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

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Thursday July 25, 2013
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No Related Bid for Sotheby’s Headquarters

BY GUS DELAPORTE

Related Companies has not bid on Sotheby’s Upper East Side headquarters as part of a deal to bring the international auction house to Hudson Yards, a source familiar with the matter told The Commercial Observer.

Earlier reports suggested Related was eyeing a bid for the property at 1334 York Avenue. The reported deal, a 1031 tax-free exchange, would see Sotheby’s buy or lease a significant portion of the 750,000-square-foot retail podium connecting the first two Hudson Yards office towers, according to a story yesterday in the New York Post.

To read the full story, click here

New Bid Could Hurt Empire State Building REIT

BY AL BARBARINO

Malkin Holdings has received an unsolicited $710 million offer for One Grand Central Place – another surprise twist that could stifle plans to make the Empire State Building part of a real estate investment trust.

The 1.3-million-square-foot, 55-story building at 60 East 42nd Street is the second largest building in the proposed Empire State Realty Trust and follows a string of previous unsolicited offers made on the Empire State Building itself.

To read the full story, click here

Park Slope Continues to Soar Post-Barclays

BY BILLY GRAY

In the latest indication of Park Slope and Downtown Brooklyn’s emergence as commercial real estate powerhouses, 76-82 St. Mark’s Avenue (at Flatbush and Sixth Avenues) has sold for $15 million.

The Brooklyn retail real estate brokerage TerraCRG announced the close of the sale today. The 23,900-square-foot property (with 24,000 square feet of air rights), which is fully occupied, holds 15 apartment and three commercial spaces.

To read the full story, click here

Havens: Why Brooklyn Is Hot Right Now

BY CHRIS HAVENS

Brooklyn’s worldwide brand is at a new high water mark. We’ve always been international, of course: Russian and Israeli money is deep in residential, and we have Little Odessa, our own Chinatown and the hemisphere’s largest West Indian city.

LuluLemon’s luxury cotton apparel touched down on Smith Street last month, hailing from British Columbia – the cool part of Canada on the West Coast – and rounding out the clothing store boom in Cobble Hill and environs. Forward-leaning Milanese developer Estate 4 acquired a huge Red Hook warehouse for an exotic commercial development still taking shape, while London money is buying around Barclay’s Arena.

To read the full story, click here

Greene: Summer in Bloomberg City

BY DAVID GREENE

Summertime is on us like a warm blanket in a sauna.

The heat radiates off the subway grids on the street, the air barely moves at all. Experienced New Yorkers find small ways to maintain some sense of dignity in heat like this. Standing at the top of the train platform until a train arrives, taking the odd cab or air conditioned bus. Iced coffee, walking on the shady side of the street; it all leads to an elevated manner with which we deal with record breaking heat and humidity. This time of year, gives one the opportunity to look forward and size up what’s next for the big Apple, the greatest city in the world.

To read the full story, click here

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