With new projects such as 51 Astor Place and the Hyatt Union Square, Fourth Avenue is being reincarnated as a high-end neighborhood, the Wall Street Journal reported. The Hyatt Union Square, which is yet to announce an opening date, will offer 178 upscale rooms and suites starting at $319 a night. It is located at East 13th Street, north of the Fumihiko Maki-designed 51 Astor Place, a 13-story mixed-use office and school building being developed by Minskoff Equities. Those familiar with the area, however, say that the transformation has been in the works for a while…. [more]
Posts Tagged ‘minskoff equities’
From left: Edward Minskoff, founder of Minskoff Equities, Paul Glickman, vice chairman of Jones Lang LaSalle, a rendering of 51 Astor Place and Robert Futterman
Minskoff Equities has tapped commercial real estate brokerage Jones Lang LaSalle to market the office space at 51 Astor Place, the company’s forthcoming 400,000-square-foot property, which is currently under construction near Cooper Union, company founder Edward Minskoff told The Real Deal today. Robert K. Futterman & Associates will be marketing the property’s retail component, he said.
“Jones Lang LaSalle had good market coverage for the tenants out there that we feel strongly about — stronger than other firms,” Minskoff said. “They represent a lot of the tech tenants and financial tenants that we feel are our most promising [prospects.]”
As for Futterman, Minskoff said he had a long and successful relationship with the brokerage, making it the obvious choice for the retail at the East Village building, which is slated to be completed by 2013. … [more]
Edward Minskoff’s Minskoff Equities has closed on a construction loan valued at between $165 and $200 million with Bank of America for 51 Astor Place, the real estate company’s new office development near Cooper Union, the New York Observer reported.
Minskoff is confident in the success of the 400,000-square-foot property, which is slated to be completed by 2013, he said, despite not having signed any tenants so far.
“It will surpass the Bank of America building [at One Bryant Park] in some ways,” he said. To some brokers, rents at 51 Astor Place, which will range from about $88 to $115 per square foot, the Observer said, seem a little high. … [more]