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[18 Apr 2014 | No Comment | ]
Law firm leases 440,000 s/f at Rockefeller Group’s McGraw-Hill Building

The Rockefeller Group today announced that White & Case LLP, a law firm with operations in 26 countries, has signed a 440,000 square foot long-term lease for its New York office at 1221 Avenue of the Americas. The leased space includes the top floors in the building, as well as below grade space. The firm will relocate to 1221 in 2017.
The firm plans to remain on Sixth Avenue in a move north to one of Rockefeller Center’s premier office towers. Located between West 48th and West 49th Streets, 1221 Avenue of the Americas was developed by The Rockefeller Group in the modern expansion of Rockefeller Center to the west side of Sixth Avenue.

The tenant was represented by Ken Siegel, Tom Doughty and Lisa Kiell of Jones Lang LaSalle. The Rockefeller Group was represented by an in-house team led by Ed Guiltinan, along with a Cushman & Wakefield brokerage team led by Executive Vice Chairman John Cefaly.

Headline »

[15 Apr 2014 | No Comment | ]
Related to switch on first digital district

Brains aren’t just for people anymore. We have smart phones, smart cars – and increasingly smart buildings.
While computerized security and HVAC systems have become commonplace in new buildings, Related Companies and Oxford Properties have more ambitious goals for the new development at Hudson Yards.
“Hudson Yards will be the most connected, measured and technologically advanced digital district in the nation,” Jay Cross, president of Related Hudson Yards, said in a press release.

Deals & Dealmakers, Headline »

[7 Apr 2014 | No Comment | ]
MHP and Soho Properties to turn Parsons building into $300M Dream Hotel

Soho Properties and MHP Real Estate Services will turn the former Parsons building at 560 Seventh Avenue into into the city’s latest Dream Hotel – a brand run by Hampshire Hotels Management.
The Times Square development will field an additional 20,000 s/f of retail space, with a total project value of around $300 million. The buyers have now closed on the purchase of the building, completing a deal first publicized in October. A spokesperson told Real Estate Weekly that the property traded for $63 million.

It wasn’t immediately clear whether the developers plan to tear down the old building completely, or how many square feet the new development will have. MHP and Soho Properties couldn’t immediately be reached for comment.

Construction & Design, Deals & Dealmakers, Finance & Accounting, Headline »

[4 Apr 2014 | No Comment | ]
Builders crunching numbers to land best deals

James Nelson of Massey Knakal sat down with David Von Spreckelsen of Toll Brothers, Ken Horn of Alchemy Properties and Michael Stern of JDS Development to discuss their current projects and the real estate landscape in New York City.

All three said today’s skyrocketing land prices have given them pause – but agree apartment prices are blowing their minds!

Deals & Dealmakers, Headline »

[2 Apr 2014 | No Comment | ]
Silverstein: Build it and they will come

Amid controversy over a planned public loan guarantee, developer Larry Silverstein gave an impassioned speech in support of his planned tower 3 World Trade Center.

“With 55 years in the business, I have been through a few up-and-down cycles… and I have learned that when you build, tenants will come,” Silverstein told the audience at Massey Knakal’s investment summit yesterday (Tuesday).

“In New York City, first-class office buildings will always fill up.”

Deals & Dealmakers, Finance & Accounting, Headline »

[26 Mar 2014 | No Comment | ]
Tough love as crowdfunding grows up

On a recent Thursday night, the crowdfunding startup iFunding hosted a party in a Fidi basement apartment that offered a glimpse of what the future of New York real estate could look like.

Stepping through the door felt like entering some parallel universe in which the industry is young, multi-ethnic, laid back and virtually jacket- and tie-less.
“It’s going to be absolutely huge,” said one guest. “In a few years, everyone will be doing it,” added another.

But go to any more traditional real estate event and you will find little enthusiasm for crowdfunding. Its numerous critics see it as a passing trend, a dangerous method that will defraud clueless investors, or both

Deals & Dealmakers, Headline »

[19 Mar 2014 | One Comment | ]
The art of spotting a fake billionaire

When Adelaide Polsinelli recently got a call from a banker representing a wealthy foreigner, she was skeptical.

The caller told her his client was moving to New York and wanted to invest in commercial real estate, but Polsinelli, a top broker at Eastern Consolidated, has been in the business long enough to not immediately trust such claims.

Polsinelli’s dilemma is typical for commercial brokers in a globalizing real estate market. The recent influx of foreign capital has brought in lucrative commissions, but language barriers and physical distance have also made it harder to assess which clients are legitimate and which aren’t.

Construction & Design, Headline, Uncategorized »

[17 Mar 2014 | No Comment | ]
Cheers! Irish get a new-look arts center

As New York City rolled out the green carpet for the 253rd annual St Patrick’s Day parade, the historic Irish Arts Center in Hell’s Kitchen unveiled plans for a new-look building.

A partnership between New York City and the Irish Government will hep finance the project, which the group said has “important thematic value as Ireland recovers from the global financial crisis and restores its economic sovereignty. ”

Public review of the project at 533 West 51st Street is expected to begin this spring with construction starting early next year.

Construction & Design, Headline »

[11 Mar 2014 | No Comment | ]
NYC facing $47-billion repair bill

A new report by think tank Center for Urban Future argues that the city’s infrastructure is in dire need of repair, requiring investments of $47 billion over the next four to five years.

“Simply put, too much of the city’s essential infrastructure remains stuck in the 20th Century — a problem for a city positioning itself to compete with other global cities in today’s 21st Century economy,” the report states. Some 162 bridges in the city — 11 percent of the total — are described as “structurally deficient”. According to the report, 1,000 miles of water mains are over 100 years old, which led to 403 water main breaks last year. Ageing gas mains are deemed responsible for 5,835 gas leaks in 2012 alone.

Construction & Design, Headline »

[4 Mar 2014 | No Comment | ]
NYU group calls for bigger, bolder expansion

A faculty-led NYU working group has called on the university to be bolder in its immediate expansion plans, citing a need for more classrooms, arts space and faculty housing.

The NYU Space Priorities Group’s final report proposes to create between 817,000 and 899,000 s/f of academic space and housing on the site of the current Coles Sports Center at 181 Mercer Street.

So far, the university’s capital spending and financing plan has budgeted with a 670,000 s/f building at a cost of $727 million on the site. Zoning allows for construction of up to 980,000 s/f.

The working group estimates that additional space will lead to added construction costs between $128 million and $201 million — keeping the development’s total cost just below $1 billion.

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