High Profile NYC Restaurants go bust; leave empty space

"I wouldn't identify a theme to it, because all the closings happened for completely different reasons," said JDF Realty's Leslie Siben, a prominent restaurant broker.
But many of NYC's major high end restaurants are going bust, including Angelo & Maxie's steakhouse at 233 Park Avenue South and its sister eatery, Maxie's Grill. Already this year, the industry has seen theclosings of Tabla, Matsugen, Japonais, Montenapo, and, most buzzed about, the abrupt shutterings of Convivio and Alto, high-end Italians owned by Chris Cannon. 

However, plenty of new restaurants are opening as well.  Cushman & Wakefield's Brad Mendelson sees lots of activity in Midtown. But, "It's kind of funny," he said, "We're seeing tenants out of Florida and other parts of the country, not local."Read the full story at the New York Post.

Broadway Partners seeks capital infusion at 280 Park Ave

The Real Deal reports that Scott Lawlor's Broadway Partners is seeking a capital infusion at 280 Park Avenue. The building's interest reserves have been dwindling, and the partners have hired Edgerock Realty Advisors to help find investors, as was reported to Crain's Business News.
In 2007, Broadway acquired the 1.2 million-square-foot trophy property with Investcorp for around $1.2 billion. The building has around $440 million in outstanding securitized debt, and while the loan payments are current, reserves are only at around $36 million. To see the full article, please go here.

Greg David of Crain's Reports Economic Growth Likely to Accelerate

It's looking like the number of jobs the city gained last year will be revised upward from the preliminary stats that showed 55,000. Greg David stated " This is what usually happens in the first year of a recovery, as the paperwork that shows new hires often lags." Greg David also cited the Crain's article "Big Tenants getting spaced out" as evidence that business services sector is hungry for larger spaces, indicating expansion and new hires. He also stated that the private school sector is on the rise, with applications rising to 10% and entrepreneurs opening new schools. He also cited a report that stated 192,000 jobs have bee added in the US in February, and that New Yorkers should pay attention to Fed Chairman Ben Bernanke's statement last week that the public sector job cuts "would not derail economic growth." To read the full article, please go here.

Target and developers buy a Bronx Postal Service Building

The Real Deal Reports that Target and developers bought a Bronx Postal Service in the Throgs Neck section of the Bronx, for $35.2 million, where they plan to build a 300,000-square-foot mall.

The owner was listed as Lafayette Nominee Owner LLC, with an address at Target's corporate headquarters in Minneapolis, Minn. The acquisition of the site at 815 Hutchinson River Parkway at Lafayette Avenue went into contract in November and closed Feb. 11, city property records published last Wednesday show. 

"We plan to build about 300,000 square feet of retail," said
 Paul Slayton, a principal with PA Associates. Target would own its own portion as a condominium, and the rest would be leased to other tenants. 
For the full story, please go here.

Tishman Construction Goes Global

Los Angeles based Aecom Technology Corporation, primarily an engineering and design firm, bought Tishman last year in $245 million deal. John Livingston has now been named as the leader of the new division, Aecom Construction Services, whose clients will include large commercial and instituional clients. Integrated delivery is a godsend for many clients,” said Mr. Livingston. The merge allowed Tishman to "be global in one day.”
Tishman built the original World Trade Center and are now working on the new WTC. 
For more information or to read the full article, please go here.

The Advance Group's Commitment to Green

Our philosophy at Advance Group has always been different than our competitors: we believe that profitability, environmental responsibility and social contribution go hand in hand. Our success can be measured not only in money made but in the good we create for our community. We are the first in the industry to amass a network of strategic partners who share our vision of sustainability and have joined the force for good.   The Advance Group takes seriously the obligation to maintain and support environmentally responsible policies and practices, and is responsive to our clients who are engaged in LEED (Leadership in Energy and Environmental Design) certified projects. Each of our business units employs specific green strategies, including truckload consolidations to conserve fuel, executing our moves with environmentally friendly equipment whenever possible, and recycling according to NYS DEC and EPA guidelines. Our technology recycling process adheres to governmental guidelines, and we observe a zero-landfill policy. We shred and recycle 100% of your retired assets.

The Wall Street Journal Reports seizing of Willets Point

In the first 20 acre phase of a 62 acres real estate development project, the Bloomberg administration plans to seize land in Willets Point from private property owners. The site is filled with small manufacturers, auto repair shops and junkyards and borders Citifield.
The site is slated to contain a hotel, retail stores and 5,000 apartments.
To read more, please visit here.

Real Estate Weekly Reports building bought

Real Estate Weekly reports that Starwood Capital Group has bought a troubled Class B office building for $72M, located at 1415 Sixth Ave. The reported plans include turning the building into a hotel. The building has 138,000 square feet of empty office space with retail space near 58th street. It was also supposed to be converted into a hotel by the previous owner, Murray Hill Properties.
For the full report, please visit here.

Crain's Reports NY Property Prices Still Falling

 Massey Knackal, which tracks sales of all commercial property types, including office buildings, multi-family properties and industrial spaces had their chairman Robert Knakal on the market as it stands. Knakal stated "There is a better vibe in the market, and there is a perception that values have bottomed out, but that is not correct.” He further noted statistics indicate that “the market is trying to find a solid footing.” He added, “We are not quite there yet.”
Average property values are still sinking, despite a big pick up in the number of commercial buildings sold last year.
 For the full story, please go here.

The Advance Group Does Furniture Installations

Did you know The Advance Group does furniture installations? The Furniture Installation Business Unit of The Advance Group is called FITCO.

Office furniture installation involves several key components, including an experienced and professionally trained staff, rigorous attention to detail, extensive pre-planning, and thorough execution. FITCO has successfully completed installations for the most demanding clients for over 15 years in the tri-state area.
FITCO has some of the most experienced talent and management-level team in the industry and prides itself on providing cost-effective, and highly coordinated responses to your most challenging projects.

Call us for more information on FITCO at 877-308-3170 and check out our FITCO webpage.

Time Square Theater close to signing a tenant

According to the New York Post, Times Square Theater is close to signing a tenant,
After sitting vacant for almost two decades. Broadway 4D is the potential leasee, and would take over the 30,000 square foot facility at 217 West 42nd Street. Sources say the deal is massively complex and far from complete. Back in 2004,  Landlord New 42nd Street, a non-profit group, came close to nailing down a long-term tenant when designer Marc Ecko signed a lease, only to walk away from the deal a few years after. 
 The Real reports "It was not immediately clear what the asking rent is on the building or which brokers are involved with the deal."
To read the whole story go here.

WTC sees a change in potential tenants

In a rare positive turn of events for the landlords involved, the World Trade Center will most likely not have the government "Offices of General Services" leasing out 600,000 square feet as planned. Normally this would come as bad news, but Conde Nast's letter of intent 1 million square feet in the 2.6 million square-foot tower comes as  a good surprise, as "government offices generally cheap a commercial buildings's image." states NY Post writer Steve Cuozzo. Read the full story here.