‘C-Note’ leases – north of $100 per square foot – are enriching Manhattan
To office landlords’ joy, C-Note leases – those with starting rents of $100 and up – are making a robust rebound, helping to quell fears about the office market’s long-term health CBRE reported that some 105 C-note leases comprising 2.7 million square feet of prime space in Manhattan were signed in 2021. Not only did the total number more than double the meager 49 completed in 2020, it also topped the five-year historical average by 18 percent. The $100-plus lease has long been the bragging-rights gold standard in a market where most rents average $60 to $80 per square foot.…
Date 2022-01-12
Author Steve Cuozzo
Capital Markets Group CLSA Takes 17K SF at 1155 Avenue of the Americas
The capital markets and investment firm CLSA Americas is moving south to 16,563 square feet at The Durst Organization’s 1155 Avenue of the Americas, Commercial Observer has learned CLSA inked a deal to relocate to the entire 17th floor of the 42-story building from its offices on the 15th floor of Paramount Group’s 1301 Avenue of the Americas, according to Durst. Asking rent was $90 per square foot in the 10-year lease. The deal at 1155 Avenue of the Americas, between West 44th and West 45th streets, closed in the last week of December 2021, according to Durst’s Rocco Romeo,…
Date 2022-01-12
Author Celia Young
CLSA takes full floor at Durst Organization’s 1155 Avenue of the Americas
Financial services company CLSA has signed a 10-year lease for 16,500 square feet at The Durst Organization’s 1155 Avenue of the Americas in Midtown Manhattan The company is moving from its offices 10 blocks north at 1301 Avenue of the Americas to take the 17th floor of 1155 Avenue of the Americas. The building, between 44th and 45th Streets, was completed in 1984 and designed by Emery Roth & Sons. It recently underwent a $130 million capital improvement program that included a new lobby, new elevator cabs and destination dispatch controls, new windows throughout and enhanced floor-to-ceiling glass that takes…
Date 2022-01-12
Author I-Chun Chen
Durst lands $128M refi for 10 Halletts Point
The Durst Organization landed a nine-figure refinancing for its completed building at 10 Halletts Point, but the future of the rest of the gigantic project remains murky The Commercial Observer reported Durst landed a $127.5 million, five-year loan from Signature Bank at the multifamily complex in Astoria, Queens. Signature managing group director Joseph Fingerman led the transaction for the bank, according to the Observer. Meridian Capital Group’s Ronnie Levine helped arrange the financing. The 405-unit 10 Halletts Point is part of Durst’s larger Halletts Point project, which is expected to yield 2,100 housing units across 2.4 million square feet, along…
Author The Real Deal
How New York City’s Skyline Will Change in 2022
Even as this stop-and-start year progressed — vaccines and reopenings and a return to something that felt kind of like normal life, followed by variants, supply-chain issues, and a wave of cancellations — real-estate plans churned along. Developers and builders continued to push skyline-, neighborhood-, and city-changing projects forward. A few of the buildings listed below are in the thick of construction, others are opening their doors, and all are, in some fashion, debuting in 2022. The success of at least some now feels like a foregone conclusion — the rich, it seems safe to say, still want to live…
Date 2021-12-30
Author Kim Velsey