Atlantic Northeast Area News

J.P. Morgan Chase Commits to Building 2.5 Million-SF Headquarters in NYC

J.P. Morgan Chase made waves this morning with the announcement that the global banker will build a new 2.5 million-square-foot headquarters at 270 Park Ave. in New York City. Still in progress, according to sources, is the feat of garnering approvals for a planned 70-story, LEED-certified commercial tower borne from the site of its former headquarters. The razing and redevelopment of its new building will produce an estimated 8,000 construction...
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Posted: February 21, 2018, 8:28 am

Brack Capital Shifting Strategy to Deleveraging and Reducing Asset Exposure Globally, Refocusing its CRE Attention on New York

Brack Capital Real Estate's U.S. CEO Shai Shamir will help implement a new investment strategy for the Netherlands-based investor. Credit: Brack Capital Believing that the current economic cycle is soon due for a downturn, Netherlands-based Brack Capital Group appointed new leadership for its real estate group and changed its investment strategy under a new strategic plan. One of the new CEOs is Brack Capital Real Estate's (BCRE) U.S. CEO, Shai Shamir...
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Posted: February 21, 2018, 4:53 am

With $305M Price Tag, 1180 Avenue of the Americas Sells to Northwood Investors

Northwood Investors has acquired 1180 Avenue of the Americas, a 22-story office building in New York City for $305 million, according to sources with knowledge of the deal. The sales price for the 4-Star, 399,211-square foot building tabulates to about $764 per square foot. The property was previously held under a joint partnership of HNA Property Holding Group of China and MHP Real Estate Services, a Manhattan-based operator and advisor....
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Posted: February 20, 2018, 7:50 am

Axar Capital Acquiring Majority Stake in Terra Capital Partners

Rendering for 405 E. 4th Ave. in San Mateo, CA, the latest project financed by Terra Capital Partners Terra Capital Partners, a New York City based real estate finance firm, has entered into an investment and partnership agreement with Axar Capital Management LP. The amount of the investment was not disclosed but is expected to enable Terra to broaden its investment mandate beyond its core focus on providing CRE mezzanine and bridge loans. Axar...
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Posted: February 20, 2018, 7:25 am

Union Investment Picks Up Meatpacking District Retail Condo for $88M

DZ Bank subsidiary Union Investment has acquired a three-story, 18,000-square-foot retail condominium in the office building at 412 W. 14th St. in New York City from Thor Equities and Premier Equities, according to sources familiar with the deal. The sales price was $88 million, or nearly $4,900 per square foot. Lexus leases the entirety of the 18,000-square-foot space of the Meatpacking District asset for its Intersect by Lexus lifestyle...
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Posted: February 20, 2018, 5:52 am

Omnicom Remains at 195 Broadway and Pulls in More Space

Global advertising and marketing firm Omnicom Media Group is expanding its presence at 195 Broadway, according to landlord L&L Holding, and has agreed to take an additional 205,514 square feet on the fourth through eighth floors. As part of the deal, Omnicom has also renewed its 82,006-square-foot space from which it currently operates on the 17th and 18th floors. The 15-year deal will bring the firm's total occupancy in the building up to 287...
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Posted: February 15, 2018, 9:57 am

Normandy Real Estate Partners Secures $81M for LIC Industrial Repositioning

Rendering of the proposed repositioning of 25-11 49th Avenue in Long Island City.Courtesy of Normandy Real Estate Partners. Long Island City, making headlines for its apartment construction boom, is also attracting the attention of office developers. Normandy Real Estate Partners, Keystone Equities and Drake Street have teamed on an office project they say is almost fully preleased. Normandy Real Estate Partners has secured an $81 million loan...
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Posted: February 15, 2018, 5:44 am

Commercial Real Estate Investors Roll into the Bronx

At the intersection of Bruckner Boulevard and the Whitestone Expressway, sedans and semis whizz past the site of a vacant, multi-level movie theater that is about to become one of New York City’s largest fulfillment centers. Millennials (and other big e-shoppers) should rejoice. Square Mile Capital and Innovo Property Group are partnering on the repositioning of 2505 Bruckner Blvd., which is being brought to market by JLL. The site has been...
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Posted: February 14, 2018, 6:34 am

Hotel Financings Powering Surge in CMBS Market

Blackstone Group's Turtle Bay Resort in Kahuku, HI CMBS issuance this year is off to a strong start, driven, as it was last year, by single-borrower deals totaling $4.7 billion so far. Notably, hotel properties again have been one of the stars of the current run and have facilitated a number of large refinancings and acquisitions. Issuance of CMBS loans in the hotel sector grew from $2.7 billion in 2016 to nearly $14.5 billion in 2017, according...
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Posted: February 13, 2018, 4:35 am

Wellness Coworking Firm Primary Grabs 31,000 SF at 251 West 30th

Primary, a shared workspace provider that offers members on-site wellness services, has signed a 10-year lease for four floors in the Chelsea Square office building at 251 W. 30th St. in New York City. Primary’s space encompasses 31,083 square feet on the second, third, fifth and sixth floors of the building. It will move into its new space in March 2018. The lease is the largest signed within the property since it was acquired in April 2016...
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Posted: February 12, 2018, 5:47 am

3 Hudson Blvd to Rise with Help of EB-5 Funding

For the completion of 3 Hudson Boulevard, developer The Moinian Group is diversifying its capital stack. George Washington Immigration Group LLC, an EB-5 Regional Center based in Jericho, NY, will commit from $250 million to $350 million toward the full project cost, according to The Moinian Group. Architect FXFOWLE designed the 53-story, 900-foot-tall glass tower situated at 555 W. 34th St. in New York City. The building is expected to come...
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Posted: February 12, 2018, 3:48 am

Suna Equities Sells Uptown Multifamily Bldg for $27.6M

Suna Equities Ltd. divested its multifamily building at 14-16 W. 107th St. in New York City for $27.6 million, or about $405 per square foot. Located in the Upper West Side, the 60-unit apartment building totals 68,200 square feet. The historic building was built in 1910, and was renovated in the mid-1980s. Ronald Solarz and Gary Meese of Eastern Consolidated represented the seller. Solarz procured the buyer, a local private real estate investor...
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Posted: February 7, 2018, 9:56 am

Nonprofit Partnership Purchases 135-Unit Multifamily Complex

A joint-venture partnership between Belveron Real Estate Partners, Hudson Valley Property Group, NCV Capital Partners and Nuevo El Barrio para la Rehabilitación de la Vivienda y la Economia, acquired a 135-unit affordable housing project from Metropolitan Realty Group LLC for $60 million, or about $444,000 per unit. The property was built in 1982 at 1680 Madison Ave. in New York City, situated in the East Harlem MF submarket. The building was...
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Posted: February 7, 2018, 9:50 am

Geoghegan, Idnani Join Robert K. Futterman & Associates

Jeff Geoghegan and Ravi Idnani have joined Robert K. Futterman as directors in the firm's New York City office. Geoghegan and Idnani, both formerly with Eastern Considolated, focus on retail leasing, specifically with restaurants and hospitality properties. The duo will continue to work on landlord as well as tenant representation in the New York metro area. "We are thrilled to add Jeff and Ravi to our New York team," said Robert Futterman...
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Posted: February 7, 2018, 9:41 am

Law, Financial Firms Continue Leasing 437 Madison

The Plaza District’s 437 Madison Ave. in New York City keeps filling up. Los Angeles-based digital media and entertainment law firm Mitchell Silberberg & Knupp LLP (MSK) and investment advisor Cambridge Associates have each signed leases to relocate to the office tower later this year, landlord William Kaufman Organization announced this week. MSK will move August 2018 after signing a 15-year lease for 18,650 square feet across the entire 25th...
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Posted: February 7, 2018, 4:52 am