- Posted at 11:59, November 10, 2013
- By Russ Bleemer
The Wall Street Journal has reports in tomorrow’s paper on .....
250 W. 55th St. Boston Properties from The Wall Street Journal
--How the sluggish office leasing market has made Boston Properties’ at 250 W. 55th St. a “slog.” The property has tarnished the company’s “mostly . . . stellar track record” and hurts its stock price. It also points to slow renting at marquee properties like 1 Times Square, 51 Astor Place and One World Trade Center. Here.
--The LeFrak family’s $10 million gift for the new year-round Prospect Park skating rink (“"We were in Brooklyn before it was cool," says Richard LeFrak.”)
--Tourneau is leasing a new 16,000 square foot headquarters at 663 Fifth Ave., after losing its longtime 3 E. 54th St. lease; Studley represented Tourneau and Cushman & Wakefield repped the landlord. Scroll down here for details.
--And a big dispute over a big parking lot was settled Thursday in Jersey City when a judge said Hartz Mountain Industries Inc., of Secaucus, N.J., could sell the lot for $68 million to China Construction America Inc., the U.S. subsidiary of Chinese construction giant China State Construction Engineering Corp. A Los Angeles-based investment fund has filed suit to stop the sale to exercise an letter of intent saying it could purchase a majority share for $50 million. WSJ details here.
China Daily’s Monday account of the 10th China Institute Executive Summit Agenda in New York late last week isn’t cheery: Interest rates are going to rise, and U.S and China real estate will crash.
And here's some catch up:
From Sunday, Crain’s New York Business, in an article called “Promises Promises,” is worrying about Mayor-elect Bill de Blasio. Specifically, real estate executives “wonder how Mr. de Blasio will make good on another campaign promise—200,000 new or preserved affordable-housing units in 10 years—without the traditional menu of tax breaks and other incentives for developers.” You can share their angst here.
And here’s one we missed that just showed up on the wire again: Late last month, bankrupt Lehman Brothers closed on a sale announced and widely covered in the first quarter. It put out a press release late last month that said it completed the sale of 237 Park Avenue, at E. 45th/46th Sts. The Oct. 28 release says that an “entity controlled by an affiliate of Lehman Brothers Holdings Inc.” closed the sale of the troubled 21-story, 1.2 million square foot office building right hovering over Grand Central Terminal. RXR Realty and Walton Street Capital, LLC are the buyers. They paid $800 million. The release said the Oct. 28 closing took several years of restructuring debt secured by the property; the defunct investment bank got the property from Broadway Partners in foreclosure, then transferred to the sales entity.