Luxury Apartment Building Opens in Harlem

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NEW YORK — UC Funds, a commercial real estate specialty finance firm, and HAP Investment Developers announced the grand opening of 329 Pleasant Avenue, an eight-story, luxury apartment complex in East Harlem, NY. The 21,500-square-foot modern building contains 20 studio, one, and two-bedroom apartments crafted by designer Karim Rashid. UC Funds and HAP have collaborated closely …

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Vornado Joint Venture to Develop Farley Post Office

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NEW YORK — Vornado Realty Trust announced that its 50% joint venture with the Related Companies has completed a 99-year lease with Empire State Development (“ESD”) for the commercial space at the historic Farley Post Office building across from Penn Station. The property is located on the double block bounded by 8th and 9th Avenues and …

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85 Broad Street Bought for $650 Million

Ivanhoé Cambridge and its partner Callahan Capital Properties Acquire 85 Broad Street in Downtown Manhattan (CNW Group/Ivanhoé Cambridge)

Ivanhoé Cambridge, a Montreal-based real estate investor, and its partner Callahan Capital Properties have acquired 85 Broad Street, a prestigious office building located in the Financial District of Downtown Manhattan for $650 million. 85 Broad Street is a 1.1-million-square-foot office tower situated on the full block of Broad Street between South William and Pearl streets. …

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Luxury Senior Building in Manhattan Breaks Ground

(PRNewsfoto/Maplewood Senior Living)

NEW YORK — Maplewood Senior Living and Omega Healthcare Investors, have broken ground on a $270 million luxury senior living development, located at 1802 Second Avenue. The building, which will be known as Inspīr | Manhattan, is set to rise in one of NYC’s most affluent neighborhoods, the Upper East Side, where Second Avenue meets 93rd …

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Paramount Refinances 712 Fifth Avenue

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NEW YORK — Paramount Group, a real estate investment trust, said it has completed a $300 million refinancing of 712 Fifth Avenue, a 543,000 square foot Class A office and retail building located in the Plaza District of New York. The new 10-year interest-only loan matures in July 2027 and has a fixed rate of 3.39%. The net proceeds …

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Boston Properties Refinances GM Building

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Real estate investment trust Boston Properties has completed refinancing of its stake in the legendary GM Building in Manhattan. Boston Properties owns the building through a consolidated joint venture entity which has a 60% interest in the building located at 767 Fifth Avenue, which also houses a 24-hour Apple Store at its base. Boston Properties also completed the refinancing of approximately $1.6 billion …

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NYC Home Inventory For Sale Shrinks

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NEW YORK — A shortage of inventory available for sale presents a challenge for Manhattan and Brooklyn home shoppers this summer, especially in areas where lower-priced homes are concentrated, according to StreetEasy and its April 2017 Market Report. Resale prices in Brooklyn and Manhattan hit record highs in April. “Ongoing job growth and more confidence among first-time buyers has boosted …

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Battery Park City Has Nation’s Highest Rents

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Battery Park City in New York has the highest rents in the nation according to the website RentCafe. The zip code 10282 that covers Battery Park has average rents of $5,924 per month, or just under $6,000. The affluent lower Manhattan neighborhood is close to the Financial District and Wall Street and has numerous waterfront …

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Gap to Lease Two Floors at 111 W. 33rd St.

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NEW YORK — Gap Inc. has leased two full floors totaling 80,900 sq. ft. at 111 West 33rd Street. The building is owned by Empire State Realty Trust and home of ESRT’s corporate headquarters. Gap Inc. is a global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana …

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Luxury Tower at 222 E. 44th St. Celebrates Topping Off

NEW YORK — Suffolk, a privately held building contractor, has celebrated the topping off of a new tower at 222 East 44th Street, a 43-story mixed-use residential building located in Manhattan. Developed by BLDG Management and designed by Handel Architects, the high-end luxury tower will feature state-of-the-art amenities and a sleek design. The completed tower …

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One Vanderbilt Moves Toward Vertical Construction

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NEW YORK — SL Green Realty Corp. has announced several construction milestones in the development of One Vanderbilt Avenue, which is moving soon toward vertical construction on the 1,401-foot Midtown Manhattan tower next to Grand Central Terminal. One Vanderbilt’s construction manager AECOM Tishman has executed a Guaranteed Maximum Price (GMP) contract, which includes the procurement …

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