The six-story development located at 1510-1524 Broadway on the corner of Hancock Street, will feature 65 affordable rental apartments along with approximately 11,000 square feet of ground-floor retail space.

The Manhattan property, located alongside the United Nations headquarters in Midtown East, offers 439 rooms and suites and will join the Hilton network after recently completing a $68-million renovation that began in 2012.

The industrial product is the hottest product in the country right now and potentially the hottest product in the world. The valuations have continued to rise for the last five or six years and the rents are rising significantly.

L&L announced it has become an equity partner in the project that involves the restoration and elevation of the historic Palace Theatre, a new 700-rom hotel as well as retail space.

Also on Thursday, the Port Authority Board of Commissioners elected Kevin O'Toole as chairman of the Port Authority Board and approved Rick Cotton, a former top executive at NBC Universal, who most recently served as Gov. Cuomo's special counsel for interagency initiatives, as the agency's new executive director.

According to ESD's RFP, “Development of each site must be complementary to horse racing and pari-mutuel wagering. Respondents are encouraged to include proposals for the development of entertainment, sports, recreation, hospitality and retail uses.”

CBRE Global Investors and German investment company Universal-Investment report they have acquired a recently completed 1-million-square-foot build-to-suit distribution/warehouse facility in Gateway 57 Corporate Park in the Chicago suburb of University Park, IL that is 100% triple net-leased to Georgia Pacific Consumer Products.

The financing will fund the ongoing construction of the 72-story tower at 138 E. 50th St. that when completed will feature 124 luxury residential condominium units, 7,500 square feet of retail space at and below grade, and a 25-space parking garage.