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
The developer behind Essex Crossing plans to build a nearly half-million square-foot office tower on Trinity Church land at Hudson Square — a sign of confidence in Manhattan’s troubled commercial market. Taconic Partners and its investment partner Nuveen Real Estate unveiled images of One Grand, a tower to rise at the corner of Grand and … Read more
Sixth Avenue has reclaimed its title as Midtown’s No. 1 office-leasing corridor, as measured by the least percentage of vacant space — the latest lead change in the never-ending bragging-rights battle with Park Avenue. Colliers reports that Sixth Avenue’s fourth-quarter occupancy at 11.5% of space available was the lowest of any Midtown corridor and slightly bested … Read more
It’s high-five time at Nine West, the near-mythic office tower at 9 W. 57th Street enjoying new life under Stefan Soloviev, the son of late developer Sheldon Solow. The 50-story skyscraper with over 1.6 million square feet behind its famous sloping facade inched closer to 100% occupancy with a newly signed lease with French global … Read more
No, the world isn’t ending — and neither is 360 Park Avenue South, the prewar office tower at East 26th Street where Boston Properties is wrapping up a more than $100 million repositioning and upgrade. Last week, Canada Pension Plan Investment Board unloaded its 29% stake in the tower for exactly $1. The lucky payer … Read more
The return-to-office trend gained steam in December when average visitation rates at 350 Manhattan buildings rose to 67% of 2019 rates, according to the Real Estate Board of New York. That was up from the 65% recorded in November — and would have been 74% if the sleepy last week of December between Christmas and New … Read more
Separate reports by major brokerages CBRE and JLL show that the Manhattan office market is far from dead — or even stagnant. The surveys illustrate the extent to which the top tier of the office market is “impervious” to woes at the lower end, as CBRE phrased it. (The data from both firms include both new … Read more
