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The biggest investment sales deal of the year didn’t even involve brokerages. In March, Amazon bought the landmarked Lord & Taylor building at 424 Fifth Avenue for $978 million. The e-commerce giant did a direct deal with the seller, a joint venture of Rhone Capital, Hudson’s Bay Company and WeWork, which originally planned to renovate the 660,000-square-foot building to use as its corporate headquarters. The deal, which worked out to about $1,480 per square foot, closed on March 12, just one week before Gov. Andrew Cuomo ordered all nonessential businesses, including real estate firms, to pause in-person activities as Covid-19 spread throughout the city. New York City’s investment sales market, already navigating a slow few years, took a big hit, with big deals stalled or falling apart altogether. ....
Vornado’s Steve Roth. (Getty, Google Maps) Since it was built in 1968, the 490,000-square-foot warehouse at 909 Third Avenue in Midtown has been home to the United States Postal Service’s main mail handling facility in New York City. The warehouse forms the base of a 32-story office tower designed by Emery Roth & Sons, giving the building which occupies the block between 54th and 55th Streets a unique shape. Vornado Realty Trust acquired the leasehold interest in the property in 1999, and has since invested more than $184 million in capital improvements, including two major renovations that added outdoor amenity space and led to the building receiving LEED Gold certification. ....
Neither rents nor cap rates have fallen by much for office buildings in major gateway markets. While the timeline for a post-pandemic recovery in the office sector remains unclear, many companies do plan to fully return to the office. However, many tenants also plan to redesign their office spaces, either downsizing or enlarging them to fit their future needs. Some firms are expected to increase the amount of office space they hold post-pandemic, according to Nancy Muscatello, managing consultant at data firm CoStar Advisory Services, who adds that the biggest disruption in space utilization will likely occur in crowded urban gateway markets, where the most office space will be needed per capita. Counterbalancing this trend, these markets are also the most likely to see the greatest rates of remote working in the future due to congestion and a higher share of well-educated workers, who have more bargaining power with employers about work flexibility, Muscatello notes ....
Share via Shortlink From left: 410 Tenth Avenue, 100 Park Avenue, 230 East 20th Street, 30 Morningside Drive, SL Green’s Marc Holliday (Photos via Google Maps, Getty, Gramercy Square, 30 Morningside Drive/Illustration by Kevin Rebong for TRD) The 10 largest Manhattan loans recorded in January totaled $1.95 billion, a 7 percent decrease from December’s total. For the first time, the top loan of the month was for an acquisition that went into contract during the pandemic: a hefty CMBS loan that 601W Companies secured for its $953 million purchase of SL Green’s 410 Tenth Avenue. The remainder of the top 10 included one other acquisition loan and a construction loan, while the rest were refinancings. ....