The Week in Real Estate

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

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• Several financial services firms have leased large blocks of office space in recent weeks, including National Financial Partners, a network of financial advisers, which is in a deal to take nearly 100,000 square feet at 340 Madison Ave., and PricewaterhouseCoopers, which has a lease pending for 200,000 square feet at 100 Park Ave. Rents on many of these spaces are high: The Royal Bank of Scotland is paying as much as $160 a square foot for 70,000 square feet at 1095 Sixth Ave., and the Carlyle Group is paying $195 a square foot for a 23,400-square-foot expansion at 520 Madison Ave.

• Columbia University pledged to spend more than $32.5 million in West Harlem on affordable housing, a new park, and landscaping for public housing complexes. In return, the school’s expansion plan received the endorsement of Manhattan’s president, Scott Stringer. The university is planning a $7 billion expansion that will create a new 17-acre campus north of 125th Street. The city also agreed to rezone the entire West Harlem neighborhood.

• The 1920s-era Domino Sugar refinery on Brooklyn’s Williamsburg waterfront has been landmarked. Plans for the 11.5-acre site include 2,200 apartments and residential towers that will reach as high as 40 stories. While the centerpiece building will be preserved, several other structures, including one housing the Domino sign, will be demolished. The developer, CPC Resources, supported the landmarking.

• Sitt Asset Management and the Carlyle Group have acquired two buildings in the meatpacking district, 414-416 W. 14th St. and 418 W. 14th St., for $70 million from the Icon Group. The $2,500 a square foot price tag was a record. The seller, the Icon Group, bought the buildings in 2006 from a meatpacking family for $18.5 million.

• The Javits Center expansion could cost as much as $5 billion, triple the original estimate for the job. The president of the Empire State Development Corp., Pat Foye, said the administration of Governor Pataki underestimated costs.

• Single-family house prices in greater New York fell 3.8% in July compared with the same period last year, according to the S&P/Case-Shiller Home Price Index. The decline was the same as the 3.9% drop seen in the composite prices in 20 metro areas, the steepest fall since 1991.

• A hedge fund is breaking the mold by locating its offices in the meatpacking district rather than Midtown. Tudor Investment Corp. is moving into a penthouse atop the six-story building at 401 W. 14th St. The landlord, Taconic Investment Partners, paid $34.5 million for the 84-year-old Ninth Avenue building two years ago. Also moving into the building is an Apple store — the company’s third in Manhattan.

• Two New York developers are among the five richest people in real estate, according to the Forbes 400, a list of the 400 wealthiest Americans. A Milstein Properties partner, Paul Milstein, and the CEO of the Related Companies, Stephen Ross, tied for second on the list among real estate people, at $4.5 billion. Overall, the two tied for no. 68. Other New York real estate moguls who made it include Donald Trump, at no. 117, Harry Macklowe and Sheldon Solow, who tied at no. 239, and Jorge Perez, a co-founder of the Related Companies, who placed at no. 271.

jsatow@nysun.com

NY Sun
NEW YORK SUN CONTRIBUTOR

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.


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