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Posts Tagged ‘murray hill properties’

  • From left: Joseph Moinian, Murray Hill's Norman Sturner and 180 Maiden Lane

    From left: Joseph Moinian, Murray Hill’s Norman Sturner and 180 Maiden Lane

    Murray Hill Properties is in contract to buy 180 Maiden Lane.

    SL Green and Joseph Moinian are reportedly unloading the 1.2 million-square-foot tower, which is only sparsely occupied. While the agreed-upon price is still unclear, sources told the New York Post that it breaks down to just below $450 per square foot. [more]

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  • 1250 Broadway

    1250 Broadway

    A $3 million renovation is in the works at 1250 Broadway, with the ultimate goal of making the skyscraper more of a technology hub. [more]

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  • From left: Joe Sitt, 530 Fifth Avenue and Scott Rechler

    From left: Joe Sitt, 530 Fifth Avenue and Scott Rechler

    UPDATED, 5:45 a.m., June 20: Thor Equities just added some prime Fifth Avenue retail and office space to its portfolio. [more]

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  • sharif-al-gamal

    Sharif El-Gamal and 205 West 40th Street

    Sharif El-Gamal, developer of Park51, is in contract to buy the Garment Center Synagogue in the hopes of tearing down and building a high-rise with a new synagogue, hotel and retail center.

    El-Gamal teamed up with Murray Hill Properties to redevelop 205 West 40th Street near Seventh Avenue. The New School for Design is expected to officially sell off the site for $61.5 million by March. [more]

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  • 1 Park Avenue

    1 Park Avenue

    Vornado Realty Trust is asking roughly $650 million for its 20-story office tower at 1 Park Avenue, Bloomberg News reported, citing unnamed sources.

    Adam Spies and Douglas Harmon of Eastdil Secured were recruited to handle marketing for the property at East 33rd Street. The real estate investment trust saved the 925,000-square-foot tower from foreclosure in 2011 after paying $180 million to recapitalize and gain control of it from Norman Sturner’s Murray Hill Properties, as The Real Deal had reported at the time. [more]

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  • 101 Fifth Avenue

    101 Fifth Avenue

    The Midtown South space formerly occupied by LivingSocial has been snapped up by San Francisco-based advertising platform AdRoll — the company’s first location in New York City.

    AdRoll has signed on for a 7,080-square-foot, three-year lease on the fifth floor at 101 Fifth Avenue. Ross Zimbalist and Ben Fastenberg of CBRE Group represented AdRoll in the transaction, while Esther Zar and Daniel Lolai of Murray Hill Properties represented the landlord, listed as BSD Michael 101 LLC in city property records. [more]

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  • From left: George Kaufman and 1407 Broadway

    From left: George Kaufman and 1407 Broadway

    Tech and fashion tenants are reshaping an area bordered by Herald Square to the south and Times Square to the north. At 1407 Broadway, licensing company Galaxy Brand Holdings just nabbed 10,900 square feet in the Kaufman Organization’s 1.1 million square-foot building for the company’s first location. [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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  • Adam Spies, 295 Madison Avenue and Doug Harmon

    Adam Spies, 295 Madison Avenue and Doug Harmon

    Updated, 10:15 a.m., June 7: Abe Talass’ Eretz Group will pay about $210 million for a Midtown office tower belonging to Westbrook Partners and the Moinian Group, according to sources.

    The 300,000-square-foot 295 Madison Avenue, located at 41st Street, is part of a portfolio that Westbrook was marketing in April that is expected to fetch about $1 billion, as The Real Deal first reported. Murray Hill Properties represented the buyer in the deal, which is expected to close in September. The Observer first reported the building was in contract. [more]

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  • 45-11 33rd Street (credit: PropertyShark)

    Art shipping company Gander & White has inked a 60,000-square-foot lease in Long Island City, the New York Observer reported. The 10-year lease is for 45-11 33rd Street between Queens Boulevard and 47th Avenue, which the company will use for office and storage space. The lease is also a triple-net deal, meaning that the tenant will pay net taxes, insurance and maintenance for the space. Gander & White will pay rent of $14 per square foot. [more]

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  • 135 West 50th Street
    (credit: PropertyShark)

    A UBS-controlled REIT has purchased the land underneath its Sports Illustrated Building for $279 million, the New York Post reported, but plans to keep the building it owns on the site under a long-term operating lease.

    The seller was a partnership between Suzanne Lehmann and Zev Wolfson that purchased an interest in the land, at 135 West 50th Street, for $56 million in 2010. UBS has owned the 800,000-square-foot building since 2006, when it bought it for $332 million from Murray Hill Properties. Murray Hill had purchased it two years earlier for $143 million, and negotiated an extension of the lease through 2106. [more]

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  • Crown's Haim Chera and a rendering of the retail space at 530 Fifth Avenue

    The new owners of 530 Fifth Avenue are looking to bring prime Fifth Avenue rental rates to the traditionally overlooked stretch of the avenue below 49th Street. According to the Wall Street Journal, the partnership of Jamestown Properties, Rockwood Capital, Crown Acquisition and Murray Hill Properties that bought the property from Joseph Moinian and the Chetrit Group last September for a total of $420 million has a plan to charge $1,500 per square foot for the nearly 50,000-square-foot retail space. [more]

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    Chelsea Art Museum building
    The Chelsea Art Museum is about to be replaced by Hewlett-Packard, which has special plans for the building. According to the New York Post, the tech firm signed a 10-year lease for the entire 34,500 feet inside the three-story museum building at 556 West 22nd Street near 11th Avenue. HP would not disclose the plans. The museum will remain in the building until Jan. 1.

    CBRE brokers Pat Murphy and Jenny Ogden represented HP in the transaction, while a Murray Hill Properties team led by Jesse Rubens represented the owners. … [more]

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    Clockwise from top left: Rockwood Capital CEO Edmond Kavounas, Crown Acquisitions CEO Stanley Chera, 530 Fifth Avenue, Murray Hill Properties CEO Norman Sturner and Jamestown Properties managing director Matt Bronfman
    A partnership of Jamestown Properties and Rockwood Capital is providing equity to Murray Hill Properties and Crown Acquisitions for their previously reported $390 million purchase of 530 Fifth Avenue. The Wall Street Journal reported Jamestown and Rockwood will be the controlling equity holders.

    The four firms are putting about $200 million in equity into the purchase and taking out about $220 million in debt. Crown is slated to manage leasing the retail space in the building, which is occupied by Fossil Store and LensCrafters, and will soon be home to a Syms. … [more]

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    From left: Brothers Meyer Chetrit and Joseph Chetrit; Moinian Group CEO Joseph Moinian; Murray Hill Properties CEO Norman Sturner and 530 Fifth Avenue

    Crown Acquisitions and Murray Hill Properties have partnered to purchase 530 Fifth Avenue for $390 million from the Chetrit Group and the Moinian Group, the Wall Street Journal reported. The 26-story, 500,000-square-foot building between 44th and 45th streets was bought for $210 million by Joseph Moinian and the Chetrit family in 2004.

    The building has 21,790 square feet of retail space on Fifth Avenue, currently occupied by LensCrafters, Chase bank and Fossil. This summer Moinian and the Chetrits expanded the retail space to include part of the second floor in order to accommodate forthcoming tenant Syms. … [more]

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  • Mexican billionaire Carlos Slim, the world’s richest man and the newly-minted owner of the Duke Semans Mansion on Fifth Avenue, has picked up another feted Manhattan abode, according to the Post. The five-story Felissimo Townhouse at 10 West 56th Street, once home to actress Elizabeth Taylor and her third husband, Michael Todd, will now be home to the New York operations of Slim’s Grupo Carso. The conglomerate purchased the limestone property, which was listed for $18 million with Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino, through an affiliated LLC for $15.5 million in cash. … [more]

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  • A deal to save Murray Hill Properties’ tower at 1180 Sixth Avenue has been completed.

    The property, between 46th and 47th streets, was almost foreclosed upon when the Shorenstein Group, a mezzanine loan holder, bought the equivalent of the B-note for the property and started foreclosure proceedings, Norman Sturner, CEO of Murray Hill Properties told the New York Observer. Thankfully, a mystery Asian investor stepped in to rescue Murray Hill Properties’ prized tower. … [more]

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  • Atlanta-based global investment firm Invesco and its operating partner, Adellco, signed a contract to buy Gramercy Park residential building the Elektra for $125 million, two industry sources said.

    Invesco and Adellco agreed in January to buy the 32-story high-rise from a partnership that also includes Adellco and is led by a J.P. Morgan Investment Management fund, the sources said. J.P. Morgan bought the building in 2006 for $92.5 million. This past December, investment sales firm Holliday Fenoglio Fowler began marketing the 166-unit building located at 290 Third Avenue, between 22nd and 23rd streets, which it said was 97 percent occupied, an article from commercial trade publication Real Estate Alert said. … [more]

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  • From left: 1180 Sixth Ave., Norman Sturner, president of Murray Hill Properties, and Howard Michaels of the Carlton Group
    Howard Michaels has saved the day at 1180 Sixth Avenue, bringing in an anonymous Chinese investor to bail out the owners before a planned foreclosure auction by mezzanine debt holder Shorenstein Properties, according to the Post. Norman Sturner’s Murray Hill Properties and the Carlyle Group had defaulted on their mortgage payments in January after buying the 23-story property, between 46th and 47th streets, for $300 million at the height of the market. Shorenstein filed to foreclose late last month. … [more]

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  • 1 Park Avenue and, from top, Scott Rechler of RXR and Norman Sturner of Murray Hill Properties (building photo source: PropertyShark)

    Vornado Realty Trust spent a total of $180 million to recapitalize and gain control of the 925,000-square-foot office building 1 Park Avenue from Norman Sturner’s Murray Hill Properties, which was in danger of losing the property to lenders.

    The cash infusion included about $30 million in tenant improvement costs and other reserves, while at the same time Vornado secured $250 million in debt from a major investment bank, a person familiar with the deal, which closed last night, said. Murray Hill retained a small portion of the equity on the 20-story building located between 32nd and 33rd streets, the source said.

    The original capital stack was comprised of a $375 million first mortgage, $100 million in mezzanine debt held by three companies and $120 million in equity. … [more]

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