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March 2001
  • German Group Buys Stake In Skyscraper
    The Chrysler building is the latest addition to the extensive list of landmark buildings exchanging ownership. TMW, a German investment group, recently purchased 75 percent ownership of the building at $300 million. The recent frenzy in real estate sales, triggered by the decline in economy is a sure sign of stable and lower rents for the year 2001.
    [The New York Times 3/5/2001]

February 2001
  • In the Zone
    Vornado Realty Trust is discussing zoning changes with the New York Planning Department to allow flashy billboards near the Madison Square Arena. This is the latest effort by Vornado in creating a new retail/entertainment area that would rival Times Square.
    [The Wall Street Journal 2/28/2001]

  • Trade Center, Once Sneered At, Lures Rich Suitor and $3.2 Billion
    Vornado Realty Trust wins the bid for the 99-year lease at the World Trade Center. The deal is said to be worth $3.25 Billion, more than double the estimate given three years ago. In perspective, this values the World Trade Center at $325 per square foot, higher than the Rockefeller Center, which is currently valued at $284 per square foot.
    [The New York Times 2/23/2001]

  • A Landlord's Subtractions Lead to an Addition
    Trinity Real Estate has renamed 75 Varick Street to 1 Hudson Square and will renovate the office spaces in the building. In addition, 50,000 square feet of new space will be added to the building. An estimate of $50 million will be put into renovating 1 Hudson Square.
    [The New York Times 2/18/2001]

  • Putting 3 Buildings In One
    The Arthur Levitt State Office Building located in Hudson Square/TriBeCa area is being converted into a multi-functional building that will combine office space, residential space, and condominiums within one building. The building will have a total of 100,000 square feet of office space at $45 dollars per square foot.
    [The New York Times 2/11/2001]

  • Deal on Citigroup Tower Puts Buyer in the Real Estate Big Leagues
    Allied Partners completed the deal for the Citigroup tower located on Lexington Avenue and 53rd Street. The deal for Citigroup tower was at $725 million with a $36.25 million cash deposit. The acquisition of the landmark building places Allied Partners with the elites of New York Real Estate.
    [The New York Times 2/8/2001]

January 2001
  • Recession Fears Ease Rents
    The future of the real estate market is in question as the economy begins to slow down. Real Estate professionals predict most markets will remain relatively unaffected until the end of the year. However, several markets including Clinton, Clinton South, West Village, and TriBeCa will be affected with lower rents. This is primarily due to the recent drop out of dot-com tenant that heavily occupied theses areas. The rapid creation of sublease will lower the rent for the effected areas.
    [Crain's NYC 1/28/2001]

  • Room for a Growing Company to Consolidate
    Getty Images, one of the leading providers of photographic and visual materials, acquired 225,000 square feet in a 17 story building in TriBeCa. Getty's leasing process, the search and negotiations, took more than a year before the final lease was signed last April. The 15 year lease, provided with options, is currently valued by real estate executives at $175-$200 million. Furthermore, Getty acquired 36,000 square feet across the street from 75 Varick Street, renamed to 1 Hudson Square. It's 72,000 square foot option on the third floor in 2002 at 1 Hudson square should make consolidating its New York operations unproblematic.
    [The Wall Street Journal 1/24/2001]

  • NY's 'Green' Building Law Draws a Rash of Red Flags
    3 Times Square joins its neighbor, the Conde Nast building as a new addition in the line of "green" buildings. 3 Times Square is said to be an environmentally friendly building where the construction materials are non-toxic, cleaner interior air, and a lower energy consumption that is 30% lower than most buildings. Aside from setting the standard for future buildings, 3 Times Square is also eligible for the newly enacted green-building real estate tax credit that can be worth up to 5%-7% of constructions cost. However, the green-building real estate tax credit is yet to be firmly established. The new tax break could be on a first come -served basis if proper funds are not allocated for the future.
    [Crain's NYC 1/21/2001]

  • Family Feud Ends Over Prime Site Near Times Square
    Paul Milstein won the closely watched auction of a prime development sit in the Times Square Area. Although a price wasn't disclosed, experts say the winning bid valued the site near $111 million. The desirability of the site has grown enormously with the revitalization of Times Square. So much so, that the Milstein family will move ahead with plans to develop an 850,000 square feet office tower on the site.
    [The Wall Street Journal 1/17/2001]

  • Distressed NY Dot-Coms Revitalize Parched Market
    The recent drop out of dot-coms is adding sublets to the market. An estimated amount of 3 million square feet has been put back on the market following the fall. New spaces bring only moderate relief in the Manhattan market, where total inventory of space is estimated at near 400 million square feet. Higher rents of premium spaces will be unaffected.
    [Crain's NYC 1/7/2001]

  • For 2001, Real Estate has Tough Act to Follow
    A successful year has come to a close for the real estate industry. This year was marked by the rise and fall of dot-coms, historically high rents, and low availability. Many suggest that the year 2001 will not be as successful as the past year and more importantly, it will not repeat the events of 1980. The real estate industry is not highly leveraged as it was in the 80's. Most companies will have enough cash flow to survive the potential down fall of the real estate industry.
    [The Wall Street Journal 1/3/2001]

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