315 Hudson Street

TED Conferences is slated to open a new office downtown in Hudson Square, the New York Observer reported. The non-profit, whose mission is to circulate “ideas worth spreading,” will set up shop at 315 Hudson Street at Vandam Street with 5,881 square feet on the ground floor.

The new space will be located across the street from another TED office, a 14,000-square-foot space. Jack Resnick & Sons owns the property, which the Observer said has asking rents between $55 to $70 per square foot. TED’s lease brings Resnick’s Hudson Square portfolio to full occupancy. [more]

From left: Univision CEO Randy Falco and 485 Madison Avenue

The Spanish-language news company Univision has renewed its lease and expanded at 485 Madison Avenue, the New York Observer reported. That brings the Jack Resnick & Sons-owned property to 100 percent occupancy. The broadcaster now has 21,234 square feet of space across the entire third floor and on part of the second floor. The company expanded by 5,500 square feet. The landlord had in-house representation from Dennis Brady and Fran Delgorio; Avison Young’s Michael Gottlieb and Martin Cottingham represented Univision. [more]

Burton Resnick, CEO of one of New York City’s largest property ownership firms, Jack Resnick & Sons, sat down with the New York Times for a one-on-one interview, published over the weekend. In it, Resnick talked about his latest project, a conversion at 250 Hudson Street that he said took just three months, and the New York City market recovery. “We have a real estate problem here in New York and throughout the big cities,” Resnick said, in reference to the down commercial and housing markets. Still, he argued that the U.S. faces bigger economic issues beyond housing. “[The real estate problem] pales in comparison to the problems that the country has as far as manufacturing is concerned and the overall unemployment rate.”

CBRE’s Enoch Lawrence (left) and Sam Chandan of Real Estate Econometrics

In a sign of how troubled the market for bonds backed by commercial
real estate may be, and by extension, the future of some office
building owners, a key deadline for federal bailout money designed to
get money flowing again to landlords has come and gone without any
takers. Up until June 16, investors in those bonds, like insurance companies,
hedge funds and credit unions, had been invited to dip into the Term
Asset-Backed Securities Loan Facility, or TALF, to borrow some of the
$200 billion fund set by the Federal Reserve Bank of New York. The chief reason there’s been zero interest in TALF so far, according to industry analysts, economists and brokers, is that there hasn’t been enough time to put complicated deals together. Indeed, it was only in May that the Fed announced that commercial mortgages would be eligible for TALF money, and a month wasn’t long enough for lenders to market their assets to willing buyers, they say…. [more]