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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Paramount Refinances 712 Fifth Avenue


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


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


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


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.


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


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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Luxury Condos at 70 Vestry 80 Percent Sold


NEW YORK – Related Companies announced that its luxury condominium building at 70 Vestry in Tribeca is now 80 percent sold, with just eight of the 46 units in the boutique building available for sale. Since the beginning of the year, 70 Vestry has achieved more than $100 million in sales. 70 Vestry’s Penthouse North …

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Housing Rental Service Bedly Gets $2.7 Million


NEW YORK and CAMBRIDGE, MA — Bedly, a platform that provides a network of end-to-end rental housing services, has raised $2.7 million in venture capital.  The seed funding was led by Accomplice with participation from Founder Collective and several angel investors. The funding will be used to increase members (renters) and increase housing inventory in New …

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