BY GUS DELAPORTE

In search of a foothold in the New York City market, Warner Hospitality—better known for Hard Rock Hotel & Casino projects—sent executives Michael Fuller and Christopher Najbicz to explore potential opportunities. After a search that took them up and down the island of Manhattan, the duo stumbled upon a construction site at 24 East 39th Street.

“Being the curious individuals we are, we walked up the stairs and knocked on the door,” Mr. Najbicz, executive vice president of hotel operations, told The Commercial Observer.

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BY AL BARBARINO

A New York-based group that cooks and delivers more than one million nutritious meals annually to people with severe illnesses is temporarily relocating to Williamsburg as it renovates and expands its Soho home.

God’s Love We Deliver will move to a 20,000-square-foot space at Acumen Capital Partners’ 630 Flushing Avenue in October, when construction is set to begin at their current Manhattan home at 166 Avenue of the Americas.

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BY BILLY GRAY

Cornell University inked a 10-year lease extension at 230 Park Avenue, where it currently subleases 9,411 square feet of office space on the 15th floor.

Gere Ricker of MB Realty represented the tenant. Jordan Berger represented the landlord, Monday Properties, in-house. The 34-story, 1.4-million-square-foot office tower is co-owned by Invesco. Asking rent was $65 a foot.

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BY ROBERT KNAKAL

In February of 2011, I wrote my column in these pages about the macroeconomic principle of fear versus greed and how this relationship was, at the time, impacting market conditions in the commercial real estate sales market.

Since my days at the Wharton School in the early 1980s, I have been fascinated by the various illustrations economists use to explain how economics works and how the relationships between various objects, or emotions, provide insights into the way markets work. Some of these illustrations are quintessential, have been used for decades and will continue to be used for future generations.

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BY RICHARD PERSICHETTI

Currently in Manhattan, there are 68 blocks of available space on the market that are 100,000 square feet and greater—and that’s not even including buildings under construction.

These 68 blocks of space total 15.4 million square feet of the available supply, which accounts for one-third of the total available space in Manhattan. When examining the pricing for these large blocks, the average price equals $65.74 per square foot. Despite the inclusion of subleases in this rental average, this price is actually higher than the Manhattan overall average asking rent by $2.81 per square foot.

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