Daily business news in the Great State of New York!
NEW YORK — The NY law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP, has signed a 20-year, 765,000 square-foot lease at 1345 Avenue of the Americas (photo above), marking the largest commercial office lease in the United States in 2023. Paul, Weiss represents many of the world’s largest public and private corporations, asset […]
Global real estate brokerage The Agency has opened a new office on Long Island’s Gold Coast. The new locale, which will be known as The Agency Gold Coast Long Island, is the firm’s fourth office on Long Island, New York, joining the brokerage’s growing network of offices in the U.S., Canada, Mexico, Central America, the Caribbean, and Europe. The office will be led by industry […]
NEW YORK — SL Green announced that, together with its partners, it has entered into a contract to sell the fee ownership interest in 625 Madison Avenue for a gross sale price of $632.5 million, or $1,123 per square foot, to a global real estate investor. In connection with the sale, SL Green and its […]
Below are median home prices for the month of November in New York State along with number of houses sold. Information comes from NYS Association of Realtors, Greater Capital Association of Realtors, and OneKeyMLS.
ALBANY — Inventory of homes across the Empire State fell to record lows in November while elevated sales prices slowed New York’s housing market even more, according to the housing report released today by the New York State Association of REALTORS. Inventory of homes for sale fell to an all-time low of 27,779 units in […]
NEW YORK — SL Green Realty Corp. and Vornado Realty Trust announced that they have signed a 15-year renewal and expansion lease with a premier financial services tenant covering 269,905 square feet on six floors at 280 Park Avenue in Manhattan. Spanning the entire block front of Park Avenue between 48th and 49th Streets, 280 […]
FARMINGDALE NY — OneKey MLS, which provides data on NY metro area real estate prices, reported a regional median sale price of $630,000 in September, a slight 0.80% decrease as compared to the $635,000 reported in August 2023. Buyers are still finding a short supply of homes available for purchase. In a year-over-year comparison, the closed median sale […]
Terreno Realty Corporation has acquired an industrial property located in the Red Hook neighborhood of Brooklyn for a purchase price of approximately $27.5 million. The property consists of one industrial flex building containing approximately 96,000 square feet on 3.8 acres. The property is at 185 Van Dyke Street, on the Upper New York Bay waterfront, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]