Seven years of bad retail leasing luck ended last month when River Place I, the massive apartment complex at West 42nd Street and 12th Avenue, filled its commercial space, striking the property from an unofficial roster of sites that can’t seem to find (or retain) tenants. Lucky Strike Lanes, a national chain of “bowling lounges,” will occupy the 40,000 square feet of retail space that sat empty even as the 908,000 square feet of residential… [more]
French designer Philippe Starck is quirky and playful. Witness one of his latest creations, a floor-to-ceiling chandelier at 15 Broad Street, or a well-known example, the Ghost Armchair, his 2002 reinterpretation of the classic Louis XVI armchair – in plastic. But now the Starck style is trickling down to rentals and across the Hudson. Starck, as part of his collaboration with developer John Hitchcox in Yoo by Starck, will design the interiors for the 505… [more]
New York City has weathered the national real estate downturn better than most American cities, but how have New Yorkers’ favorite vacation destinations stacked up? This month, for The Real Deal’s special supplement, we look at the second-home markets in destinations where New Yorkers have traditionally flocked for their holidays, to relax with a book on the beach or to hit the ski slopes. Broadly speaking, today’s credit crunch is spilling over into the second… [more]
There’s no doubt about it, last year was a roller coaster of a year with extreme highs and lows for real estate. While New York City suffered a slowdown caused by the credit crisis, more pain was felt elsewhere in the country, and there were still plenty of impressive deals that happened here. This month, The Real Deal examines some of 2007’s biggest real estate highlights. We looked at deals and statistics through mid-December and… [more]
As brokers and developers ring in the New Year, they are predicting even more shifts for New York’s already slowing real estate market. Experts interviewed for The Real Deal’s end-of-the-year Q & A said while they expect the upper echelon to be insulated in the coming year, they are worried about the possibility of an increase in interest rates and market slowdowns in the outer boroughs and other areas that may not be able to… [more]
Manhattan buyers, concerned about the difficulty of obtaining a loan in the wake of the subprime mortgage crisis, are more reluctant to purchase apartments without a mortgage contingency clause in place. The desire for a contract with a mortgage contingency, where the purchase is dependent upon the buyer obtaining financing, is not new, but the request is now more commonplace, and that pool now includes qualified buyers who in the past did not need this… [more]
St. John’s Center could fetch over $600M A four-story, 940,000-square-foot commercial building is on the market for sale and is expected to trade for over $600 million, the New York Post reported. St. John’s Center spans an 825-foot stretch of the West Side Highway between Clarkson and Charlton streets. The former New York Railroad terminal boasts Hudson River frontage, a total of 4.2 acres of space and 250,000-square-foot floor plates, the largest in the city…. [more]
Recent bad news for Wall Street may mean good news for Manhattan’s congested office markets. By late December, the major financial houses had lost more than $40 billion related to the subprime mortgage crisis, which may force tens of thousands of people out of work in Midtown and Lower Manhattan. The possible resulting layoffs have led brokers to believe that Wall Street firms will try to sublease some of their unused trading floors. New office… [more]
It’s the start of a new year, and the Manhattan office market appears to be standing stoically in the face of predicted slips and falls. Data show the Manhattan office leasing market has continued to tighten up, reaching down to its lowest vacancy rate in 25 years, according to Jeff Rosenblatt, executive managing director at Grubb & Ellis. Dirk Hrobsky, senior vice president at CB Richard Ellis, said the most surprising part about the state… [more]
Five proposals for Hudson Yards are in. Two of the bids – from the Extell Development Company and Brookfield Properties – have been looked upon favorably by the public and/or architectural critics. Yet it is the other three that are reportedly the favorites. And all three have something in common: High-profile tenants lined up. In mid-December, the business magazine Crain’s reported that the Metropolitan Transportation Authority, which owns the Hudson Yards site, had already narrowed… [more]
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