Investor Bill Ackman is reportedly seeking hundreds of millions for the Hell’s Kitchen office building he co-owns with the Georgetown Company. The partners are looking to sell the building at 787 11th Avenue for approximately $630 million, Bloomberg reported, citing people familiar with the matter. The 10-story building is fully leased with tenants including Ackman’s Pershing Square Capital Management, which houses its headquarters across two floors. The company is reportedly not looking to move upon
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Gary Barnett’s Extell Development is ushering in a new project on the Upper East Side. Extell is developing a 30-story, 400,000-square-foot building on a vacant lot between 79th and 80th streets on First Avenue, according to the New York Post. The developer is reportedly expected to break ground on the project later this year. About half of the building is already pre-leased, the Post reported. The Hospital for Special Surgery has nabbed 200,000 square feet
A majority of office-using businesses are yet to decide what their hybrid future should look like. Hybrid work is underway in 72 percent of office-based companies and 65 percent said they don’t anticipate having any one dominant work location in the future, according to a new survey from Ernst & Young. A majority of business leaders believe a hybrid work model is here to stay, but only 40 percent of the survey’s respondents said they
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Are you a Marvel fan? Not the comics, of course, but the architect. You may be after this week’s episode of “Deconstruct,” TRD’s new podcast for all things real estate. Host Isabella Farr is joined by top architects Jonathan Marvel and Bernardo Fort-Brescia to talk about paradigm shifts in office space and where architecture firms fit in. With a portfolio showcasing cushy armchairs and indoor gardens, Marvel’s eponymous firm is looking to create spaces that
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UPDATED Oct. 25, 2021, 10:54 a.m.: Gotham Organization got the green light Thursday from the City Council for a controversial plan to develop a 23-story mixed-use building in Fort Greene. The developer would raise the building at 130 St. Felix Street. The project, featuring more than 120 residential units, including 36 below-market condos, would also include an expanded Brooklyn Music School. Most mixed-income developments in recent years have been rentals, but the St. Felix Street
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