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]
Posts Tagged ‘flatiron district’
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]
Advertising agency the Barbarian Group is departing its current Tribeca digs and heading north to the Flatiron District. [more]
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]
Joe Jonas, part of the Jonas Brothers music trio, has checked out a Flatiron District penthouse duplex near Madison Square Park. [more]
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]
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]
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]
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.
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]
The average asking rent for all available retail space in Manhattan
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