The Real Deal New York

Posts Tagged ‘general services administration’

  • 1 WTC (credit: Port Authority) and Rep. John Mica

    Florida Rep. John Mica, who chairs the house’s Committee on Transportation and Infrastructure, says the General Services Administration acted without his approval when it signed its lease at 1 World Trade Center. “We want to hear GSA’s justification for their actions and will take that into consideration for any potential next steps,” Mica told the New York Post, though he did not specify what those “next steps” might be.

    The Florida politician is reported to be fighting the GSA lease because he is in a quarrel with the Obama administration over a lease in Washington D.C. for the Federal Trade Commission. The GSA signed a lease for their 270,000 square feet of space at the WTC tower last month, five years after negotiations began. [more]

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  • Five years on, GSA signs 1 WTC lease

    July 18, 2012 10:00AM

    Sen. Chuck Schumer and 1 WTC

    About five years after the General Services Administration first began talks for a space at 1 World Trade Center, the agency yesterday signed a lease for 270,000 square feet at the landmark tower the New York Post reported. The deal pushes the 3 million square-foot tower past 50 percent leased.

    Last August, the CSA signed a term sheet at a rent in the low $40s per square-foot. But by this spring no further progress had been made, and Senator Charles Schumer began pressing the GSA to get the deal done by Independence Day. [more]

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  • From left: Rep. John Mica, Sen. Chuck Schumer and 1 WTC

    The General Services Administration’s 300,000-square-foot lease deal for 1 World Trade Center, whose completion has already been dragged out for nearly a year, won’t be finalized by Independence Day as the Port Authority of New York & New Jersey and the Durst Organization had hoped. And the New York Post reported it’s all because of a Florida representative. [more]

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  • Fitch Ratings downgraded a $6.6 million class of commercial real estate loans led by 10 Metrotech Center, a seven-story office building owned by Forest City Ratner in Downtown Brooklyn.

    Fitch downgraded one class of COMM Mortgage Trust 2005-FL-10, saying 42 percent of the pool is expected to default due a 10 percent overall decline in cash flow compared with the last update.

    The 359,000 square foot property, located at 625 Fulton Street in Brooklyn, is faced with an expiring lease with the Internal Revenue Service, which occupies nearly 88 percent of the building. The loan represents 7.4 percent of the pool balance. … [more]

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  • The General Services Administration will likely take much less space at 1 World Trade Center than previously expected, the New York Post reported. While the U.S. agency and the Port Authority of New York & New Jersey announced a prospective deal for 600,000 square feet four years ago, back when officials were desperate to kick-start the project, they are now negotiating for less than half that amount, according to information gleaned by Realty Check.

    The news of GSA comes shortly after another prospective government lease, for the state Office of General Services, was revealed to be floundering at the site. The combined shrinkage of GSA’s lease along with the withdrawal of OGS will leave the Port Authority with an extra 900,000 square feet to lease. … [more]

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  • Plum Island, an 840-acre island off Long Island’s North Shore that since 1954 has housed a federal biosafety research lab, could soon go on the market, and local officials and real estate agents are mulling what could be done with it. The historic island, which was an antisubmarine base before being used for the study of foot-and-mouth disease and other contagious animal diseases, likely needs a multimillion-dollar cleanup. Last month, the General Services Administration released an environmental impact statement for the site. Still, for a developer willing to take it on, the waterfront property could be a unique opportunity. Aside from private residential development, ideas that have surfaced range from a casino to a park or wilderness preserve. [NYT]

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