Mark Wellborn

There is a lot of activity surrounding one of the priciest blocks of Manhattan office space currently on the market. According to a source, a lease is pending for multiple floors at 40 West 57th Street and there are “six or seven” very interested parties for other space.

“We have had a ton of good feedback,” CB Richard Ellis broker Zach Freeman told The Observer recently. “Right now we are seeing a lot of interest from law firms, financial services and hedge funds.”  read more »

In late August, 401 Washington Street and 422 Greenwich Street, two industrial properties in north Tribeca, closed in a package deal for $57 million, according to city records. The total area for the buildings was approximately 67,400 square feet, so our math indicates that the buyer paid $845 per square foot.  read more »

Massey Knakal finished off a relatively quiet summer with a sizable residential portfolio deal.

In August, the company brokered the sale of the Alcoma Portfolio, a package of six Manhattan apartment buildings, for $80.15 million, according to Massey Knakal’s co-founder Bob Knakal.  read more »

Attention, developers! Bids for the Forbes headquarters at 60 Fifth Avenue are due Sept. 12.  read more »

The Chelsea Hotel has become a bargain in the city. [BlogChelsea]

Size matters in Carroll Gardens. [Brownstoner]

Out of growlers, Whole Foods starts selling PBR. [EastVillageIdiot]

The mortgage crisis is bad: Brokers are turning to prostitution. [Gothamist]  read more »

Finally, there is a bar for “the banker that goes to work with his guitar strapped to his back.”

That gem is from a press release The Observer received this morning announcing the opening of The Randolph at Broome, a new bar set for 354 Broome Street.

According to the release, a motley assortment of friends--including a hedge fund manager, a bartender, a jazz musician and a real estate contractor--came up with the idea after tiring of the “B&T packed super club.” The site for their new venture is the former M Bar.

The bar will apparently have a “West Indies speakeasy” feel, and whether you like it or not, chances are you will be sauced by the time you head out to catch that cab back to the Upper East Side. The Randolph features a signature drink that sounds like it was made up during Sigma Chi’s Rush Week. The beverage, called the “Michael Derry” consists of “lemon concentrate, imported beer and vodka.” Awesome.

The full release is after the jump.  read more »

Wells Real Estate has closed on 222 East 41st Street for $319.8 million, according to city records.

A press release was sent out in late August announcing that the 25-story office building had been sold. The seller is listed as Ceres Real Estate.

The email accompanying the press release described the 390,000-square-foot property as a “Class A+ midtown office building,” a designation that had yet to be bestowed on a commercial property in Manhattan. So, um, congratulations.  read more »

22-story office building and boutique hotel set for Hudson Square. [NY Times]

City Council approves rezoning plan for Queens. [NY Times]

Downtown is back. [NY Post]  read more »

Wish the A Train a Happy 75th when you see it today. [Gothamist]

Silverstein wins! Silverstein wins! [Gawker]

DUMBO is in dire need of another condo development. [DumboNYC]  read more »

A year and a half after sales started, almost half the residences at 40 Bond Street have been sold.

Eleven units have closed at Ian Schrager and Aby Rosen’s highly anticipated condominium project, according to city records. The seller on these deals has been listed as 40 Bond Street Partners, LLC, and the closing prices range from $2.8 million to $10.5 million.  read more »

City backs Trump's Soho project. [NY Post]  read more »

The Brooklyn Bridge Marriott remains the main hotel option in the borough for the time being. [Brownstoner]

You may never want to eat out in the city again. [Gothamist]

This place is in the West Village? [Gawker]  read more »

Spitzer’s Corner raises a big middle finger to the regnant sensibility of au courant Lower East Side nightlife.

Unpretentious, friendly in service, possessed of immaculate oysters and mussels, and with a beer list to rival any pub in the borough, the bar felt on a recent Thursday night like your favorite college hangout—only scrubbed much cleaner and featuring a clientele old enough to remember Pedro and Puck, but not young enough to be up on The Hills.  read more »

Beacon Capital Partners has closed on One Financial Square for $751 million, according to city records.

The 36-story, 973,000-square-foot building went to contract on July 2 and closed on August 29. In July, The New York Sun reported that this deal was in the works. The seller is the Paramount Group, which purchased the property back in 1995 for $135 million.  read more »

The current housing market is making agents look at other careers. [NY Times]

Problems persist in city public housing despite high-paid employees. [Daily News]  read more »

Coolest thing we have seen this week: Animated map showing chronology of NYC subway lines. [Gothamist]

Fashion Week on the roof of the Port Authority? [CityRoom]

Blue Seats will open tonight. We kid you not. [Eater]  read more »

Starbucks’ domination of Manhattan continues.

The plywood has come down at 14 West 23rd Street, between Sixth and Fifth avenues, to reveal another outpost of the coffee chain.

The Flatiron District was not necessarily in need of another Starbucks store, but when has that ever stopped the caffeine giant? A quick search on the Starbucks Web site for other locations in the area revealed the following FIVE stores within a seven-block radius:  read more »

The summer is typically a time when news slows down to a snail’s pace. People (including reporters) split for the beach and opt for the latest Pat Conroy novel rather than a daily read of the newspaper.

But from the standpoint of Manhattan residential real estate, the summer of 2007 was one of the most newsworthy on record.

Let us recap.  read more »

Commercial real estate prices could drop as much as 15 percent over the next year. [Bloomberg]

Parking garages in the city are turning into development sites. [NY Sun]

There are at least four Manhattan penthouses for under $1 million. [NY Sun]

Will the garment district soon be a thing of the past? [NY Sun]  read more »

P. Diddy’s Hamptons house. You know you want to take the tour. [Gawker]

Mr. Beaver dies at 10 months. [Curbed]  read more »

Propertyshark.com recently released its NYC Walk-up Apartment Report for the second quarter of 2007, and the square footage stats are worthy of note.

The report, which focuses on the sale of the city's walk-up apartment buildings revealed that the price per square foot of walk-up buildings increased 27.59% to $187 since the second quarter of 2006.  read more »

New York Mets All-Star David Wright has closed on a Manhattan penthouse spread for a cool $6 million, according to city records. The closing date was August 23.

The Observer’s Max Abelson broke the news back in December that Mr. Wright had gone to contract on the 4,100-square-foot penthouse at Infinity Flats, a condo development at 21st Street and Broadway. The listing price for the apartment was $6.5 million, but a source told Abelson that the third baseman was getting a slight discount.

That discount now looks to be about $500,000. Oh, the cachet that comes with being a baseball player in New York City these days.  read more »

Jason Binn moves media empire to 100 Church Street. [NY Post]

National Finance Partners expands at 340 Madison Avenue. [NY Post]

Leona Helmsley’s dog, Trouble, needs legal representation to get will money. [Daily News]  read more »

Did someone drastically overpay for a building on 57th Street last month? Or did they get a bargain?

On Aug. 13, 16 West 57th Street closed for $60 million, according to city records. While in this day of $1 billion building buys, $60 million seems like a bore, this transaction is eye-catching for a couple of reasons.  read more »

Harry Macklowe needed some good news, and as summer comes to a close, at least one building in his portfolio has delivered.

China Finance Inc., a publicly traded financial firm, has signed a lease for approximately 20,000 square feet on the 20th and 21s  read more »

Google’s recent Big Apple expansion has fueled speculation.  read more »

Is Janet Freeman a champion of SoHo preservation—or just ‘far from reality’?  read more »

Downtown Whole Foods ran out of beer growlers over the holiday weekend. Panic ensued on the Bowery. [Racked]

Pam Liebman takes business to the golf course. [RealDeal]

Do you have the coolest dorm room in the city? [Apartment Therapy]  read more »

Does Sheldon Solow have something big in mind for just down the block from his iconic 9 West 57th Street?

The Solow Realty and Development Company has officially closed on 20 West 57th Street for $60 million, according to city records. The property went to contract back in January and closed on July 8, 2007. The sales price on the eight-story, 37,000-square-foot building comes in at approximately $1,611 a square foot.  read more »

The first sale at Fifteen Central Park West is official.

Unit 7C has closed for $9.67 million, according to city records. The buyer, listed as Carolina Real Property LLC, took its time closing. The deal went to contract back in September 2005 and did not close until just a few weeks ago. The true identity of the buyer could not immediately be determined, but we're guessing it may be NASCAR star Jeff Gordon, who has lived in North Carolina and who is known to have been an early buyer at the condo.

Fifteen Central Park West is one of the most anticipated new developments in recent city history. Developed by Arthur and William Lie Zeckendorf, the two-tower spread with 201 condos should record nearly $2 billion in sales when all is said and done.

Over the past two years, several notables besides Mr. Gordon have gone to contract for the spreads that average over $3,000 a square foot, including hedge fund manager Daniel Loeb, who went to contract on a penthouse in November 2005 for a then-record $45 million. Other buyers in the Robert A.M. Stern-designed condo include musician Sting and his wife Trudie Styler, sportscaster Bob Costas, director Norman Lear, and actor Denzel Washington.  read more »

To ease the city’s traffic congestion, Mayor Bloomberg wants people to hop on bicycles. [NY Times]

Historic building at 339 Lafayette faces an uncertain future. [NY Times]

An ode to the Blue condo. [NY Times]  read more »

More than you ever wanted to know about Trouble, the $12 million dog. [NY Times]

If you thought the transit strike was fun… [Gothamist]

Battery Park City Community Emergency Response Team was the last to know about the fire at the Deutsche Bank building. [NY Post]  read more »

Lev Leviev will soon have some competition up on Madison Avenue.

Mauboussin, the high-end Parisian jeweler, has signed on for 8,400 square feet at 714 Madision Avenue, according to Newmark Knight Frank’s Amira Yunis. The building was formerly occupied by upscale women’s clothing store Shanghai Tang.

Founded in 1827, Mauboussin is one of the oldest jewelers in Paris. It will certainly have its work cut out it for itself at 714 Madison, where the rent comes in at just over $2 million for the year.  read more »

Barney’s building at 660 Madison sold for $375 M to Italian firm. [Bloomberg via Daily News]

200 square feet is enough for a Manhattan couple. [NY Times]

The “view” may be the most cherished amenity in New York real estate. [NY Times]  read more »

Nothing like photos of a $165 million manse to get your weekend started off on the right foot. [Real Estalker]

No, you can totally lay out here. [Curbed]

The Bushwick artist contingent is dancing in the streets. [AM New York via Brownstoner]  read more »

People really want to exercise in Harlem.

The New York Sports Club that is set to open at the Langston, a 180-unit mixed-use condominium in Hamilton Heights, has decided to lease an additional 4,000 square-feet of space, according to a press release. That brings the total square footage at the location for treadmills and spin bicycles to 20,000 square feet.

The club will sit on a portion of two floors at The Langston, with its entrance located on 145th Street. This will be the second New York Sports Club in Harlem. The first is located in the Harlem USA retail complex on West 125th Street.

The full release about the expansion is below.

   read more »

Google is officially expanding its presence in Chelsea.

The Observer has learned that the California-based search engine giant recently closed on 130,000 square feet of space at Chelsea Market at 75 Ninth Avenue – directly across the street from the 360,000 square feet that they already have at 76 Ninth Avenue.  read more »

NYU to open branch in Abu Dhabi. [NY Times]

Poll shows that New Yorkers losing taste for congestion pricing. [NY1]

Underground poker parlor is busted on 27th Street. [Daily News]  read more »

Breaking! Ron Burkle does not get his way. [NY Post]

Michael Shvo buys in the Hamptons. Oh, and he is also engaged. [NY Mag]

It’s like Shea Stadium on 23rd Street. [BlogChelsea]

New grading system for subway trains starts with the 7 train. Grade = C-. [CityRoom]  read more »

Oh, baby! Get those picket signs ready, protesters!

Donald Trump--along with Donald Jr., Ivanka Trump, Eric Trump, Julius Schwarz and Alex Sapir--will host a RSVP-only media reception and press conference to launch the Trump Soho Hotel Condominium on Wednesday, Sept. 19, 2007, according to press release. The festivities will take place at 246 Spring Street, the site of the much-talked about luxury development.  read more »

CB Richard Ellis, one of the titans in New York City real estate brokerage, announced today that it has acquired a majority share of CB Richard Ellis South Asia Pte Ltd, according to a press release.

CBRE India currently operates in 30 cities across the India market, and has brokered over 22 million square feet of leasing transactions and 30 million square feet in project management assignments in recent years.

Full release is after the jump.  read more »

Owners of Starrett City begin process to remove complex from affordable housing program. [NY Sun]

Outdoor showers are not just for the Martha’s Vineyard set. [NY Sun]

While many properties in Manhattan may suffer during the credit crunch, those close to parks will not. [NY Sun]  read more »

Why can’t cabs be outfitted with something similar? [Gothamist]

Riverdale gets first, and certainly not last, Starbucks. [Racked]

As if being a Manhattan real estate broker was not sweet enough. [Real Deal]  read more »

Did Harry Macklowe overstep his bounds earlier this year?

A recent issue of Commercial Mortgage Alert says that the Manhattan developer could lose all those properties that he acquired for $7 billion back in February.  read more »

Deutsche fire raises the issue of cigarettes at work sites. [NY Times]

Subcontractor at the Deutsche Bank building was hired despite disreputable past. [NY Times]

Verizon Building at 1095 Sixth Avenue is going green. Literally. (First item) [NY Post]  read more »

Speaking of the West Side, it looks like Midtown West office space is enticing no matter how far it is from Park Avenue.

And no surprise here who’s buying: new names! And just in time before the lenders would take a big, sweaty grip around their necks.  read more »

City inspector goes to check out hot water heater, and finds the basement from Silence of the Lambs. [Gothamist]

Foreclosures are up in four boroughs, including Manhattan. [CityRoom]  read more »

Today, Mayor Bloomberg and Parks Commissioner Adrian Benepe broke ground on the second phase of the Harlem River Park Greenway and Esplanade.

Once completed in August of next year, the project will extend the greenway and esplanade from 139th Street to 142nd Street along the Harlem River, according to a press release. The initial phase of the project was completed in 2003, and opened up the greenway and esplanade from 135th Street to 139th Street.

The second phase will cost $8.7 million, according to the release

More information after the jump.  read more »

Believe it or not, rents are going down in Manhattan.

At least that is what a report from The Real Estate Group is saying. In their August 2007 Manhattan Rental Market Report, the brokerage states that, after a peak this summer, rents are down boroughwide.

And the neighborhood where one-bedrooms had the steepest decline? Soho. In July, you would be paying close to $3,800 for a one-bedroom in a non-doorman building in the trendy neighborhood. Now, rentals are available for about $3,400.

According to the report, landlords are not reducing rents to deal with increasing vacancy. Rather, they are offering to pick up all or part of an apartment’s broker fee. Well, that is nice of them.

The full release about the report is after the jump.  read more »

Will Brooklyn offices be hanging “No Vacancy” signs in a year or two?

A new report reveals that the office vacancy rate is right around 10 percent in the borough these days. And if it weren’t for a few blocks of Class A office space that became vacant over the last year, that rate would be lower.

Marcus & Millichap’s second-quarter Office Research Report advises that property owners will be able to increase asking rents by 6 percent this year to $26.95 per square foot.

However, brokers are going to be really happy with this stat: Over the last year, a median sale price of $339 per square foot was recorded in Brooklyn. That is a 27 percent increase from the preceding 12-month period.

The full release is after the jump.  read more »