The recession pushed leasing activity in Manhattan to its lowest level in a decade last year with only 16.3 million square feet rented, a 15% drop from 2008, according to a report released Tuesday. The dearth of deals pummeled rents, which fell to their lowest point since the first quarter of 2007, according to Cushman [...]
Las Vegas casino mogul Steve Wynn has abandoned his bid to run a slot parlor at Aqueduct Racetrack, whittling the field of hopefuls for the potentially lucrative license down to five. The withdrawal of Mr. Wynn, who had been considered among the front-runners, leaves two favorites remaining, according to a source connected to the process [...]
The Museum of Modern Art’s proposal for a new 82-story tower has cleared its final hurdle. The New York City Council voted Wednesday to approve the plan for a 1,000-foot tall, mixed-use tower on West 53rd Street between Fifth and Sixth avenues. It was the final hurdle for the plan’s approval process. The museum already [...]
One of the biggest, most high-profile deals of the commercial real-estate boom is in danger of imminent default, say people familiar with the matter, signaling the beginning of what is expected to be a wave of commercial-property failures. The sprawling Manhattan apartment complex known as Peter Cooper Village and Stuyvesant Town — acquired for $5.4 [...]
Building sales activity in Manhattan is expected to plunge to a 26-year low this year as a lack of both credit and available properties combine to squelch transactions, according to a new report from Massey Knakal Realty Services. The company predicted that only about 1.2% of the roughly 27,650 buildings it tracks will change hands [...]
Opponents of the Brooklyn arena planned for the New Jersey Nets have filed a lawsuit to overturn an agreement to sell 8 acres of railyards to the arena’s developer. The lawsuit was filed Tuesday in Manhattan state Supreme Court. It seeks to overturn a vote by the Metropolitan Transportation Authority to sell the railyards to [...]
Manhattan’s asking rents for office buildings fell 28% in the third quarter from the year-ago period as the recession pushed the vacancy rate to 9.3%, according to a report released Wednesday. Average asking rents slipped to $50.78 a square foot, down $19.94 from year-earlier levels when the vacancy rate was 6.1%., according to the CB [...]
A rising number of New Yorkers are on shaky ground when it comes to holding on to their homes. With unemployment climbing, the number of city homes in some stage of the foreclosure process hit 2,517 in July, a nearly 15% jump compared with both the previous month and July 2008, according to stats released today [...]
Fannie Mae has canceled an online auction of decrepit Bronx apartment buildings that was scheduled for next week, the company said. The 25 buildings had been owned by Ocelot Capital Group, which had fallen into foreclosure and left the buildings in disrepair, with buckling ceilings, missing front doors and broken locks. Ten of the buildings [...]
Retail rents are still plummeting in Manhattan, according to CB Richard Ellis’ six-month market report, released Thursday. The Upper East Side’s Madison Avenue, between East 57th and East 72nd streets, saw the most astounding drop. Asking rents there have declined more than 30% to $829 a square foot since the beginning of the year. Jewelry [...]
