New York
Hines Sells 2 Manhattan Trophy Towers for $1B-Plus
American Realty Advisors won the competition for 499 Park Ave., and J.P. Morgan Asset Management has acquired 425 Lexington Ave.
Manhattan M-F Portfolio Attracts $94.4M in Financing
A 12-property apartment portfolio in Manhattan has just been refinanced to the tune of $94.4 million, courtesy of Beech Street Capital L.L.C.
BIT to Break Ground on $131M Development in Hoboken
Park Place, a $131 million, 12-story multi-family building funded by the AFL-CIO Building Investment Trust and to be developed by Bijou Properties and built by Tishman Construction, will break ground tomorrow in Hoboken.
BCRE Trades The James NY Hotel for $85M
Brack Capital Real Estate, a global real estate investment and development company, has sold The James New York, a luxury hotel in the popular SOHO neighborhood, for approximately $85 million to an undisclosed buyer.
Brooklyn’s Gateway Elton Street Moves to Phase II
Two years after work started on Gateway Elton Street, a three-phase public/private green housing development in the Spring Creek neighborhood of Brooklyn, representatives of the NYC Department of Housing Preservation and Development (HPD) and the Hudson Companies , Related Companies, and CAMBA Housing Ventures gathered at the site to celebrate the groundbreaking of the project’s next phase.
Engineering Firm Nears Milestone at $1B NYC Office Tower
The temporary halt in development of Boston Properties’ 1 million-square-foot office project at 250 W. 55th St. in Midtown Manhattan grows smaller and smaller in the rearview mirror as building activity moves closer toward completion, and Arup is the latest participant in the endeavor to achieve a major goal.
Borderfree.com Expands, Extends Lease at NYC’s 292 Madison Ave.
E-commerce firm Borderfree.com expanded its quarters and extended its lease at 292 Madison Ave. for an additional seven years.
$130M in Financing Secured for Manhattan’s 800 KSF Paramount Building
The Paramount Building, a landmark Manhattan office tower carrying the address of 1501 Broadway in Times Square, is among the latest assets to benefit from the lending community’s fondness for New York City.
Graffiti Landmark 5Pointz to Be Replaced by Residential Towers
Long Island City’s 5Pointz, a 90-year-old factory building that has been serving as an outdoor exhibit space for graffiti artists around the world, is slated for demolition as the property’s owners are seeking a special permit for a zoning variance that would allow them to replace the building with two apartment towers and a luxury shopping center.
SL Green, Vornado Fill 100 KSF at 280 Park Ave. in NYC
L Green Realty Corp. and Vornado Realty Trust recently locked in two tenants to occupy two full floors at Manhattan’s 280 Park Ave., the 1.2 million-square-foot office tower that the co-owners are presently redeveloping to the tune of $125 million.