BY AL BARBARINO

PNC Bank has signed a 55,000-square-foot expansion lease at RXR Realty’s 340 Madison Avenue.

The expansion ups the firm’s space from 45,000 to 55,000 square feet across the 10th and 11th floors in the 745,000-square-foot building, a good sign after several years of perceived stagnation among mid- to large-sized financial services companies in the city.

“It’s nice to see a larger financial institution expanding,” said William Elder, director of leasing at RXR Realty.

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BY BILLY GRAY

The future began to look a lot brighter for the northern coast of Staten Island today when the City Planning Commission approved what will be the world's largest Ferris wheel on the borough's shores.

The Commission also signed off on an outlet mall to be built next to the 625-foot New York Wheel.

Now, both projects have to pass one final hurdle: a City Council vote on October 30th. If plans get the OK there, construction on the developments will begin next year and they'll open in 2016.

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BY GUS DELAPORTE

Norfolk, Va.-based real estate investment firm Harbor Group International has acquired 162-164 East 82nd Street, a 37-unit apartment building, for $16.15 million.

The buyer will invest an additional $950,000 in the Upper East Side building for structural, mechanical and façade improvements. Capital will also be used to renovate rent-stabilized apartments as they become vacant, the company said in a statement.

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BY KEN MCCARTHY

One of the more notable aspects of the current economic recovery has been the strength of tourism and related industries. In 2012, New York played host to a record 52 million tourists—11 million from abroad and 41 million from the U.S.—so we had approximately 1 million people visiting the city every week.

In 2002, New York saw 35.3 million visitors, meaning that tourist visits have increased nearly 50 percent in the past decade. Tourism has grown into one of the most important industries in New York City. Since employment began to recover in November 2009, the city has added roughly 285,000 jobs, and 68,500 of those jobs have been in the leisure and hospitality sector, accounting for almost a quarter of all the new jobs in the city over the past four years—this from an industry that accounts for less than 10 percent of total employment.

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BY CHRIS HAVENS

The $300-per-foot price being paid for the 1.2 million-square-foot Watchtower Property at the back entrance to the Brooklyn Bridge is a startling number for nonresidential footage.

Zoned for commercial usage, aside from the modern tower on Jay Street, the Watchtower’s former printing and warehouse buildings lend themselves to creative office use for major tenants seeking the Dumbo cachet. They are said to be quite popular right now, lending great credence to the anticipated Tech Triangle takeoff.

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