Regions Northeast | New York
Manhattan Sales Reach 25-Year Low: Report
May 29, 2009
After a rough 2008, Manhattan's property investment market has continued to take it on the chin thus far in 2009. Real estate sales in Manhattan reached a 25-year low in 2009's first quarter, according to a new report by Massey Knakal Realty Services.
Timing, Tenancy May Be Key for Proposed WTC Hotel
May 14, 2009
With the recession suppressing the need for office space in New York City, planners at the World Trade Center site could be calling an audible. The Port Authority of New York and New Jersey is now looking at building a luxury hotel and residential building to replace one of the planned office towers.
Sizable Manhattan Office Lease May Indicate Impending Uptick
May 13, 2009
The New York City office market has taken its hits with the tanking of the economy, but accounting firm Marcum & Kliegman L.L.P.'s new lease agreement for nearly 67,200 square feet at 750 Third Ave., the largest tenant relocation lease in Midtown Manhattan this year, is sparking hope that the worst will be over sooner rather than later.
Bloomberg Arranges Meeting to Address Conflict Between WTC Developer, Port Authority
May 12, 2009
The Port Authority of New York and New Jersey is considering downsizing the World Trade Center redevelopment, but project developer Silverstein Properties wants to stick to the plan--and so does New York City Mayor Michael Bloomberg, who is orchestrating a meeting between the two parties at Gracie Mansion this week in an attempt to keep the multi-billion project on track.
The News: NYC Megaprojects Mark Milestones
April 28, 2009
Curtailed expansion plans and store closures seem to be the most common trend in the retail sector, yet a pair of large-scale retail projects marked milestones just a few miles and hours apart from each other. Muss Development L.L.C. disclosed that a 121,000-square-foot BJ’s Wholesale Club will open this November at Sky View Center in the Flushing section of Queens, N.Y.
Macklowe's Woes Continue as Firm Forfeits Another NYC Tower
April 23, 2009
Macklowe Properties' financial troubles continue to chip away at the firm's New York City office portfolio. A month after having to sell off a major Manhattan tower, the company has just lost the 525,000-square-foot office building at 1330 Avenue of the Americas in a foreclosure auction. Montreal-based mortgage lender Otera Capital, which held a $130 million mezzanine loan on the property, placed a $100,000 bid and walked away from the auction as the new owner.
Hyatt, Hersha to Build Hotel in Brooklyn
April 14, 2009
Hyatt Hotels & Resorts and Hersha Hospitality Management plan to build a 174-room Hyatt Place hotel in Brooklyn, N.Y. The hotel, expected to open in winter 2011, will be located in downtown Brooklyn on Nevins Street.
NYC Condo Prices Shrink in First Quarter
April 13, 2009
Condominiums in greater New York City aren't exactly reasonably priced compared to the rest of the country, but they're going for a little less these days. According to a report released by the Real Estate Board of New York, the average condo sales price in the city during the first quarter of 2009 was about $1.16 million, a 10 percent drop from first quarter 2008 prices.
Manhattan Office Climate Favors Tenants, Buyers
April 10, 2009
The first quarter of 2009 is on the books, and a wide range of reports published this week agree on at least two things. First, bright spots remain scarce in the Manhattan office market, and second, that situation is unlikely to change much for the next few quarters.
Radisson Unveils New Rochester Hotel
April 08, 2009
Radisson Hotels & Resorts announced the addition of a 460-room hotel located at 120 East Main Street in Rochester, N.Y., as the Radisson Hotel Rochester Riverside.
Empire State Building Latest Icon to Go Green
April 07, 2009
Although the real estate market is in a severe slump, the green trend remains a hot topic, and Jones Lang LaSalle is keeping the movement at the forefront with a new energy sustainability program that kicks off with the greening of New York City's iconic 2.6 million-square-foot Empire State Building. The iconic tower is the latest high-profile property to go green, following on the heels of Chicago's Merchandise Mart and the former Sears Tower--now known as Willis Tower--both of which enacted green programs earlier this year.
Another Troubling Report on the Manhattan Office Market
March 31, 2009
News of the Manhattan office market's poor performance continues to roll in as FirstService Williams releases its first quarter 2009 report. The dismal numbers, the real estate services firm concludes, come as no surprise given New York City's--and the country's--economic downslide.
WTC Redevelopment Efforts Get Boost with Freedom Tower Lease
March 27, 2009
There has not been a great amount of positive news at the World Trade Center site, but things brightened a bit today. Vantone Industrial Co. has signed a lease at One World Trade Center, also known as the Freedom Tower, which will create the China Center, a 190,800-square-foot business and cultural facility, to be located on portions of the 64th floor and the entire 65th through 69th floors of One World Trade Center.
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