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“Franklin Templeton ‘putting everything under one roof’ on Madison Ave” When Franklin Templeton inked a nearly 350,000 square-foot lease at SL Green’s One Madison Avenue last week, it wasn’t to reduce the amount of space it has at seven other Manhattan locations. Unlike many corporate “consolidations” that are mainly a way to save on rent,…
“Mermaid Inn owners ‘super sad’ to close Upper West Side location after 15 years” The Mermaid Inn, a perpetually popular eatery at 570 Amsterdam Ave. for 15 years, will close on Oct. 16. Owners Danny Abrams and Cindy Smith said that they mutually agreed with the building’s new owners, a local partnership, to terminate their…
“Back-to-work barometer falls short of measuring up to reality as offices fill up” There’s good news for Manhattan office landlords: Physical building occupancy rose to 46.6% for the seven-day period ending Sept. 14, according to the much-followed Kastle Systems Back-to-Work Barometer. The post-Labor Day jump was a huge increase over Kastle’s tally of 38% from…
“Crumbling NYC church sues to evict nonprofit, seeks $33.5M sale” The battle over the landmarked, but crumbling, West-Park Presbyterian Church at Amsterdam Ave. and West 86th St. has moved onto a second front: Manhattan Supreme Court. The tiny congregation wants to sell the 140-year-old building to developer Alchemy for $33.5 million. As Realty Check previously…
“Protest planned to save historic NYC hospital from wrecking ball” The battle is on to dissuade — or prevent — Mt. Sinai Health System from closing the historic New York Eye and Ear Infirmary, which it’s likely to sell to a developer after it scatters the Infirmary’s units to the Manhattan winds. A group of doctors,…
“PR firm Edelman bucks work-from-home trend with renewed lease in Hudson Square” As Manhattan’s physical office occupancy continues to fluctuate around 41%, as per Kastle Systems’ Back-to-Work Barometer, it seems counterintuitive that many companies show no sign of cutting back their space. In one of this year’s largest rebuttals to the “work from home” panic, public…
“WTC tower developer Silverstein continues search for anchor tenant” Last week’s announcement that the state green-lighted Brookfield’s and Silverstein Properties’ plan for a supertall, mostly residential tower at Five World Trade Center ignored the more compelling matter of Two World Trade Center — the office skyscraper that Larry Silverstein has tried to build for more than…
“Design firm to drop anchor at Dock 72 on Brooklyn waterfront” The design-and-innovation firm Huge signed a two-floors lease at Dock 72 at the Brooklyn Navy Yard — and it’s huge for Boston Properties and Rudin, the joint-venture developers of the ship-shaped waterfront building that shouts “cool factor.” The deal for 71,000 square feet on Dock 72’s…
“Brookfield Place defies pandemic pains to thrive downtown with new lease deals” Brookfield Place survived 9/11 (which buried the complex in ash) and the Great Recession (which drained some large office tenants). Superstorm Sandy hardly laid a glove on it. Now, the 14-acre commercial complex that was originally called the World Financial Center is weathering…
“Fintech firm iCapital expands footprint at One Grand Central” Not many financial services firms are expanding within the same building these days. But fintech firm iCapital has added two full floors totaling 59,228 square feet at Empire State Realty Trust’s One Grand Central Place, a 1930-vintage, 1.245-million-square-foot tower at 60 E. 42nd St. The deal, iCapital’s…