Vornado, Trump Refinance 1290 Avenue of Americas With $950M CMBS Loan
JPMorgan Chase, Citigroup, Goldman Sachs and Bank of Montreal have teamed up to originate $950 million in debt to refinance Vornado Realty Trust and Donald Trump’s Midtown skyscraper at 1290 Avenue of the Americas, according to ratings agency analysis of the deal Months after Vornado reportedly wanted to buy out Trump’s 30 percent stake in the 43-story asset, following the the end of his presidency and the Jan. 6 insurrection attempt, the pair have nabbed a long-awaited refinancing, Bloomberg reported, citing recently released data from Kroll Bond Rating Agency (KBRA). JPMorgan Chase took down roughly $475 million, or half, of…
Date 2021-11-09
Author Mack Burke
Businesses Lease Trophy Space to Stoke Return to the Office
Rents for elite buildings full of amenities are getting steeper; ‘The top of the top has just gone crazy’
Date 2021-11-03
Author Peter Grant
COVID’s Changed the Manhattan Office Market Forever, Experts Say
Now that a fourth wave of the coronavirus pandemic may finally be cresting, employers are beginning to plan for the future with an eventual return to the office Maybe because of that, Manhattan leasing activity perked up after a long dry spell with 2.4 million square feet leased in July, the third month in a row that commercial leases increased, according to a report from brokerage Colliers. The news has not been entirely rosy. Investment sales activity was 35 percent below the pre-pandemic monthly average in 2019 and a record-high 17.1 percent of office space is currently on the market,…
Date 2021-10-21
Author Aaron Short
Low-income New Yorkers face an outsize risk from extreme weather
Low-income residents are disproportionately vulnerable to climate change, thanks in large part to the city's decaying stock of affordable housing. The homes are often in flood-prone waterfront areas that once were considered undesirable More than 1 million people live in floodplains across the city, and that figure is expected to double as sea levels rise, urban planners and environmentalists warn. The New Yorkers most at risk are disproportionately people of color. The conditions pose a significant risk for the New York City economy, with employers facing the prospect of a significant portion of their workforce living in housing vulnerable to…
Date 2021-10-21
Author Brian Pascus
Venable leases 158,000 s/f at Durst’s 151 West 42nd Street
The Durst Organization today announced that Venable LLP has signed a 15-year lease for 157,808 s/f on the 48th through 52nd floors at One Five One West 42nd Street The law firm’s new tower offices also include a 3,000 s/f wraparound terrace on the 49th floor. Venable is consolidating its New York offices from 1270 and 1290 Avenue of the Americas into 151 West 42nd Street. “We are pleased to welcome Venable to One Five One,” said Jonathan (Jody) Durst, president of The Durst Organization. “Adding Venable, a Global 100 law firm, to One Five One’s tenant roster exhibits the…
Author Real Estate Weekly