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Thread: NYC Commercial Real Estate

  1. #31
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    RUSSIAN TEA DEAL BREWING


    By BRADEN KEIL and LOIS WEISS
    June 24, 2004

    It could be tea time again in New York — rather than tee time.

    The United States Golf Association has agreed to sell the six-story building that housed the historic Russian Tea Room on West 57th Street to a consortium of restaurateurs and developers, The Post has learned.

    The sale price, in the $20 million range, will also include the rights to the famed Russian Tea Room name and the air rights for development above the building a few doors down from Carnegie Hall, sources said.

    One of the restaurateurs involved in the negotiations is Tony Zazula, a co-owner of the upscale restaurant Montrachet in TriBeCa, according to the sources.

    Zazula had no comment.

    The consortium, which has until the middle of next month to back out, is considering options including a restaurant on the first two floors and high-priced condos or office space for the remaining four floors.

    The Russian Tea Room was opened in 1926 by members of the Russian Imperial Ballet.

    In 1995, Warner LeRoy purchased the restaurant, gutted the entire structure and gave it a four-year, $20 million makeover.

    But the over-the-top restaurant struggled almost from the beginning, and by 2002 was thrown into bankruptcy following LeRoy's death.

    The restaurateur's estate closed the eatery and sold it for a reported $16 million to the golf association to house a golfing museum.

    Those plans were scrapped a year later and the property was put on the market.


    Copyright 2004 NYP Holdings, Inc.

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    June 24, 2004

    Third time is apparently the charm for 135 W. 50th St..

    Neither Douglas Durst nor Jerry Speyer could complete the deal, but now Murray Hill Properties has signed a contract and put down a hard deposit towards a lease for the building, also known as the Sports Illustrated building.

    The Estate of Dr. Laszlo Tauber is selling the 100-year lease for $143 million. The land is owned by the Estate of Peter Sharpe and the Lehmon family. The price, sources said, comes to less than $200 a foot.

    Murray Hill Properties, led by investment maven Norman Sturner, is partnering with Blackacre Capital and not Lehman Bros., as was reported elsewhere. Eastdil is handling the sale, but agents declined comment.

    Interestingly, Lehman — which is headquartered at 750 Seventh Ave., across the street — is now seeking to rent 300,000 square feet in the Sports Illustrated building through Bob "Mr. Big" Alexander of CB Richard Ellis.


    Copyright 2004 NYP Holdings, Inc.

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    Quote Originally Posted by Derek2k3
    It would have been nice if he had taken some of that profit and added some lighting to the top of the building.
    I hope someone doesn't want to convert it to condos.

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    San Francisco law firm to double NY office


    by Tommy Fernandez
    June 29, 2004


    Looking to grow its local litigation practice, law firm Heller Ehrman White & McAuliffe has leased space in Times Square Tower that will allow it to double its staff of New York attorneys.

    San Francisco-based Heller has rented 138,000 square feet on several floors of the tower, at 7 Times Square, for 16 years, with options to renew for another 10 years. The firm, whose local outpost currently comprises 65,000 square feet at 120 W. 45th St., plans to move into the new space in March 2005 and ultimately to increase its roster of New York lawyers to 165 from 80.

    Chairman Barry Levin says his firm plans to step up its New York presence quickly, likely adding another 20 lawyers before the move. "Our goal is to build on our core strengths in New York," he says.

    Heller will occupy the 39th through 42nd floors and half of the 38th floor at 7 Times Square and will have the option to rent the 43rd floor after five years. The published asking rents per square foot at the Boston Properties-owned building range from $59 to $70.

    Heller's Manhattan attorneys specialize in securities and anti-trust suits as well as cross-border deals. They represented GMAC Commercial Mortgage in the suit filed by Silverstein Properties over the insurance for the World Trade Center attacks. Heller has 720 lawyers in 13 offices around the world.


    Copyright 2004, Crain Communications, Inc

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    NYPOST Real Estate News


    June 29, 2004

    The expected sale of the Bertelsmann Building in Times Square to Paramount Group Inc. just closed for $426 million. But Paramount brought in a partner on the 44-story, 1.1 million square-foot tower, aka 1540 Broadway: Des Moines, Iowa,-based Principal Real Estate Investors, a unit of asset-management firm Principal Global Investors.

    The deal marks the largest acquisition to date for Paramount's new Paramount Group Real Estate Fund, set up earlier this year to buy and invest in prime U.S. properties.

    The U.S.-based Paramount Group Inc., headed by CEO Albert Behler, is an investment arm of Germany's Otto Group. Its other Manhattan holdings include 1633 Broadway, 1177 and 1325 Sixth Ave., and 180 Maiden Lane.

    "Now that they have a dedicated real estate fund, look for them to buy lots more," a source predicted.

    Bertelsmann put the green-on-green tower, home to the Virgin Megastore, on the block last summer. But the media giant complicated things by deciding to keep about 400,000 square feet in the building, adding a lease negotiation into the mix.

    Studley investment sale kingpin Woody Heller, who was not involved in the sale, termed it a "very well regarded buildings in an area now enjoying a fabulous renaissance."


    Copyright 2004 NYP Holdings, Inc.

  6. #36

    Default The property fetched a staggering $185 million

    ... The property fetched a staggering $185 million, or $770 per buildable square foot — believed to be a record price for a residential site.

    http://www.nypost.com/realestate/26537.htm

    New Jersey-based Garden Homes Development has emerged as the winning bidder for Beth Israel Hospital's coveted Singer Division property at 170 East End Ave. and two adjacent apartment buildings. Garden Homes is also busy converting 37 Wall St. to rental apartments and recently converted 75 West St. as well.

    On the Singer site, Garden affiliate Skyline Developers plans to create luxury condos that will take advantage of East River views.

    Beth Israel was repped by CB Richard Ellis's Darcy Stacom and Bill Shanahan, who declined comment. Other sources told my colleague Lois Weiss that the property fetched a staggering $185 million, or $770 per buildable square foot — believed to be a record price for a residential site.

    RFR Realty head Aby Rosen, one of the disappointed under-bidders, told Weiss: "I hope they choose a great architect because the city needs great architecture and this is a one-time opportunity."

    Meanwhile, Garden Homes is eying a prime development site on Sixth Avenue in the 20s, where luxury apartment towers are fast replacing grimy old structures and parking lots. Sources say Garden Homes is buying the small corner building at 100 W. 25th St. now occupied by a deli and antique galleries.

    It's also bidding on the much larger property next door: a 17,600 square-foot, Con Ed-owned parking lot. Cushman & Wakefield's Andrew Behymer is fielding bids for Con Ed but would not comment.

    However, sources say bids may top $300 per buildable square foot. Under new zoning, a 177,000 square-foot building can go up as of right.

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    PRADIUM PAYS $200.5M FOR 51 BLDGS.


    By LOIS WEISS
    July 1, 2004

    A 51-building package with 2,576 apartment units and 78 stores in the Bronx and Upper Manhattan sold for $200.5 million last Friday.

    The sellers were a family and an institution, who had purchased the properties a group at a time over the last five years.

    "This is the second time over a five-year period I've sold these properties," said Aaron Jungreis of GFI Realty Services.

    "They are all very well located in all parts of Harlem and Washington Heights, and all parts of the Bronx."

    Other sources identified the buyer as the Pradium Group, working with Joel Weiner, who will also manage the properties.


    Copyright 2004 NYP Holdings, Inc.

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    NYC OFFICE LEASES SLOWLY WARMING UP


    By STEVE CUOZZO
    July 6, 2004

    DESPITE brokers' opti mism, the leasing market — Midtown as well as downtown — runs warm but not hot. Wall Street, the locomotive that pulls the train in every strong market, has finally begun to rehire, but not yet at anything like the pace of the boom years.

    Blockbuster deals of several hundred thousands of square feet are nowhere in sight, notwithstanding rumors constantly floated about firms "scouting" for multiple such spaces.

    Meanwhile, the two financial services mega-moves that are in the cards involve new construction rather than existing inventory: Bank of America to Douglas Durst's One Bryant Park on West 42nd Street (a done deal), and Goldman Sachs' increasingly likely move to a new skyscraper to be built in Battery Park City.

    Fortunately, there's lots of activity at the renewal and moderate-growth level — which is why Manhattan's availability rate (between 12 and 14 percent, depending on whose numbers you believe) continues to look good compared with just about anywhere else.

    The numbers seem even better when you consider that some statisticians already count as "available" 1.6 million square feet of space yet to be spoken for at Larry Silverstein's new 7 World Trade Center.

    It's industry custom, of course, to count space being marketed even though it isn't ready yet.

    But does it really add to our understanding of current conditions to include a building that is still months from topping off, and which can't possibly be ready for actual occupancy until the end of 2005, if then?


    Copyright 2004 NYP Holdings, Inc.

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    Real Estate


    By STEVE CUOZZO
    July 6, 2004

    In one typical recent smaller-scale deal, Kent Swig's 80 Broad St. has signed a 24,000-square-foot direct lease with Texas-based Aegis Communications Group, bringing the tower to 92 percent occupancy.

    Swig's company, Swig Burris Equities, bought the 400,000-square-foot 80 Broad last month with plans to convert it into a luxury boutique office address, as Swig has also done with 48 and 44 Wall.

    The Staubach Co. represented Aegis; Newmark repped the landlord.

    Meanwhile, we wonder if Swig, who's been snatching up properties downtown, might have an eye on 40 Wall St., the classic 1920s skyscraper that Donald Trump has put on the market (as The Post first reported).

    Trump hopes to land $400 million for the 1.2 million-square-foot art deco landmark.

    That's a higher price than Swig and his partners have paid for their recent downtown acquisitions. And Trump predicted that the strongest likely bidders are likely to be "institutional."

    But Swig does own buildings right next door, and he's on a buying binge.

    We couldn't reach him for comment over the long holiday weekend.


    Copyright 2004 NYP Holdings, Inc.

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    NYPOST Real Estate


    By LOIS WEISS
    July 7, 2004

    Richard Baxter and Ron Cohen at Cushman & Wakefield have landed the assignment to sell 110 William St. for Trizec Properties.

    The Chicago-based real estate investment trust acquired the 868,000-square-foot downtown building for $90.2 million as part of a 10-building package it bought from Equitable Life Insurance in 1998.

    With 97 percent occupancy, at about $190 a foot, the "B+" building could fetch somewhere around $170 million. It is home to a long-term low-rent lease for the city's Economic Development Corp., as well as AIG and other companies. During last year's blackout, the Trizec buildings had their lights blazing, due to upgrades and back-up systems.

    Last month, Trizec and its Swig Co. partner completed a $600 million refinancing of the Grace Building, at 1114 Ave. of the Americas, and its World Apparel Center at 1411 Broadway. That transaction adds $180 million to the Trizec coffers alone.

    The company is busy sniffing out new deals and the proceeds of 110 William will be added to that war chest.


    Copyright 2004 NYP Holdings, Inc.

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    NYPOST Real Estate


    By LOIS WEISS
    July 7, 2004

    The newly dubbed Virgin America airline has narrowed its search for a 100,000-square-foot headquarters to Wall Street and SoHo, its press rep advised.

    The short list, we discovered, includes the Woolworth Building, Starrett-Lehigh, 199 Water St., and 75 Varick — also known as One Hudson Square.

    We're betting that the two finalists will be 199 Water — the Jack Resnick & Sons' Class-A Seaport tower, where subleases are available for $30 a foot — and One Hudson Square, the Trinity Church-owned former industrial building at Canal Street, where space goes for $45.

    Andrew Peretz, one of Cushman & Wakefield's top brokers, is spearheading the search, but he declined comment.

    Stacy Geagen of Virgin America said it is trying to launch on a low-cost platform, so being in a trendy area may have to give way to the airline's bottom line.

    Wherever they land, the airline is eligible for millions of dollars in incentives, job training and sales tax exemptions from both the state and the city. Five other U.S. cities pitched the airline to be its home base, but New York won out.


    Copyright 2004 NYP Holdings, Inc.

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    Five other U.S. cities pitched the airline to be its home base, but New York won out.
    You just can't compete with New York city. :wink:

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    Quote Originally Posted by krulltime
    NYPOST Real Estate


    By LOIS WEISS
    July 7, 2004

    The newly dubbed Virgin America airline has narrowed its search for a 100,000-square-foot headquarters to Wall Street and SoHo, its press rep advised.

    The short list, we discovered, includes the Woolworth Building, Starrett-Lehigh, 199 Water St., and 75 Varick — also known as One Hudson Square.

    We're betting that the two finalists will be 199 Water — the Jack Resnick & Sons' Class-A Seaport tower, where subleases are available for $30 a foot — and One Hudson Square, the Trinity Church-owned former industrial building at Canal Street, where space goes for $45.

    Andrew Peretz, one of Cushman & Wakefield's top brokers, is spearheading the search, but he declined comment.

    Stacy Geagen of Virgin America said it is trying to launch on a low-cost platform, so being in a trendy area may have to give way to the airline's bottom line.

    Wherever they land, the airline is eligible for millions of dollars in incentives, job training and sales tax exemptions from both the state and the city. Five other U.S. cities pitched the airline to be its home base, but New York won out.


    Copyright 2004 NYP Holdings, Inc.
    Doubt it's Wall St. Not hip enough.

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    Office market strong in June, report says


    July 7, 2004

    There was further improvement in the Manhattan office market for June, according to a report by Colliers ABR.

    Most of the major deals completed were in Midtown though both Midtown South and Downtown saw their fair share as well.

    The Manhattan class A vacancy rate ticked down to 10.5% in the second quarter from 10.6% in the first quarter, the report said.

    Leasing was quite active during the month, with 2.6-mm-sf of new deals closed, propelling gross leasing activity to 8.8-mm-sf for the year.

    In addition, there has been approximately 1.5-mm-sf of renewal activity thus far in 2004, the report said.

    Class A average asking rents edged up to $47.98/sf, from $46.87/sf in March.


    MIDTOWN

    The Midtown class A vacancy rate closed the mid-year mark at 10.5%, up from the first quarter figure of 10.1% but down from 10.6% in the fourth quarter of 2003, the Colliers report said.

    There is still significant available space technically available in the newly constructed Times Square Tower, though almost all the space there has leases pending.

    Class A average asking rents climbed to $54.25/sf in June, up from $54.05/sf in March and $52.37/sf in December, the report said.


    MIDTOWN SOUTH

    Midtown South was quite active in June with several major deals closing. St. Martin’s Press now controls almost 160,000-sf of the 180,000-sf in the Flatiron Building (175 Fifth Avenue) with a renewal and expansion deal.

    And just west of there, at 28 and 40 West 23rd Street in Chelsea, apparel designer Ecko Unlimited has taken 275,000-sf, consolidating various locations scattered across the garment district as well as New Jersey.

    The overall Midtown South vacancy rate fell to 12.1% in June from 12.2% in March and 12.5% in December, the Colliers report said.

    Average asking rents have been rather stable, closing June at $29.50/sf.


    DOWNTOWN

    Downtown, the class A vacancy rate plunged to 11.8% in June, the lowest it’s been since February 2002 (11.7%), the report said. The fall can be attributed to 3 blocks of direct space being removed from availability.

    They include 180,000-sf at 20 Exchange Place (building has sold and space was taken off the market because the tower is due to be converted to residential use), 81,000-sf at 55 Water Street due to a lease out and 42,000-sf off the market at 1 New York Plaza also due to a lease out.

    While certainly good news, there is potential space to be added on the horizon including up to 1.0-mm-sf from Prudential Securities at 1 New York Plaza within the next six months, the report said.

    Class A average asking rents climbed rather sharply in the second quarter to $35.07/sf, up 3.5% from $33.89/sf in the first quarter and $33.88/sf in the fourth quarter 2003.


    Copyright 2003-2004 The Real Deal.

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    Signs of expansion on Wall St.


    July 7, 2004

    Landlords have been seeking signs that Wall Street firms are ready to expand their offices the way those who hate winter watch for crocuses springing up through the snow.

    Wall Street demand for office space is the engine that drives the Manhattan leasing market - and for the past three years, there hasn't been any.

    Now comes word that Lehman Brothers is negotiating for around 300,000 square feet at 1211 Sixth Ave. The firm wants expansion space that's near its 745 Seventh Ave. headquarters. The two buildings are a block away from each other.

    A Lehman spokeswoman declined to comment. But real estate execs are talking plenty about this space search, because it's all about expansion. It has entirely different implications from the other big Wall Street real estate news in the making - Goldman Sachs' planned construction of a new headquarters downtown.

    Goldman's willingness to spend big bucks on office space is a much-appreciated vote of confidence for lower Manhattan - but when the firm moves to a new tower, it will leave significant vacancies in the buildings it now occupies.


    All contents © 2004 Daily News, L.P.

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