New York

News

HNA in Talks to Sell 850 Third Ave. to B&L Management

Betsy Kim | August 16, 2018

The financially troubled Chinese conglomerate HNA Group is reportedly trying to sell its interests in the building valued at $452 million.

News

Bruman Realty Buys Downtown Brooklyn Site for $60 Million

Betsy Kim | August 16, 2018

A McDonald’s restaurant and parking lot once occupied the Dumbo lot which has substantially escalated in value in less than a year.

WeWork Leases 258,344 SF at 21 Penn Plaza

Betsy Kim | August 16, 2018

In addition to signing a 70,000 square-foot lease in the Plaza District, this week the collaborative workspace provider rented expansive space from TH Real Estate on the Far West Side.

WeWork Leases Seven Floors at 880 Third Ave.

Betsy Kim | August 15, 2018

The co-working company provides insights to GlobeSt.com on why it chose this location.

News

NYC Launches Soundview Ferry Service Route; Lower East Side Route to Debut Aug. 29

John Jordan | August 15, 2018

The new ferry route begins in the Soundview section of the Bronx and makes stops at the new East 90th Street landing, East 34th Street landing and ends at Pier 11/Wall Street.

News

Industrious Doubles Presence in Chicago with Assemble Deal

John Jordan | August 15, 2018

Industrious currently operates three offices in Chicago in Evanston, Fulton Market and River North.

News

Will Brooklyn Be the Next SoHo?

Betsy Kim | August 15, 2018

In a continuing trend, more artists’ studios gravitate to Greenpoint, Brooklyn.

News

Global Net Lease Spends $75M for Properties in Texas, Ohio

John Jordan | August 14, 2018

The latest purchase deals bring the REIT’s acquisitions so far this year to $236.4 million.

News Research

Stringer Says City Should Take Advantage of Strong Economy

John Jordan | August 14, 2018

Fewer than half of new private-sector jobs created in the second quarter were in lower-wage industries, as high-wage industries added 6,000 new jobs—the biggest gain in that sector in the last two years.

News

Dalan Recaps Valuation, Marcus Acquires Interest in NoMad Property

Betsy Kim | August 14, 2018

The real estate firms’ joint venture purchased 10-12 E. 33rd. St. for $54.5 million.

News

Montefiore Raises Nearly $1.2B in Bond Financing

John Jordan | August 14, 2018

The bonds will be used to refinance certain existing debt and to provide reimbursement for certain strategic investments, enabling Montefiore to exit the Federal Housing Administration’s mortgage insurance program, according to DASNY.

News

How Much Larger and Faster Can Same-Day Deliveries Go?

Betsy Kim | August 14, 2018

Andrew Chung, CEO of Innovo Property Group, in a GlobeSt.com interview explains why his company’s $75 million, 700,000 square-foot Bronx logistics property is ahead of the curve.

News

Lee & Associates NYC Launches New Residential Division

Betsy Kim | August 13, 2018

The residential division will extend the firm’s commercial advisory services largely recognized for office and retail leasing.

News

Report: Arbitrator Awards Ashkenazy Sizable Rent Hike for Barneys’ Space

John Jordan | August 13, 2018

The decision by the arbitrator would raise the current rent of more than $16 million to $30 million in the 10-year lease deal.

News

Terminal Stores' $900M Sale: A Perfect Storm

Betsy Kim | August 13, 2018

The director of research, New York at JLL, says L&L and Normandy’s acquisition reflects the insatiable demand for this type of product in Midtown South.

News

Aetna Combines NY Offices at One SoHo Square

Betsy Kim | August 10, 2018

The insurance company signed a 106,000 square-foot lease at Stellar Management’s 161 Sixth Ave.

News

Cuomo: Trump’s Capital Gains Tax Cut Would Cost NY $500M

John Jordan | August 10, 2018

The State Department of Tax and Finance estimates the capital gains tax cut, if implemented, would reduce state tax revenues by up to $500 million annually.

City Council Approves Rezoning for Union Square Tech Hub

Betsy Kim | August 10, 2018

But the rezoning deal only had modest neighborhood protections, mostly cosmetic in nature, according to the GVSHP.

Gramercy Property Shareholders Approve $7.6B Blackstone Deal

Erika Morphy | August 09, 2018

NEW YORK CITY--Gramercy Property Trust shareholders have approved its $7.6 billion acquisition by Blackstone Real Estate Partners VIII at its special meeting of shareholders held earlier today.

News

Related, Carpenters Unions Hail New Partnership, Building Trades Counter with Union-Busting Charge

John Jordan | August 09, 2018

The deal reached between Related and the UBC and NYCDCC will be initially implemented on the 2.9-million-square-foot 50 Hudson Yards office tower project.

News

Day Pitney Leases Full Floor at 605 Third Ave.

Betsy Kim | August 09, 2018

With the law firm’s arrival, Fisher Brothers has leased approximately 300,000 square feet following its major renovations at the Midtown East tower.

Open Spaces Need to Focus on Employees—Not Just Densification

Betsy Kim | August 09, 2018

With employee satisfaction hovering at zero to 35%, architect and design firm Vocon says offices need to be designed around employees.

News

SSRGA Law Firm Leases at 444 Madison Ave.

Betsy Kim | August 09, 2018

The law firm is relocating to the fifth and sixth floors of the Westbrook Partners’ Midtown East art deco office tower.

News

Fashion Software Firm Moves HQ to 8 W. 38th St.

Betsy Kim | August 08, 2018

Exenta, which is moving into the Garment District, represents a bridge between the traditional fashion company tenants and the rising tenancy of tech firms.

News

One Flatbush Ave. in Downtown Brooklyn Receives $125M Loan

Betsy Kim | August 08, 2018

The Meadow Partners and Slate Property mixed-use building is near completion.

News

AG Sets Up $8M Croman Tenant Settlement Fund

John Jordan | August 08, 2018

In October 2017, Croman was sentenced to a year in jail and paid a $5-million tax settlement following separate criminal charges brought by the Attorney General’s office for fraudulent refinancing of loans and tax fraud.

Starwood Property Moves Into Energy Finance With $2.6B Debt Deal

Erika Morphy | August 08, 2018

Its acquisition of GE Capital's Energy Financial Services' Project Finance Debt Business is part of the REIT’s push to be a “multi-cylinder finance company.”

News

White & Case Expands to 489,000 SF at 1221 Sixth Ave.

Betsy Kim | August 07, 2018

The global law firm will occupy the top 10 floors in the former McGraw-Hill Building at Rockefeller Center.

Northwell Health to Build Outpatient Medical Complex on Upper East Side

John Jordan | August 07, 2018

The property is currently zoned to allow for a maximum of 278,149 square feet of commercial space, including 258,493 square feet above grade.

News

Bouwinvest and MacFarlane Invest $750M in NY and CA High-Rises

Betsy Kim | August 07, 2018

New York City and Los Angeles can expect more residential apartment buildings, as another international team focuses in on the desirability of their locations.

News

Rockfarmer and RWN Acquire Jackson Heights Mixed-Use Property

Betsy Kim | August 07, 2018

The buyers purchased the 128,000 square-foot Queens property for almost $56 million.

News

Cushman’s Kohn Named ULI NY Chairman

John Jordan | August 06, 2018

ULI also reports that Brian Collins, head of development, Fisher Brothers, is the organization’s new vice chairman. Both Kohn and Collins took on their new roles at ULI New York effective July 1.

News

Deutsche Finance America, BLG and Shvo Acquire Upper Floors at 685 Fifth Ave.

Betsy Kim | August 06, 2018

The partnership has purchased the vacant office space in the former Gucci Building for $135 million.

Thought Leadership

Planning for New York City as It Ages

James Nelson | August 06, 2018

How is New York City “future-proofing” itself? Avison Young’s James Nelson talks with the city’s Marisa Lago to catch up on the latest initiatives.

News

Brookfield and Vornado Save Kushner Cos. from 666 Fifth Avenue's Looming Debt

Betsy Kim | August 06, 2018

Kushner Cos. sells a 100% leasehold interest to Brookfield and buys the 49.5% stake from Vornado in its debt-saddled Midtown tower.

News

Cushman & Wakefield Raises $765M in IPO

Betsy Kim | August 05, 2018

The offering listed 45 million of its ordinary shares at $17 per share.

News

Genpact Signs Large Lease in Jacksonville

John Jordan | August 03, 2018

Genpact, a global professional services firm headquartered in New York City, in a statement confirmed published reports of the lease deal with SUS Holdings, LLC, an affiliate of Susquehanna Holdings.

News

All Year Management Pays $61M for ‘Two in One’ Development Site

John Jordan | August 03, 2018

The purchase of 313-331 Bond St. calculated out to approximately $330-per-buildable-square-foot.

News

Madison Capital Refinances 1657 Broadway

Betsy Kim | August 03, 2018

The real estate investment firm received an $80 million loan secured by the Times Square property.

News

City Council Committee Approves Tech Hub Without Full Neighborhood Protections

Betsy Kim | August 03, 2018

Councilwoman Carlina Rivera voted to allow the Union Square tower without the development restrictions for the neighborhood originally requested.

News

Warshaw Burstein Leases 40,000 SF at 575 Lexington Ave.

Betsy Kim | August 02, 2018

The law firm will occupy the full seventh floor at the Manhattan Plaza District tower.

News

City Seeks Proposals for TV-Film Production Campus in Brooklyn

John Jordan | August 02, 2018

The RFP seeks proposals to develop and operate a best-in-class production facility campus for film and television production, video and photo shoots, sound-recording and emerging media sectors.

Inside Brookfield’s Billion-Dollar Capital Recycling Play

Erika Morphy | August 02, 2018

The company has sold a 28% stake in its Manhattan office and multifamily portfolio and entered into a contract to sell 112 self storage assets for more than $1.3 billion.

News

SL Green Leases 43,000 SF at 711 Third Ave.

Betsy Kim | August 02, 2018

The latest tenants bring the building to almost 97% leased.

News

Bushwick Realty Holdings Receives $110 Million in Refinancing

Betsy Kim | August 01, 2018

Benefit Street Partners provided the funding for the multifamily development in Bushwick, Brooklyn.

News

The Carlyle Group Leases Three Floors at One Vanderbilt

Betsy Kim | August 01, 2018

SL Green’s agreement with the global private equity company brings the Midtown tower to 37% leased.

News

123 Toys ‘R’ Us, Babies ‘R’ Us Stores Go on Block

John Jordan | August 01, 2018

The two-day auction will begin at 10 a.m. on Aug. 13th at the Manhattan offices of debtors' counsel at 601 Lexington Ave.

News

Digital Branding Company Moves to One World Trade Center

Betsy Kim | August 01, 2018

Joining other TAMI companies, Undertone relocates its US headquarters from Midtown to the main building of the World Trade Center complex.

Brookfield to Acquire Forest City in $11.4B Transaction

Betsy Kim | July 31, 2018

Brookfield will acquire all shares of common stock of Forest City for $25.35 per share.

News

Knotel Strikes Deal for 261 Madison Ave. Space

John Jordan | July 31, 2018

According to the lease/management deal between the two firms, office space provider Knotel will occupy a total of 45,070 square feet of office space at the building.