At some particularly fantastical point in the run-up to the commercial real estate implosion, it became commonplace for one square foot of high-end office space in Manhattan to sell for $1,000. Put another way, one square inch of space—barely enough room to accommodate a buyer’s little toe—would sell for $6.94.
In June 2006, the Read More
It’s New Year’s Eve. Time to take stock of the biggest happenings in New York real estate in ’08. The first of many today from The Observer‘s archives.
June 10, 2008
Zuckerman Exhales: GM Building Deal Closes
“I got great sleep last night,” Mort Zuckerman said on Tuesday afternoon, the day after Read More
No tower is immune from the ravages of the ever deepening economic collapse. Not even Manhattan’s so-called trophy towers, known as such because their outrageous prestige and sky-high rents render them must-have items among top investors.
So concludes Jones Lang LaSalle, which gave The Observer its most recent, and still unreleased, 2008 Skyline Review. Read More
From The Real Deal: "Nearly every building in the city, perhaps with the exception of 9 West 57th Street and the General Motors Building, is offering incentives to tenants. They include additional periods of free rent and higher tenant improvement allowances. The stars are aligned for a bleak office leasing market for at Read More
The General Motors Building is just the beginning, according to the real estate head of the Qatar Investment Authority, who told Bloomberg News that the sovereign fund plans to buy up many more distressed real estate assets in the coming years.
"We are looking for prime properties in major Read More
The GM Building, the tower that Mort Zuckerman’s Boston Properties this week closed on for a record-breaking $2.8 billion, may no longer be known as the GM Building.
Just minutes ago, in a Boston Properties investors conference call to discuss the acquisition, president Douglas Linde said the GM Building’s name may officially change, since General Read More
Boston Properties chairman Mort Zuckerman appeared on Fox Business Channel on Wednesday. He talked about his record buy of the GM Building, the development at the World Trade Center site, and the foreign investment in city real estate. He also, apropos of nothing (as far as we can tell), took himself out of the Read More
My colleague Dana Rubinstein has inside details about the record GM Building deal in today’s Observer.
The Wall Street Journal asks the burning question: Why did Mort Zuckerman and partners pay so much for a tower where most of the leases are locked in for several more years?
"There could be a Read More
“I got great sleep last night,” Mort Zuckerman said on Tuesday afternoon, the day after he and his partners closed on the most expensive single-building purchase ever. Nine hours of sleep, no less.
As chairman of Boston Properties, Mr. Zuckerman on Monday closed on the $2.8 billion purchase of the General Motors Building, New Read More
Early on Tuesday afternoon, Mort Zuckerman told a REBNY luncheon that he and his partners were closing on the approximately $2.8 billion purchase of the GM Building "as we speak."
At 4:38 p.m., a deed hit city records marking a $690 million transaction between Mr. Zuckerman’s group and Macklowe Properties, the former owner of Read More