Pearl River Mart

Pearl River Mart finds new home in Tribeca The store will eventually take 8K sf at 395 Broadway

395 Broadway in Tribeca

A year-and-a-half afte爱上海同城 爱上海r it shuttered its Soho location amid rapidly rising rents, Asian food emporium Pearl River Mart has announced it will re-open in Tribeca.

The store will open first as a pop-up store at 395 Broadway in late November, Crain’s reported. It will close for a short time in February to allow the owners to build out the full retail space. The store will eventually take a total of 8,000 square feet across the entire basement and first floor of the building, Crain s reported. The new store is slated to open in May. Lee Associates Peter Braus and JP Sutro had the listing for 395 Broadway.

Pearl River announced it would close its 477 Broadway location爱上海同城论坛 爱上海同城 in April last year. The market owners were then collectively payin上海同城对对碰交友社区 上海夜网论坛g more than $100,000 a month in rent for the 30,000-square-foot space a figure that was due to increase fivefold if the company renewed at that location 上海夜网 阿爱上海同城with retail space owner Nathan Baden. The business was at that time 44 years old, and had been at 477 Bro上海同城对对碰交友社区 上海夜网论坛adway Which Is Between Grand Street and Broome Street since 2003.  Pearl River operated as an online retailer following the store s closure.

[Rent] south of Canal Street is much cheaper, said one Pearl River owner, Ching Yeh Chen. It s not too far from Soho and we are still close to Chinatown, so we think it is an ideal place.

Retail rents in Soho surged between 2013 and 2014, but dropped 16 percent year-over-year in the second quarter of 2016 to an average of $824 per square foot. [Crain’s] Miriam Hall

Tags: Retail Real Estate
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1211 Sixth Avenue

Fox, News Corp. to expand at 1211 Sixth Murdoch-owned companies nixe上海千花网龙凤论坛 上海千花社区d a move to 2 WTC last year

From left: Rupert Murdoch and 1211 Sixth Avenue

Almost a year after abandoning plans 爱上海同城手机版 新爱上海同城对对碰论坛to move to 2 World Trade Center, 21st Century Fox and News Corp. have officially decided to stay at Their Sixth Avenue headquarters.

The two Rupert Murdoch companies signed new and expansion leases for a total上海同城对对碰交友社区 上海夜网论坛 of 1.2 million square feet at 121新上海贵族宝贝论坛 上海贵族宝贝交流区1 Sixth Avenue, the New York Post reported. Fox extended its lease — which was set to expire in 2020 — by five years and will expand its space by more than 128,000 square feet across three floors, bringing its total space t上海夜网 阿爱上海同城o 784,000. News Corp. also extended its lease to 2025 for its 440,000 square feet space.

CBRE’s Mary Ann Tighe, Tim Dempsey, Ariel Ball, Ken Rapp and Christopher Mansfield represented Fox and News Corp. Cushman Wakefield’s Josh Kuriloff, Mitch Arkin and Ethan Silverstein represented the owners. Ivanhoe Cambridge and its investment partner, Callahan Capital, bought the remaining 49 percent stake in the office tower in June for $913 million.

In January 2016, Murdoch announced that the companies would not move their headquarters to Silverstein Properties’ planned 2 World Trade Center.  In June 2015, the companies had signed a non-binding letter of intent to take 1.3 million square feet in the planned 2.8 million-square-foot building.

Silverstein had changed the building s architect from Norman Foster to Bjarke Ingels for the would-be tenants. Silverstein has not yet announced a replacement anchor tenant for the building. Fox and News Corp. indicated last year that they would likely stay at the Sixth Avenue location, but nothing was finalized. [NYP] — Kathryn Brenzel

Clarification: Since Fox and News Corp. signed new leases at the office building, they didn t technically renew their original lease at 1211 Sixth Avenue, as reported earlier. 

Tags: Bjarke Ingels, Larry Silverstein, rupert murdoch
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421a Renewal

Proposal to link rent regulation to 421a is nixed: report More questions than answers for when the developer tax cut is coming back

From left: Assembly member Steven Cymbrowitz and Assembly Speaker Carl Heastie

A proposal by state legislators to keep the new 421a tied to rent regulation has been removed from the realm of legislative possibility, sources told Politico Thursday. The lin上海千花网论坛 上海千花网kage was supported by a number of Assembly De上海千花网交友 上海千花网论坛mocrats.

Tying the two laws together would have have meant that when rent regulations expired, such as rent stabilization and other laws, the 421a developer tax exemption would have to expire with it, unless there was a deal to renew both.

“It was just not something that could be worked out between the parties,” the Assembly s Housing Committee chair Steven Cymbrowitz, a Brooklyn Democrat, said.

The Assembly was reported to be in private conference on Thursday afternoon. Senators left Albany on Wednesday, but could be summoned back to vote on the new 421a, dubbed by Gov. Andrew Cuomo as Affordable New York阿拉爱上海同城 爱上海龙凤419桑拿.

Last night, Cuomo held a conference on the budget, in which he said the concept of a new 421a that could expire in 201爱上海同城 爱上海9 when rent regulations are already set to expire just didn t make sense. “You can’t have a program exist for only two years,” he said.

The state Legislature passed an emergency extension of the prior year s budget on Monday and has since proceeded to pass several other revenue bills. Outstanding issues apart from 421a include the Raise the Age proposal and charter school funding. [Politico] — Will Parker

Tags: 421a
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NYC Construction Wage

Brooklyn construction firm will fo上海千花社区 上海千花网交友rfeit $2.5M for underpaying workers MSR Electrical pleaded guilty to grand la新爱上海同城对对碰论坛 上海同城对对碰交友社区rceny and violating prevailing wage rules

Creedmoor Psychiatric Center (Credit: Jim.henderson)

A Brooklyn construction company has admitted to underpaying its workers and will forfeit $2.5 million because of it.

MSR Electrical Construction Company and its head, 50-year-old Michael Riglietti, pleaded guilty on Wednesday to grand larceny and violating New York’s prevailing wage requirements, according to the Brooklyn District Attorney’s Office. On multiple projects, the firm was supposed to pay its workers新爱上海同城对对碰论坛 上海同城对对碰交友社区 $54 an hour plus benefits, but these workers instead got between $13.50 and $25 per hour with no overtime or benefits, officials said.

Riglietti will be sentenced to five years’ probation, and his company will be banned from public works contracts for five years and forfeit $2.5 million. Five of MSR’s workers will get more than $700,000 of the money, while the rest will go to city and state agencies.

MSR received 15 public works contracts between December 2012 and December 2015, according to the DA. The company worked at 13 public schools, five MTA locations and the Creedmoor Psychiatric Center in Queens.

Riglietti did not respond to a request for comment.

“This decision to steal wages turned out to be a very costly theft for爱上海 爱上海同城手机版 these defendants,” acting Brooklyn District Attorney Eric Gonzalez said in a statement, “and should serve as notice to others considering cheating employees that they will be pr上海千花网 爱上海同城对对碰osecuted.”

Tags: Commercial Real Estate
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Amazon HQ2 Miami

Nitin Motwani has 10 acres ready for Amazon. But will Bezos play ball? The site sits untouched beside the developer’s rising Miami Worldcenter

Rendering of Miami Worldcenter with Jeff Bezos and Nitin Motwani (Credit: Getty Images)

Amid the cacophony of cranes and c新爱上海同城对对碰论坛 上海同城对对碰交友社区onstruction crews at the 27-acre Miami Worldcenter in Overtown sits a swath of land, untouched.

These are the 10 acres set aside for the holy grail of tenants, Amazon, which last month announced that Miami would be among 20 cities on its shortlist for its second headquarters. The prospect of landing the $5 billion project sent every major developer in Miami – and their entourage of brokers, attorneys, project managers, and contractors – scrambling to make a deal that would define their careers.

Despite the region’s challenges, s上海夜网 阿爱上海同城uch as rising sea levels, mounting traffic issues and limited public transportation, Nitin Motwani, the lead developer of the Worldcenter, thinks he’s got a shot. His real-life assistant named Alexa adds to his optimism.

But the developer is also a realist, so he is moving ahead with his own project while following the e-commerce giant’s decision.

“It just so ha爱上海 爱上海同城手机版ppens our timing could work out, Motwani, who also sits on the board of Miami’s Downtown Development Authority, said. In the event Amazon decides to go elsewhere, those acres could go toward another project, he said.

One-click development

The Miami Worldcenter site is one of eight locations in South Florida that Amazon included under the “Miami” umbrella. They were all submitted in a joint bid but proposed on their own. One of the sites is in Palm Beach County and two are in Broward. In Miami-Dade, another known site is Codina Partners Downtown Doral. (For a look at the gatekeepers managing Miami’s bid, see here)

Two others in the direct vicinity of the Worldcenter include Michael Simkins’ site — the Miami Innovation District property in Park West — and real estate investor Mitchell Newman’s property that is west of Worldcenter. If Amazon were to pick Worldcenter, it could extend into land owned by Simkins or other investors. Simkins assemblage also spans more than 10 acres in Park West with plans for an office campus that would offer floor plates as large as 200,000 square feet.

The 10 acres Motwani set aside for Amazon encompass Northeast 10th and 11th streets and First and Second avenues; and a majority of the block bordered by North Miami and Northeast First avenues, between Northwest Ninth and 10th streets.

For now though, work on Worldcenter, a joint venture between Motwani and Art Falcone with partners Dan Kodsi, CIM Group and others, continues. The complex includes Paramount Miami Worldcenter, a 562-unit luxury condo tower, along with 爱上海同城手机版 新爱上海同城对对碰论坛about 450,000 square feet of high street retail, an 1,100-space parking garage and an apartment tower. A 1,700-room convention center hotel and an office tower are also slated to break ground this year.

Investors began buying in that Overtown area i[……]

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21 West End Avenue

Dutch pension fund buys 30% stake in 21 West End Deal values UWS rental tower at $650M

21 West End Avenue and PGGM s Edwin Velzel

Dutch pension fund manager PGGM snapped u上海夜网 阿爱上海同城p a 30 percent stake in ap爱上海龙凤419桑拿 上海龙凤论坛sh1fartment t爱上海 爱上海同城手机版ower 21 West End Avenue, in a deal that valued the building at $650 million.

Carlyle Group and Greenfield Partners are the sellers, Real Estate Alert reported. Dermot Company and AFL-CIO Building Investment Trust, which developed the 616-unit tower, own the remaining 70 percent.

HFF brokered the deal, which marks PGGM’s first direct real estate investment in New Yor上海贵族宝贝 上海千花网龙凤论坛k.

The price translates to around $1.1 million per apartment. The tower, which sits between West 60th and 61st streets, is 95 percent occupied. L上海贵族宝贝交流区 上海贵族宝贝论坛easing started in August 2016. [REA] Konrad Putzier

Tags: Commercial Real Estate
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Brooklyn Retail Market Report

Retail asking rents continue to rise across majority of Brooklyn: REBNY Averages rose in 8 out of 15 shopping corridors this winter

Fulton Street Mall and John Banks (Credit: Wikimedia Commons and Jhila Farzaneh)

More of Brooklyn’s retail streets saw average ask上海龙凤论坛 新上海贵族宝贝论坛ing rents climb higher this winter than ones that experienced declines. And new development continues to be one of the key driving forces behind pricing.

Average asking rents increased on 8 of 15 retail streets this winter from a year earlier, according to the Real Estate Board of New York’s bi-annual Brooklyn retail report.

“I think rents in Brooklyn have leveled off, as opposed to some of the major markets in Manhattan where they’ve dropped,” said Cushman Wakefield’s Diana Boutross, a member of the advisory committee that produced the report. “Brooklyn is still an emerging market; there’s still a lot of new retail.”

While asking rents were up in the majority of corridors REBNY tracks, fewer strips saw increases compared to the summer, when the trade group’s report showed average asking rents climbing in 10 out of 15 corridors.

And the trend of overall rising asks stands in contrast to Manhattan, where retail asks have been in correction mode across the borough since peaking in 2014. Average asking rents in Manhattan fell during at the start of the year in 10 out of 11 Manhattan corridors tracked by Cushman Wakefield, according to the brokerage’s first quarter retail report.

“Brooklyn is probably looking more for the top, where as in Manhattan they’re looking for the bottom,” said Michael Slattery, REBNY’s senior vice president of research.

And while Brooklyn asking rents in general were on the rise, 上海千花网 爱上海同城对对碰Slattery noted that the report’s figures can be heavily influenced by one or two properties in a particular area. If an expensive retail space gets leased up and taken off the market, it would skew the average asking rent lower, though that doesn’t necessarily indicate landlords though spaces were worth less than they previously had been.

Brooklyn’s largest increase came on the stretch of Flatbush Avenue in Prospect Heights from 5th Avenue alongside Barclays Center to Grand Army Plaza near Prospect Park. Retail pricing in the area has been on the rise ever since the opening of the Barclays Center, and over the winter average asking rents there grew 30 percent to $109 per square foot.

Park Slope also saw a notable increase along 5th Avenue from Union Street to 9th Street, where average asking rents grew 21 percent on the year to $95 per square foot.

On the other end of the spectrum, two streets in Greenpoint experienced the biggest declines. Franklin Street from Meserole Avenue to Commercial Street saw average asking rents drop 36 percent to $57 per square foot, and they fell by 13 percent to $64 per square foo爱上海同城对对碰 爱上海同城论坛t on Manhattan Avenue from Driggs Avenue to Ash Street.

In Manhattan, landlords have been adjusting to the rent correction by offering m新上海贵族宝贝论坛 上海贵族宝贝交流区ore incentives like f上海同城对对碰交[……]

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Westinghouse Newark

Aetna Realty and SJP Properties have teamed up to conver阿拉爱上海同城 爱上海龙凤419桑拿t a four-acre industrial site into a mixed-use megaproject, but they aren’t the only ones making new inroads in Newark

Aetna Realty and SJP Properties have joined forces for a $1 billion, 2 million-square-foot mixed-use project.

Beaten down and brushed off for decades, Newark has bounced back in recent years, primarily due to the construction of apartment buildings. Developers have also added new retail and restaurants, and parks and streets around town have been spruced up.

But new office buildings, at least the kind that can accommodate a variety of tenants, have been largely missing. Until now.

Although taxes are high for businesses in New Jersey (now 11.5% for income over $1 million, thanks to a new line in the state’s budget), a flurry of recent development is offering tens of thousands of square feet of workplaces for firms that want to put down roots in New Jersey’s largest city. The latest offering is a megaproject on a nearly four-acre industrial site at Broad and Orange streets, which was announced this spring.

Newark’s bet on offices may seem counterintuitive. A high vacancy rate — a quarter of Newark’s offices are currently vacant, brokers said — suggests demand is tepid. But the real estate industry and city officials are confident that businesses sick of the suburbs are eager for a city address.

Rethinking Westinghouse

The megaproject at the former factory site on Broad may be the most ambitious development in the works in上海千花网论坛 上海千花网 the city. On a weedy lot that was home to a Westinghouse plant that produced streetlamps, trolley motors and electric fans, the team of Aetna Realty and SJP Properties is planning a $1 billion, 2 million-square-foot mixed-use project that will cover an entire city block.

Many key details are still unknown, such as exactly how much of the site will be allocated to offices, but it could be up to 1 million square feet, a project spokesperson said. Located next to the city’s Broad Street train hub, it will also have hotel rooms, shops and apartments, according to Peter Bronsnick, the SJP senior vice president handling marketing. And housing units may even include condos, he added, a rarity in Newark.

There’s also no clear-cut timeline for the project, which is set to take shape at a site that has been fallow since the mid-1980s, when the Newark Works of the Westinghouse Company moved manufacturing to Florida. Aetna has controlled the site since then, and the main 400,000-square-foot red-brick structure, where the oldest section dated to 1894, was demolished in 2008.

SJP, based in Manhattan, has been active in Newark for years. Among its recent projects was a glassy 20-story tower developed for Prudential Financial. The company, which also helped build Panasonic’s U.S. headquarters at Two Riverfront Plaza, had spoken to Aetna over the years about a partnership, according Bronsnick, but their joint venture was finalized only this winter. No brokers were in[……]

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Moody’s Analytics

And so i爱上海 爱上海同城手机版t begins: Moody s launches新爱上海同城对对碰论坛 上海同城对对碰交友社区 CRE portal to challenge CoStar s dominance REIS Network will provide data services and tools from firms including CompStak and Rockport VAL

Moody’s Keith Berry

Moody s Analytics has launched its long-planned commercial real estate data portal, highlighting the company s push into a space largely dominated by the CoStar Group.

The financial services giant, which is valued at $31 billion, has ov上海同城对对碰交友社区 上海夜网论坛er the past year acquired, invested and partnered with data companies to provide a centralized portal of commercial real estate transaction tools. The Real Deal last month reported the company s plans上海夜网论坛 上海夜网 to build the portal, which would provide access to data from firms including Compstak and Rockport VAL.

The new portal, REIS Network, is named after the commercial real estate data company it acquired last September for $278 million. REIS was initially approached by CoStar for a sale, but after concerns for unwanted antitrust attention by the Federal Trade Commission, the discussions dissolved.

Among the tools available on the portal are a CRE mortgage loans, property-level data, commercial lease comps and a cloud-based valuation platform. In a statement, Moody s Analytics Accelerator executiv爱上海同城手机版 新爱上海同城对对碰论坛e director Keith Berry said that the portal will streamline data sources and tools for the commercial real estate industry.

“Our goal is to become a leading source for data and analytics for commercial real estate transactions,” Berry said.

The company enters a data industry that for decades has been dominated by Washington D.C.-based CoStar Group, which is valued at $14.6 billion. CoStar s core product is providing property level data to the commercial real estate industry, which is obtained largely through cold calling brokers for information. It has also diversified its portfolio and entered the residential space with a flurry of acquisitions in recent years, the largest being Apartments.com. CoStar declined to comment on Moody s announcement.

Tags: Costar Group, moody’s, reis, Tech
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Lalezarian Properties

Lalezarian Properties planning new 260-unit building in Hudson Yards Tower at 606 West 30th Street to stand 45 stories tall

Renderings of 606 West 30th Street and Kevin Lalezarian (Credit: CityRealty)

Lalezarian Properties is planning to build a 45-story, 260-unit mixed-use tower at 606 West 30th Street, according to plans pre-filed with the Department of Bu爱上海同城 爱上海ildings.

The mixed-use property would span more than 200,000 square feet, split between about 193,000 square feet of residential space and 14,000 square feet of commercial space. It would stand 545 feet tall.

All units will be rentals and split between 75 percent market rate and 25 p爱上海同城 爱上海ercent affordable units, according to Lalezarian.

In June, the City Council rezoned a few爱上海 爱上海同城手机版 blocks just south of Hudson Yards, which gave Lalezarian and Douglaston Development approval to begin construction on a total of 1,200 apartment units. Douglaston is planning a 62-story building with 931-plus apartments at 601 West 29th Street.

Lalezarian purchased the site from the family of late real estate investor Anita Butensky Katzman in 2015 for $36 million. The property is in Hudson Yards, where the firm has several other projects. These include a 38-story apartment building west of 10th Avenue 爱上海 爱上海同城手机版between 36th and 37th streets and three rental buildings west of 10th Avenue between 28th and 29th streets. The company recently landed a $220 milli上海夜网 阿爱上海同城on refinancing package for those properties.

The firm also recently bought a development site at 34th Street and Third Avenue in Murray Hill for $79.5 million.

Tags: Development, Hudson Yards, lalezarian properties
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