09:38:51 | 2012-08-29
Good Morning New York! Here’s the Real Estate News:
National Retailers Discover a Brooklyn Mall
The Fulton Street Mall in Downtown Brooklyn has been changing rapidly in recent years, as national retail chains flock to the mall, a shopping strip that once housed local sneaker stores and jewelry repair shops.
In New York, history battles growth
The dilemma of urbanisation is most apparent in New York University’s expansion plans and resistance to them. Whether heritage should make way for ‘sustainable growth’ of real estate is the question.
Start-Ups Shake Up Office-Leasing Space
The office-space-leasing business has been slow to adopt new technology, but it is now getting shaken up by Internet start-ups. New companies are offering online deal information and videos, and are putting tenants and landlords together without brokers on smaller deals. They say the brokerage business is long overdue for innovation.
CUNY considers constructing a Queens hotel
The City University of New York has retained Cushman & Wakefield Inc. to help the school determine if it should proceed with a plan to build a hotel in Long Island City, Queens, in order to expand its hospitality program. The school said the assessment should be completed this fall. In January, CUNY began looking for a consultant to help the school evaluate a 91,000-square-foot lot it owns at 28-02 Skillman Ave. for potential hotel use.
Beyond Manhattan: Rediscovering the Neighborhoods of Queens
I grew up in the borough of Queens in New York City. In the 1950s and ’60s you were on your way up if you moved there from the Bronx or Brooklyn. Queens was the borough of middle-class dreams—good schools, modern apartment houses, and lovely private homes for the upwardly mobile. But in the 1970s it was a place for a young person to move out of—Manhattan was the only cool place to be and Queens represented all that was old and staid.
Parks Elevate Office Rents
In the past two decades, private landlords and the city have poured millions into revitalizing green spaces, such as Bryant Park, Madison Square Park and the High Line. Those investments appear to have paid off in significantly higher office rents.
Bargain Seekers Broaden Manhattan’s Silicon Alley
A decade ago, in the dot-com boom, technology companies flocked to the neighborhoods along Broadway in Manhattan, with most ending up south of an unofficial cutoff of 23rd Street.
Town & Country Raises The Bar For Video Tours
Most video tours for listings tend to underwhelm to the point we question why they were created in the first place. They’re usually either glorified Power Point presentations or so amateurishly shot they could be confused for a middle-schooler’s first foray into directing.
Four ways Vito Lopez reshaped New York
Whether or not he stays in office, state Assemblymember Vito Lopez will forever be known as the legislator censured for sexual harassment, stripped of his seniority and committee chairmanship, and forbidden to employ anyone under the age of 21.
Controlling Your Home With The Touch Of An iPad
When you step off the elevator into the 8,000-square foot Savant Experience Center, it feels less like a showroom and more like a swanky Manhattan abode. “We wanted to develop a space where technology blended in with the environment,” says Robert Madonna, chief executive of Savant Systems, a Hyannis, Mass.-based home automation company. ”We built a high-end New York City ‘apartment’ and…everything is automated.”
Inside the ‘Social Network’ house
The dining room is now a ‘war room,’ the living room has a desk that’s supported entirely by cases and cans of Diet Coke, and there’s a Nerf gun rack for daily, 2 a.m. fights. It’s the Palo Alto, Calif., house Mark Zuckerberg rented as a hacker’s den for Facebook in the summer of 2004.
Citi’s Towering Ambitions
No, the big bank isn’t expected to leave its current headquarters at 399 Park Ave. in Midtown Manhattan. But the company is said to be scouting for a new location to replace 2.6 million square feet of space it currently rents at 388-390 Greenwich St. in the trendy Tribeca neighborhood. The space is the onetime headquarters of Travelers Group and is owned by SL Green Realty Corp. SLG +0.94% That lease expires in 2020.
Tenafly developer partners in Hoboken apartment building
Alpine Development of Tenafly is partnering with Argo Real Estate to develop 59 residential loft-style rental apartments at 1400 Clinton St. in Hoboken. The development site is about 102,000 square feet, and the apartment complex will be six stories. Ten of the apartments will be live-work units.
New York company proposing warehouses for airport land
The Lehigh Northampton Airport Authority has decided to hire a New York City company that would raise more than $30 million by marketing hundreds of acres of airport land for warehouses and industrial use. The Rockefeller Group is proposing the airport put as much as 5 million square feet of warehouse and industrial buildings on as much as 700 acres of largely vacant airport property in Allen, East Allen and Hanover townships.
Let immigrants spark growth
I know the story of how these immigration policies play out all too well. In 2005, I co-founded StreetEasy, which is today a highly successful New York City-based real estate website. Although I can easily celebrate StreetEasy’s success now, getting to where we are was not without its obstacles. Due to current immigration laws, the business could have been the story of unrealized entrepreneurship and productivity.
SI land sold for $279m
An entity advised by UBS has purchased the land under the Sports Illustrated Building for $279 million. The company already owned the operating lease, which does not end until 2106. The purchase of the land, with the address of 135 W. 50th St., was made through the UBS client, TPF Operating REIT, on Aug. 14. Documents show TPF obtained the lease in 2008 through an internal UBS transfer from Aetna Life Insurance.
ZipRealty signs 2 referral partners in NY
Brokerage network ZipRealty Inc. continues to see revenue from its own brokerage operations in 20 markets dwindle, even as it expands its new “Powered by Zip” referral network into additional markets.
Bronx-Based KZA Realty Group Closes Three Commercial Real Estate Deals in The Bronx
Kathy Zamechansky, president and owner of KZA Realty Group, Inc. in Bronx, New York, recently brokered three deals in the Bronx, representing both the landlord and the tenant, totaling 38,332 square feet and $3,087,584.00.
Jumeirah still keen on US despite NY hotel sale
Jumeirah Group said on Tuesday it “remains fully committed to the US market” despite the sale of its only New York hotel Essex House Hotel, which will be rebranded as the first JW Marriott in Manhattan.
Normandy signs 50,000 s/f at 1370 Broadway
Normandy Real Estate Partners, one of the largest real estate developers, owners and operators of commercial office buildings nationally, today announced new leasing activity of approximately 50,000 square feet at 1370 Broadway, a premier Manhattan office building that Normandy recently acquired in April.
Flatiron Loft That Fits Sit-Down Dinner for 32 Intrigues House Hunters
The most alluring feature of this 2,874-square-foot loft in the Flatiron District was its long layout. But to use the space well, a buyer would likely have to make renovations. “It’s a very raw space with lots of options,” said a broker scouting apartments for her client.
Fort Greene Townhouse Fetches $3.1 M., Narrowly Missing Neighborhood Record
It has been a summer of stunning performances, victories and defeats, titles won, lost and held. And no, we’re not talking about the Olympics, but the Brooklyn brownstone market.
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