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[31 Jul 2014 | No Comment | ]
New York REIT pays $335M for Twitter HQ building

New York REIT, Inc., a publicly traded real estate investment trust has entered into a purchase and sale agreement to acquire Twitter’s headquarters in Manhattan located at 245-249 West 17th Street in the Chelsea neighborhood.

The seller, Savanna, was represented by Adam Spies and Doug Harmon of Eastdil Secured.

The sale price was not disclosed, but Savanna bought the 282,000 s/f two-building property in 2012 for nearly $76 million. They spent another $20 million upgrading the combined 12-story office tower and an adjacent six-story mixed use building.

Deals & Dealmakers, Featured »

[31 Jul 2014 | No Comment | ]
Who gets the check when dead deals come back to life?

Sometimes, in real estate transactions, the dead can come back to life.

The broker who originally introduced a prospective buyer to a property may not always be entitled to receive commission if the deal falls apart, but is then resuscitated without their knowledge or participation.

A new court decision, however, could change the rules of who gets the check if a deal is revived.

Construction & Design, Featured, Retail »

[30 Jul 2014 | No Comment | ]
Nordstrom Rack to open at Staten Island’s new mall

Seattle-based Nordstrom, Inc. announced today plans to open a Nordstrom Rack at the Empire Outlets in Staten Island, N.Y. The approximately 34,000-square-foot store is scheduled to open in fall 2016. The property is being developed byBFC Partners.

The newly built, two-level Rack will be a part of roughly 100 retailers going into the one-million-square-foot waterfront development within the St. George neighborhood of Staten Island.

Featured, Retail »

[30 Jul 2014 | No Comment | ]
Brookfield signs seven retailers at One NY Plaza

Brookfield Property Partners announced that it has executed seven leases for its 40,000 s/f retail area at One New York Plaza.

The 2.6-million-square-foot office building located on the southeastern tip of Manhattan is undergoing a $14 million redevelopment to its retail concourse, located in the two lower levels, which will include five quick-casual eateries, a health club and service retail. The project is scheduled for completion by the beginning of 2015.

Featured, Finance & Accounting »

[30 Jul 2014 | 2 Comments | ]
Crowdfunding sector growing some grey hairs

A good way of measuring how the real estate crowdfunding industry has changed in the past months is to count gray hairs.

Last winter, it was hard to find anyone over 40 at the nascent industry’s conferences. Now, a noticeable influx of distinguished real estate executives, along with their firms, is changing the field.

Since its inception, real estate crowdfunding has been dominated by young tech entrepreneurs with lofty visions of democratizing investment and little ties to the industry establishment. This dominance is starting to fray.

Deals & Dealmakers, Featured »

[30 Jul 2014 | No Comment | ]
City’s blooming bio-tech biz gets a shot in the arm from big money

A company that raises capital for bio-tech start-ups is expanding its own footprint in the Alexandria Center for Life Science on Manhattan’s east side.

Accelerator Corporation, a life science investment vehicle for investment in emerging biotechnology research, announced the expansion with the closing of its Accelerator IV fund with $51.1 million in capital commitments it will tap as it expands its operations in Seattle to New York City.

Accelerator will pump venture capital into the city’s flourishing cluster of bio-tech firms and support entrepreneurial leadership and product development capabilities.

Deals & Dealmakers, Featured »

[30 Jul 2014 | No Comment | ]
Office leasing dips as techies take summer off

Jones Lang LaSalle released its July 2014 Tech Monthly report, and though tech leasing activity fell in June as compared to May, more leases were signed during the month.

And in a reversal of trends, Midtown was the hot neighborhood for the techies, displacing Midtown South with ten deals signed during the month as opposed to four in Midtown South and four in Downtown.

Deals & Dealmakers, Featured »

[30 Jul 2014 | No Comment | ]
Multi-family deals drive Brooklyn  to top of  investment sales heap

In the first half of 2014, total investment property sales in Brooklyn rose 38 percent from the first half of 2013 to 884, nearly twice the number of investment property sales in the city’s second most active submarket of Queens, according to Ariel Property Advisors’ Brooklyn 2014 Mid-Year Sales Report.

In addition, the number of transactions increased 34 percent to 646 and the dollar volume of those trades jumped 73 percent to more than $3.033 billion in gross consideration in the first half of 2014 compared to the first half of 2013, which saw 640 properties trade over 482 transactions totaling $1.757 billion.

Construction & Design, Featured »

[30 Jul 2014 | No Comment | ]
$1B in school work boosts city’s new construction numbers

New York City’s public and private institutions began $643 million in construction projects during the first five months of 2014, up from $581 million through May of 2013, according to a New York Building Congress analysis.

Work on New York City public elementary and secondary schools accounted for $1.0 billion, or 43 percent, of all institutional construction starts by total value in 2013.

Deals & Dealmakers, Featured »

[25 Jul 2014 | No Comment | ]
Tech firm takes floor at 11 Times Square

SJP Properties announced that the St. Louis-based tech powerhouse, Answers Corporation, has signed a new office lease to occupy the entire 11th floor at 11 Times Square, its state-of-the-art, 1.1 million-square-foot, LEED-Gold-certified office and retail tower.

The building is owned by a joint venture of SJP Properties and investors advised by Prudential Real Estate Investors.

“Answers needed a world-class, tech-forward space to support our high-performing New York operations and workforce, which has quadrupled since last year and continues to grow,” said David Karandish, CEO and Chairman of Answers Corporation.

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