2 Herald Square’s leasehold to hit auction block in February

The troubled Midtown office building 22 Herald Square is heading to the foreclosure auction block in February, sources told The Real Deal. A New York State Supreme Court judge granted summary judgment Monday in favor of lender SL Green over the leasehold’s $250 million first mortgage. The judgment thus orders a sale of the leasehold, which had been repeatedly delayed for much of this year. The leasehold’s owners, Sitt Asset Management and more than 80 limited partners, […] Read More >> https://therealdeal.com/2017/11/21/2-herald-squares-leasehold-to-hit-auction-block-in-february/

Land Use kills grandfather clause exempting Gamma’s tower from rezoning

The City Council Land Use Committee voted on Tuesday to remove a clause that would exempt Gamma Real Estate’s Sutton Place condo tower from a rezoning that would scale back the project. The committee nearly unanimously (with one abstention) voted in favor of approving and modifying an application that will rezone 10 blocks on the Upper East Side. The committee decided against grandfathering Gamma’s Sutton 58, meaning that if the full Council agrees, the 800-foot […] Read More >> https://therealdeal.com/2017/11/21/land-use-kills-grandfather-clause-exempting-gammas-tower-from-rezoning/

Global Infrastructure Partners inks lease for 1345 Avenue of the Americas

Infrastructure investment company Global Infrastructure Partners is moving across town. The private equity firm inked a 42,300-square-foot lease for the 30th floor of Fisher Brothers’ 1345 Avenue of the Americas,  located between West 54th and 55th Streets, according to the Commercial Observer. Asking rent was $95 per square foot, and the lease will last for 16 years and two months. The move will likely take place in mid-2018. Global Infrastructure Partners is currently located at […] Read More >> https://therealdeal.com/2017/11/21/global-infrastructure-partners-inks-lease-for-1345-avenue-of-the-americas/

Harry Macklowe’s inspirations? Matisse and Bottega Veneta

Harry Macklowe received an important lesson in labor relations on his first project of the 1960s — a loft-to-office conversion on 28th Street. With plans to renovate the building — and raise rents from $1 per square foot to $4 per square foot — the developer drove his station wagon to the Bowery, hired six laborers and put them to work with five- and 10-pound sledgehammers. He thought nothing of it when the workers begged […] Read More >> https://therealdeal.com/2017/11/21/harry-macklowes-inspirations-matisse-and-bottega-veneta/

Sales of existing US homes fall for second-straight month

Existing-home sales fell year-over-year for the second-straight month in a row a seasonally adjusted rate of 5.48 million in October, according to the National Association of Realtors. But the slowdown is more the result of a dearth of homes for sale than sluggish demand, the Wall Street Journal reported. “The housing market largely remains stuck in the same, predictable rut it has been in for the past two years or so” of demand outpacing supply, […] Read More >> https://therealdeal.com/2017/11/21/sales-of-existing-us-homes-fall-for-second-straight-month/