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

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Wednesday October 02, 2013
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Magazine Trade Group Relocating to 757 Third

BY GUS DELAPORTE

MPA-The Association of Magazine Media has signed a 10-year, 12,199-square-foot lease at RFR Realty’s 757 Third Avenue, The Commercial Observer has learned.

The tenant will pay rent starting in the mid-$50s per square foot, according to data from CompStak. MPA, currently headquartered at 810 Seventh Avenue, will relocate in February when its current lease expires, according to a spokesperson who confirmed the deal.

To read the full story, click here

11,300-SF Synagogue Hits the Market at $14 M.

BY BILLY GRAY

The 11,302-square-foot home of the Tifereth Israel Town and Village Synagogue at 334 East 14th Street is on the market for conversion to residential or commercial use.

Massey Knakal is exclusively marketing the $13.95 million property, which was built in 1866 as the First German Baptist Church. The listing notes 24,780 square feet of buildable space.

To read the full story, click here

Google Looks Beyond Eighth Ave. Headquarters

BY AL BARBARINO

Google is on the verge of signing a 360,000 square-foot lease at Related Companies’ 85 10th Avenue in what may be a result of unsuccessful attempts to expand further into its 111 Eighth Avenue headquarters.

The Internet behemoth, which paid a whopping $2 billion to buy the Chelsea office building at 111 Eighth Avenue at the start of 2011, is close to signing a deal at the 540,000-square-foot, 10th Avenue building.

To read the full story, click here

Winners and Laggards in the NYC Jobs Market

BY ROBERT SAMMONS

It’s that time again. Yes, the latest local jobs numbers have been released! And without a doubt, the New York City economy continued its march forward with a solid 9,000 private sector jobs created in August, according to the New York Comptroller’s Office. If you’re keeping score, that makes seven out of eight months of positive growth in 2013—for a total of 88,400 new private sector positions.

Each month, Newmark Grubb Knight Frank Research takes a deeper dive into these job numbers to check on the winners and losers. (Hmm, “losers” is a bit harsh. Let’s just say “laggards.”) For the sake of brevity (and to keep you from nodding off), I’ll focus on just the key changes in August.

To read the full story, click here

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