Empire State Building
The New York State Attorney General’s office is reportedly reviewing the Leona M. Helmsley estate’s liquidation of its stake in the properties launched as part of the Empire State Realty Trust REIT last month, which includes the Empire State Building.
The process will begin once the Helmsley estate files a final accounting of the sale Read More
The Lease Beat
Malkin Holdings has received an unsolicited $710 million offer for One Grand Central Place – another surprise twist that could stifle plans to make the Empire State Building part of a real estate investment trust.
The 1.3-million-square-foot, 55-story building at 60 East 42nd Street is the second largest building in the proposed Empire State Realty Read More
Sodom by the Sea
Richter+Ratner, a construction management firm, has signed a 10,000 square foot sublease at 45 West 36th Street.
The firm, which has managed a number of notable projects in the city including the construction of both Prada’s and Uniqlo’s retail space in Soho, will take the roughly 110,000-square-foot building’s entire 12th floor from jewelry company Nadri. Samco Properties owns the building but, because it was a sublease, was not involved in the transaction.
This Land Is My Land
They’re about to pave paradise, but instead of putting up a parking lot, it appears Coney Island is bound for more bland, bourgeois amusements.
Nine boardwalk businesses found out their leases would not be renewed today. With the exception of Nathan’s and Lola Star’s, many of Coney Island stalwarts will not be Read More
Coney Island developer Joe Sitt, of Thor Equities, beat out his rivals to win the Takashimaya Building on Fifth Avenue for more than $140 million, according to the New York Post:
[A] slew of potential buyers had been whittled down to a mere five finalists. Along with Sitt, those included Vornado Realty Read More
Jones Walk and Surf Avenue
Coney Island’s oldest building will soon play a role in its oldest rivalry: the vying for the biggest, baddest freak show. Texan sideshow owner John Strong is making a bid for the title, signing a new lease at the Grashorn Building on Surf Avenue, according to Read More
414 West 14th Street
The gods of denim will soon be squeezing into the meatpacking district. With a new lease on West 14th Street, the Levi’s store will be stocked full of skinny jeans to accommodate a “mecca for savvy, creative and artistic consumers,” as Levi’s vice president Joelle Maher put Read More
After a long standoff with would-be developer Joe Sitt, the city agreed today to buy 7 acres of his Coney Island holdings for $95.7 million–or more than $300 dollars per square foot.
It’s a nice haul for Mr. Sitt, who began buying up Coney Island’s boardwalk in 2005 for what he hoped Read More
The City Council approved the Bloomberg administration-backed rezoning of Coney Island on Wednesday afternoon in a 44-2-1 vote. While the city is still negotiating with the rezoned area’s main private landlord—Thor Equities’ Joe Sitt—the two long-opposed parties may be close to reaching a final deal.
The rezoning plan would turn vacant lots currently Read More
The Coney Island development fight: a primer. Read More