The Real Deal New York

Posts Tagged ‘Midtown’

  • 250 West 55th Street

    250 West 55th Street

    WEEKENDEDITION Three firms have made deals to occupy a total of 23,265 square feet at the recently-built 250 West 55th Street.

    Veracen Partners, RTW Investments & LifeSci Capital and Coltrane Asset Management have each signed leases for 11,263 square feet, 7,196 square feet and 4,806 square feet, respectively, at the nearly one million square-foot office property at Eighth Avenue. All three companies will occupy a portion of the 16th floor of the 38-story office tower. [more]

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  • 12-w-55

    Carlisle’s Evan Stein and 12 West 55th Street

    J.D. Carlisle Development filed plans to build a six-story Midtown residential property with a mere four units, rendering each apartment an average of 7,000 square feet.

    The developer’s property at 12-18 West 55th Street, between Fifth and Sixth avenues, has air rights exceeding 100,000 square feet. The new plans would replace earlier ones with a 55-unit, 22-story property on the site of townhouses. Perkins Eastman is serving as the architect of record. Cornerstone Advisers is advising the landlord in developing the site. [more]

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  • 310 West 40th Street

    310 West 40th Street

    Abraham Noy of 310 Group LLC plans to build a 42-story hotel on a 4,937-square-foot lot on 310 West 40th Street.

    According to records from the Department of Buildings and PropertyShark, Noy intends to oversee the construction of a 401-foot-tall hotel with 287 rooms at the Midtown lot, which is situated between Eighth and Ninth avenues. [more]

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  • From left: exterior and interior of penthouse at

    From left: exterior and interior of penthouse at 20 West 53rd Street

    Development firm Starwood Capital has unveiled the design for its $60 million penthouse atop the Baccarat Hotel and Residences in Midtown that hit the market more than a year ago. [more]

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  • 22-west-32nd

    22-26 West 32nd Street

    A 113,000-square-foot commercial building  in Koreatown that houses a Citibank branch has sold for $55 million, according to property records filed with the city yesterday.

    The 17-story, 14-unit commercial property at 22-26 West 32nd Street, between Fifth and Sixth avenues, features 12,000 square feet of retail and 101,000 square feet of storage and office space. The Forest Hills, Queens-based buyer of the building operates as Montague Lee 32 LLC, or Lee Roosevelt Thirty Eight, according to property records. [more]

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  • 140 East 51st Street

    140 East 51st Street

    A fire broke out in a Midtown office building Monday, causing several top floors to be evacuated. [more]

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  • Left, Maureen Kelly, 1375 Broadway

    Maureen Kelly and 1375 Broadway

    Tarte Cosmetics is moving its headquarters into 1375 Broadway. The cosmetics company founded by Maureen Kelly is leaving its current office at 224 West 35th Street to occupy 15,439 square feet on the eighth floor of Savanna’s building. [more]

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  • 1407 Broadway

    1407 Broadway

    GoGoTech, the online retailer that owns FactoryOutletStore.com, is moving across the street from its current digs to 1407 Broadway. The company will move from its 1410 Broadway address to occupy a 13,701-square-foot space on the seventh floor of the Lightstone Group-owned building between West 38th and 39th streets.

    Joseph Friedman, a senior managing director at Murray Hill Properties, was the sole broker representing GoGoTech. The company made the move because its “previous location could not accommodate its rapid growth,” he said. [more]

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  • From left: 52 Vanderbilt Avenue and David Brause of Brause Realty

    From left: 52 Vanderbilt Avenue and David Brause of Brause Realty

    “Shazam!” may have been what landlord David Brause said last week when he signed Shazam Media Services, maker of the popular music identification app, to his Midtown building.

    The technology firm signed for more than 9,000 square feet at 52 Vanderbilt Avenue, a 190,000-square-foot tower between 44th and 45th streets. Previously, the company rented an executive suite nearby, for which rents were not available. [more]

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  • RCA Commercial Property Price Index values from 2001 to 2012, according data from Real Capital. The RCA CPPI are a suite of over 200 granular commercial property indices that measure the empirical change in commercial property prices over time. Click to enlarge

    It will come as no surprise to those following the Manhattan multifamily investment market that prices are at record levels. Now that’s borne out by Real Capital Analytics’ new commercial property price indices. The RCA data shows that the average sale prices of Manhattan apartment building are higher than they were in the second quarter of 2008. [more]

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  • Cynthia Wasserberger

    More top companies are attempting to consolidate their office holdings and are offering their space for sublet, which is depressing landlords’ asking rents for trophy properties. Citing data from Jones Lang LaSalle, Crain’s reported that 30 percent of the space available in Class A Midtown buildings comes in the form of sublet space, well above the island’s 22 percent average. Even in the Plaza District, sublease space comprises 26 percent of all availabilities. [more]

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  • Tenants and landlords quietly added millions of square feet to the Midtown market, pushing up the amount of available space by a sizable 2.1 million square feet in the first quarter, figures from commercial firm CBRE Group released today reveal. The newly available blocks of space fueled the largest amount of negative net absorption since the second quarter of 2009 in the midst of the economic slowdown, an analysis of CBRE data by The Real Deal shows. [more]

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  • RFR markets Midtown development site

    September 28, 2011 02:30PM

    From left: Aby Rosen and Michael Fuchs of RFR Holding

    Aby Rosen and Michael Fuchs’ RFR Holding is marketing a development site between West 44th and West 43rd streets, Crain’s reported, which could accommodate construction of a building as big as 355,000 square feet.

    Sources told Crain’s that the site, on which there are currently three buildings, could command a hefty price tag — $500 per buildable square foot, going by a recent $400-a-square-foot asking price of a nearby site: a 12,000-square-foot plot at 20 West 40th Street, across from Bryant Park. Jones Lang LaSalle Capital Markets Group brokers are marketing the site.

    Meanwhile, RFR is still trying to sell a 59 percent stake in the Seagram building at 375 Park Avenue. Sources told Crain’s that investors have been balking at the $700 million price tag for the Seagram building stake. [Crain's][more]

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  • Rendering of esplanade plan

    Local officials are seeking input from East Side residents on plans to develop new public park space along the East River as part of a land swap deal with the United Nations, DNAinfo reported. Last week, Gov. Andrew Cuomo signed off on a new law that would allow the U.N. to build a new office tower on the site of Robert Moses Playground, on First Avenue between 41st and 42nd streets, in exchange for improvements along the East River esplanade…. [more]

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  • Source: Cassidy Turley

    The vacancy rate in Midtown Manhattan rose in February for the second month in a row, marking the first time since the middle of 2009 that the rate increased in back-to-back months, data from commercial services firm Cassidy Turley shows. The uptick to 12.3 percent was fueled in February by several large blocks of space coming on the market, including floors to be given up by accounting firm Deloitte at Paramount Group’s 1633 Broadway when the company moves to 30 Rockefeller Center. The uptick broke from the general pattern seen over the past year, in which vacancy rates have steadily fallen as the economy improved…. [more]

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  • 545 Madison 50% leased, after two years

    January 18, 2011 11:02AM

    Investment firm BHR Capital has signed a five-year lease for 8,800 square feet of office space at 545 Madison Avenue, according to the Observer. The new lease now puts the 140,000-square-foot building on the corner of 55th Street at 50 percent occupied. Although it wasn’t clear how much BHR is paying in rent, landlord LCOR said that rents at the building are now in the mid-to-upper-$70s…. [more]

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  • alternate text

    When the office leasing market began to collapse more than two years ago, Midtown
    Class A landlords fearful of putting out the wrong price in the volatile market pulled back
    from listing their asking rents. Now with the leasing market returning to approximately normal volumes spurred by
    sharply reduced prices, more Class A property owners in Midtown are confident enough
    to list their asking rents, Robert Sammons, vice president for research at commercial
    services firm Cassidy Turley, said. The firm’s December office report released Monday shows why they are getting more
    self-assured. The vacancy rate for Midtown Class A space fell to 10.9 percent in
    December, down from 13.9 percent one year earlier, and asking rents were $65.29 per
    square foot, up from a recent low of $63.87 per foot in September. (See the full report
    after the jump.)… [more]

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  • Office tenants in Midtown leased more space in November than in any month since the middle of 2006 as new office leasing rang in at double the monthly average, a new report covering all firms’ deals released today by commercial firm CB Richard Ellis shows.

    “The month’s robust leasing activity — the largest single-month total since June 2006 — was achieved by deals of all sizes across the entire market,” the Midtown report says.

    Tenants struck relocation or expansion deals for more than 2.4 million square feet in Midtown, compared with 1.2 million square feet the month before. TRD[more]

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  • Midtown gets Ugg’d up

    October 29, 2010 04:30PM

    Ugg Australia has opened a new outpost at 600 Madison Avenue on the corner of 58th Street. The retailer, best known for its ubiquitous, calf-high suede shearling boots, currently has two other New York City locations — one in Soho at 79 Mercer Street and one on the Upper West Side at 160 Columbus Avenue. [NBC]

    [more]

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  • Yet landlords eager to sign tenants despite low rents

    alternate text
    CBRE’s Michael Geoghegan and Bradley Gerla

    As average asking rents in Midtown remain depressed at rates last reached in 2006, some financial and legal services firms are expanding on a level not s… [more]

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