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Web hits: The month in review (Read full stories online)
Woolworth PH listed at $110M
The James A. Farley Post Office
Massey marketing Moynihan rights Empire State Development picked investment brokerage firm Massey Knakal Realty Services to sell the 1.5 million square feet of air rights above Moynihan Station in Midtown. The decision could jump-start additional development around the station. The sale of air rights is part of the larger, ongoing Moynihan Station redevelopment plan, which will bring New York Penn Station entrances to the James A. Farley post office building at 421 Eighth Avenue, between 31st and 33rd streets. The state acquired the building in 2007. The state picked Massey Knakal from a group of at least six firms that submitted proposals in a bidding process opened in February. The sales process will be complicated. Some insiders estimate the value of the air rights at between $450 million and $500 million, even though it’s possible not all 1.5 million square feet of development rights will be sold. By Adam Pincus
The Woolworth Building penthouse hit the market last month for a whopping $110 million. The price tag for the apartment dubbed a “castle in the sky” at the top of the 58-story tower is the highest ask ever for a single downtown apartment. “The price is more reflective of the unique historical nature of the property” than its location or the heated luxury market, Jonathan Miller, president of appraiser Miller Samuel, told Bloomberg News. “This project is unlike anything that’s come online,” he added. Sales are expected to The Woolworth begin this fall, with move Building ins to follow in 2016. At its opening in 1913, the Woolworth Building, at 792 feet, was the world’s tallest. It was designated a historic landmark in 1966. Developer Alchemy Properties is converting the upper floors of the one-time “Cathedral of Commerce” at 233 Broadway into 34 luxury apartments. By Claire Moses
3 World Trade rendering
Larry Silverstein
Port Authority frees up 3 WTC funding The Port Authority of New York and New Jersey will release roughly $159 million from a reserve fund of insurance money to help Larry Silverstein finance the construction of 3 World Trade Center. RXR Realty head and Port Authority vice-chairman Scott Rechler proposed transferring the insurance money after talks broke down on granting Silverstein a $1.2 billion subsidy for the tower. The reserve fund was created with money won by Silverstein from the insurers of the original World Trade Center, after the complex was destroyed in the Sept. 11 attacks. The 2.5 million-square-foot, $2.4 billion 3 World Trade now stands eight stories tall, but is slated to be 80 stories. The insurance deal could help persuade GroupM, the building’s anchor tenant, to remain committed to the building. The advertising company has the right to cancel its 516,000-square-foot lease after June 30. By Hiten Samtani
Most popular stories
Top deals of the month Living room at a unit at 998 Fifth Avenue
• NYC’s top billing barristers • Kushner, LIVWRK grab big Gowanus development site • Leonard Steinberg exits Douglas Elliman for Urban Compass • Inside the world of murdered developer Menachem Stark • Mapping the feverish investment on the Far West Side
Serena Boardman
• City Hall’s Goldman girl: Alicia Glen
Kitchen at 998 Fifth Avenue
Dining room at 998 Fifth Avenue
Jared Kushner
• Fundrise raises $31M to become one of industry’s top startups • Thor to buy 57th Street retail across from future Nordstrom • Stuy Town deed transfer values complex at $4.4B • The real reason Americans aren’t buying homes
Agent
Firm
Price
Address
Serena Boardman
Sotheby’s International Realty
$16.5 million
998 Fifth Avenue
Cathy Franklin and Alexis Bodenheimer
Brown Harris Stevens
$12.2 million
19 East 72nd Street
Linda Reiner and Lisa Tarnopol Deslauriers
Warburg Realty
$11.5 million
885 Park Avenue
Cathy Taub
Stribling & Associates
$11.3 million
40 Mercer Street
Linda Reiner and Lisa Tarnopol Deslauriers
Warburg Realty
$11.3 million
88 Central Park West
Source: StreetEasy and The Real Deal. Data is for closed deals filed with the city between May 30, 2014, and June 27, 2014, where both a broker and an address can be identified. Chart includes only listing brokers.
108 July 2014 www.TheRealDeal.com
Asher Abehsera
Reader Comments Response to a story about a retail renovation project in Chinatown spearheaded by the Oved Group: “Until the bridge at one end and the tunnel at the other end are moved, Canal Street is never going to be anything more than an ugly off-ramp. Just because it’s in Manhattan doesn’t make it luxury. Trying to make money here by gussying up these buildings is a fool’s errand.” Response to a story about a Soho office building going into contract for $125 million, a year after it was sold for $81 million: “54 percent appreciation in one year. No bubble to see here … carry on as usual.” Response to a story about Mayor Bill de Blasio’s less-than-enthusiastic response to the Rent Guidelines Board decision to raise rents: “In the longer run, the unrealistic RGB low rent increases under de Blasio will also hurt rent stabilized tenants. Owners [will] sell to large developers who [will spend] huge sums of money on total building renovation to luxury condos.”