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  1. #46

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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.
    I thought the air-rights have already been bought and used by the Carnegie Hall, Metropolitian, and CitySpire Towers?

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    It's a small building on prime real estate. Maybe not all the air rights were used, or maybe they were not used at all.

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    Landlords seeing concrete results


    July 07, 2004

    The real estate scene began to improve at the end of last year and into first-quarter 2004, led by a large number of law firm leases. Midtown and downtown office rents are still below their 2000 peaks, but vacancy rates have begun falling from the high point they hit at the end of 2003. The amount of sublease space on the market has steadily declined. City officials project that office vacancy rates will continue falling for the next several years as rents rise. Retail rents have already been increasing, with Fifth Avenue remaining the premier shopping strip. On the home front, apartment prices in almost every category and Manhattan neighborhood kept climbing skyward.

    Copyright 2004, Crain Communications, Inc

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    Two Months to Go to $355M 180 Maiden La. Closing


    180 Maiden Ln.

    By John Salustri
    July 12, 2004

    NEW YORK CITY-Sources familiar with the deal have confirmed to GlobeSt.com that the 1.1-million-sf 180 Maiden La. in Lower Manhattan is set for a change in ownership. Joseph Moinian is currently in negotiations with current owner the Paramount Group to purchase the asset for roughly $355 million. In a market still reeling from inflated prices for trophy assets, experts tell GlobeSt.com that this deal is a win/win.

    But sources are calling the news premature, indicating that there's a sea of negotiation and paperwork that lies between this report and a done deal. In fact, closing is not in sight for another two months. But the extent of negotiation that remains is a mystery. No one at Paramount or Eastdil Realty, the marketer of the asset, returned phone calls by deadline, and executives at the Moinian Group responded only with a no-comment.

    The 41-story building is home to law firm Stroock & Stroock & Lavan and Goldman Sachs. The asset was constructed in 1984.

    The Moinian Group boasts a portfolio of some eight million sf of office, industrial, retail and hotel properties around the US, most of it based in Manhattan. Local holdings include Columbus Tower at 1775 Broadway and 900 Eighth Ave. According to the company website, Moinian is also planning or currently building some 1.5 million sf of Manhattan commercial space.

    "I have a tremendous respect for Joe [Moinian] as a real estate professional and an operator," says Michael Boxer of RCG/Longview. "He knows his business. I don't think anyone would argue that he's probably paying full price for the building. But given the prospects for Downtown in general and the significant infrastructure we're likely to see emerge as a result of the rebuilding of the World Trade Center, we're going to see great viability and vibrancy in Downtown. It's not unreasonable to believe that Joe looked to those prospects and accepted the exposure in Maiden Lane given what's going to happen in the next few years." Boxer says that some of the transaction's senior lenders are considering RCG for junior pieces of the loan.

    He adds that, given the first-class nature of the asset and the quality of the tenancy, "It's reasonable to assume that the long-term prospects are extremely favorable."

    Ken Krasnow, executive managing director and New York leader for Cushman & Wakefield agrees. "Long term, there's tremendous bullishness for Downtown," he says, "and 180 Maiden La. is one of the best buildings in the market."


    © 2004 by GlobeSt.com, LLC.

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    State Agencies Lease 250,000 sf Downtown


    July 15, 2004

    In a major downtown leasing transaction, the New York State Department of Health and Public Service Commission have leased nearly 250,000 square feet of space comprising four full floors at 90 Church Street.

    The agencies plan to relocate from four different locations -- 1 Penn Plaza, 5 Penn Plaza, 80 Maiden Lane and Gertz Plaza in Queens – into their new facilities during the first quarter of next year.

    The 15-story, 1.1 million square foot office building at 90 Church Street, between Vesey and Barclay Streets, is owned by the U.S. Postal Service, leased to 90 Church L.P., and managed by Boston Properties.

    Peter Hennessy, Janet Woods and Natasha Szarkowski of the Staubach Company’s New York office represented both state agencies in the 10-year leasing transaction valued at $68 million. Drew Conner of Boston Properties represented the landlord.

    "The consolidation move reduces the state’s lease obligation, increases operational efficiency, and helps promote growth in the downtown marketplace," said Hennessy. "This lease is a ‘win-win’ for everyone."


    Copyright 2003-2004 The Real Deal.

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    $91M SALE ON 31ST ST.

    By LOIS WEISS
    July 16, 2004

    In the latest deal to hit the frothy Manhattan real estate market, Tribeca Associates pocketed a $30 million profit yesterday on the $91 million sale of its Midtown office building, Penncom Plaza.

    The buyers were sophisticated local players Zamir Associates and C&K Properties, and the deal was brokered by the Cushman & Wakefield team of Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan, with Heather Brownfeld and Nat Rockett.

    Just last December, Tribeca Associates principals Bill Brodsky and Elliott Ingerman and their investment partner, Ritchie Capital, paid a joint venture of Blackacre Capital Management and Taconic Investment Partners $62.75 million for the 18-story building, brokered through Woody Heller at Studley.


    Copyright 2004 NYP Holdings, Inc.

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    NYPost Commercial Real Estate

    By STEVE CUOZZO
    July 20, 2004

    The 42-story office tower that is home to Court TV, 600 Third Ave., is being sold by Sumitomo Corp. of America to GE Asset Management and L&L Acquisitions for $212 million, or $420 a square foot.

    The sale, now in contract, is a sweet comeback for L&L, owned by David W. Levinson and Robert Lapidus. The duo and their partners narrowly lost out on bidding last month for 480 Lexington Ave. and 750 Third.

    The Court TV building, located at 39th Street, is the biggest purchase yet for L&L, whose other holdings include 150 Fifth Ave. and part of Metropolitan Tower.

    "We characterize it as a very high-end Third Avenue boutique building that has historically attracted company headquarters as its major tenants," an exultant Levinson said.

    Sources said interest in 600 Third ran high; both Mortimer Zuckerman's Boston Properties and a partnership led by Edward Minskoff made it to the last round.

    Besides Court TV, which has 140,000 square feet there (with all its studios), tenants include Sumitomo, which remains as a tenant; space/defense contractor Loral; and L3 Communications.

    CB Richard Ellis's Darcy Stacom, who brokered the deal for Sumitomo with CBRE's William Shanahan, said the building "has always been sort of a sleeper," because of its location at the southernmost end of the Third Avenue office corridor. "But it's been over 95 percent leased to top-credit tenants for over 20 years," she said.


    Copyright 2004 NYP Holdings, Inc.

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    JPM TO ROLL BACK ITS NYC PRESENCE


    By STEVE CUOZZO
    July 20, 2004

    J.P. Morgan Chase, a his toric pillar of downtown real estate and employment, plans to shed up to a whopping half-million square feet of Lower Manhattan office space in the wake of its merger with Chicago-based Bank One, sources said.

    The bank currently has about 2 million square feet of offices downtown, not including a 500,000-foot block that it had already decided — before the merger — to dump when the lease expires in 2006.

    No one at J.P. Morgan Chase would discuss how many jobs would be cut if the bank decides to shed an additional 500,000 square feet. A real estate industry rule of thumb allocates 250 square feet to each employee, meaning a potential loss downtown of 2,000 jobs.

    But sources familiar with J.P. Morgan Chase's strategy said the real estate cutbacks would likely result in a lesser number of job reductions, because not all of the bank's downtown floors are occupied.

    A spokesman for the city's Economic Development Corp., Michael Sherman, said, "It's too early to predict the effects of the merger. We have been in discussions with J.P. Morgan to get a better understanding of the implications for the city as the company moves to rationalize its real estate portfolio. We continue to talk to the company so that together we can arrive at the best possible outcome for the city."

    J.P. Morgan Chase is moving its consumer banking headquarters to Chicago, but is keeping its corporate headquarters in New York, where it has more than 20,000 employees in Manhattan and Brooklyn.

    Real estate circles have buzzed for months about J.P. Morgan Chase's intentions downtown, where it owns two large office buildings, net-leases two others and is the largest tenant in a fifth.

    As The Post previously reported, the bank will not renew its net-lease, expiring in 2006, at 2 Chase Manhattan Plaza, where it occupies 535,000 square feet. That decision, which pre-dates the merger, will not raise the vacancy rate because the tower is for sale and will likely be converted to apartments.

    Now, however, J.P. Morgan Chase intends to unload between 300,000 and 500,000 square feet at one of its four other buildings: 1 Chase Manhattan Plaza or 4 New York Plaza, both of which the bank owns; 75 Wall St., where it is the main tenant; or 95 Wall St., where it holds a net-lease until 2011.

    To determine which block would fetch the best price, the bank is "testing the waters" on each.

    "They're playing 'let's make a deal,' " a banking source explained. "Once they've decided where it makes most sense to sell or lease space, they can simply juggle their employees by moving them from one building to another."

    Brokers at CB Richard Ellis, which has been tapped to sift offers on the downtown space, had no comment, and referred questions to J.P. Morgan Chase.

    Having feelers out on four different properties has given rise in recent weeks to fears — apparently mistaken — that J.P. Morgan Chase wanted to unload up to 2 million square feet.

    Brokers attribute the confusion to the fact that J.P. Morgan Chase has yet to formally put the spaces on the market. "There are no flyers or electronic listings," one veteran dealmaker said. "But there's buzz — namely, that if you have a big tenant looking for space downtown, Chase has floors for you."

    J.P. Morgan Chase spokeswoman Charlotte Gilbert-Biro had no comment other than, "We are absolutely committed to New York. In the process of rationalizing our real estate portfolio, we have surplus space and we are testing the market."

    Abandoning 500,000 feet would be no favor to the downtown area, where vacancies have been slowly falling. Both CB Richard Ellis and Cushman & Wakefield report availability ebbing below 13 percent.


    Copyright 2004 NYP Holdings, Inc.

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    Quote Originally Posted by krulltime
    JPM TO ROLL BACK ITS NYC PRESENCE


    By STEVE CUOZZO
    July 20, 2004

    J.P. Morgan Chase, a his toric pillar of downtown real estate and employment, plans to shed up to a whopping half-million square feet of Lower Manhattan office space in the wake of its merger with Chicago-based Bank One, sources said.

    The bank currently has about 2 million square feet of offices downtown, not including a 500,000-foot block that it had already decided — before the merger — to dump when the lease expires in 2006.

    No one at J.P. Morgan Chase would discuss how many jobs would be cut if the bank decides to shed an additional 500,000 square feet. A real estate industry rule of thumb allocates 250 square feet to each employee, meaning a potential loss downtown of 2,000 jobs.

    But sources familiar with J.P. Morgan Chase's strategy said the real estate cutbacks would likely result in a lesser number of job reductions, because not all of the bank's downtown floors are occupied.

    A spokesman for the city's Economic Development Corp., Michael Sherman, said, "It's too early to predict the effects of the merger. We have been in discussions with J.P. Morgan to get a better understanding of the implications for the city as the company moves to rationalize its real estate portfolio. We continue to talk to the company so that together we can arrive at the best possible outcome for the city."

    J.P. Morgan Chase is moving its consumer banking headquarters to Chicago, but is keeping its corporate headquarters in New York, where it has more than 20,000 employees in Manhattan and Brooklyn.

    Real estate circles have buzzed for months about J.P. Morgan Chase's intentions downtown, where it owns two large office buildings, net-leases two others and is the largest tenant in a fifth.

    As The Post previously reported, the bank will not renew its net-lease, expiring in 2006, at 2 Chase Manhattan Plaza, where it occupies 535,000 square feet. That decision, which pre-dates the merger, will not raise the vacancy rate because the tower is for sale and will likely be converted to apartments.

    Now, however, J.P. Morgan Chase intends to unload between 300,000 and 500,000 square feet at one of its four other buildings: 1 Chase Manhattan Plaza or 4 New York Plaza, both of which the bank owns; 75 Wall St., where it is the main tenant; or 95 Wall St., where it holds a net-lease until 2011.

    To determine which block would fetch the best price, the bank is "testing the waters" on each.

    "They're playing 'let's make a deal,' " a banking source explained. "Once they've decided where it makes most sense to sell or lease space, they can simply juggle their employees by moving them from one building to another."

    Brokers at CB Richard Ellis, which has been tapped to sift offers on the downtown space, had no comment, and referred questions to J.P. Morgan Chase.

    Having feelers out on four different properties has given rise in recent weeks to fears — apparently mistaken — that J.P. Morgan Chase wanted to unload up to 2 million square feet.

    Brokers attribute the confusion to the fact that J.P. Morgan Chase has yet to formally put the spaces on the market. "There are no flyers or electronic listings," one veteran dealmaker said. "But there's buzz — namely, that if you have a big tenant looking for space downtown, Chase has floors for you."

    J.P. Morgan Chase spokeswoman Charlotte Gilbert-Biro had no comment other than, "We are absolutely committed to New York. In the process of rationalizing our real estate portfolio, we have surplus space and we are testing the market."

    Abandoning 500,000 feet would be no favor to the downtown area, where vacancies have been slowly falling. Both CB Richard Ellis and Cushman & Wakefield report availability ebbing below 13 percent.


    Copyright 2004 NYP Holdings, Inc.
    You knew this was gonna happen. 10K less jobs, Consumer banking to friggin' Chi, maybe jobs to CHI and NJ! Woo-hoo. Corporate America coming through for NYC again.

    Really, what happened to the days when having a NYC address was IT. Now, they'd be happy in South Dakota, as long as the rent and salaries are cheap. It's really starting to irk me. **** THE EPS.

  10. #55

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    Quote Originally Posted by billyblancoNYC
    Quote Originally Posted by krulltime
    JPM TO ROLL BACK ITS NYC PRESENCE


    By STEVE CUOZZO
    July 20, 2004

    J.P. Morgan Chase, a his toric pillar of downtown real estate and employment, plans to shed up to a whopping half-million square feet of Lower Manhattan office space in the wake of its merger with Chicago-based Bank One, sources said.

    The bank currently has about 2 million square feet of offices downtown, not including a 500,000-foot block that it had already decided — before the merger — to dump when the lease expires in 2006.

    No one at J.P. Morgan Chase would discuss how many jobs would be cut if the bank decides to shed an additional 500,000 square feet. A real estate industry rule of thumb allocates 250 square feet to each employee, meaning a potential loss downtown of 2,000 jobs.

    But sources familiar with J.P. Morgan Chase's strategy said the real estate cutbacks would likely result in a lesser number of job reductions, because not all of the bank's downtown floors are occupied.

    A spokesman for the city's Economic Development Corp., Michael Sherman, said, "It's too early to predict the effects of the merger. We have been in discussions with J.P. Morgan to get a better understanding of the implications for the city as the company moves to rationalize its real estate portfolio. We continue to talk to the company so that together we can arrive at the best possible outcome for the city."

    J.P. Morgan Chase is moving its consumer banking headquarters to Chicago, but is keeping its corporate headquarters in New York, where it has more than 20,000 employees in Manhattan and Brooklyn.

    Real estate circles have buzzed for months about J.P. Morgan Chase's intentions downtown, where it owns two large office buildings, net-leases two others and is the largest tenant in a fifth.

    As The Post previously reported, the bank will not renew its net-lease, expiring in 2006, at 2 Chase Manhattan Plaza, where it occupies 535,000 square feet. That decision, which pre-dates the merger, will not raise the vacancy rate because the tower is for sale and will likely be converted to apartments.

    Now, however, J.P. Morgan Chase intends to unload between 300,000 and 500,000 square feet at one of its four other buildings: 1 Chase Manhattan Plaza or 4 New York Plaza, both of which the bank owns; 75 Wall St., where it is the main tenant; or 95 Wall St., where it holds a net-lease until 2011.

    To determine which block would fetch the best price, the bank is "testing the waters" on each.

    "They're playing 'let's make a deal,' " a banking source explained. "Once they've decided where it makes most sense to sell or lease space, they can simply juggle their employees by moving them from one building to another."

    Brokers at CB Richard Ellis, which has been tapped to sift offers on the downtown space, had no comment, and referred questions to J.P. Morgan Chase.

    Having feelers out on four different properties has given rise in recent weeks to fears — apparently mistaken — that J.P. Morgan Chase wanted to unload up to 2 million square feet.

    Brokers attribute the confusion to the fact that J.P. Morgan Chase has yet to formally put the spaces on the market. "There are no flyers or electronic listings," one veteran dealmaker said. "But there's buzz — namely, that if you have a big tenant looking for space downtown, Chase has floors for you."

    J.P. Morgan Chase spokeswoman Charlotte Gilbert-Biro had no comment other than, "We are absolutely committed to New York. In the process of rationalizing our real estate portfolio, we have surplus space and we are testing the market."

    Abandoning 500,000 feet would be no favor to the downtown area, where vacancies have been slowly falling. Both CB Richard Ellis and Cushman & Wakefield report availability ebbing below 13 percent.


    Copyright 2004 NYP Holdings, Inc.
    You knew this was gonna happen. 10K less jobs, Consumer banking to friggin' Chi, maybe jobs to CHI and NJ! Woo-hoo. Corporate America coming through for NYC again.

    Really, what happened to the days when having a NYC address was IT. Now, they'd be happy in South Dakota, as long as the rent and salaries are cheap. It's really starting to irk me. f*** THE EPS.

    They didn't say 10,000 jobs..just around 2,000.

    It still sucks, though. But maybe, with the merger, JP Morgan will get bigger over time.

    And don't forget, Vacancy rates are dropping! I've read the last couple pages of this thread, and there's been all sorts of good news

  11. #56
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    EASTDIL GETTING $350M+ FOR FIFTH AVENUE TOWER


    717 Fifth Avenue
    Copyright 2003-2004 The Real Deal.

    By LOIS WEISS
    July 21, 2004

    THE tony tower at 717 Fifth Ave., on the southeast corner of 56th Street, has apparently found a buyer for just over $350 million.

    In an unusual move, investment bankers at Eastdil are working out the last details on a contract to sell the 450,570-square-foot tower — one of the city's best boutique office buildings — to a venture that will divide and conquer it.

    Sources say the office portion will end up in the vulture hands of Sam Zell's Equity Office, while the retail pieces will be purchased by a group consisting of Feil Organization, Lloyd Goldman, Jeff Sutton and Stanley Chera.

    The retail tracks across several lower levels and is more than 40,000 square feet, with tenants including Hugo Boss and Escada.


    Copyright 2004 NYP Holdings, Inc.

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    Quote Originally Posted by Pottebaum
    Quote Originally Posted by billyblancoNYC
    Quote Originally Posted by krulltime
    JPM TO ROLL BACK ITS NYC PRESENCE


    By STEVE CUOZZO
    July 20, 2004

    J.P. Morgan Chase, a his toric pillar of downtown real estate and employment, plans to shed up to a whopping half-million square feet of Lower Manhattan office space in the wake of its merger with Chicago-based Bank One, sources said.

    The bank currently has about 2 million square feet of offices downtown, not including a 500,000-foot block that it had already decided — before the merger — to dump when the lease expires in 2006.

    No one at J.P. Morgan Chase would discuss how many jobs would be cut if the bank decides to shed an additional 500,000 square feet. A real estate industry rule of thumb allocates 250 square feet to each employee, meaning a potential loss downtown of 2,000 jobs.

    But sources familiar with J.P. Morgan Chase's strategy said the real estate cutbacks would likely result in a lesser number of job reductions, because not all of the bank's downtown floors are occupied.

    A spokesman for the city's Economic Development Corp., Michael Sherman, said, "It's too early to predict the effects of the merger. We have been in discussions with J.P. Morgan to get a better understanding of the implications for the city as the company moves to rationalize its real estate portfolio. We continue to talk to the company so that together we can arrive at the best possible outcome for the city."

    J.P. Morgan Chase is moving its consumer banking headquarters to Chicago, but is keeping its corporate headquarters in New York, where it has more than 20,000 employees in Manhattan and Brooklyn.

    Real estate circles have buzzed for months about J.P. Morgan Chase's intentions downtown, where it owns two large office buildings, net-leases two others and is the largest tenant in a fifth.

    As The Post previously reported, the bank will not renew its net-lease, expiring in 2006, at 2 Chase Manhattan Plaza, where it occupies 535,000 square feet. That decision, which pre-dates the merger, will not raise the vacancy rate because the tower is for sale and will likely be converted to apartments.

    Now, however, J.P. Morgan Chase intends to unload between 300,000 and 500,000 square feet at one of its four other buildings: 1 Chase Manhattan Plaza or 4 New York Plaza, both of which the bank owns; 75 Wall St., where it is the main tenant; or 95 Wall St., where it holds a net-lease until 2011.

    To determine which block would fetch the best price, the bank is "testing the waters" on each.

    "They're playing 'let's make a deal,' " a banking source explained. "Once they've decided where it makes most sense to sell or lease space, they can simply juggle their employees by moving them from one building to another."

    Brokers at CB Richard Ellis, which has been tapped to sift offers on the downtown space, had no comment, and referred questions to J.P. Morgan Chase.

    Having feelers out on four different properties has given rise in recent weeks to fears — apparently mistaken — that J.P. Morgan Chase wanted to unload up to 2 million square feet.

    Brokers attribute the confusion to the fact that J.P. Morgan Chase has yet to formally put the spaces on the market. "There are no flyers or electronic listings," one veteran dealmaker said. "But there's buzz — namely, that if you have a big tenant looking for space downtown, Chase has floors for you."

    J.P. Morgan Chase spokeswoman Charlotte Gilbert-Biro had no comment other than, "We are absolutely committed to New York. In the process of rationalizing our real estate portfolio, we have surplus space and we are testing the market."

    Abandoning 500,000 feet would be no favor to the downtown area, where vacancies have been slowly falling. Both CB Richard Ellis and Cushman & Wakefield report availability ebbing below 13 percent.


    Copyright 2004 NYP Holdings, Inc.
    You knew this was gonna happen. 10K less jobs, Consumer banking to friggin' Chi, maybe jobs to CHI and NJ! Woo-hoo. Corporate America coming through for NYC again.

    Really, what happened to the days when having a NYC address was IT. Now, they'd be happy in South Dakota, as long as the rent and salaries are cheap. It's really starting to irk me. f*** THE EPS.

    They didn't say 10,000 jobs..just around 2,000.

    It still sucks, though. But maybe, with the merger, JP Morgan will get bigger over time.

    And don't forget, Vacancy rates are dropping! I've read the last couple pages of this thread, and there's been all sorts of good news
    10K jobs will be lost overall in the combined company, not just NY. Sorry.

  13. #58

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    Let's try to avoid using quotes in this way. Nobody is going to read the original article the fifth time around.

    Give some credit to the people who read the thread - they have enough intelligence to follow the topic, without all this quoting.

    If you think that the quoting is absolutely necessary, quote only a part of the post, not the whole post - that would be sufficient. Of course that involves some editing, but it makes the thread readable, and that’s the point.


    Quote Originally Posted by billyblancoNYC
    Quote Originally Posted by Pottebaum
    Quote Originally Posted by billyblancoNYC
    Quote Originally Posted by krulltime
    JPM TO ROLL BACK ITS NYC PRESENCE


    By STEVE CUOZZO
    July 20, 2004

    J.P. Morgan Chase, a his toric pillar of downtown real estate and employment, plans to shed up to a whopping half-million square feet of Lower Manhattan office space in the wake of its merger with Chicago-based Bank One, sources said.

    The bank currently has about 2 million square feet of offices downtown, not including a 500,000-foot block that it had already decided — before the merger — to dump when the lease expires in 2006.

    No one at J.P. Morgan Chase would discuss how many jobs would be cut if the bank decides to shed an additional 500,000 square feet. A real estate industry rule of thumb allocates 250 square feet to each employee, meaning a potential loss downtown of 2,000 jobs.

    But sources familiar with J.P. Morgan Chase's strategy said the real estate cutbacks would likely result in a lesser number of job reductions, because not all of the bank's downtown floors are occupied.

    A spokesman for the city's Economic Development Corp., Michael Sherman, said, "It's too early to predict the effects of the merger. We have been in discussions with J.P. Morgan to get a better understanding of the implications for the city as the company moves to rationalize its real estate portfolio. We continue to talk to the company so that together we can arrive at the best possible outcome for the city."

    J.P. Morgan Chase is moving its consumer banking headquarters to Chicago, but is keeping its corporate headquarters in New York, where it has more than 20,000 employees in Manhattan and Brooklyn.

    Real estate circles have buzzed for months about J.P. Morgan Chase's intentions downtown, where it owns two large office buildings, net-leases two others and is the largest tenant in a fifth.

    As The Post previously reported, the bank will not renew its net-lease, expiring in 2006, at 2 Chase Manhattan Plaza, where it occupies 535,000 square feet. That decision, which pre-dates the merger, will not raise the vacancy rate because the tower is for sale and will likely be converted to apartments.

    Now, however, J.P. Morgan Chase intends to unload between 300,000 and 500,000 square feet at one of its four other buildings: 1 Chase Manhattan Plaza or 4 New York Plaza, both of which the bank owns; 75 Wall St., where it is the main tenant; or 95 Wall St., where it holds a net-lease until 2011.

    To determine which block would fetch the best price, the bank is "testing the waters" on each.

    "They're playing 'let's make a deal,' " a banking source explained. "Once they've decided where it makes most sense to sell or lease space, they can simply juggle their employees by moving them from one building to another."

    Brokers at CB Richard Ellis, which has been tapped to sift offers on the downtown space, had no comment, and referred questions to J.P. Morgan Chase.

    Having feelers out on four different properties has given rise in recent weeks to fears — apparently mistaken — that J.P. Morgan Chase wanted to unload up to 2 million square feet.

    Brokers attribute the confusion to the fact that J.P. Morgan Chase has yet to formally put the spaces on the market. "There are no flyers or electronic listings," one veteran dealmaker said. "But there's buzz — namely, that if you have a big tenant looking for space downtown, Chase has floors for you."

    J.P. Morgan Chase spokeswoman Charlotte Gilbert-Biro had no comment other than, "We are absolutely committed to New York. In the process of rationalizing our real estate portfolio, we have surplus space and we are testing the market."

    Abandoning 500,000 feet would be no favor to the downtown area, where vacancies have been slowly falling. Both CB Richard Ellis and Cushman & Wakefield report availability ebbing below 13 percent.


    Copyright 2004 NYP Holdings, Inc.
    You knew this was gonna happen. 10K less jobs, Consumer banking to friggin' Chi, maybe jobs to CHI and NJ! Woo-hoo. Corporate America coming through for NYC again.

    Really, what happened to the days when having a NYC address was IT. Now, they'd be happy in South Dakota, as long as the rent and salaries are cheap. It's really starting to irk me. f*** THE EPS.

    They didn't say 10,000 jobs..just around 2,000.

    It still sucks, though. But maybe, with the merger, JP Morgan will get bigger over time.

    And don't forget, Vacancy rates are dropping! I've read the last couple pages of this thread, and there's been all sorts of good news
    10K jobs will be lost overall in the combined company, not just NY. Sorry.

  14. #59
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    Russian Tea Room bought by developer
    by Wendy Blake

    The Russian Tea Room has been bought by a local developer who’s been making a business of buying up New York landmarks.

    Gerald Lieblich led an investor group called RTR Funding Group that bought the famed West 57th Street eatery from the U.S. Golf Association, according to Belkin Wenig & Goldman, the law firm that represented the buyer. The reported price of the deal, which was inked last week, was $20 million.

    The golf association bought the shuttered restaurant in 2002 for $16 million, with plans to turn it into a museum. But those plans fell through because of a disagreement with the state over how the facility would be overseen, and the cost involved in adapting the building.

    Mr. Lieblich acquired Loew's Paradise, a storied movie theater in the Bronx, in 2001 and is renovating it. In the 1990s, he bought the Greenwich Village building that housed Coach House, a legendary fine-dining restaurant that has been transformed into trendy trattoria Babbo.


    Copyright 2004, Crain Communications, Inc

  15. #60
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    Cantor Fitzgerald to get permanent HQ

    July 26, 2004

    Cantor Fitzgerald, which has been operating in temporary office space since the Sept. 11 terrorist attack, says it will move its corporate headquarters to a building just off Park Avenue in midtown.

    The bond trading firm, along with its online subsidiary, eSpeed Inc., will move into space currently occupied by Bloomberg News, the wire service and financial information provider, at 110 E. 59th St. Bloomberg is building a new headquarters for itself one block east on Lexington Avenue.

    Cantor says it expects to start moving its employees to its new 125,000-square-foot space in the first quarter of next year. It currently operates in an office at 135 E. 57th St.

    "This new location will support our future growth and provide a long-term foundation on which we can continue to build on our success," said Cantor's chairman and chief executive, Howard Lutnick, in a statement.

    Cantor lost 658 employees on Sept. 11, more than any other firm. It was headquartered in the top floors of the World Trade Center's north tower at the time. In its new location, Cantor will occupy a portion of the ground floor, plus floors two through seven.

    Copyright 2004, Crain Communications, Inc

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