MAC Cosmetics is in talks to lease a small store for what could be the highest rent ever paid in Manhattan.
The popular makeup company is looking to lease a roughly 1,400-square-foot space at 691 Fifth Avenue, a property owned by Vornado Realty Trust, one of the city’s largest commercial landlords.
The space is currently occupied by the skin care company Elizabeth Arden, but Vornado has been marketing the space for rents $3,000 per square foot or higher.
Last month, CB Richard Ellis Investors sold its remaining 51 percent stake in 1540 Broadway, the iconic, 42-story property also known as the Bertelsmann Building. For the buyers—Edge Fund Advisors and HSBC Alternative Investments Limited—the deal marks the final chapter in an acquisition grab that began last year when the joint venture took a 49 percent nonmanaging member stake. Mark Keller, Edge’s chief executive and chairman, spoke to The Commercial Observer about the investment strategy and plans to expand his company’s reach from the nation’s capital to the Big Apple.
Chinese broadcast company Xinhua has carved out a perch for itself atop 1540 Broadway, the Times Square tower that CB Richard Ellis Investors bought last year for $355 million.
According to a release issued Tuesday afternoon by CBRE, Xinhua has leased 18,600 square feet, the entire 44th floor, which it will use as both offices Read More
Twenty feet, nine inches from the southeast corner of Broadway and 46th Street rises a building known as 1540 Broadway, 1.1 million square feet of pure, honest-to-goodness office space in one of Manhattan’s most coveted commercial markets: Times Square.
Deutsche Bank sold the office condo portion of the building last week Read More
The largest building transaction of the year in New York City (minus the Sotheby’s sale-leaseback) has closed.
CB Richard Ellis Investors officially bought a majority condo interest in 1540 Broadway today, according to a release just issued by the investment fund’s media department.
The Observer on Wednesday reported that the deal Read More
CB Richard Ellis Investors, the investment fund run by mega-brokerage CB Richard Ellis, is set to close as early as Thursday on 1540 Broadway, one of the last remnants of Harry Macklowe’s once mighty midtown empire, sources say.
The price is said to be around $355 million. Macklowe Properties purchased the tower in February 2007 Read More
New York brokers blustered into 2008 declaring the commercial real estate market immune to the credit crisis that with tornado-like rapacity knocked down prices in the rest of the country. Lehman’s aftermath cracked those rose-colored spectacles.
And all those fantastic leases and sales that titillated, that seemed ever on the verge of closure, turned Read More