NYC real estate in brief

February 03, 2009 05:44PM

Appellate Division rules in favor of Mark Hotel alterations
The Appellate Division ruled today that the holder of the ground lease
for the Mark Hotel at Madison Avenue and East 77th Street can perform
renovations, obtain permits from the Department of Buildings without
the permission of the landowner and convert some of the building’s
units into co-ops. The decision affirms an earlier State Supreme Court

China Construction Bank takes space at 1095 Sixth Avenue
China Construction Bank, the second largest bank in China,
has signed a lease for 14,430 square feet at 1095 Sixth Avenue, between 41st and 42nd streets. The bank was
represented by Grubb & Ellis New York’s China Practice, and is one of just three
Chinese banks to be granted branch status in the United States in the past 18
years. Grubb & Ellis represented China Merchant Bank last year when it
took Space On Madison Avenue.

Proposed developments will be featured on city’s Web site
The city announced yesterday that it will reform the development
process by providing diagrams of proposed new buildings online so
the public can view the size and scale of proposed developments. A new 30-day
formal public challenge period will also be implemented to give the public a
greater voice in the development process. The measures go into effect March
9. “This new process will give the public a chance to see what a building
will look like before the first shovel hits the ground and developers certainty
that once the public has had an opportunity to comment and any compliance
issues have been resolved, their project can move forward,” said city Department of Buildings Commissioner Robert LiMandri. TRD