When Aaron Jungreis sought a buyer for the Bossert Hotel at 98 Montague Street in Brooklyn Heights last year, a long list of obstacles stacked up.
The off-market deal meant potential buyers had limited access to the site. Complicated zoning meant the Board of Standards and Appeals would be thrown into the mix. And competition Read More
Jazz at Lincoln Center is moving its offices to 3 Columbus Circle where it has just signed a deal for 30,653 square feet, The Commercial Observer has learned.
Nonprofit and public sector tenants took a total of 2.6 million square feet in 2011, approximately the same amount it leased a year earlier, but committed to much larger leases than in the previous year, according to a new report released yesterday by Cassidy Turley.
Speeches were casually ignored, drinks were spilled and bonds were formed at last Thursday’s 116th annual Real Estate Board of New York Gala, which this year drew an estimated 2,000 brokers, owners, advertising buyers and real estate reporters to the New York Hilton for an evening of conviviality, honorifics and hushed deal making. Among the fray was Commercial Observer staff writer Daniel Geiger, who during the course of the evening saw his stenopad tossed by an irate real estate broker and who unabashedly accosted Studley’s Woody Heller in the hotel’s bathroom, all for the sake of the story. Below, a timeline of gala comings and goings, from the innocuous gossip down to the downright obnoxious.
It was lunchtime at Casa Lever, the high-end restaurant in the iconic Lever House, and Richard Baxter was on his BlackBerry negotiating.
It was a busy year for Mr. Baxter and his colleagues at Jones Lang LaSalle. His four-man team comprised some of the city’s most prominent brokers of large-scale commercial office buildings, and as the Manhattan sales market’s post-recessionary thaw continues, Mr. Baxter estimated that the group had tallied an impressive $1.3 billion in deals this year.
Three days before Christmas, however, it wasn’t one particular skyscraper Mr. Baxter was bargaining over from his plum seat at Casa Lever. In a year-end rush, his group had loose ends to tie up, deals to close and transactions still in the works. And so, on this particular Thursday amid a bustling lunch crowd, Mr. Baxter was not negotiating with a buyer or a building owner, but rather one of his own assistants, whom he was asking to stay late to receive critical documents and to help get the team through the rest of the day.
The New York City Law Department is renewing a roughly 280,000-square-foot-lease at 100 Church Street, The Commercial Observer has learned.
The department, which represents the city, the Mayor and all city agencies in both civil and criminal litigation cases, occupies several floors at 100 Church Street, a roughly 1.1-million-square-foot building in Lower Manhattan where the office has based its operations since 1978.
It’s the great white whale of Manhattan retail.
Aside from Walmart, Nordstrom is the store every retail broker in the city dreams of harpooning and reeling into a new home. One prominent broker familiar with the store, the amount of space it needs and the rents it would probably be willing to pay estimates that the commission for handling its lease would be around $10 million.
But like a leviathan lurking beneath the waves, the department store has offered only fleeting glimpses around the city, most notably at several development sites and a few existing assets with the capacity to accommodate its sprawling footprint.
The scuttlebutt nowadays: Nordstrom is contemplating one of two leases, one at the West Side rail yards with the Related Companies or another at the base of Extell Development’s soaring new residential tower now rising at 157 West 57th Street.
It looks like 3 Columbus Circle will not be a bust after all. SL Green has officially announced a deal for august ad agency Y&R to lease 340,000 square feet in the sickly cerulean tower, according to the Post‘s Steve Cuozzo. The ad men are renting floors 3 through 10 and 18 and 19, the latter of which will afford lovely views of Central Park.
As senior director of suburbs for Reckson, a division of SL Green, John Barnes is one of the region’s most prolific brokers, in both Westchester and Fairfield counties. Mr. Barnes, 44, spoke with The Commercial Observer about how each region has weathered the downturn, positive indicators and what they’re showing, and the deals in his pipeline.
Africa Israel USA, the controversial owner and operator of commercial properties across the United States, has entered into a contract to sell 5 Madison Avenue to an undisclosed investor for $165 million.