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Real Estate Roundup 11.27.19

Office building at 10 Grand Central (Credit: Marx Realty)
Office building at 10 Grand Central (Credit: Marx Realty)

Real Estate Roundup

Office Leasing

Startup Hungryroot has signed a 5-year, 10,000 SF lease at Chang Realty Associates’ 7 West 22nd Street. Asking rent on the deal was $66 per SF. (CO)

Consulting firm West Monroe Partners has inked a 10-year, 41,715 SF lease for the 17th floor of 825 Eighth Avenue. The building is owned by SL Green, New York REIT, and RXR. Asking rent on the deal was $80 per SF. (NYPost)

Video advertising company ZEFR has signed a 10-year, 15,000 SF lease at Marx Realty’s 10 Grand Central. Asking rent on the deal was $86 per SF. (CO)

Retail Leasing

Netflix has signed a lease at the New York’s Paris Theatre to keep the famed Theatre from shuttering. The streaming giant has already been using the theater at 4 West 58th Street to screen its film “Marriage Story”. Going forward, it plans to use the midtown Manhattan theater for special events, screenings, and the theatrical release of its films. (Bloomberg)

Politics and other news 

Rockpoint Group and UDR have been hit with lawsuits after a June ruling by the New York’s Court of Appeals that owners of buildings with 421-g abatement must give rent-stabilized leases to their tenants. (TheCity) 

Anti-Amazon Politicians have their next mission… Prevent Sunnyside Yards from getting off the ground. (TheCity)

Some of the biggest names in finance are warning that the government’s plan to return Fannie Mae and Freddie Mac to private ownership risks disrupting a market critical to the U.S. housing system. (WSJ)

Looming housing problem: Baby boomers are getting ready to sell one quarter of America’s homes over the next two decades. The problem is many of these properties are in places where younger people no longer want to live. (WSJ)

Criterion Group and Peter Castellana III have filed plans for a self-storage facility at 2924 Eighth Avenue. The building will span nearly 110,000 square feet. (TRD)


Katerra’s Co-founder Fritz Wolff has left the company and is no longer on the board. (TRD)

Convene’s Co-founder and Vice Chairman, Chris Kelly is stepping down from the company. (CO)

After WeWork, SoftBank’s startup bookkeeping draws scrutiny… “WeWork is not just a mistake, it is a signal of weakness in the whole model… If you screwed up that valuation so badly, what about all of the other companies in your portfolio?” (Bloomberg)

Once Silicon Valley’s highest-flying darlings, companies from WeWork to Uber have collectively lost about $100 billion in value this year, prompting some startup executives to talk up profitability over growth as venture-capital investors grow more cautious about spending. (WSJ)

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