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Articles Archive for 14 November 2012

Deals & Dealmakers »

[14 Nov 2012 | No Comment | ]
West side commercial building open to interpretation

MKF Group has tapped Murray Hill Properties as the leasing agent for the former H&H Bagel Factory on 46th Street, across West Side Highway from the Intrepid Air and Space Museum.

The two-story, 25,000 s/f commercial building offers flexible floor plates and easy highway access that could suit a wide range of uses, from a combined distribution center and retail space to an entertainment venue, said Jesse Rubens, a senior executive at Murray Hill.

Editorial Supplements »

[14 Nov 2012 | No Comment | ]

 Rose Associates, the New York-based full-service real estate firm, announced today that residents are returning to Le Rivage at 21 West Street in Lower Manhattan. The building lies in Zone A and had been evacuated prior to Hurricane Sandy. While the building and its surrounding neighborhood were severely impacted by the storm, Rose was able to remedy the situation to facilitate re-occupancy.
On November 11, Rose began welcoming residents back to Le Rivage. Residents were greeted with gift baskets, and Rose has engaged Le Rivage’s commercial tenant West Bank Gourmet to …

Opinion »

[14 Nov 2012 | One Comment | ]

By Mark Scott, founder & principal, Commercial Mortgage Capital (CMC) 
Attend any number of multifamily conferences around the Tri-State region and cap rates are sure to be a topic of discussion.
But while many suggest that cap rates for multifamily rental properties will flatten in the future or even rise, I would argue that they can (and likely will) go lower.
There are number of factors driving this compression, including a healthy amount of cash that is ready to return to the market; record low interest rates; and a desire among both Generation Y …

Deals & Dealmakers »

[14 Nov 2012 | No Comment | ]

RKF has arranged an 8,805 s/f t lease for apparel retailer The Men’s Wearhouse at 1219 Third Ave.
Scheduled to open in January of 2013, Men’s Wearhouse will join neighboring tenants which include Grace’s Market, Gracious Home, Anthropologie and Super Runners Shop. This will become the sixth Men’s Wearhouse location in Manhattan and its first storefront on the Upper East Side.
The retail space at 1219 Third Avenue is located on the ground floor of 200 East 71st street, which is a 266,000-square-foot luxury residential building that rises above Third Avenue’s bustling …

Editorial Supplements »

[14 Nov 2012 | No Comment | ]

By Wojciech F. Jung and Lowell D. Plotkin
 Given the spate of bankruptcies filed over the past few years, including by large-scale tenants, and the tenuous financial condition of big-box retailers, it’s important for landlords and tenants to understand the benefits and limitations of bankruptcy protection as it relates to a bankrupt tenant’s leasehold interest.  When it comes to lease termination, bankruptcy courts look to state law to determine the debtor’s property rights at the time of filing for bankruptcy protection.  Therefore, even as between New York and New Jersey, the …

Deals & Dealmakers »

[14 Nov 2012 | No Comment | ]

145 West 30th Street is putting up a ‘no vacancy’ sign, announced The Feil Organization.
New leases totaling over 16,181 s/f  have been inked by Mediabrix on the fifth floor and Propoint Graphics on the third, plus a newly extended lease of 8,101 s/f signed by Silver & Partners on the seventh, brings the building’s occupancy to 100% for the next few years.
Coincidentally, both Mediabrix and Propoint Graphics were originally interested in the same fifth floor space of the 12-story office building. The space was taken by Mediabrix, which is the …

Construction & Design, Editorial Supplements »

[14 Nov 2012 | No Comment | ]

Donnelly Mechanical, a mechanical contractor, and The Brandstetter Group, a  disaster recovery and insurance claims management specialist, have formed a partnership to streamline the process of replacing damaged mechanical systems by coordinating these efforts directly, and simultaneously, with clients’ insurance companies.
“Many building owners and managers in New York City need immediate help in the wake of Hurricane Sandy,” says Dan Donnelly, CEO of Donnelly Mechanical, founded in 1989. “Our clients’ needs extend beyond the physical and also involve the very complicated and urgent matter of insurance.
“In that regard, we don’t …

Construction & Design »

[14 Nov 2012 | No Comment | ]

The Beverly Willis Architecture Foundation has received a grant from the National Endowment for the Arts to pursue a project recording the accomplishments of 50 women architects.
BWAF has selected a national advisory council of esteemed architectural scholars to oversee the selection of women architects for the foundation’s new special collection, “Making a Place for Women in 20th-Century American Architecture”.
The creation of the advisory council is pursuant to BWAF’s application for a National Endowment for the Arts (NEA) matching Art Works grant of $35,000. The NEA awarded the grant to BWAF …

Brokers Weekly, Construction & Design »

[14 Nov 2012 | One Comment | ]

Zeckendorf Development with Global Holdings today (Wednesday) announced 50 United Nations Plaza, the first residential tower in the United States designed by Foster + Partners, at a ground raising ceremony in Dag Hammarskjold Plaza.
Occupying a site across from the United Nations Headquarters, the 44-story condominium will feature 87 apartments with expansive interior layouts and views of the UN Secretariat building, the East River, the Chrysler Building and the New York skyline.
“50 United Nations Plaza is destined to become an international landmark, defined by its modern architecture and renowned location,” stated …

Editorial Supplements »

[14 Nov 2012 | No Comment | ]

Silverstein Properties this morning reopened its 120 Wall Street office building for the first time since Hurricane Sandy.  All building systems were restored; passenger and freight elevators are operating and tenants have started to move back in.
During the storm, the building sustained flooding in the cellar level. Although Silverstein Properties successfully pumped out all the water, the building’s electrical distribution equipment was damaged. As a result, Silverstein designed a temporary power supply system, which uses generators to power the building.
All of the office tenants at 120 Wall Street were kept …

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