The once-staid office tower at 1290 Sixth Ave. is joining the avenue’s fast-growing fun, food and games parade. Owner Vornado Realty Trust signed a 15,300 square-foot lease with Five Iron Golf, the growing empire of indoor golf simulators and instruction facilities designed “to bring out the golfer in everyone,” as its founders describe it. The … Read more
When do more than 200,000 square feet of newly minted office space, launched in the midst of a severely challenged market, go unnoticed? When they’re inside a high-profile, 1,000-feet-tall mostly apartment skyscraper on Fifth Avenue. The Rabina-led project at 520 Fifth Ave., to be completed next year, is best known for offering 100 luxury condo … Read more
Larry Silverstein is praying the third time’s the charm for Two World Trade Center. The developer is in serious talks with American Express to anchor or completely fill the delayed skyscraper, which needs a tenant for Silverstein to get construction financing, according to a report. The yet-to-be-built tower is the missing link in his otherwise … Read more
Uptown Madison Avenue, the city’s premier luxury shopping corridor, faces momentous change on the gilded blocks where East Midtown meets the Upper East Side. Two large office retail buildings are being demolished for new, mixed-use projects about which little is known. Meanwhile, wealthy fashionistas and even wealthier real estate investors wonder what’s to become of … Read more
New measures are in the works to solve the city’s housing and office crises — but they depend on whether Mayor Eric Adams has what it takes to push them through the obstructionist City Council. The housing-starved city will need 473,000 new apartments by 2032, according to the Regional Plan Association, but only 11,000 new … Read more
Never mind foreclosures and predictions of doom. The Real Estate Board of New York’s latest analysis of office building “visitations” presents a less pessimistic take on the endlessly discussed and debated commercial property market. The past few months saw Manhattan office attendance continue its slow recovery as more companies call their employees back to their desks. The office … Read more
New York’s wobbly office market, limping from a record-high 20% vacancy rate and loss of some tenants to lower-tax South Florida, has more competition to worry about: Boca Raton. The once-sleepy Sunshine State city of 100,000 between Fort Lauderdale and West Palm Beach is surging with new office development and amenities to support it. Boca Raton is … Read more
News that the Rudin family apparently plans to sell 80 Pine Street to Joseph Hoffman’s real estate company Bushburg for a lowball $160 million marks a poignant turn in the property’s history. The building which the Rudins reportedly hoped would fetch $200 million held a special place in the dynasty’s heart. When company legend Lew Rudin … Read more
The Downtown office market is in even worse shape than widely reported data indicate, according to several major dealmakers. One of them, an industry legend not given to doom-and-gloom scenarios, told us that huge amounts of space are quietly up for sublease even at the World Trade Center and Brookfield Place – Lower Manhattan’s best-performing … Read more
New York City officials are forecasting overdue property taxes will surge to a record $880 million in the current fiscal year — and they say it’s because they’ve lost the power to enforce punishments for delinquencies. The staggering figure — forecasted for the fiscal year ending in June — marks a jump of more than … Read more
