The Real Deal New York

Posts Tagged ‘gm building’

  • The GM Building's owners: Moise Safra, Mort Zuckerman and Zhang Xin

    The GM Building’s owners: Moise Safra, Mort Zuckerman and Zhang Xin

    From the April issue: In 2008, developer Harry Macklowe was faced with $7 billion in debt and was forced to give up his crown jewel, the 50-story, 1.82 million-square-foot GM Building at 767 Fifth Avenue. A group led by Boston Properties’ Mort Zuckerman paid $2.8 billion for the tower, about twice what Macklowe had paid just five years earlier. [more]

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  • From left: 767 Fifth Avenue and Cartier 's former location

    From left: 767 Fifth Avenue and  Saks Fifth Avenue Cartier store

    French jeweler Cartier is taking 8,000 square feet at the GM Building for operations while its Fifth Avenue flagship gets a makeover.

    Cartier’s luxury collections will temporarily head to a 50-story, 1.82 million-square-foot tower at 767 Fifth Avenue starting Friday. [more]

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  • From left: Mort Zuckerman, the GM Building at 767 Fifth Avenue and Ron Baron

    From left: Mort Zuckerman, the GM Building at 767 Fifth Avenue and Ron Baron

    UPDATED, 5:40 p.m., March 20: Money manager Baron Funds, founded by billionaire Ron Baron, is taking another 25,000 square feet at the GM Building, The Real Deal has learned. Along with the expansion on the 47th floor, Baron renewed its space on the 48th and 49th floors of the trophy tower. The fund firm will pay rents starting at just shy of $200 per square foot — and cross the rare $200 threshold over the course of the 20-year deal, sources said. [more]

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  • By the numbers: Counting Chinese cash

    January 24, 2014 04:30PM
    Zhang Xin and Wang Jianlin

    Zhang Xin and Wang Jianlin

    From the January issue: It’s not headline news that Chinese investors are parking their cash in New York City real estate, but the magnitudes of those investments is. In 2013, investors from China for the first time poured more money into bricks and mortar in New York City than their counterparts from any other country in the world. [more]

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  • The GM Building at 767 Fifth Avenue and the McGraw-Hill Building at 1221 Avenue of the Americas

    The GM Building at 767 Fifth Avenue and the McGraw-Hill Building at 1221 Avenue of the Americas

    Three of the city’s most high-profile commercial properties are expected to get hit with tax bills of more than $50 million next year, according to preliminary assessments released yesterday by the Department of Finance. [more]

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  • J. Christopher Flowers and the GM Building at 767 Fifth Avenue

    J. Christopher Flowers and the GM Building at 767 Fifth Avenue

    J.C. Flowers & Co., the firm of billionaire private equity giant and avid real estate speculator J. Christopher Flowers, is taking 18,134 square feet at the GM Building, The Real Deal has learned. The deal is one of many recent subleases at the iconic 767 Fifth Avenue property. [more]

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  • From left: Mort Zuckerman and the GM building, at 767 Fifth Avenue

    From left: Mort Zuckerman and the GM building, at 767 Fifth Avenue

    U.S. automaker General Motors no longer retains a single foot of office space in the Midtown trophy tower that bears its name, it seems. GM put three remaining floors at the pricey building, at 767 Fifth Avenue, on the market last year. Now, financial firm Grosvenor Capital Management has inked a deal for the last remaining portion of that space, the 14th floor, The Real Deal has learned from CompStak. [more]

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  • GMBuildingFancyZhangZUckerman

    From left: Mort Zuckerman (inset), the GM Building and Zhang Xin (inset)

    General Motors has found a tenant for one of its last two remaining floors at the GM Building. The seven-year sublease deal for GM’s space will see Belgium-based Continental Grain Company, one of the world’s oldest food companies, take 38,100 square feet on the entire 15th floor of the 50-story, 2 million-square-foot building at 767 Fifth Avenue.

    The tower is owned by a partnership of Boston Properties and the families of Chinese magnate Zhang Xin and Brazilian banking titan Moise Safra. [more]

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  • Schmerzler-FAO-Kurland

    From left: Alan Schmerzler, FAO Schwarz store and Susan Kurland

    The fabled toy store FAO Schwarz placed its flagship retail space in the GM Building, owned by Boston Properties along with investors including Chinese billionaire Zhang Xin, on the sublease market, an executive at the commercial brokerage Cushman & Wakefield said at a media briefing this morning. [more]

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  • zuck-gm

    767 Fifth Avenue and Mort Zuckerman

    UPDATED, Aug. 28, 10:22 a.m.: The General Motors Building is fully leased, now that BlueCrest Capital Management has signed for the last 38,000 square feet up for grabs.

    In a 10-year deal, the financial firm agreed to occupy the full ninth floor at the 50-story, 2 million-square-foot building at 767 Fifth Avenue. Asking rents on the floor were $105 per square foot. CBRE Group brokers Zachary Freeman and John Maher represented the Boston Properties-led partnership that owns the building. Studley broker Daniel Posy represented the tenant. [more]

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  • Mort Zuckerman and the GM Building at 767 Fifth Avenue

    Mort Zuckerman and the GM Building at 767 Fifth Avenue

    The capital markets’ hunger for trophy assets has led Boston Properties to focus on investment sales rather than acquisitions, executives for the real estate investment trust said during its second-quarter earnings call. [more]

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  • alternate text
    Zhang Xin

    Move over, Donald Trump – there’s a new developer in town, according to CNN. Zhang Xin, one of China’s largest developers, who recently nabbed a stake in the General Motors Building in Midtown, has an estimated net worth of $3.6 billion, according to a Forbes tally. See the video and more after the jump.

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  • GM Building stake sells for $1.4B

    June 03, 2013 10:00AM
    From left: Darcy Stacom, William Shanahan and the GM Building

    From left: Darcy Stacom, William Shanahan and the GM Building

    The families of Chinese real estate developer Zhang Xin and Brazilian banking magnate Moise Safra paid $1.4 billion for a 40 percent stake in the General Motors building, the Wall Street Journal reported. This values the building at 767 Fifth Avenue at roughly $3.4 billion, making it the country’s most valuable office property. [more]

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  • Arnold Fisher, senior brothers of Fisher Brothers, 1345 Sixth Avenue and the fountains outside the building

    The Fisher Brothers is planning on adding an underground retail component to a trophy Sixth Avenue office property, the New York Observer reported, and has tapped Cushman & Wakefield to market the space. The landlord’s vision for 1345 Sixth Avenue mimics Harry Macklowe’s glass cube retail addition to the GM Building, which was leased by Apple and has become one of the city’s most lucrative retail locations. [more]

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  • From the November issue:

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    Click the image for more

    Compiled by Russell Steinberg[more]

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  • FAO Schwarz has ended speculation by finally renewing its lease at Boston Properties’ General Motors building, the New York Post reported. There had been rumors that the Toys “R” Us-owned toy retailer might leave when its lease ended in 2012. Agent Bradley Mendelson of Cushman & Wakefield confirmed the extension.

    In March it was reported that Boston Properties and FAO Schwarz had entered arbitration over the rent. Shortly after purchasing the 1.77 million-square-foot building, Boston Properties said FAO Schwarz was not the most financially viable tenant considering the under-market rent it currently pays.

    Sources said Mendelson’s team quietly talked to other prospective users if Schwarz decided not to renew. … [more]

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  • Home builder Hovnanian Enterprises has agreed to pay $175 per square foot to Boston Properties in a five-year deal for the renewal of its lease at 767 Fifth Avenue, on the 46th floor of the General Motors building.

    The arrangement seems strange, Crain’s said, given that Hovnanian has been suffering enormous losses of late; the company’s stock fell 28 percent in the last 12 months and it endured a fiscal first-quarter loss of $64 million, down from the previous year’s profit of $236 million…. [more]

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  • FAO Schwarz exercised its option to extend the lease on its iconic 767 Fifth Avenue location for “fair market value” just three years after preparing to leave, according to Bloomberg News. Boston Properties, which bought the GM Building for a record $2.8 billion in 2008, was so sure FAO Schwarz would vacate its three-flour, 66,465-square-foot retail space when the lease expired in 2012, that the property owner began marketing the property for a new tenant. Now the two parties have entered arbitration over the rent. Shortly after purchasing the 1.77 million-square-foot building, Boston Properties said FAO Schwarz was not the most financially viable tenant considering the under-market rent it currently pays. The stretch of Fifth Avenue between Rockefeller Center and Central Park is the world’s priciest retail real estate. But Toys “R” Us, which owns FAO Schwarz, doesn’t want to endure the difficulty of finding a different Fifth Avenue location and can’t relocate the store to Times Square for fear of competition with its own flagship store. [Bloomberg]

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  • Billy Macklowe opens up, barely

    September 29, 2010 10:00AM

    In a pair of sit-down interviews this week, William “Billy” Macklowe opened up — barely — about his split from his father, Harry’s, Macklowe Properties, what he learned from the collapse of the Macklowe empire and his just-launched venture, the William Macklowe Company.

    He was tight-lipped with the Observer, refusing to talk even about cooking because, as he put it, “so much has been written about the past and all that, it’s just not an area that I really wish to comment on.” He contended, though, that he was “not tightly coiled at all,” as the reporter had observed.

    In an interview with Bloomberg News, Macklowe was more relaxed. He told the publication: “one lesson we’re absolutely going to take away from this is no short-term financing,” when asked about Macklowe Properties’ debt woes and the decision to sell off trophies like the GM Building. He fought back against the notion of being the so-called “poster child” for the real estate bust, nominating other notorious failures like the General Growth Properties bankruptcy and Stuyvesant Town and Peter Cooper Village foreclosure for the title.

    Still, his peers weren’t as kind. “Billy Macklowe is a guy who woke up on third base and thinks he hit a triple,” one anonymous broker told the Observer. Another said, “he was really mean to people when they were on the top of the world, and unfortunately that’s what people are remembering right now… but at the end of the day, he’s a really talented guy with a high aesthetic.”
    [NYO] and [Bloomberg]

    [more]

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  • Solow’s GM suit dead

    April 06, 2010 12:33PM

    Developer Sheldon Solow has buried the hatchet and dropped his lawsuit against insurance group Conseco over the $1.4 billion auction of the General Motors Building in 2003, according to Reuters. Solow had filed the complaint in August 2006, alleging that Conseco had rigged the auction in favor of rival developer Harry Macklowe, who ultimately bought the property. The voluntary dismissal in Manhattan federal court, which was handed down after Solow and Conseco’s joint filing, was made with prejudice, meaning that the same complaint can’t be filed again.

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