New York
Lower East Side Mega-Project Includes New Andy Warhol Museum
Could New York City get more pretentiously artistic than it already is? The answer is yes. There’s always room for more art in this city than anywhere else in the world.
Tucker Secures $218M in Financing for Phase I of 1 MSF M-U Development in Fort Lee, NJ
A JV of Tucker Development, Ares Management and Kushner Real Estate has secured $218 million in financing for the initial phase of Hudson Lights, a 1 million-square-foot mixed-use redevelopment of an eight-acre site located at the base of the entrance to the George Washington Bridge in the heart of downtown Fort Lee, N.J.
Orbach Buys 33-Building M-F Portfolio in Manhattan for $250M
In a two-part transaction, The Orbach Group has purchased a 33-building, 1,031-unit high-end multi-family portfolio on Manhattan’s Upper West Side for about $250 million.
$157 Million Luxury Building Underway in Queens; Continuum Announces Harlem’s Tallest Residential Project
The World-Wide Group, a New York City-based development company that has developed over $3 billion worth of premium residential properties in Manhattan over the past five decades, recently broke ground on a $157 million project.
Boston Properties to Sell Ownership Interest in Times Square Tower for $684M
Boston Properties has entered into a binding purchase and sale agreement to sell a 45 percent interest in the ground leasehold interest and related tax credits in New York City’s Times Square Tower to an affiliate of Norges Bank for a purchase price of $684 million in cash.
Construction Starts at East New York Senior Housing Development
Another residential project officially kicked off in Brooklyn last week as part of Mayor Michael Bloomberg’s New Housing Marketplace Plan that aims to finance 165,000 units of affordable housing for 500,000 New Yorkers by the close of Fiscal Year 2014.
Pelli to Design M-U Building for Wall Street Church
Pelli Clarke Pelli Architects will design a 296,000-square-foot mixed-use development for Trinity Wall Street, the historic Episcopal parish in Lower Manhattan.
H&M Takes 63 KSF Flagship Spot at Re-Envisioned Herald Center in NYC
JEMB Realty’s long-held vision for Herald Center, its 250,000-square-foot office and retail property at the intersection of 34th Street and Broadway in Manhattan, is coming to fruition. The 10-story tower has landed fashion retailer H&M for occupancy of a prominent 63,000-square-foot wraparound retail space under a 25-year lease agreement.
Time Equities Gets $398M to Start Manhattan High-Rise
Time Equities, of New York, has secured $288 million in construction financing for 50 West St., a 63-story residential condominium tower that will start construction in Lower Manhattan this fall.
Savanna Fund II REIT Sells Manhattan’s 5 Hanover Sq. for $104M
CIM Group has acquired 5 Hanover Square, a 25-story building in Manhattan’s Financial District, from Savanna Fund II REIT for $104 million.