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New-York-Times-Building-Manhattan
AcquisitionsNew YorkNortheastRetail

CBRE Negotiates $28M Sale of Retail Space of Former New York Times Building

by Taylor Williams

NEW YORK CITY — CBRE has negotiated the $28 million sale of the 245,419-square-foot retail space within the former New York Times building at 229 W. 43rd St. and 216-226 W. 44th St. in Midtown Manhattan. Kushner bought the space in 2015 for $296 million. The space spans the first four floors and two lower levels and was 34.5 percent leased at the time of sale to tenants such as entertainment concept Lucky Strike and restaurants Tacos No. 1 and Ra Sushi. Jay Miller and A.J. Felberbaum of BayBridge Real Estate Capital represented the buyer, a Delaware-based entity doing business as Forum at Time Square LLC, in the transaction. Jack Stillwagon and Doug Middleton of CBRE represented the seller, a trust working on behalf of CMBS bondholders that took title of the property last year via a foreclosure proceeding against Kushner.

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Leasing ActivityNew YorkNortheastOffice

Tempus AI Signs 39,565 SF Office Lease at 11 Madison Avenue in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Tempus AI Inc., a healthcare technology firm, has signed a 39,565-square-foot office lease at 11 Madison Avenue, a 30-story building in Midtown Manhattan. The lease term is 10 years, and the space spans part of the building’s 17th floor. Peter Michailidis of JLL represented the tenant in the lease negotiations. Brian Waterman, Scott Klau, Eric Harris and Brent Ozarowski of Newmark represented the landlord, SL Green.

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1057-Atlantic-Avenue-Brooklyn
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Douglaston Development Nears Completion of $320M Multifamily Project in Brooklyn

by Taylor Williams

NEW YORK CITY — Douglaston Development is nearing completion of a $320 million multifamily project at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood of Brooklyn. The 17-story building will have 456 units, 138 units of which will be reserved as affordable housing, as well as 31,000 square feet of retail space. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck, as well as 31,000 square feet of ground-floor retail space. Construction topped out last February. Leasing will begin in the coming weeks.

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DevelopmentMultifamilyNew YorkNortheast

Partnership Begins Leasing 131-Unit Multifamily Project in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between William Macklowe Co. and GreenBarn Investment Group has begun leasing Paseo on Fifth, an 131-unit multifamily project located in the Park Slope area of Brooklyn. Designed by SLCE Architects with interiors by Durukan Design, the property offers studio, one- and two-bedroom units and amenities such as a fitness center, children’s playroom, social suite and a rooftop lounge. Rents start at approximately $3,100 per month for a studio apartment.

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Leasing ActivityNew YorkNortheastOffice

Unity Technologies Signs 10,000 SF Office Lease in Manhattan’s Union Square

by Taylor Williams

NEW YORK CITY — Unity Technologies has signed a 10,000-square-foot office lease in Manhattan’s Union Square area. The 3D content creation platform will occupy the entire second floor at 817 Broadway, a 14-story, 140,000-square-foot building that was built in 1895 and recently repositioned. Gabe Marans of Savills represented Unity Technologies in the lease negotiations. David Falk, Jason Greenstein and Daniel Levine of Newmark represented the landlord, a partnership between Taconic Partners and Nuveen Real Estate.

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Leasing ActivityNew YorkNortheastOffice

Synthesia Signs 13,600 SF Office Lease at 245 Fifth Avenue in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Synthesia, a generative artificial intelligence platform, has signed a 13,600-square-foot office lease at 245 Fifth Avenue, a 24-story, 316,495-square-foot building in Midtown Manhattan. The lease term is five years. Dennis Someck and Justin Myers of Lee & Associates represented the tenant in the lease negotiations. Scott Klau, Erik Harris, Zach Weil, Cole Gendels and Ben Klau of Newmark represented the landlord, The Moinian Group.

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W New York – Union Square's living room
DevelopmentHospitalityNew YorkNortheastTop Stories

Marriott Completes $100M Renovation of W New York – Union Square Flagship Hotel in Manhattan

by Abby Cox

NEW YORK CITY — W Hotels, part of Marriott Bonvoy’s collection of 30 hotel brands, has completed the $100 million renovation of W New York – Union Square, a 256-room luxury hotel in Manhattan. Locally based Rockwell Group, the original architect behind the hotel’s debut in 2001, led the renovation. Marriott International Inc. (NASDAQ: MAR) has owned and operated the hotel since acquiring the property in October 2019 for $206 million. Located at 201 Park Ave. S in Manhattan’s Union Square neighborhood, the transformation of the hotel has been reimagined to preserve the original historic architecture while launching as the brand’s global flagship property. The property opened in 1911 as the headquarters office for Guardian Life Insurance Co. of America and was converted as a W hotel in 2000. “W New York – Union Square holds a special place in our global portfolio. It is at the heart of our brand, powered by the pulse of our birthplace, New York City,” says George Fleck, senior vice president and global brand leader of W Hotels. The overhaul included the hotel’s entrance, which now has a remodeled, carpeted staircase, houndstooth banquette welcome desks, marble floors and a mural by artist Shantell Martin. The staircase leads to …

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170-Freeman-St.-Brooklyn
LoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $34M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $34 million bridge loan for the refinancing of a 67-unit apartment building located in the Greenpoint area of Brooklyn. The newly developed, eight-story building at 170 Freeman St. includes ground-floor commercial space. The unit mix comprises 12 studios, 40 one-bedroom units and 15 two-bedroom apartments. Amenities include a fitness center, study rooms, storage lockers, a resident lounge, pet spa and a rooftop terrace with a grilling station. David Scheer of Dwight originated the debt on behalf of the borrower, Green Street Group Managers LLC.

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IndustrialLeasing ActivityNew YorkNortheast

Cushman & Wakefield Negotiates 28,000 SF Industrial Lease Near JFK International Airport

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has negotiated a 28,000-square-foot industrial lease near JFK International Airport in Queens. The tenant, freight and logistics operator Kennedy Transport Services LLC, will occupy space at Inwood Logistics Center, a 10-building development. Rico Murtha, Helen Paul, Sonny Singh, Thomas Deluca, David Frattaroli, John Giannuzzi and Joseph Hentze Jr. represented the landlord, a partnership led by Onyx Equities, in the lease negotiations. The tenant representative was not disclosed.

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Leasing ActivityNew YorkNortheastOffice

JTC Group Signs 15,926 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — JTC Group has signed a 15,926-square-foot office lease in Midtown Manhattan. The global fund administration services company will relocate from Rockefeller Center to the entire 20th floor of 575 Madison Avenue, a 25-story, 385,347-square-foot building. David Hollander, Gregg Rothkin, Brad Auerbach, Maxwell Tarter and William Hooks of CBRE represented the landlord, Steinberg and Pokoik Management Co., in the lease negotiations. John Nugent and Joe D’Apice, also with CBRE, represented the tenant.

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