The William Kaufman Organization announced that Practical Law Company Inc. has renewed its lease and expanded to almost double its previous space in the Tower Floors of 747 Third Avenue
The direct-lease renewal and expansion totals 32,791 s/f and has been signed for a period of 10 years. Financial terms were not disclosed.
According to Michael Lenchner, vice president and director of leasing for Sage Realty Corporation, “We are delighted that Practical Law Company Inc. has not only renewed their lease at 747 Third Avenue, but is also expanding their space. We …

An innovation in the financing of large-scale tenant improvements (TI) has helped close a 400,000 s/f leasing deal in Downtown Brooklyn.
Based on the tenant’s rent cash flow and tied to privately placed bonds, the new form of financing was used for the first time and played an integral part of a $200-million re-capitalization to support the 400,000 square foot transaction.
The financing was arranged by Lance Capital LLC, a firm specializing in tenant improvements funding, and provided by CGA Capital Corporation, which structures credit-backed financing for real estate and other assets.
According …

NEW YORK (October 21, 2011) – In anticipation of the New York City Marathon, scheduled this year for Sunday, November 6, CityRealty Editor Carter B. Horsley announced his list of the top 10 apartment buildings for viewing the world famous event.

“More inspirational than most parades and street fairs, the New York City Marathon has become an international event in which viewers cheer on thousands of runners representing nations throughout the world,” points out Mr. Horsley. “But for those lucky enough to be in any of these 10 buildings, they are also treated each year to birds-eye views of the best of human strength, athleticism and competition.”

Marriott International has reached an aggreement to acquire the clock tower at 5 Madison Avenue according to sources.

Last week, Africa Israel USA, the property’s previous owner, announced that it had arranged a deal to sell the building to an unnamed buyer for $165 million.