Square Feet @ New York City

Laurence Roberts, A Principal @ Arch Brokerage Ltd. & Washington Square Partners, sharing New York commercial real estate news.

Blackstone Group
City Spent $220 Million To Keep Stuy Town Apartments Affordable; Turns Out, It Didn't Have To
gothamist.com
When New York City entered into a deal in 2015 with the new owners of Stuyvesant Town-Peter Cooper Village to guarantee that rents on 5,000 units …
Business
Walls on Wheels and Movable Pods: ‘The Evolution of the Open Workplace’
The New York Times - By JANE MARGOLIES
In recent years, new office designs have encouraged employees to get moving. Cafes and lounges beckon workers when they need a break. Open staircases spur them to climb floors rather than take the elevator.
New York City
With So Many Vacant Stores, E-Commerce Is Only Part of the Problem
The Wall Street Journal. - Suzanne Kapner
Barneys’ fight with landlord is an extreme example of an issue bedeviling many retailers: high rents Don’t blame all the vacant stores on e-commerce. Sky-high rents are squeezing retailers, too. Although
New York City
How re-streeting could solve most of NYCHA's problems
New York Post - By Howard Husock
New York City Housing Authority’s sheer physical problems — lead paint, leaks, heat and hot-water failures — seem insurmountable. But fixing a more …
New York City
St. Patrick’s Cathedral could cash in on air rights for $7.2M
Curbed - Tanay Warerkar
[Update]: The Archdiocese of New York already has a tentative buyer who wants to purchase a porti of air rights from St. Patrick’s Cathedral, that could fetch as least $7.2 million, reports Crain’s. If
China
Waldorf Astoria conversion moves forward with filing for 352 condos
Curbed - Zoe Rosenberg
Chinese government takeover be damned; the Waldorf Astoria is striding towards its future as a hotel-condo hybrid. An offering plan for the iconic building’s forthcoming condos appeared on the state Attorney
New York City
REVEALED: New renderings of Domino Sugar Factory’s waterfront park and esplanade
6sqft.com
Almost a year to date since the first renderings were revealed for Domino Park, the 11-acre park and waterfront esplanade that will anchor the …
New York City
Construction of affordable housing complex on former juvenile jail site in Hunts Point set to begin | 6sqft
6sqft.com
Rendering courtesy of WXY Architecture + Urban Design and Body Lawson Associates The first phase of a project that will bring more than 700 units of …
flipboard.com
Obituaries
Cesar Pelli, Designer of Iconic Buildings Around the World, Dies at 92
The New York Times - By FRED A. BERNSTEIN and PAUL GOLDBERGER
Cesar Pelli, who designed some of the world’s most recognizable buildings, died on Friday at his home in New Haven. He was 92. Mr. Pelli’s works included the cluster of towers making up the World Financial
Dirty legal tactics could wind up costing Bowery Hotel owners up to
New York Post - By Steve Cuozzo
Owners of the trendy Bowery Hotel so infuriated a NY judge with their delay tactics that she has refused to hear their defense in a …
Business
When Corporate Lobbies Started to Look Like Museum Galleries
The New York Times - By JEFF GILES
The Seagram liquor company and the ancient Mesoamerican civilization of the Olmecs were not obvious bedfellows. But in 1965, a crane operator lowered a colossal Olmec sculpture of a head onto the corporation’s
Barneys weighs bankruptcy after rent increase
therealdeal.com - kevin-r
Barneys, a symbol of New York City luxury fashion, is reportedly weighing a second bankruptcy, after the retailer’s $16 million annual rent jumped to …
East Village
Boys’ Club sells 120-year-old East Village clubhouse
Curbed - Caroline Spivack
After 120 years of offering young men a safe haven in the East Village, the Boys’ Club of New York has sold its Avenue A clubhouse to a foundation that will preserve the building as a community resource,
New York City
Toll Brothers Purchases Rights to The Collection in White Plains for $32 Million - New York YIMBY
newyorkyimby.com - By: Sebastian Morris
The Westchester County Industrial Development Agency (IDA) recently approved Toll Brothers‘ $32 million acquisition of development rights and …
Brooklyn, NY
Atlantic Yards plan for luxury gym raises questions
brooklyneagle.com - Incoming Brooklyn Heights Association head prepares for issues big and small July 18 | Mary Frost
An elected official is crying foul about a plan to build a 100,000-square-foot fitness center and field house at Atlantic Yards/Pacific Park. State …
Offbeat News
The Incredible Engineering Behind ‘Edge’, The Highest Outdoor Observation Deck in the Western Hemisphere
laughingsquid.com - Lori Dorn
In 2015, we wrote about how the massive New York City development Hudson Yards will be building an observation deck that will be attached to on the …
New York City
Court strikes blow to proposed Two Bridges supertall
Curbed - Caroline Spivack
Opponents of a supertall planned for Two Bridges took a step toward toppling the development with a precedent-setting court ruling that could knock out the tower’s base. In a state appellate court decision,
flipboard.com
New York City
Stricter EB-5 Rules Are Coming Soon. Advocates Hope Trump Kills Them.
bisnow.com - Deirdra Funcheon
The EB-5 program allocates 10,000 visas per year for foreigners and their family members who collectively pitch in billions of dollars toward …
New York City
Climbing Rents, Big Leases Are Dominating The NYC Office Market. How Long Can It Last?
bisnow.com - Miriam Hall
Office leasing in Manhattan is continuing at a blistering pace, although the ballooning concession packages landlords are now handing over are …
New York City
Foreign Buying of U.S. Homes Suffers Record Drop
The Wall Street Journal. - Laura Kusisto
Pullback, led by Chinese buyers, is driving price cuts in coastal cities and causing new condos to sit empty Foreign purchases of U.S. homes have dropped by half over the last two years, a fresh blow the
New York City
Splash cash: New York renters pay top dollar for access to pricey
New York Post - By Jessica Dailey
Before she moved into a Midtown West apartment last July, Alexandra Port had never lived with a swimming pool. “My understanding of a pool is a …
Manhattan, NY
Manhattan and Brooklyn among top five most expensive places to rent in US
Curbed - Valeria Ricciulli
Manhattan tops the list of most expensive average rent in the country, as it reached $4,190/month in June, a new report found. Brooklyn is also on the list in fourth place, with $2,881/month. The report,
New York City
Eric Garner's Neighborhood Fears Rezoning Will Bring Brooklyn-Style Gentrification To Staten Island
gothamist.com
The city's vision for Bay Street after a June rezoning. (New York City Department of City Planning) “All these right here, they’re going to be knocked …
flipboard.com
Climbing Rents, Big Leases Are Dominating The NYC Office Market. How Long Can It Last?
bisnow.com - Miriam Hall, Bisnow New York
Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events! Office leasing in Manhattan is …
Investing
NYC Apartment Building Sales Plummet With New Rent Law Scaring Off Investors
Bloomberg - Oshrat Carmiel
Things looked promising for the sellers of a collection of Harlem apartment buildings, listed in April for $260 million. Almost immediately, 150 …
Commercial Real Estate
What Is Commercial Real Estate?
TheStreet - Eric Reed
"Buy land" Mark Twain once said. "They're not making it anymore." It is a philosophy that has built and sunk countless fortunes. If you stay up late …