New York

Paramount Agrees to Sell Interest in $2.4B Midtown Manhattan Skyscraper

by Kristin Harlow April 1, 2020

NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has agreed to sell a 10 percent interest in 1633 Broadway, a 2.5 million-square-foot office tower located on Broadway between 50th and 51st streets in Manhattan. While the price and buyer were not disclosed, the seller says the transaction values the property at $2.4 billion and netted a profit of $114 million for the company. The transaction is scheduled to close in the second quarter. Floor plates at the 48-story building range from 37,000 to 54,000 square feet. The property features a newly renovated lobby, 40 elevators, direct access to the New York City subway system and a 250-space parking garage. The property is located in the heart of Manhattan’s Theater District, with both Gershwin Theater and Circle In The Square Theater located in the building. The location is two blocks from Radio City Music Hall and Rockefeller Center, four blocks from Times Square and seven blocks from Central Park. “With this pending sale of a joint venture interest in 1633 Broadway, we have successfully proven the value of this enormous trophy asset at levels well above what is implied by our stock price,” says Albert Behler, chairman, CEO and president …

April 1, 2020

Acquisitions New York Northeast

JLL Brokers $61.5M Sale of Development Site in Brooklyn’s Dumbo Area

by Alex Patton March 31, 2020

NEW YORK CITY — JLL has brokered the $61.5 million sale of a development site located at 29 Jay St. in the Dumbo neighborhood of Brooklyn. At the time of sale, the site housed a 21,000-square-foot industrial building.The property offers a maximum development potential of more than 200,000 square feet that can be zoned for residential or commercial construction. Details of the buyer’s redevelopment plans for the property were not disclosed. Bob Knakal, Stephen Palmese and Brendan Maddigan of JLL represented the seller, the Forman Group, in the transaction. The team also procured the buyer, Edward J. Minskoff Equities Inc.

March 31, 2020

California New York Retail Top Stories Wisconsin

Gap, Macy’s, Kohl’s to Furlough Most Employees as Stores Remain Closed During COVID-19 Pandemic

by John Nelson March 31, 2020

SAN FRANCISCO, NEW YORK CITY AND MENOMONEE FALLS, WIS. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the United States has 140,904 confirmed cases of COVID-19 and 2,405 related deaths as of Monday, March 30. Until stores begin to reopen, the companies will pause payments to a majority of their staff while still offering applicable benefits to those affected. Luxury retailer Neiman Marcus is also reportedly furloughing most of its 14,000 employees. Gap (NYSE: GPS) has announced that its leadership team and board of directors will take a temporary reduction in pay. Gap’s brands, which include Gap, Old Navy, Banana Republic, Athleta, Hill City, Janie and Jack and Intermix, will still be available through the company’s online platform. “After taking the extraordinary measures of temporarily closing all …

March 31, 2020

Hospitality New York Northeast

Four Seasons New York Offers All 368 Rooms Free to Medical Workers Treating Coronavirus

by Alex Patton March 30, 2020

NEW YORK CITY — The Four Seasons Hotel New York in Manhattan has made all of its 368 rooms available free of charge to medical workers including doctors, nurses and other personnel treating patients in the epicenter of the novel coronavirus, COVID-19, according to a statement by New York Gov. Andrew Cuomo. The hotel industry has suffered a severe decline in demand due to “stay at home” orders and travel restrictions nationwide, according to recent data from CBRE. The Los Angeles-based real estate giant estimates that revenue per available room RevPAR, a key financial metric for the industry, will decline 37 percent in 2020, with a contraction of more than 60 percent in the second quarter. Prior to the spread of COVID-19 into the United States, CBRE had forecasted a 0.1 percent decline in RevPAR on a national basis in 2020. Several hotels in New York City and other major markets are temporary utilizing their vacant rooms to lodge medical personnel and some non-critical patients.

March 30, 2020

Acquisitions New York Northeast Office

Avison Young Negotiates $16.7M Sale of Office Building in Manhattan’s Tribeca Neighborhood

by Alex Patton March 30, 2020

NEW YORK CITY — Avison Young has negotiated the $16.7 million sale of a seven-story office building in the Tribeca neighborhood of Manhattan. The 13,667-square-foot building is located at 177 Franklin St., between Greenwich and Hudson streets and was 80 percent leased at the time of sale. The flagship store of watch retailer Shinola occupies the ground floor. James Nelson and Charles Kingsley led an Avison Young team that represented the seller, Bedrock Real Estate Partners. The buyer was undisclosed.

March 30, 2020

Acquisitions New York Northeast Office

Apollo Electric Acquires Office Condo in Manhattan’s Chelsea Neighborhood for $3.6M

by Alex Patton March 30, 2020

NEW YORK CITY — Apollo Electric has acquired a 5,650-square-foot office condo in the Chelsea neighborhood of Manhattan for $3.6 million. The suite includes the entire fifth floor of a seven-story building, which is located at 127 W. 24th St. The building was constructed in 1904. Brock Emmetsberger, Ryan Kossoy and Reed Waggoner of JLL represented the seller, a private owner. The team also procured Apollo as the buyer.

March 30, 2020

Healthcare New York Northeast

Report: Elmhurst Hospital in Queens Dedicates All 545 Beds to COVID-19 Treatment

by Alex Patton March 27, 2020

NEW YORK CITY — The Elmhurst Hospital in Queens has dedicated all of its 545 beds to treatment of COVID-19 patients, according to a report by The New York Times. The building owner, NYC Health + Hospitals, has begun transferring patients who are not suffering from the disease caused by the novel coronavirus to other medical facilities. Other efforts to increase the number of hospital beds in the city include FEMA’s ongoing conversion of Javits Convention Center into a field hospital and a 1,000-bed federal hospital ship scheduled to arrive in mid-April. As of March 27, The Wall Street Journal has tracked 39,140 cases of coronavirus in New York — nearly half the number of all cases in the country — and 461 confirmed deaths.

March 27, 2020

Acquisitions Multifamily New York Northeast

Muss Development Acquires Multifamily Building in Scarsdale, New York, for $29.2M

by Alex Patton March 27, 2020

SCARSDALE, N.Y. — Muss Development has acquired The Glass House, a 51-unit multifamily building in Hartsdale, a northern suburb of New York City. Also known as GlassHouse 250, the property is located at 250 South Central Ave. and features one- and two-bedroom floor plans, a fitness center, two theater rooms and a 95-space parking facility. Itan Rahmani and Jacob Stavsky of Venture Capital Properties LLC represented Muss Development in the transaction. Elana Tsyganko, Max Kostikov and Richard Horowitz of Cooper Horowitz represented the undisclosed seller.

March 27, 2020

Acquisitions New York Northeast Office

Avison Young Negotiates $10.2M Sale of Leasehold Interest of Office Building in Harlem

by Alex Patton March 27, 2020

NEW YORK CITY — Avison Young has negotiated the $10.2 million sale of the leasehold interest of a newly constructed office building in the Harlem neighborhood of Manhattan. The four-story property, which is located at 286 Lenox Ave., carries a 99-year ground lease. The property was fully leased at the time of sale to tenants including Wells Fargo, Child Mind Institute and Visiting Nurse Service. James Nelson and Brent Glodowski led an Avison Young team that represented the undisclosed building owner and seller of the leasehold interest. The buyer was also undisclosed.

March 27, 2020

New York Northeast Retail

FEMA, U.S. Army to Convert Javits Convention Center in Manhattan Into 2,000-Bed Field Hospital to Treat Coronavirus Patients

by Alex Patton March 26, 2020

NEW YORK CITY — The Federal Emergency Management Agency (FEMA) and the U.S. Army Corps. of Engineers (USACE) have begun a rapid conversion of the 1.8-million-square-foot Javits Convention Center in Manhattan into a 2,000-bed field hospital to treat coronavirus patients, according to a statement from New York Gov. Andrew Cuomo. FEMA is constructing four 250-bed temporary hospitals in the main showroom of the center, each approximately 40,000 square feet in size. A staff of 320 FEMA workers will be assigned to the facility. The USACE is constructing an additional 1,000-bed facility on the site. The makeshift hospital is slated for completion within a week. As of March 26, The Wall Street Journal tracked 33,033 cases of coronavirus in New York — nearly half the number of all cases in the country — and 366 confirmed deaths.

March 26, 2020

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