NEW YORK CITY — Ivanhoé Cambridge and its partner, Callahan Capital Properties, have acquired the remaining 49 percent interest in 1211 Avenue of the Americas in Midtown New York City for an undisclosed price. Built in 1973, the 44-story tower features 2 million square feet of Class A office space. Additionally, the building has direct access to the Rockefeller Center Concourse amenities and subway.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of Chelsea Pines Inn, located at 317 W. 14th St. in Manhattan’s Chelsea neighborhood for $13.7 million. The five-story, 8,550-square-foot hotel features 23 rooms and an additional 8,625 buildable square feet of air rights. The hotel features movie-themed rooms, high-end luxury linens, bath amenities and WiFi. Brock Emmetsberger, Jonathan Hageman and Andy Posil of Cushman & Wakefield represented the sellers, Jay Lesiger and Tom Klebba, in the deal. The name of the buyer was not released.
NEW YORK CITY — Cape Advisors has launched sales at 30 Warren, a 12-story multifamily building in Tribeca. Designed by Post-Office Architectes, the 12-story development features 23 condominiums ranging from one- to three-bedroom homes, including three full-floor penthouses with direct elevator entry and library areas. Residences range from 1,000 square feet to more than 2,500 square feet, with prices ranging from $2 million to $8 million. On-site amenities include an attended lobby, fitness center, children’s playroom, bicycle storage and private storage. The project is slated for completion in the fall of 2017.
NEW YORK CITY — Besen & Associates has arranged the sale of two contiguous three-story residential buildings located at 316 and 318 E. 81st St. on Manhattan’s Upper East Side. An undisclosed buyer acquired the assets for $9.2 million, or $750 per buildable square foot. With a total of 12,232 buildable square feet, the buyer plans to develop the properties in luxury residential housing. The asset at 316 E. 81st St. is a single-family property and the property at 318 E. 81st St. is a seven-unit multifamily building. Jess Cirolli-Quinones of Besen & Associates represented the buyer, while Rolfe Haas, also of Besen & Associates, represented the undisclosed seller.
NEW YORK CITY — Cogswell Lee Development, in partnership with architect/developer GLUCK+, has launched sales at 150 Rivington, a residential building located in Manhattan’s Lower East Side. The multifamily building features 45 one-, two- and three-bedroom condominiums ranging from 543 square feet to more than 1,600 square feet. One-bedroom units start at $995,000; two-bedroom condos at $1.6 million; three-bedrooms at $2.7 million; and three-bedroom penthouses at $3.8 million. Slated for completion in the first quarter of 2018, the property will feature a 24-hour attended lobby, superintendent and porter services, a package room, cold storage, bicycle storage, a fitness center, a 1,500-square-foot roof terrace and 12,000 square feet of retail space.
NEW YORK CITY — Kamber Management Co. has launched a $20 million capital investment plan for Tower 45, a 40-story Class A office building located at 120 W. 45th St. in Manhattan. Kohn Pederson Fox will redesign the entrance, façade, lobby and elevator cabs of the 458,446-square-foot property. Additionally, Milo Kleinberg Design Associates is creating new interior design concepts for common areas, including hallways, bathrooms and a new pre-built suite program. Current office tenants at the 26-year-old property include Procter & Gamble, TIBCO Software, Shrodinger, Lipsky Goodkind and Co., and Bobby Van’s Steakhouse.
CONSHOHOCKEN, PA. — A group of like-minded real estate practitioners have formed Capital Markets Real Estate Network to serve investor clients nationwide in all the commercial real estate industry property sectors, including office, industrial, retail, multifamily and self-storage facilities. The new network will target investment sales, financing and 1031 exchanges nationwide, allowing members to win business in institutional and non-institutional commercial real estate sectors. In addition to new business generation, the network will serve members as an information exchange on market conditions, trends, property pricing, sharing best practices and more. The founding firms and members are Edward Ginn, Ken McEvoy and Bart Delfiner of Equity Retail Brokers; Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial; Colin Flynn of The Flynn Company; Gerard O’Malley and Tim McGinley of Duquesne Commercial Funding; and Matthew May of May Realty Advisors. The network plans to identify and recruit broker members in dozens of primary, secondary and tertiary markets nationwide in the next few years.
NEW YORK CITY — NAI Long Island has announced its expansion with the formation of a new division, NAI Queens. The division will specialize in the sale of investment properties in the Queens market, as well as provide other real estate services to Queens clients. Brian Sarath has joined the new division as a senior director. Most recently, Sarath serviced as director of the capital markets group of Massey Knakal, subsequently Cushman & Wakefield, since 2000. To date, Sarath has sold more than 220 buildings and loans with an aggregate value of $620 million.
BOSTON — FirstService Corp. has expanded its residential property management operations to Boston with the acquisition of The Niles Company, a property management firm that was founded in 1907. The transaction will add more than 80 properties to FirstService Residential’s existing property management portfolio, which totals approximately 7,500 properties comprising more than 1.6 million residential units throughout North America. Terms of the transaction were not disclosed.
In New York City, sizable tenants are renewing their office leases and expanding work space. Citywide, office space searches are being driven by new businesses that need to establish presence. These dynamics have the office market operating as powerfully and effectively as possible. New York City organizations are slated to create 80,000 new jobs this year, expanding total employment by 1.9 percent. Major companies like Google, Facebook and Amazon have recently committed to large blocks of space, which are becoming notably rare as office vacancy levels in the Big Apple continue to tighten. Vacancy will slip 10 basis points to 9.6 percent this year as firms absorb more than 3.8 million square feet. As a result of office vacancies continuing to tighten, builders have started to add to the pipeline, which New York City will see come to fruition this year with the opening of 10 Hudson Yards, Related Cos.’ long-awaited office building project in Manhattan’s West Side. Overall, developers will complete 3.6 million square feet of office space this year, with nearly half at 10 Hudson Yards. Located near Hell’s Kitchen, Chelsea and the Penn Station area, the building is part of the Hudson Yards urban renewal project. Manhattan …
