It’s almost no surprise — the cost to take office space in Midtown ranks among the highest in the world. To be exact, it costs $212 per square foot per year to occupy space in the Midtown submarket, according to a new third-quarter global office report from JLL. The firm used net effective rents and additional costs to figure out which office markets were the costliest. Midtown’s office market was just second only to Central […]
A penthouse in Carroll Gardens may soon set a record for priciest condo sale in the neighborhood. The top-floor unit at Avery Hall Investments and Aria Development Group’s 145 Carroll Gardens has gone into contract for $4.5 million, according to a source. The current record for the priciest condo sale in the neighborhood is held by a unit at 348 Sackett Street that sold for $4 million last May. Ryan Serhant’s Nest Seekers team brokered […]
Post-recession record nears for Manhattan office leasing market A Colliers International report showed nearly 4 million square feet of Manhattan office leasing activity in October, a 77 percent increase from the previous year. The strong showing, bolstered by several blockbuster deals, kept the market on track to hit a post-recession record in 2018. “In the third quarter, there were no leases closed over 100,000 square feet in Lower Manhattan,” said Franklin Wallach, managing director of […]
Peter Fine staked out a site along the path of the Second Avenue subway’s next phase. Fine — who earlier this year launched a new platform, Bolivar Development — paid $28.5 million to buy almost a full block along Second Avenue between 102nd and 103rd Streets in East Harlem where he plans to develop an apartment building with 160 rental units, sources told The Real Deal. “The subway is only going to help the market-rate rents,” Fine told […]
Yext, an online brand management company, is in talks to take over the entire office portion of Aurora Capital Associates and Vornado Realty Trust’s 61 Ninth Avenue — the space formerly eyed for Aetna’s global headquarters. The tech company is looking to sublease 145,000 square feet from Aetna at the Meatpacking District building, Crain’s reported. Last year, Aetna had agreed to lease the office portion of the building, where the asking rents were $150 per […]
Friedland Properties has received an $83.6 million mortgage from M&T Bank for 817-827 Madison Avenue. The financing appears to have been consolidated from two prior liens, according to property records. Friedland and M&T did not immediately respond to requests for comment. The six-story building is located on the Upper East Side by East 68th Street. Friedland purchased the property in 2004 for $90 million. Friedland and Rose Associates landed a $218 million loan in May […]
New York State has a remarkably unwieldy system for recording disciplinary actions against real estate brokers, with low usability and confusing organization. But how much better are other states doing? The answer, it turns out, is a lot. In an analysis of equivalent public disclosure systems in six U.S. states with major real estate markets – California, New York, Florida, Texas, New Jersey and Illinois – the New York Department of State’s “Decision and Consent […]
Alchemy Ventures has made a big investment in Bedford-Stuyvesant, buying nine buildings in the neighborhood for just under $25 million, the company announced on Thursday. The properties are located at 879 DeKalb Avenue, 419 and 421 Marcus Garvey Boulevard, 654 Putnam Avenue, 319 Malcolm X Boulevard, 829 Halsey Street and 804, 808 and 814 Macon Street. They span roughly 52,000 square feet and contain 81 units. About half of the units are rent-stabilized, while the […]