Last Monday, CBRE’s Eric Gelber showed up for work weighing 10 pounds lighter than he had the previous week. After the physical feat he completed the previous weekend, it was a wonder he even made it through the door.
“They all looked at me like, ‘Are you crazy?’” he said of his CBRE colleagues.
Mr. Read More
Just months after taking over 120,000 square feet Downtown at 222 Broadway, WeWork is reportedly taking another 86,000 square feet down the street in a 20-year lease at 25 Broadway.
After a one-year period of free rent, the collaborative work space provider will begin paying in the low-$30s per square foot for the 9th and Read More
Shortly after a Chinese business tapped Studley’s newly opened Shanghai office to help it expand beyond the city and country and procure space in New York earlier this year, Yin Li, head of the brokerage firm’s China operations, hit a roadblock.
In line with standards in China, Ms. Li’s client was looking to sign a short-term two- or three-year lease, which New York landlords were reluctant to accommodate. Instead, Ms. Li convinced her client to seek out an alternative—a sublease deal.
The Albert Ellis Institute, a psychotherapy training institute established in 1959, has relocated from the Upper East Side to Midtown South after completing the sale of its headquarters at 45 East 65th Street to a private buyer for $20 million. In a simultaneous transaction, the nonprofit organization signed an 8,000-square-foot sublease at 145 East 32nd Street.
“Albert Ellis is a prominent nonprofit organization that was presented with an opportunity to monetize its real estate while moving to a more centrally located base of operations,” said Steve Chasanoff, executive managing director with Colliers International, who arranged both the sale and sublease, in a prepared statement. “The organization also wanted to consolidate its entire team onto one floor, with a more efficient layout and use of space.”
All the shame that James Frey endured when his non-fiction memoir on addiction was revealed to be largely manufactured may have hurt his byline, but his bottom line is doing just fine: he and wife Maya have unloaded their third-floor combination condo at 505 Greenwich Street for $3.9 million according to city records (a trustworthy source).
The couple picked up the two units in 2005 and 2008 for a combined total of a bit more than $3.5 million, combining them into one enormous 2,800-square foot four-bedroom.
The condo contains an obscenely large 40-foot by 23-foot living room, more than big enough to gather your closest friends and family and break the news to them that your memoir was mostly fabricated. But then, they probably already knew that.
A self-described car guy, Woody Heller, executive managing director and head of the Capital Transactions Group at Studley, sees parallels between automobiles as hard assets and commercial real estate investment sales velocity in New York. Apart from the obvious luxury to be found in cars and Class A buildings alike—his 33-million-square-foot transaction volume likely doesn’t include a jalopy—both markets have also lately been bolstered by similar factors.
“With debt available and with interest rates so incredibly low, it encourages one to buy because money is so cheap,” he said. “If the asset class is in favor compared with what much of the alternatives are—if borrowing costs are incredibly low—it continues to steer people to want to invest in hard assets like real estate.”
Gregg Weisser knows how to handle a hot house. The newly anointed executive managing director of the Moinian Group, and volunteer fireman with the Kismet Fire Department in Fire Island, New York, is no stranger to putting out fires, be it a burning beach house or as a director of leasing across some of the city’s most notable addresses. As the real estate director of JPMorgan Chase, where he had worked for over 20 years, Mr. Weisser closed a million and a half feet of empty space in 1 New York Plaza.
An insurance company has renewed its lease in the increasingly media- and startup-friendly enclave of Hudson Square.
Frenkel & Co., an independent insurance company, has signed a seven-year lease renewal for 39,000 square feet on the fourth floor of 350 Hudson Street for its corporate headquarters, The Commercial Observer has learned.
Lease of the Week
When Take-Two Interactive, the video game giants behind such popular and violently lurid titles as Grand Theft Auto and Max Payne, had a few years remaining on its lease at 622 Broadway, the landlord, Yuco Management, found itself in a curious position.
Should Yuco Management aggressively market the 69,000 square feet of space Take-Two had called its own since 2002, thereby losing its anchor tenant? Or should it do anything it could to keep Take-Two, which had in some ways branded 622 Broadway as a distinctly hip and colorful office building, especially with its endless parade of behooded video game designers and executives?
“It’s the unique building where people don’t wear suits and ties and ride bicycles to work with their dogs,” said William Cohen, an executive vice president and principal at Newmark Knight Frank, who was hired alongside colleague Mark Weiss by Yuco Management to help decide the next best move. “I’m not kidding,”
Pace University has renewed its 32,707-square-foot lease at the downtown office building 156 William Street, sources have told The Commercial Observer.
The university will lease the building’s entire fifth floor and a portion of the eighth. Asking rents at the property, a 190,000-square-foot building owned by Capstone Equities, are in the $30s per square foot.