chu

    David Chu, founder of popular sportswear brand Nautica, has found a buyer for his six-story townhouse in the Flatiron District.

    Chu purchased the 33-foot-wide, 19,800-square-foot commercial space at 25 East 22nd Street in 2004 for $9.3 million. Over the years, he renovated it, adding two more floors and an elevator, and converting it to a mixed-use space combining a one-bedroom pied-à-terre with exhibition space and offices. [more]

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  • From left: Peter Buffett, the apartment at One Madison and Warren Buffett

    From left: Peter Buffett, the apartment at One Madison and Warren Buffett

    An apartment at the Related Companies’ One Madison that once belonged to Warren Buffett’s son has hit the market asking $5.95 million. [more]

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  • 463 Seventh Avenue

    463 Seventh Avenue

    The Arsenal Company has signed an honest-to-goodness clothier to its Garment District building, rare at a time when most spaces in the area are being snapped up by tenants from other industries that are priced out of Chelsea and the Flatiron District.

    In a six-year-plus deal, Long Island-based clothier Knoles & Carter will take 5,400 square feet at 463 Seventh Avenue, Arsenal’s 410,000-square-foot, 22-story building between West 35th and West 36th streets. The asking rent for the eighth-floor space was $38 per square foot. [more]

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  • From left: The Kaufman Organization's George Kaufman and 111 West 19th Street

    From left: The Kaufman Organization’s George Kaufman and 111 West 19th Street

    Advertising agency the Barbarian Group is departing its current Tribeca digs and heading north to the Flatiron District. [more]

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  • 141 Fifth Avenue and Julie Henderson

    141 Fifth Avenue and Julie Henderson

    Swimsuit model Julie Henderson has just splashed out $3.3 million on a Flatiron apartment at 141 Fifth Avenue. The landmarked 12-story building at East 21st Street was built in 1897 and converted by Savanna Partners into condominiums three years ago. [more]

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  • Joe Jonas and the penthouse at 21 East 22nd Street

    Joe Jonas and the penthouse at 21 East 22nd Street

    Joe Jonas, part of the Jonas Brothers music trio, has checked out a Flatiron District penthouse duplex near Madison Square Park. [more]

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  • From left: 218-220 Fifth Avenue and 35-44 West 26th Street

    From left: 218-220 Fifth Avenue and 35-44 West 26th Street

    The Flatiron District is riding high with businesses, seeing its inventory of commercial retail space as tight as it has been since the Flatiron 23rd Street Partnership began tracking the numbers two years ago. [more]

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  • Andrew Heiberger

    Andrew Heiberger

    Residential brokerage Town Residential has renewed its retail lease at 110 Fifth Avenue in the Flatiron District for an additional 10 years, the Observer reported.

    Its office — home to 125 agents and staff members — includes 17,000 square feet of space on the sixth floor of the building. [more]

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  • From left: Joseph Moinian and his 50 West 23rd Street, and Sitt Asset Management’s 240 West 40th Street

    Fitch downgraded a group of securitized loans from Wachovia Bank that includes a Flatiron office tower owned by Joseph Moinian and a Midtown office tower owned by Sitt Asset Management.

    The ratings agency downgraded eight loans by Wachovia Bank Commercial Mortgage Trust series 2005-C19, citing concerns about declining cash flows and commercial real estate values.

    One Moinian loan is backed by the developer’s 13-story office tower at 50 West 23rd Street in the Flatiron District. The building was 97 percent occupied as of October and has a debt service coverage ratio of 1.52 percent as of June, according to Fitch. A building with a ratio of less than 1 is considered to have negative cash flow.

    In June, the building’s broker, Newmark Knight Frank, renewed the 64,000-square-foot lease for a magnet school, called the Manhattan Village Academy for lower rent, following more than a year of negotiations. … [more]

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  • Faltering in Flatiron office market

    October 15, 2009 06:27PM

    From the October issue: On paper, at least, the Flatiron District would appear to possess all
    the trappings of a bustling, mixed-use area for commercial real estate:
    Centrally located (check); moderately priced (check); good restaurants
    and sophisticated architecture (check and check). But at just over 19 percent, the district also boasts one of the
    highest office availability rates (which measures the percentage of
    space that is available for lease, or will be available within the next
    12 months) in Manhattan. And real estate experts are grasping for
    explanations. According to a report by the commercial brokerage CB Richard Ellis, the
    availability rate in the Flatiron District climbed 0.2 points in August
    to 19.3 percent. In comparison, the neighboring districts of Chelsea
    and Union Square had rates of just 11.6 percent and 10 percent.

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  • alternate textBuildings in the Flatiron District

    Real estate prices in the Flatiron District began falling in 2008, and transaction volume has plunged over the last six months, according to an analysis of the neighborhood by investment services firm Eastern Consolidated. For the majority of the last seven years, the average price per square foot in the Flatiron District ranged from about $250 to $350 per square foot. The average price per square foot for office buildings in the neighborhood peaked at $600 per square foot in 2007. One of the few commercial transactions of this year in the Flatiron District took place when real estate developer Sorgente Group purchased a more than 50 percent stake in the Flatiron Building at 23rd Street and Fifth Avenue. The company plans to turn the building into a hotel. TRD[more]

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  • alternate textTimes Square (left) and the Flatiron District

    The average asking rent for all available retail space in Manhattan
    fell 11
    percent between fall 2008 and spring 2009, the first meaningful decline
    since September 11, 2001, according to the Real Estate Board of New
    York’s spring 2009 retail report. Some areas, however, saw rents increase. Ground-floor average asking rents
    in Times Square increased
    71 percent between spring 2009 and the same time last year. The average asking rent in the area — on Broadway and Seventh Avenue, between 42nd and
    47th streets — where Forever 21 and American Eagle are opening,
    reached $1,381 per square foot this spring, up from $809 during the
    same time last year. The median asking rent jumped 79 percent, to
    $1,450 a foot from $809. TRD

    [more]

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