citizenM Opens New, One-of-a-Kind Hotel in NYC’s Bowery
citizenM returns to NYC with a brand-new, 300-room hotel at 189 Bowery. Launched September 12, citizenM Bowery is not only home to a unique Museum of Street Art, but also boasts the title of the world’s largest modular hotel. Its counterpart, the 230-room citizenM Times Square, which opened in 2014, is the only other citizenM…
ICBC Inks Lease for 100K SF at 1185 Sixth Avenue
The Industrial and Commercial Bank of China has recently signed a lease at SL Green Realty Corp.’s 1185 Avenue of the Americas. China’s largest bank will occupy a little under 100,000 square feet of Midtown Manhattan office space at this new location. Financial details of the deal were not made available, but The Real Deal…
NYPD Close to Signing Lease for More Space at 375 Pearl Street
The New York Police Department is close to signing a lease for 106,000 square feet of Manhattan office space in the Verizon Building at 375 Pearl Street. City Hall will complete the deal after the Department of Citywide Administrative Services (DCAS) hosts a public hearing about it on September 8. The law enforcement agency will…
Digital Advertisement Firm Undertone Signs Lease for New HQ at 1WTC
Undertone, a leader in digital marketing, announced it will be moving headquarters from its current location at 340 Madison Avenue to part of the 77th floor of One World Trade Center. The company has recently signed a seven-and-a-half-year lease for 25,550 square feet of Financial District office space. The move is expected to happen in…
Disney Acquires Building Rights at 4 Hudson Square Site for $650M
The Walt Disney Co. acquired development rights for 4 Hudson Square in a deal valued at $650million. Spanning a full city block, the area is currently occupied by 304 Hudson Street, 137 Varick Street and 30 Vandam Street. Â The three buildings are currently housing retail and office tenants. The Lower Manhattan campus is owned by…
Discovery Chooses Manhattan for New Global Headquarters
Discovery has recently signed a lease at 230 Park Avenue South, a 362,000-square-foot Manhattan office building, which is going to become the company’s new global headquarters. The move will begin in the fall of 2019, and continue through mid-2020, as the leading real-life entertainment provider plans to relocate its current headquarters from Silver Spring, Md.,…
HNA’s 850 Third Avenue Gets $342M Refi from Natixis, Paramount & Harbor
Natixis, real estate investment trust Paramount Group, and Harbor Group International recently provided $342 million in refinancing for the property at 850 Third Avenue. The Midtown Manhattan office building is owned by HNA Group, in partnership with MHP Real Estate Services and ATCO Properties & Management. According to the Commercial Observer, Natixis provided a $242…
Does NYC Still Have Room for Growth? A Study on Undeveloped Land in Major US CBDs
COMMERCIALCafé conducted a study looking at the amount of vacant land in 25 major U.S. downtowns. Using combined data sets from Property Shark, Yardi Matrix and other government records, they determined the amount of undeveloped land, construction projects that were completed in the past five years and future development pipelines in the urban cores of…
Vornado Agrees to Sell 49.5% Interest in 666 Fifth Avenue to Kushner
Vornado Realty Trust announced that it has agreed to sell its 49.5% interest in the 666 Fifth Avenue office condominium to Kushner Cos., the majority owner. The contract was negotiated for net proceeds of $120 million, but as it is conditional, there can be no assurance that it will go through. If it does, the…
JLL Secures $463M Loan for Savanna’s Acquisition of 5 Bryant Park, and Seals the Deal on Behalf of Blackstone
JLL Capital Markets secured a $463 million loan on behalf of Savanna, for the acquisition of New York’s iconic 5 Bryant Park. Savanna, a New York real estate investment management firm, bought the Midtown Manhattan office tower from the Blackstone Group for $640 million. JLL also represented Blackstone in the sale of the tower. The…
SL Green Gains Leasehold Interest in 2 Herald Square
SL Green, one of New York City’s largest commercial landlords has announced its successful bid for the leasehold interest at 2 Herald Square. The company has also agreed to enter a joint venture with an Israeli-based institutional investor. The owners did not disclose their bid amount. The 362,191-square-foot Midtown Manhattan office space was previously owned…
BMCC Expands Lease at TriBeCa Office
The Borough of Manhattan Community College signed an expansion of its existing lease at Jack Resnick & Son’s 255 Greenwich Street in TriBeCa. BMCC grew its presence in the 623,748-square foot building by an additional 78,000 square feet of TriBeCa office space, occupying part of the building’s second floor and the entire third floor, under…
IEX Tower-Hops Again within WTC Complex
IEX is relocating once again within the World Trade Center (WTC) complex in New York City’s bustling Financial District. The upstart stock exchange platform will leave its headquarters at 4WTC to move inside 3WTC, currently under construction. The company has recently signed a 15-year lease for the entire 58th floor of the 80-story mixed-use high-rise…
IBM Triples Office Presence in New York City’s Union Square
IBM is set to triple its Union Square presence by expanding its footprint at 19 Union Square West, in the Flatiron District neighborhood of New York. The tech giant has recently signed a 27,699-square-foot lease for three floors of the building—floors 9 through 11. According to The New York Post, the asking rent was $80…
Manhattan Office Sales Drop below $1B in Q3
Key Takeaways: Q3 closes with sales below $1 billion for the first time in 5 years Average prices rest below $1,000 per square foot 375 Hudson Street trades for $465M in largest deal of the quarter Roughly 3MSF of office space scheduled for delivery during Q4 Office Sales Volume Drops 67% Y-o-Y According to the…
From Industrial to Office Space – The Brooklyn Navy Yard Revival
A new era for the Brooklyn Navy Yard A new project is underway at the Brooklyn Navy Yard. The Rudin family, one of New York’s oldest real estate dynasties, has teamed up with Boston Properties Inc. to develop a new 675,000-square-foot office building on Brooklyn’s waterfront. Designed by S9 Architecture, the new office development dubbed…
Tides Turning for Manhattan Office Sales Market in Q2
Key takeaways: Q2 office sales volume drops 57% Y-o-Y Average price per square foot crosses over the $1,000 threshold Most expensive sale of Q2 – Park Avenue trophy asset changes hands for $2.2B 7 projects to come online in Q3, bringing an extra of 2.8 million square feet Q2 Office Sales Volume Goes Down 57% Y-o-Y…
Asian Investment Takes Up 15% of Top 50 Office Deals in 2016
Top destinations for office investment: New York City, Boston and Los Angeles Largest single-asset sale of the year: AXA Equitable Center in Manhattan trades for $1.9B Asian investment accounts for 15% of the year’s top 50 office deals Blackstone crowned most active office buyer of 2016 According to a new analysis released by our sister…
2016 NYC Office Sales Total over $21 Billion; Price/SF Reaches 5-Year High
2016 NYC office sales volume exceeded $21 billion, down 7% Y-O-Y Manhattan office price per square foot reached $1,347, a 5-year high Price per square foot in Queens more than doubled since 2012 Foreign investors behind more than half of the year’s top 20 office building sales Investment Strength Prevailed Through 2016 Hurdles Through last year’s economic and…
CRE Pros’ Predictions for 2017: Best Bets Are on Brooklyn, While Midtown Retail Is Expected to Decline
After taking the pulse of the residential market and drawing the outlook for 2017, we decided to pick the brains of commercial real estate pros on what’s to come in the retail, office and multifamily sectors. First, a quick overview: Investment in the multi-family sector will remain strong, say 61% of respondents, and Brooklyn is…
Want to stay on top of the real estate market?
Access comprehensive property data and ownership information with intuitive research tools.