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Extell unveils plan for 400,000 s/f medical office building on Upper East Side

Extell Development Company has announced it will be developing the first Class A medical office building on Manhattan’s Upper East Side at 403 East 79th Street.  Located on the East 79th Street corridor, in close proximity to the city’s top hospitals and medical research centers, the 30-story, 400,000 s/f building will be a new construction... The post Extell unveils plan for 400,000 s/f medical office building on Upper East Side appeared first on Real Estate Weekly. Extell Development Company has announced it will be developing the first Class A medical office building on Manhattan’s Upper East Side at 403 East 79th Street.  Located on the East 79th Street corridor, in close proximity to the city’s top hospitals and medical research centers, the 30-story, 400,000 s/f building will be a new construction state-of-the-art facility for the healthcare industry. The building’s anchor tenant will be Hospital for Special Surgery, the world’s leading academic medical center focused on musculoskeletal health. HSS has signed a long-term lease for approximately 200,000 s/fof space spread across the first eight floors. The space will be filled with HSS physician offices and ancillary services for treatment of musculoskeletal conditions, which affect one out of every two people over the age of 18. “As the population ages and in anticipation of increased life expectancy, several medical expansions and redevelopments are already underway on the Upper East Side; however, the current medical office inventory is not equipped to meet the modern tenant’s needs,” said Gary Barnett, Chairman and Founder of Extell Development Company. GARY BARNETT “403 East 79th Street will provide a much-needed new facility to complement the area’s growth. We are pleased to be partnering with HSS, the foremost hospital for orthopedics and rheumatology to anchor the base of the building.” “We are grateful to Extell for building a superb facility that will help us to continue lead the world in specialized patient care, research, innovation and education,” said Louis A. Shapiro, President and CEO of HSS.  “This is an important step in the multi-year transformation of our main campus, and complement to construction of the HSS Kellen Tower over FDR Drive, which is now underway.” The full block site, located on the east side of First Avenue from 79th Street to 80th Street, consists of 10 different parcels that took Extell over a decade to assemble. With the site fully entitled and cleared, the company anticipates breaking ground at the end of first quarter 2022 with completion slated for early 2025. Rendering of the new tower at 403 East 79th Street.  Designed by New York-based Perkins Eastman Architects, the mixed-use building will set a new bar for medical office and research space. The project will feature the latest in modern, user-centered design, infrastructure, and technological specifications. In addition to oversized windows that will offer expansive views and an abundance of natural light, the building will incorporate post-COVID enhancements and specific healthcare solutions, including increased ventilation and enhanced filtration throughout the building. There will also be accommodations for both Department of Health (DOH) and Article 28 requirements for uses such as an Ambulatory Care and Surgical Facilities. The site’s large footprint allows for efficient floor plates with mostly column free spaces  permitting maximum flexibility for tenant fit outs and future improvements and changes in configuration. The building will also include prime retail space on the cellar and ground levels. Avison Young President & Managing Director of New York City Operations Mitti Liebersohn and Principal & Tri-State Chairman Arthur Mirante represented HSS in the negotiations in collaboration with the hospital’s in-house team of Michael Calabrese, Stephen Bell and Stacey Malakoff. Extell was represented in-house in addition to Avison Young Principal Vincent Carrega. The post Extell unveils plan for 400,000 s/f medical office building on Upper East Side appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY12 hr. 1 min. ago Related News

GSA renews at Nuveen’s 86 Chambers Street

Cushman & Wakefield has arranged two office lease renewals totaling nearly 82,000 s/f at 86 Chambers Street near City Hall. Cushman & Wakefield’s David Hoffman, Jonathan Fein and Whitnee Williams represented the landlord, Nuveen Real Estate, in both transactions. General Services Administration (GSA) signed a 72,258 s/f lease renewal covering... The post GSA renews at Nuveen’s 86 Chambers Street appeared first on Real Estate Weekly. Cushman & Wakefield has arranged two office lease renewals totaling nearly 82,000 s/f at 86 Chambers Street near City Hall. Cushman & Wakefield’s David Hoffman, Jonathan Fein and Whitnee Williams represented the landlord, Nuveen Real Estate, in both transactions. General Services Administration (GSA) signed a 72,258 s/f lease renewal covering the entire third through sixth floors. GSA is an independent agency of the United States government established in 1949 to help manage and support the basic functioning of federal agencies. Edward Welbourn and Marcy Owenstest of CBRE also represented the landlord in the transaction. Rapid Ratings signed a 9,534 s/f, long-term lease renewal on the 7th floor. The tenant, a SaaS technology firm providing information on the financial health of public and private companies around the world, was represented by Todd Korren of Avison Young.  86 Chambers Street “Retaining the GSA and Rapid Ratings is a huge win for 86 Chambers and the landlord,” said David Hoffman. “Immediate proximity to City Hall, Tribeca and the Financial District were factors in the tenants’ decision making, but Nuveen’s attentiveness to the property and responsiveness to the tenants sealed the deals.” “It is with great pleasure that we renew both long-term tenants,” said Ines Olesen, Director of New York Investments and Head of Dispositions, Office and Life Science, Americas at Nuveen. “GSA and Rapid Ratings’ decision to stay at 86 Chambers has reinforced our belief in the building’s value proposition and its ideal location that set it apart.” 86 Chambers Street is an 114,891 s/f boutique office and retail condominium with six full floors of office space. The post GSA renews at Nuveen’s 86 Chambers Street appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY12 hr. 1 min. ago Related News

Online cooking brand Food52 moving to Dock 72

Rudin Development and Boston Properties announced that Food52, a premier online cooking and home brand, is moving its New York offices to Dock 72 at the Brooklyn Navy Yard. Food52, which currently has offices in Chelsea, will occupy approximately 42,000 s/f of space spanning the entire 13th floor. As part of... The post Online cooking brand Food52 moving to Dock 72 appeared first on Real Estate Weekly. Rudin Development and Boston Properties announced that Food52, a premier online cooking and home brand, is moving its New York offices to Dock 72 at the Brooklyn Navy Yard. Food52, which currently has offices in Chelsea, will occupy approximately 42,000 s/f of space spanning the entire 13th floor. As part of a 12-year lease, the firm plans to relocate from Manhattan to Dock 72 during the second half of 2022. Co-founded in 2009 by former New York Times food editors Amanda Hesser and Merrill Stubbs, Food52 created a digital hub combining content, commerce, and community around the belief that the kitchen is at the heart of the home and food is the center of a well-lived life. With a monthly reach of more than 25 million people, the site features content such as recipes, videos, and podcasts, as well as a shop featuring its own line of award-winning products for kitchen, home, and life. Food52 was recently named by Fast Company as one of the world’s “Most Innovative Companies” in 2020. “We are beyond thrilled to call Dock72 in the Brooklyn Navy Yard the future home of Food52. Through the pandemic, we redefined our vision for the future of the workplace and how we’ll intertwine our worlds of content and commerce creation just as we do on our site,” said Amanda Hesser, Food52 founder and CEO. “We’re already beginning to build out studios, communal spaces and test kitchens in the light-filled space for our team and collaborators to help even more people enjoy life’s most important pleasures — food, home and connection to others.” MICHAEL RUDIN “Bringing an innovative digital company like Food52 speaks volumes about the appeal of Dock 72 and our vision to create Brooklyn’s most advanced workplace,” said Michael Rudin, Executive Vice President of Rudin Development. “It is a testament to the quality of this project, as well as the technology community’s continued faith in the future of Brooklyn and New York City, and shows that despite the past year and a half that companies like Food52 are growing and still want to be in New York and in the office.” “Dock 72 represents the cutting-edge of 21st century office space, which has been designed and constructed to contain the industry-leading amenities and technical infrastructure needed by today’s modern businesses,” said John Powers, Executive Vice President, New York Region at BXP. “It is an ideal fit for Food52’s brand as it establishes its presence in Brooklyn.” “Being at the forefront of the food industry and digital content, Food52’s new space at the Navy Yard will offer its employees access to the state-of-the-art amenities at Dock 72 while allowing the media site to expand operations,” said David Ehrenberg, President and CEO of the Brooklyn Navy Yard Development Corporation. “Food52 is one of the latest additions to the Yard’s robust industrial ecosystem that enables food and beverage manufacturing companies to thrive by fostering collaboration and innovation.” Opened in October 2019, Dock 72 was the first major ground-up commercial office building to be constructed in Brooklyn in over a decade. Originally a former shipbuilding facility, the site has been reinvented as an innovative and collaborative workspace. Co-developed by Rudin Development, BXP and WeWork, the 16-story, 675,000 s/f office building integrates state-of-the-art class-A office infrastructure with a unique design that honors the Navy Yard’s maritime history. The building features massive, column-free workspaces with 14-foot ceilings and expanses of glass, which allow for an abundance of daylight and fresh air throughout the building. Surrounded by water on three sides, Dock 72 was designed by S9 Architecture, Perkins Eastman and Fogarty Finger Architects and offers 16,000 s/f of outdoor terraces in addition to a large waterfront open space. Employees and guests of Food52 will benefit from Dock 72’s expansive 35,000 s/f of amenities, which includes a rooftop conference center and ground floor food hall managed by FLIK Hospitality and Danny Meyer’s Union Square Events, a state-of-the-art health and wellness center, an open lawn and basketball court and an on-site bike valet, among others. Food52 will also have access to the Dock 72 mobile app, which expedites access to the building and all amenities and provides real-time transit updates. Dock 72 and the Navy Yard are served by a wide array of multimodal transportation, including a NYC Ferry stop just steps from the building, onsite parking, CitiBike access, bus service, and WiFi-equipped shuttle service to major subway lines. Food 52 will relocate from its current offices (above) at 122 West 26th Street. Food52’s new lease coincides with the Navy Yard’s $1 billion expansion, which has helped transform the Yard into Brooklyn’s preeminent tech and innovation hub. The expansion includes Building 77, a one million-square-foot property adjacent to Dock 72, which recently underwent a multi-million dollar renovation featuring a food manufacturing hub on the ground floor. Other recent projects include the redevelopment of Admiral’s Row, which is anchored by a 74,000 square-foot Wegmans Supermarket, and the expansion of Steiner Studios, NYC’s largest and most successful film and television studio. Food52 was represented by Helen Paul and Rico Murtha of Cushman & Wakefield. Robert Steinman, Senior Vice President at Rudin Management Company and Andrew Levin, Senior Vice President, Leasing at BXP, along with Joe Cirone, Ron Lo Russo and Patrick Dugan of Cushman & Wakefield and Sacha Zarba and Freddie Fackelmayer of CBRE represented building ownership in the transaction. The post Online cooking brand Food52 moving to Dock 72 appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY13 hr. 1 min. ago Related News

SHoP founders take next leap in modular construction

SHoP architecture founders Bill and Chris Sharples have unveiled the first apartment unit built by their next generation modular construction company, Assembly OSM. The one-bedroom unit has been built using digital design technology combined with advanced manufacturing techniques developed  in collaboration with auto and aerospace engineers with decades of leadership... The post SHoP founders take next leap in modular construction appeared first on Real Estate Weekly. SHoP architecture founders Bill and Chris Sharples have unveiled the first apartment unit built by their next generation modular construction company, Assembly OSM. The one-bedroom unit has been built using digital design technology combined with advanced manufacturing techniques developed  in collaboration with auto and aerospace engineers with decades of leadership experience at  Boeing, SpaceX and Tesla. Assembly OSM says it is reinventing the construction of mid-to-high-rise buildings with its digitally-led design and fabrication approach to 10-30 story building construction. BILL SHARPLES “Good design shouldn’t be a luxury reserved for the world’s elite,” said Sharples.  “Leveraging 25 years of design excellence and digital innovation, SHoP created the technology that is the foundation for Assembly OSM’s open ecosystem. The platform is built to be agnostic to architects, so if a developer wants a Frank Gehry façade, it can be done using our platform.  Our vision for Assembly OSM is bigger than just one building, we set out to change how buildings are built in the future.” “I was drawn to what Assembly OSM is trying to do because it can solve the major housing supply crisis we are facing right now,” said Senior Advisor and Former CTO of Boeing, John Tracy.  “The digital manufacturing methodologies that Assembly is introducing to building design and the construction industry, Boeing has been implementing for years, since the inception of the Boeing 787 Dreamliner.” Just as Henry Ford’s assembly line disrupted and forever impacted the auto industry, Assembly OSM believes it is poised to do the same for construction with the ability to produce housing at the scale needed to address America’s housing crisis.  The infrastructure boom is set to fuel global economic growth over the next decade, with global construction output expected to grow by 6.6% in 2021 and by 42% by 2030, driven largely by government stimuli and the demand for residential construction.  In New York alone, more apartments sold in the 2021 third quarter than at any other time in more than 30 years and three times as many sales as in the same period in 2020. However, the data notes that the U.S. is short of 5.24 million homes, an increase of 1.4 million from the 2019 gap of 3.84 million. The apartment unit components fit together like Lego bricks Similar to how airplanes and cars are built, Assembly OSM’s delivery process uses advanced  manufacturing to achieve imaginative, distinctive, high-quality architecture from a collection of digitally-designed, fully customizable subassemblies where every item is tracked, assembled and placed accordingly, based on the specifications generated by a first-of-its-kind 3D “digital twin.”  The “digital twin” technology generates detailed instructions for Assembly’s “virtually integrated” supply chain who manufacture finished building components — like fully contained bathroom pods and façade panels for the building exterior.  Similar to a car’s dashboard, or an airplane’s passenger cabin being manufactured by a third party supplier to an exact specification, Assembly OSM’s components are built to click together, like Lego blocks, in Tier 1 facilities anywhere in the world using Assembly OSM-trained local labor. Known for their out-of-the-box design and neighborhood-changing projects, like Barclays Center and The American Copper Buildings, Bill and Chris drew on their decades of experience to create Assembly OSM’s innovative digital technology, engineering advances, and post-modular process. In particular, B2: 461 Dean Street in Brooklyn, North America’s tallest modular residential tower, was built as a solution to meet the high demand for urban housing in NYC.  B2 served as inspiration for Assembly OSM, particularly the limitations presented by the conventional approaches used to produce the B2 tower as a constructed product in an offsite facility.  SHoP’s prior projects, particularly the direct to fabrication techniques utilized to produce facades for the Botswana Innovation Hub, Nassau Coliseum, 111 West 57th and The American Copper Buildings helped to craft and perfect the digital fabrication technology now utilized by Assembly OSM. Inside the first digitally-created apartment unit Unlike the Dean Street project, everything in an Assembly OSM building, from concept, to production, delivery and post-occupancy relates back to a single source of product data. This digital platform (inherent in a manufacturing approach) removes crucial information gaps that critically mitigates human error (resulting in a material reduction of time-consuming re-work or contingency utilization) as compared to conventional construction or traditional modular and represents a generational leap forward in applying manufacturing efficiency to the built environment. “I am a big believer in the potential of modular construction at scale in dense urban environments,” said MaryAnne Gilmartin, Founder and CEO of MAG Partners. “From day one, it has been clear that Assembly’s process and platform will upend the way builders and developers do business. There have been a lot of companies over the years that have tried and come up short in utilizing modular construction principles for a broader application. In the end, the technology really matters and that’s why I am betting on Assembly.” With the completion of its first full-scale production unit, including all systems and components, Assembly OSM is embarking on its delivery phase.  Since 2019, Assembly OSM has been working with New York City’s Department of Buildings (DOB) to achieve pre-approval for all of the key elements of its system. The post SHoP founders take next leap in modular construction appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 26th, 2021Related News

Work begins on advanced research center at BNY

The Pratt Institute, New York City College of Technology (City Tech) and the Brooklyn Navy Yard Development Corporation (BNYDC) are partnering to create a new  advanced research and applied learning facility in the Brooklyn Navy Yard. Construction on the project, which received funding from the New York City Council, Brooklyn... The post Work begins on advanced research center at BNY appeared first on Real Estate Weekly. The Pratt Institute, New York City College of Technology (City Tech) and the Brooklyn Navy Yard Development Corporation (BNYDC) are partnering to create a new  advanced research and applied learning facility in the Brooklyn Navy Yard. Construction on the project, which received funding from the New York City Council, Brooklyn Borough President Eric L. Adams and New York State, is expected to be complete by early 2022. The Research Yard will connect faculty and students from both Pratt and City Tech with the Yard’s ecosystem of more than 500 businesses. The co-location of a public and private university facility within a community of businesses will create the opportunity for faculty and entrepreneurs to collaborate on industry-relevant research and new product development.  Students, faculty, and industry professionals will work together on research projects, sharing cutting-edge technology and equipment and co-producing finished projects. This unique partnership offers students the rare opportunity to build their professional networks to help them secure internships and jobs in the fields they’re interested in working in. The concept of a shared research facility between Pratt faculty, Brooklyn Navy Yard, and the community was originally conceived as the “Pratt Research Yard.” The initiative has since expanded and become a public/private partnership that is now called the “Research Yard of Pratt Institute, City Tech, and the Brooklyn Navy Yard,” or, informally, the Research Yard. The Research Lab will be located in Building 3 “In bringing two renowned academic institutions to a major job hub, the Research Yard will open doors for students by offering a hands-on learning environment,” said David Ehrenberg, President and CEO of the Brooklyn Navy Yard Development Corporation. “This unique partnership is an extension of the Yard’s mission to create a pipeline of quality jobs, while also providing the experiential learning and skill building that make these jobs accessible to the local community. We look forward to starting work on this exciting project and welcoming a new generation to the Navy Yard.” “Building this advanced creative research facility just blocks from the Pratt campus and alongside the businesses and entrepreneurs at the Brooklyn Navy Yard is crucial for New York City, and especially for the Borough of Brooklyn. The Research Yard of Pratt Institute, City Tech, and the Brooklyn Navy Yard will further enable our research leaders to work with the local community on today’s important challenges,” said Pratt Institute President Frances Bronet. “We are deeply appreciative of the funding support we have received from the city and state, and with this latest investment from the City Council.” “Nearly half of our students live and work in Brooklyn and over 90% of our students reside in New York City.  The Research Yard will provide a seamless and braided experience for our students and faculty to work alongside local workforce talent and tech industries,” said City Tech’s Dean of the School of Technology & Design, Dr. Gerarda Shields. “Funding for the Research Yard is a testament to the NY City Council’s commitment of forwarding City Tech as a national engine of economic mobility in Downtown Brooklyn.” The Research Yard will be headquartered in a 27,000 s/f  space in the Navy Yard’s eleven-story Building 3, originally built in 1918 at the end of World War I. The space, which was configured as a traditional warehouse and fulfillment center, will be transformed by architectural firm Smith-Miller + Hawkinson, LLP into a 21st century industry-education research model supporting the creative economy. With Pratt consolidating and relocating all its research centers and accelerators to the Research Yard, the newly designed open plan facility will include fabrication labs as well as research areas for the study of robotics, information visualization, sustainability, community development, environmental sensing, design incubation in rural areas, and digital archeology, along with a number of accelerators.  The space will also house a facility for the New York City College of Technology (CUNY City Tech), where CUNY students and faculty will gain hands-on experience collaborating with industry professionals from the Yard’s ecosystem of more than 500 businesses, along with their peers from Pratt. A total of $6 million has been earmarked for the Research Yard, including $4.2 million from the New York City Council, with an additional $1.8 million coming from Pratt, the Brooklyn Navy Yard, the Brooklyn Borough President’s Office, and the Dormitory Authority of the State of New York (DASNY). At the same time, the facility will provide much-needed fabrication space for City Tech staff and students. The Research Yard will expand access for City Tech faculty and students to gain hands-on experience with cutting-edge technologies and the industry professionals that use them. By providing real-time feedback loops from learning to industry application, City Tech faculty and students will benefit from industry-immersed research and applied learning within an authentic work environment. Industry partners will benefit from an infusion of knowledge and research, while helping to invest in the development of a skilled pipeline of City Tech students who are equipped with the skills and experiences needed to fill entry-level roles at their businesses.  The Research Yard under City Tech will focus on the following technologies: Artificial Intelligence (AI), Collaborative Robot (Cobots) and Automation technology focuses on robotic solutions that make manufacturing and warehouses more efficient, cost-effective and safe with collaborative robots sharing workspace with people and allowing for products to be made with more precision than ever before. Building Performance and Digital Fabrication is a response to the need for more sustainable and energy efficient structures, now with the emphasis on healthy buildings in a pandemic era and beyond.  Digital fabrication has been embraced by both the architectural and engineering industries.  The Yard will enable faculty and students to utilize three types of digital fabrication methods: additive manufacturing, subtractive manufacturing and robotic manipulation. Remote Sensing Technology for a Climate Resilient Future requires accurate, precise data – and a lot of it.  With the assistance of drone technology, data can be collected real-time and with increased spatial, spectral and temporal resolution allowing for more accurate climate predictions. With Pratt research centers and accelerators housed at the facility, the Research Yard will support the local community in a variety of research initiatives. Pratt’s Consortium for Research and Robotics will incubate small businesses and expand its community engagement and corporate research partners, while local manufacturing members at the Navy Yard that are already part of the Pratt Center for Community Development’s Made in NYC initiative will extend this network. The Pratt Sustainability Center plans to create a GIVE/TAKE program overseen by students where art supplies and other materials can be recycled and reused by the community, and the Spatial Analysis and Visualization Initiative, which uses geographic information systems (GIS)-centered research as well as mapping, data, design and visualization to understand and empower urban communities. The centers that are being relocated to the Research Yard include: The Consortium for Research and Robotics (CRR) is a new model for collaboration, competition, and creativity with New York City’s largest industrial robot. Currently housed in the BNYDC, the CRR has unique facilities, professional and academic networks, and various other resources. The CRR will move from its current location to the PRY facility. Spatial Analysis and Visualization Initiative (SAVI) is a geographic information systems-focused research center that uses mapping, data and design to better understand urban communities. The lab provides technical solutions, and resources to nonprofit organizations that need to better understand their data to make informed decisions. In addition to engagement with BNYDC tenants, The Research Yard will connect Pratt and City Tech students, faculty and staff with the Brooklyn Navy Yard STEAM Center, a career and technical training high school for 11th and 12th grade students who come from eight Brooklyn public high schools. Alongside faculty, college and high school students will participate in research addressing real world problems ranging from sustainability in manufacturing processes, an important focus for the Navy Yard in adapting 20th-century industrial buildings for 21st-century uses. Inviting high school students to participate in this crucial research will allow students to improve the landscape of today as New York recovers from the toll of the pandemic while offering them pathways to become leaders in future resiliency efforts. The post Work begins on advanced research center at BNY appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 26th, 2021Related News

Macquarie funds $167M loan on Trinity’s 77 Greenwich

JLL Capital Markets has secured $167 million in condominium inventory financing for Jolie at 77 Greenwich St., a 90-unit condominium tower in Lower Manhattan that began closing units in September. JLL represented the sponsor, Trinity Place Holdings, to place the loan with Macquarie Capital, the advisory, capital markets and principal... The post Macquarie funds $167M loan on Trinity’s 77 Greenwich appeared first on Real Estate Weekly. JLL Capital Markets has secured $167 million in condominium inventory financing for Jolie at 77 Greenwich St., a 90-unit condominium tower in Lower Manhattan that began closing units in September. JLL represented the sponsor, Trinity Place Holdings, to place the loan with Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group. The funds will be used to retire existing construction financing and fund remaining project costs. The 500-foot tower consists of 90 residential condominium units and approximately 7,500 s/f of retail. Jolie’s first residents have moved into their new homes and construction is nearing completion. With architecture by FXCollaborative and interiors by Deborah Berke Partners, the boutique, full-service building has no more than four units per floor. The residences, averaging 1,534 s/f, range from one- to four-bedrooms and offer walk-to-work access to over 90 million square feet of office space in Lower Manhattan and numerous nearby parks and neighborhood amenities. The building will also include a new kindergarten through 5th grade public elementary school, which is accessed through a separate entrance located on Trinity Place. The JLL Capital Markets Debt Advisory team representing the borrower was led by Geoff Goldstein, Steve Klein and Alex Staikos. “Jolie at 77 Greenwich Street is an extraordinary Lower Manhattan residential project developed by a sponsor with unmatched experience in New York,” said Goldstein. “This stand-out property represents the powerful future of Lower Manhattan.” The post Macquarie funds $167M loan on Trinity’s 77 Greenwich appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 26th, 2021Related News

Hope Street Capital leases office at 56 West 22nd

 Kaufman Organization announced that Hope Street Capital, a real estate investment group dedicated to opportunistic investment and development throughout New York City has signed a 5,508 s/f lease at 56 West 22nd Street. The company, which specializes in development, management, leasing and sales of luxury residential, office and retail assets will occupy the... The post Hope Street Capital leases office at 56 West 22nd appeared first on Real Estate Weekly.  Kaufman Organization announced that Hope Street Capital, a real estate investment group dedicated to opportunistic investment and development throughout New York City has signed a 5,508 s/f lease at 56 West 22nd Street. The company, which specializes in development, management, leasing and sales of luxury residential, office and retail assets will occupy the entire 10th floor of the 12-story property in the Flatiron District. The company is relocating from its current headquarters at 475 Park Avenue South.  “After undergoing a robust capital improvement program at 56 West 22, we have been able to meet the needs of forward-thinking companies like Hope Street Capital, who was attracted to the space due to its pre-existing build-out and the option to add an additional conference room,” said Grant Greenspan, Principal of Kaufman. “The property is also in one of the most sought-after and resilient neighborhoods in the city, in close proximity to the Flatiron Building, Madison Square Park and many fine dining and retail options.”    Greenspan and Will Landsberg of Kaufman Organization represented both the landlord, Kaufman Leasing Company and Hope Street Capital in this transaction. Asking rent was $65 per square-foot.  56 West 22nd  is a 12-story building that was constructed in 1907 and renovated in 2020 after the Kaufman Organization acquired the building. The property includes a renovated lobby, two new passenger elevators, visitor management system with 24/7 access and turnkey, furnished options.  The post Hope Street Capital leases office at 56 West 22nd appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 26th, 2021Related News

Brookfield buys 19-acre NJ industrial site

A Brookfield Asset Management-backed fund has acquired a 19-acre industrial development site from Stalwart Ridgefield, LLC. Located in Northern New Jersey’s Route 46 corridor, one of the most sought-after last mile industrial areas in the region, the development plan is to construct a new, state-of-the art industrial warehouse facility (rendering... The post Brookfield buys 19-acre NJ industrial site appeared first on Real Estate Weekly. A Brookfield Asset Management-backed fund has acquired a 19-acre industrial development site from Stalwart Ridgefield, LLC. Located in Northern New Jersey’s Route 46 corridor, one of the most sought-after last mile industrial areas in the region, the development plan is to construct a new, state-of-the art industrial warehouse facility (rendering top) to help meet the unrelenting tenant demand that the New Jersey and New York Metropolitan areas are currently experiencing.   The CBRE Investment Properties team of Elli Klapper, Jeremy Wernick and Charles Berger, along with CBRE’s Kevin Dudley and Nicholas Klacik, facilitated the transaction and the site will be developed by Brookfield Properties for Brookfield Asset Management. “Demand for quality industrial space in New Jersey has reached record levels, while the supply has dwindled to below 2% as of Q3 2021,” said Klapper. “The Ridgefield site presents an incredible opportunity for Brookfield Properties, one of the premier real estate developers in the world, to create a LEED Certified distribution facility designed specifically to meet this insatiable demand,” continued Mr. Dudley. “The Ridgefield Logistics Center development is an ideal match for this well-located industrial land site in one of the nation’s hottest industrial markets,” added Wernick.  “Working together with CBRE on this deal showcased the best our firms have to offer,” stated Tyler Mordas of Brookfield Properties. “We now have ten separate land parcels in the New Jersey and New York region and anticipate over three million square feet of logistics deliveries. CBRE’s valued guidance in this transaction puts us on track to deliver that to the New Jersey market in the next 24 months.” Located off Route 46, just ten minutes from New York City and four minutes from the George Washington Bridge, the site will be developed into a high quality, 337,592 sq. ft. facility with 40’ clear heights and ample car and trailer parking. Additionally, Ridgefield Logistics Center will also benefit from being fewer than ten miles from the Port of Newark-Elizabeth, the second largest port in the country which has experienced 18% year-over-year growth in volume. Construction is scheduled to commence in early 2022. The post Brookfield buys 19-acre NJ industrial site appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 26th, 2021Related News

Simi Capital partners with Cerberus, Stonemont on $19M industrial buy

Simi Capital Group (SCG), a real estate investment firm focused on various equity and debt strategies, announced the $19 million acquisition of a Staten Island industrial property in partnership with Cerberus Capital Management and Stonemont Financial. The newly acquired over six-acre site, located at 2577 Forest Avenue, Staten Island, New York City,... The post Simi Capital partners with Cerberus, Stonemont on $19M industrial buy appeared first on Real Estate Weekly. Simi Capital Group (SCG), a real estate investment firm focused on various equity and debt strategies, announced the $19 million acquisition of a Staten Island industrial property in partnership with Cerberus Capital Management and Stonemont Financial. The newly acquired over six-acre site, located at 2577 Forest Avenue, Staten Island, New York City, is set to be converted from self-storage space into an outdoor storage facility situated only a mile from Goethals Bridge, a critical crossing between Staten Island and New Jersey. Upon its completion, the property will service the booming industrial market in the greater New York City metropolitan area. This acquisition is Simi Capital’s fourth this month having closed on three additional properties in Miami, Florida and Columbus, Ohio. “Having specialized in niche industrial logistics transactions in several major metropolitan areas throughout the country, we are confident that this property will be an asset to our growing industrial portfolio,” said Andrew Skydell, Founder of Simi Capital. “We’re excited to deliver such a useful outdoor storage site to the New York City market.” This acquisition is the latest in Simi Capital’s expansion of their portfolio of industrial properties in greater New York City. Previous transactions were executed in other major metropolitan areas including Nashville, Austin, Columbus, and Central and South Florida. With several new acquisitions set to be announced soon, Simi Capital is looking to expand its industrial properties portfolio across the country. According to a recent Cushman & Wakefield report, Staten Island’s industrial vacancy rate is only about two percent, and the outer borough market as a whole is continuing to see an increased demand for parking options. The post Simi Capital partners with Cerberus, Stonemont on $19M industrial buy appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 26th, 2021Related News

Flywheel rethinks its space needs at 90 Broad, reduces footprint

Savills has finalized a 12,830 s/f lease for Flywheel Partners at 90 Broad Street, owned by Princeton International Properties, in Manhattan’s Financial District. Flywheel provides brand strategy, communications, and training services for healthcare companies. Currently occupying approximately 15,000 s/f across the 24th and 17th floors, Flywheel will consolidate to a... The post Flywheel rethinks its space needs at 90 Broad, reduces footprint appeared first on Real Estate Weekly. Savills has finalized a 12,830 s/f lease for Flywheel Partners at 90 Broad Street, owned by Princeton International Properties, in Manhattan’s Financial District. Flywheel provides brand strategy, communications, and training services for healthcare companies. Currently occupying approximately 15,000 s/f across the 24th and 17th floors, Flywheel will consolidate to a contiguous space on the 17th floor, with future expansion rights, according to the new lease terms. As part of the agreement, Princeton will also build out the new space, which features 14.5-foot ceiling heights and will provide a significant amount of flexibility for Flywheel’s evolving needs. Construction is expected to be completed in the first quarter of 2022. A Savills team comprised of Daniel Thompson and Peter Cipriano negotiated the deal on behalf of Flywheel.  “As Flywheel’s business has changed, so too has its goals for how its real estate should perform now and in the future,” Thompson said. “We’re pleased to have been able to accommodate our client’s needs while ensuring that they can remain at the same location where their staff has thrived for seven years. Flywheel has put careful thought and consideration into how its workforce will be utilizing office space in a post-pandemic environment, and we believe that the ideal solution has been achieved for the company with this new arrangement.” In addition to its main headquarters at 90 Broad, Flywheel also operates out of regional office locations in Montclair, New Jersey, and Winchester, Massachusetts. Princeton International Properties was represented by Eric Cagner of Newmark. The post Flywheel rethinks its space needs at 90 Broad, reduces footprint appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 26th, 2021Related News

Link buys $175M industrial portfolio from AEW

New York based Link Logistics Real Estate has acquired a $175 million Massachusetts industrial protfolio. CBRE arranged the sale of the six-building package dubbed Partners Industrial Portfolio and totaling 802,194 s/f. The CBRE team of Scott Dragos, Doug Jacoby, Chris Skeffington, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines... The post Link buys $175M industrial portfolio from AEW appeared first on Real Estate Weekly. New York based Link Logistics Real Estate has acquired a $175 million Massachusetts industrial protfolio. CBRE arranged the sale of the six-building package dubbed Partners Industrial Portfolio and totaling 802,194 s/f. The CBRE team of Scott Dragos, Doug Jacoby, Chris Skeffington, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines spearheaded the marketing campaign and arranged the sale on behalf of the seller, AEW Capital Management.  25 Industrial Way At the time of sale, the Partners Industrial Portfolio was 100 percent leased to a diversified roster of eight tenants with 36.2 percent below market rents and a weighted average remaining lease term of 6.31 years. The portfolio’s geographic diversity throughout Greater Boston provides direct access to the region’s most traveled interstates and thoroughfares including Interstate 90 (Massachusetts Turnpike), Interstate 95, Interstate 93, and Interstate 495, among others.  “The Boston industrial market continues to hit on all cylinders with record-setting leasing fundamentals acting as a magnet for some of the nation’s largest capital sources,” said Skeffington. “The team at AEW Capital Management was successful in identifying the underlying market trends years ago, aggregating a scalable portfolio, and capitalizing on what is an extremely aggressive and liquid capital markets environment presently in Boston.”  The portfolio is comprised of 12 Forge Parkway, Franklin, MA (pictured top); 150 Dascomb Road, Andover, MA; 25 Industrial Way, Wilmington, MA; 65 Sunnyslope Avenue, Tewksbury, MA; 82 South Street, Hopkinton, MA; and 19 Technology Drive, Auburn, MA.  The post Link buys $175M industrial portfolio from AEW appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 26th, 2021Related News

Wharton piles into $200M Fabric funding round

Distribution startup Fabric, which is building technology to help retailers compete against giants such as Amazon in fulfillment operations, has announced $200 million in funding. Singapore’s Temasek led the Series C funding, with Koch Disruptive Technologies, Union Tech Ventures, Harel Insurance & Finance, Pontifax Global Food and Agriculture Technology Fund... The post Wharton piles into $200M Fabric funding round appeared first on Real Estate Weekly. Distribution startup Fabric, which is building technology to help retailers compete against giants such as Amazon in fulfillment operations, has announced $200 million in funding. Singapore’s Temasek led the Series C funding, with Koch Disruptive Technologies, Union Tech Ventures, Harel Insurance & Finance, Pontifax Global Food and Agriculture Technology Fund (Pontifax AgTech), Canada Pension Plan Investment Board (CPP Investments), KSH Capital, Princeville Capital, Wharton Equity Ventures, and other unnamed backers also participating. The investment will aid the company as it expands its automated, on-demand fulfillment platform servicing the general merchandise market. Fabric is building a network of micro-fulfillment centers across major metropolitan areas in the United States to make fast delivery scalable and profitable for retailers.  “E-commerce activity has exploded in recent years, and consumers are increasingly demanding next-day or even same-day fulfillment of their orders. These trends show no signs of slowing, and as the pandemic has exposed critical weaknesses in the global supply chain, Fabric’s platform has become more vital than ever,” said Peter C. Lewis, founder & chairman of Wharton Equity Partners. PETER LEWIS “With our unique lens as owners of last mile facilities, we were able to assess Fabric’s solutions and are convinced the company is at the forefront of the inevitable migration to automation of urban warehouses.” Fabric runs micro-fulfillment operations for grocery and general merchandise retailers in New York City, Washington, DC, and Tel Aviv. The company recently announced major partnerships with Walmart, Instacart, and FreshDirect.  Wharton Equity Ventures’ investment in Fabric marks the latest in a string of commitments to successful technology companies, including many designed to solve growing pain points in commercial real estate. It has previously backed notable companies such as Latch Inc., a smart locks maker and full-building enterprise software-as-a-service (SaaS) platform that debuted as a publicly traded company earlier this year. Wharton has also invested in Dataminr, an AI-powered platform that monitors high-impact events and emerging risks to help customers mitigate and manage crises more effectively, which closed a $475 million Series F funding round in March 2021 at a valuation of $4.1 billion. “As a longtime investor across various sectors of commercial real estate, Wharton closely monitors the macroeconomic trends at the intersection of real estate and technology,” said Lewis. “Our unique position in the market, deep professional network and entrepreneurial insights have helped us identify tech-based solutions that hold the potential to transform not only the business world, but the broader built environment. We are extremely excited to add Fabric to our expanding list of investments, and look forward to their growth in the years and decades to come.”  The post Wharton piles into $200M Fabric funding round appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 26th, 2021Related News

German school expands into 85 Warren Street

Manhattan Skyline Management announced a new long-term agreement with the German School Manhattan (GSM) to lease 3,692 s/f of educational space at 85 Warren Street in the heart of Tribeca. An international independent pre-school, kindergarten and lower school, GSM is the first bilingual English-German school in the borough of Manhattan.... The post German school expands into 85 Warren Street appeared first on Real Estate Weekly. Manhattan Skyline Management announced a new long-term agreement with the German School Manhattan (GSM) to lease 3,692 s/f of educational space at 85 Warren Street in the heart of Tribeca. An international independent pre-school, kindergarten and lower school, GSM is the first bilingual English-German school in the borough of Manhattan. The school, which currently has a location across the street at 74 Warren, is growing one grade per year into a full program.  Its second facility at 85 Warren will allow for its continued expansion on the block of Warren between Greenwich Street and West Broadway.  “The German School Manhattan has been a wonderful addition to Warren Street, and we are pleased to be able to accommodate their continued growth in the Tribeca community,” said Joshua Roth, Senior Vice President of Retail at Manhattan Skyline Management Corp. “At GSM, we believe that the personal well-being of our students is the foundation for all academic accomplishments,” said Julia Stratmann of German School Manhattan. “With this expansion to 85 Warren Street, we will be able to create additional warm and inviting spaces for our families while also maintaining a tight-knit and cohesive school community.” 85 Warren Street is situated near parks and playgrounds for GSM students and families to enjoy and is easily accessible by the Chambers Street and City Hall subway stations. Neighboring tenants include Whole Foods, Target, TD Bank, Bed Bath & Beyond, Chipotle, Barnes & Noble, Bluemercury and Joe & The Juice. This is Manhattan Skyline’s second major recent downtown retail deal.  Last month, Japanese restaurant Shiki Omakase opened its doors to diners at 71 W. Houston Street in SoHo.  Manhattan Skyline is currently marketing one remaining availability in the area – a 4,697-square-foot storefront located at the base of the Saranac, its residential building with views of the historic Clock Tower Building and the Woolworth Building. Roth handled the deal for Manhattan Skyline. The post German school expands into 85 Warren Street appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 26th, 2021Related News

Highcap sells bankrupt Modell’s Flushing store for $67M

A team from Highcap Group has sold a Flushing retail property on behalf of bankrupt Modell’s for $67 million. Charles Chang, associate broker alongside co-founders, Christen Portelli and Josh Goldflam brokered the off-market sale of 39-12 to 39-18 Main Street aka 135-33 Roosevelt Avenue on the busy shopping street occupied... The post Highcap sells bankrupt Modell’s Flushing store for $67M appeared first on Real Estate Weekly. A team from Highcap Group has sold a Flushing retail property on behalf of bankrupt Modell’s for $67 million. Charles Chang, associate broker alongside co-founders, Christen Portelli and Josh Goldflam brokered the off-market sale of 39-12 to 39-18 Main Street aka 135-33 Roosevelt Avenue on the busy shopping street occupied by local supermarkets, bakeries and national retailers, including Starbucks, Burger King and Citibank. CHARLES CHANG  “Main Street rarely has any building trades due to the strong and consistent retail presence with high rents. This opportunity allowed for a new tenant to enter into the vibrant and sought-after shopping district,” said Chang, noting that the sale price achieved a record $2,400 psf. The 27,000 s/f property is one-and-a-half stories, L-shaped with 64 ft. of frontage on Main Street and 75 ft. on Roosevelt Avenue. Modell’s owned and occupied much of the property for nearly two decades, with the Bank of America as a co-tenant. America’s oldest sporting goods retailer, Modell’s ran into trouble just ahead of the pandemic after week holiday sales drove it further into debt. In February 2020, president and CEO Mitchell Modell tried to stave off bankruptcy by personally investing $6.7 million. However, by March the family-owned retail chain was forced to file for Chapter 11 bankruptcy protection and announced it would be closing all 153 of its stores which employed 3,600 workers in New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Massachusetts, New Hampshire, Delaware, Maryland, Virginia, and Washington, D.C.. Modell’s partnered with Tiger Capital Group to liquidate the stores and Robert Duffy, Managing Director, BRG, was named Chief Restructuring Officer of the Company. RBC Capital Markets is acting as investment banker for the Company; BRG is also acting as the Company’s restructuring advisor, Cole Schotz is the Company’s legal counsel, and A&G Realty Partners is marketing the store leases. MITCHELL MODELL “This is certainly not the outcome I wanted, and it is one of the most difficult days of my life. But I believe liquidation provides the greatest recovery for our creditors,” Mitchell Modell said of the bankruptcy filing. Highcap declined to name the buyer of the Flushing store property. The post Highcap sells bankrupt Modell’s Flushing store for $67M appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 26th, 2021Related News

Luxury Bathouse spa to open 34,000 s/f Flatiron District location

 Newmark Retail announced a new long-term lease for the high-end spa Bathhouse for 34,328 s/f in the Flatiron neighborhood at 7 West 21st Street. This block-through space at the Friedland Properties-owned, Morris Adjmi-designed luxury residential property marks Bathhouse’s first Manhattan location, in addition to its debut space in Williamsburg, Brooklyn. Newmark’s Executive Managing... The post Luxury Bathouse spa to open 34,000 s/f Flatiron District location appeared first on Real Estate Weekly.  Newmark Retail announced a new long-term lease for the high-end spa Bathhouse for 34,328 s/f in the Flatiron neighborhood at 7 West 21st Street. This block-through space at the Friedland Properties-owned, Morris Adjmi-designed luxury residential property marks Bathhouse’s first Manhattan location, in addition to its debut space in Williamsburg, Brooklyn. JASON PRUGER Newmark’s Executive Managing Director Jason Pruger and Associate Director Lucas Kooyman represented the property ownership in the transaction, while Ross Eisenberg, CEO of RDE Advisors, Inc., represented the Bathhouse. Bathhouse is an accessible luxury wellness destination featuring a variety of exquisitely designed communal saunas and pools, therapeutic massage, facials and scrubs. The new Flatiron location will be constructed on the site of a converted garage, featuring high ceilings and block through dual entrances on 22nd and 21st streets. The new lease encompasses 3,565 s/f on the ground level, 12,430 s/f on the lower level and 18,333 s/f on the sub-lower level. “Seeing a well-regarded wellness purveyor like Bathhouse double down on New York City proves that the city is poised to return to life pre-pandemic where retail spaces are being used to create valuable customer experiences,” said Pruger. “Both area residents and city visitors will benefit from having such a large and accommodating spa service in the heart of the Flatiron District, providing a respite from the hectic day-to-day of city life.”     In addition to the remarkable location, the combination of high ceilings, large floorplates and multi-level circulation will enable Bathhouse to create an exceptional and distinct experience for its clients,” said Eisenberg. “From early on in the negotiations, both parties were able to connect on the vision, paving the way for a successful transaction, even with the substantial complexities involved.   The new Bathhouse is located at the foot of 7 West 21st Street, a 289,809-square-foot high-end rental building that spans the block with a second entrance on 6 West 22nd Street. The property is owned by Friedland Properties and was designed by Morris Adjmi. Notable local retailers include the Kohler Experience Center (co-tenant), Eataly, The LEGO Store, Shake Shack, Nike, New Balance, The Home Depot, Club Monaco, H&M, Trader Joe’s, Banana Republic, Michaels, Blick Art Materials, Bed Bath & Beyond and The Harry Potter Experience. The post Luxury Bathouse spa to open 34,000 s/f Flatiron District location appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 25th, 2021Related News

A&E closes on acquisition of 400 East 57th Street

A&E Real Estate has closed on its acquisition of 400 East 57th Street, a 19-story multifamily building in the Sutton Place neighborhood.  400 East 57th Street contains 263 rent-stabilized and market-rate apartments. The sale price was $133.5 million, according to SL Green. This is A&E’s second recent deal with SL... The post A&E closes on acquisition of 400 East 57th Street appeared first on Real Estate Weekly. A&E Real Estate has closed on its acquisition of 400 East 57th Street, a 19-story multifamily building in the Sutton Place neighborhood.  400 East 57th Street contains 263 rent-stabilized and market-rate apartments. The sale price was $133.5 million, according to SL Green. This is A&E’s second recent deal with SL Green in the neighborhood.  In April of this year, it purchased 400 East 58th Street, also from SL Green. The 400 East 57th Street acquisition is the first investment A&E has undertaken through its most recent real estate fund, AEREP III, launched in April.  A&E is currently accepting additional capital commitments for the fund, which is its third and largest fund to date. “The investments we are making throughout New York City demonstrate our faith in the city’s future,” said A&E Real Estate CEO James Patchett, CEO. “Our residents represent the backbone of this city, and it’s our mission to provide them with quality housing and responsive building services. Our entire team looks forward to serving the needs of our residents at 400 East 57.” A&E Real Estate President Maggie McCormick added, “This transaction is indicative of A&E’s unique ability to source and take advantage of promising investment opportunities.  Just as importantly, we have built a deep bench of construction, operations and leasing professionals who ensure that each building we acquire benefits from best-in-class service.” Founded in 2011 by Douglas Eisenberg, John Arrillaga, Jr., and Wendy Eisenberg, A&E has grown from a single 49-unit building in Fort Greene to more than 15,000 Bronx, Manhattan, Brooklyn and Queens apartments currently under management. A&E has expanded its portfolio in large part through acquisitions of apartment buildings and portfolios from legacy owners. The firm owns and manages both rent-stabilized and market-rate apartments, with a specific focus on quality workforce housing for teachers, first responders and other essential workers. Its extensive multifamily portfolio ranges from 10-unit rentals in Brooklyn to 1,200-apartment communities in Kew Gardens Hills and Harlem’s Riverton Square. A&E also recently launched a new in-house leasing company, dubbed 1898.  Named for the year that all five boroughs officially came together to create what is now the City of New York. 400 East 57th Street is 70% occupied and includes 10,000 s/f of retail space leased to essential service providers. SL Green announced in April that the sale was part of its ongoing strategy to divest non-core assets to reinvest the capital into its share repurchase program and development projects. The post A&E closes on acquisition of 400 East 57th Street appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 25th, 2021Related News

Robotics startup takes 54,000 s/f at 1900 Broadway

 Ogden CAP Properties announced today that Viam, a robotics software startup, has signed a 10-year, 54,000 s/f lease encompassing the entire sixth floor at 1900 Broadway, located steps away from Lincoln Center. “This lease showcases the strength in the product we are offering at 1900 Broadway – a boutique office building, with large floor plates,... The post Robotics startup takes 54,000 s/f at 1900 Broadway appeared first on Real Estate Weekly.  Ogden CAP Properties announced today that Viam, a robotics software startup, has signed a 10-year, 54,000 s/f lease encompassing the entire sixth floor at 1900 Broadway, located steps away from Lincoln Center. “This lease showcases the strength in the product we are offering at 1900 Broadway – a boutique office building, with large floor plates, spacious bright and airy spaces in an ideal neighborhood,” said Lester Schwalb of Ogden CAP. “Viam clearly understood that this unique building was the perfect place to build their long-term offices and HQ.” Serving as Viam’s headquarters, the light filled space will feature multiple conference and meeting rooms, a café, a wellness room, and stunning views of Lincoln Center. “We’re very excited to have signed our new office lease with Ogden CAP at 1900 Broadway,” said Eliot Horowitz, CEO Founder of Viam. “This building offers the ideal workplace for our company in a culturally-stimulating neighborhood. We were immediately drawn to 1900 Broadway’s offerings and knew it was the right fit for our headquarters.” Frank Doyle and Mitchell Konsker, Vice Chairmen; Barbara Winter, Managing Director; and Carlee Palmer, Associate, of JLL represented Ogden CAP in the transaction. Viam was represented by Ephraim Setton and Troy Gordon with R New York. 1900 Broadway is an eight-story, 321,000 s/f luxury office building overlooking Lincoln Center, moments from Central Park, Deutsche Bank Center, and the Columbus Circle transit/retail hub. The building features a new lobby, 24/7 security and modernized elevators, and most importantly,  spacious, flexible floorplates for a range of tenant layouts, with large windows and an abundance of natural light on all sides. The seventh floor, also 54,000 s/f, is currently the only remaining availability in the building. 1900 Broadway is home to some of New York City’s best restaurants, including The Smith, Café Fiorello, Bar Boulud, Boulud Sud and Epicerie Boulud. The post Robotics startup takes 54,000 s/f at 1900 Broadway appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 21st, 2021Related News

SUMMIT observatory opens at One Vanderbilt

SL Green Realty Corp. celebrated the grand opening of SUMMIT One Vanderbilt, its immersive observatory experience, today. SL Green executives, SUMMIT One Vanderbilt creators, One Vanderbilt partners and New York City leaders celebrated the occasion at a ribbon cutting ceremony to officially open the destination to its first visitors. SUMMIT One Vanderbilt... The post SUMMIT observatory opens at One Vanderbilt appeared first on Real Estate Weekly. SL Green Realty Corp. celebrated the grand opening of SUMMIT One Vanderbilt, its immersive observatory experience, today. SL Green executives, SUMMIT One Vanderbilt creators, One Vanderbilt partners and New York City leaders celebrated the occasion at a ribbon cutting ceremony to officially open the destination to its first visitors. SUMMIT One Vanderbilt opens as New York City welcomes back visitors from across the globe. SUMMIT One Vanderbilt will be enjoyed from morning to night as guests take in New York’s most stunning views through the truly unique pairing of AIR, a multi-sensory art installation, with the thrilling experiences of LEVITATION and ASCENT.  “This awe-inspiring destination in the heart of Midtown Manhattan is unlike any other experience in the world and it’s with great pride and excitement that we welcome our first visitors to SUMMIT One Vanderbilt today. The energy in New York City is palpable and we’re thrilled that SUMMIT One Vanderbilt can play a central role in its rebound as visitors come rushing back to the greatest city in the world,” said Marc Holliday, Chairman and CEO of SL Green. “We set out to create a truly unique destination for New Yorkers and visitors from around the world to explore and SUMMIT One Vanderbilt delivers – you need to experience it to understand it. From thrilling ways to take in the best views of Manhattan to the multi-level and multi-room immersive art experience called AIR, we expect people to visit again and again.” “As New York mounts its comeback, it is important that we recognize and celebrate projects like this that remind us and the world about the resiliency and energy of our city. By building and growing — and adding experiences that demonstrate what our city can offer — new attractions like SUMMIT One Vanderbilt will help New York reach new heights,” said Democratic Mayoral nominee Eric Adams. “New York City has always been a global beacon of hope, pride, resilience and energy. As such, it is fitting that SUMMIT One Vanderbilt – a literal beacon on the New York City skyline – celebrates its grand opening at a time when this City is returning. Despite the challenges over the last nearly two years, New Yorkers have shown more grit and determination than ever before as we all work together to bring New York City back to its full capacity and vitality,” saidLieutenant Governor Brian Benjamin. “A key part of Manhattan’s ongoing recovery from the COVID-19 pandemic will be the return of international tourism,” said Manhattan Borough President Gale Brewer. “World-class attractions will play a big part in bringing customers back to Manhattan and its restaurants, shops, and theaters. I congratulate SL Green on the opening of SUMMIT at One Vanderbilt.” “The debut of SUMMIT One Vanderbilt is perfectly timed as New York City continues its economic recovery and as the gates of international travel swing more widely open next month. We applaud SL Green for their extraordinary investment and encourage New Yorkers and visitors alike to discover this thrilling new attraction high above New York City,” said NYC & Company President and CEO Fred Dixon. The post SUMMIT observatory opens at One Vanderbilt appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 21st, 2021Related News

SL Green signs Chelsea Piers Fitness as first tenant at One Madison

SL Green announced that Chelsea Piers Fitness has signed a 55,780 s/f, 20-year lease covering portions of the ground, second, B1 and B2 levels of the Company’s 1.4 million square foot, Midtown South office tower development at One Madison Avenue. Located adjacent to Madison Square Park between Park and Madison Avenues, Chelsea Piers Fitness is the building’s first... The post SL Green signs Chelsea Piers Fitness as first tenant at One Madison appeared first on Real Estate Weekly. SL Green announced that Chelsea Piers Fitness has signed a 55,780 s/f, 20-year lease covering portions of the ground, second, B1 and B2 levels of the Company’s 1.4 million square foot, Midtown South office tower development at One Madison Avenue. Located adjacent to Madison Square Park between Park and Madison Avenues, Chelsea Piers Fitness is the building’s first tenant and is the foundation of an amenity-rich and curated retail collection at its base. This will be the fitness facility’s fourth location and second in Manhattan. “Chelsea Piers is a best-in-class operator who shares the same belief as SL Green, that New York City is the greatest and most resilient city in the world and that One Madison Avenue will be the standard for the future work environment,” said Brett Herschenfeld, Managing Director at SL Green Realty Corp. “This state-of-the-art facility will deliver every fitness product and experience available in the market today, as well as new concepts and technology, which will set the high bar for health and wellness just as One Madison will set the high bar for new, sustainable office development.” “Chelsea Piers Fitness creates incredible spaces and facilities where our members can train, achieve their goals and be a part of an engaged, inclusive, fitness and social community,” said David Tewksbury, CEO & Co-Founder at Chelsea Piers Fitness. “One Madison Avenue is an unrivaled location and will be an iconic destination in one of Manhattan’s most active neighborhoods. We look forward to partnering with the SL Green team to further our goal of creating modernized, one-of-a-kind fitness experiences.” Together with its joint venture partners, the National Pension Service of Korea and Hines, SL Green’s development of One Madison Avenue will transform the existing full-block structure into a 27-floor, state-of-the-art office tower with cutting-edge infrastructure, best-in-class healthy work environment and a forward-thinking amenity program. One Madison Avenue will combine the elegance of the existing limestone building together with more than 500,000 square feet of new, virtually column free construction. Health and wellness is paramount to the building design with the inclusion of DOAS HVAC, which circulates 100% fresh outside air. New, oversized floor to ceiling windows in the podium and a continuous curtain wall in the tower will flood the floors with natural daylight. Mega-sized roof terraces will provide a one-of-a-kind opportunity to create indoor/outdoor, work/entertainment space. In addition to Chelsea Piers, amenities are currently anticipated to include a 13,000 square foot upscale restaurant, 10,000 square foot artisanal dining market and 7,000 square foot tenant-exclusive lounge with direct elevator access to a 10,000 square foot rooftop deck. Chelsea Piers Fitness was represented by Erin Grace and Matt Ogle of JLL. The post SL Green signs Chelsea Piers Fitness as first tenant at One Madison appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 21st, 2021Related News

11-building Manhattan portfolio trades for $190M

Apartment REIT AIR Communities has sold an 11-building Manhattan apartment portfolio for $190 million. The buyer was HUBB NYC, according to sources close to the transaction. The portfolio consists of 361 units that span 209,100 s/f across the Upper West Side and Upper East Side of Manhattan. The largest properties... The post 11-building Manhattan portfolio trades for $190M appeared first on Real Estate Weekly. Apartment REIT AIR Communities has sold an 11-building Manhattan apartment portfolio for $190 million. The buyer was HUBB NYC, according to sources close to the transaction. The portfolio consists of 361 units that span 209,100 s/f across the Upper West Side and Upper East Side of Manhattan. The largest properties in the portfolio include 181-199 Columbus (pictured top) 182-188 Columbus and 464-466 Amsterdam. AIR Communities is $10 billion REIT formed by Apartment Investment & Management Company, or AIMCO, last year to manage multifamily investments while AIMCO focused on development and redevelopment of apartment communities. AIMCO has owned the portfolio since 2007 when it bought it for $30 million, according to public records. A team from Cushman & Wakefield that included Adam Spies, Adam Doneger, Doug Harmon, Josh King, Kevin Donner, Marcella Fasulo, Michael Collins, Meaghan Philbin and Monica Brendsel was marketing the assets.  No comment from the brokerage on the sale. The post 11-building Manhattan portfolio trades for $190M appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYOct 21st, 2021Related News