Construction News Real Estate

Montauk Point Lighthouse Restoration Completed

NY Governor Kathy Hochul, the U.S. Army Corps of Engineers New York District, Montauk Historical Society, and other partners celebrated the reopening of the newly restored Montauk Point Lighthouse and completion of a major coastal resiliency project to protect the historic lighthouse and associated cultural resources. The landmark, located on the easternmost point of Long […]

Offices Real Estate

SL Green Refinances 919 Third Ave for $500 Million

NEW YORK — SL Green Realty Corp., together with an institutional investor advised by J.P. Morgan Global Alternatives,  has completed the refinancing of 919 Third Avenue, a premier 1.5 million square foot Class A office building located in Midtown Manhattan. The new $500.0 million mortgage loan bears interest at a rate of 250 basis points […]

News Offices Real Estate

SL Green Celebrates Topping Out of One Madison Avenue

NEW YORK — SL Green Realty, New York City’s largest office landlord, together with its joint venture partners including the National Pension Service of Korea and Hines, recently celebrated the topping out of its upcoming One Madison Avenue office tower, located at the corner of 23rd Street and Madison Avenue. With construction managed by AECOM […]

News Real Estate

Manhattan Average Rents Hit $5,113 in July

It gets more and more expensive to rent an apartment in Manhattan. A new monthly report by Miller Samuel and Douglas Elliman found average rents in Manhattan reached a record high of $5,113 in July. The average rental price in Manhattan is up 27.5% from a year ago. In Manhattan according to the report, the […]

News Real Estate

Median NY Home Prices Climb to $480,000

ALBANY – Mortgage rates surged to over five percent in May and home prices continued their upward climb across the Empire State, based on data from the New York State Association of Realtors. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage soared from 4.98 percent in April 2022 to 5.23 percent […]

News Real Estate

Report Sees Growing Retail Demand in Manhattan

NEW YORK – The Real Estate Board of New York (REBNY) has released its latest Spring 2022 Manhattan Retail Report focused on market activity during the last six months. The report finds that leasing velocity improved in more retail corridors across Manhattan. Prime storefronts on high-traffic streets like Prince Street in SoHo and Upper Madison Avenue were […]

Real Estate

SL Green to Buy 450 Park Avenue for $445 Million

NEW YORK — SL Green Realty Corp. has entered into a contract to purchase 450 Park Avenue for $445.0 million from Oxford Properties. The transaction is expected to close in the second quarter. Located at the corner of 57th Street and Park Avenue, 450 Park Avenue is a 33-story Class A tower designed by Emery […]

Real Estate

555 Greenwich Celebrates Topping Out

NEW YORK — Hudson Square Properties, a joint venture of Trinity Church Wall Street, Norges Bank Investment Management, and Hines, has celebrated the topping out of 555 Greenwich, a 270,000-square-foot, 16-story office tower which will seamlessly combine with 345 Hudson to create 87,000-square-foot floor plates in a one-of-a-kind horizontal overbuild. The topping out marks a […]

Real Estate

Median Home Price in NYS Hits $400,000 in February

For the first time in eight months there was an increase in number of homes newly listed for sale, according to the housing report released today by the New York State Association of REALTORS. Despite the bump in new listings, overall housing inventory remains extremely low. New home listings increased from 11,226 units in February […]

Construction Real Estate

Rabina Closes $540 Million Financing for 520 Fifth Ave.

NEW YORK — Rabina, a real estate investment and development firm based in New York, has closed a half-billion-dollar construction financing package for 520 Fifth Avenue, the first post-pandemic – and tallest – building in Manhattan to weave together luxury residences, boutique commercial office space, world-class recreational facilities and ground floor retail all under one roof. […]