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Commercial Observer
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Edited by Jotham Sederstrom | Jsederstrom@observer.com

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Thursday June 27, 2013
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First National Bank of NY Wins Bidding War

BY GUS DELAPORTE

First National Bank of New York had to fight off competition before it signed a lease for entire 3,771-square-foot 37th floor at 1450 Broadway, where asking rents for the tower floors range from $65 to over $70 per square foot.

“We actually had a bidding war for the 37th floor,” Jonathan Fanuzzi, broker at Jones Lang LaSalle, who represented the landlord The Zar Group, told The Commercial Observer. “We had four different tenants looking at that, so we were able to shake out some additional demand.”

1450 broadwayThe property at 1450 Broadway, which was acquired by The Zar Group for $204 million in 2011 from a partnership comprised of The Chetrit Group, The Moinian Group and Minskoff Equities, is currently undergoing a significant renovation, including a new lobby.

To read the full story, click here.

Samantha Rudin Helps Drama League Move to Her Family's 32 Avenue of the Americas

BY BILLY GRAY

Samantha Rudin, a member of The Drama League Theater Center's board, helped the 98-year-old arts organization find a new home and stage.

The Drama League inked a 5-year, 4,000-square-foot deal at the Rudin family's 32 Avenue of the Americas in Tribeca. The space will be a combination of offices and a "black box" theater.

“The Drama League’s West Side lease was running out and they needed to find a new home that could house their offices and a theatre,” Ms. Rudin, a vice president at Rudin Management, said in a prepared statement. “What could be more perfect then moving to an historic state-of-the-art building in the heart of Tribeca’s arts district?”

To read the full story, click here.

Extell Grabs Additional $74 M. Piece of 'Ring'

BY AL BARBARINO

Real estate investment and finance firm Princeton Holdings has sold its interest in a one million square foot portfolio of commercial properties located in Manhattan’s Midtown South submarket for $74 million to Extell Development Company.

Buyer Extell Development Company significantly boosts its existing stake in the portfolio and, having gained at least a 50 percent stake in the portfolio, is reportedly suing to force the sale of at least seven of the properties at auction.

Two years ago, a Princeton Holdings-led joint venture paid a deposit of $10 million to acquire a 25 percent stake in the 98 percent vacant office portfolio (known as the ‘Ring Portfolio’), controlled by F.M Ring Associates, which has owned the well-located yet underperforming collection of assets for more than three decades.

To read the full story, click here.

Thursday's Must-Attend Real Estate Events

BY MICHAEL EWING

Join RELA NYC for its final event of the 2012-2013 year at a networking cocktail reception on Real Capital Analytics’ roof deck.
NYC Rooftop Cocktail Party, Real Capital Analytics, 139 Fifth Avenue, roof deck, 6-9pm; visit www.rela.org for more information.

Join committee chairs Ellen Sinreich and Richard Skriloff at ICSC’s “Going Green: Measuring REAL Economic Benefits for Tenants.” The program will include a primer on the costs and benefits, from a tenant’s perspective, of incorporating green building features into retail real estate.
ICSC: Going Green, Measuring REAL Economic Benefits for Tenants, International Council of Shopping Centers, 1221 Avenue of the Americas, 41st floor, 7:30-10am; contact Becky Sullivan at (646) 728-3689 or bsullivan@icsc.org for more information.

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