NEW YORK CITY-The 550,000-sf 600 Third Ave. is picked up by a joint venture of L&L Acquisitions and GE Asset Management for approximately $212 million. Seller Sumitomo will remain a tenant in the Grand Central-area tower.
NEW YORK CITY-Retailer Nike inked a 10-year deal for 83,000 sf at 111 Eighth Ave. The sportswear retailer will establish its local headquarters and have showroom space at the site.
NEW YORK CITY-The simultaneous transactions, which total $74 million for the nearly 400,000-sf tower, include a senior mortgage and an off-market buyout of an original investment partner.
MANHASSET, NY-As part of its national rollout, a luxury retailer takes space in the 220,000-sf Americana Manhasset. The center has recently undergone a renovation of its east end that attracted nine other high-end retailers.
NEW YORK CITY-A class-action lawsuit is filed against the World Trade Center ownership and management that claims the combination of lethal toxins at the site during the search-and-rescue period and afterwards affected the health and welfare of workers and those living in the vicinity.
FLATBUSH, NY-The $2.2-million sale of a city-owned parcel here clears the way for a $70-million retail development featuring Target as the anchor tenant. Triangle Equities is the developer of the project that is expected to be completed by the fall of 2006.
NEW YORK CITY-Some of the most prominent names in the real estate development industry submitted requests to be considered for the 1.4-million-sf Moynihan Station project. A Request for Proposals will be issued next month and a decision on the development team is expected early next year.
NEW YORK CITY-A report issued by the Alliance for Downtown New York on the current state of the Lower Manhattan commercial market finds that 50% of the firms have leases that expire within the next four years. Approximately 55% of those companies expect to ink renewals at their current location.
NEW YORK CITY-Sitt Asset Management, which contracted for the acquisition of 6 Times Square for $160 million just days ago, is exploring the possibility of turning the upstairs portion into a hotel. The site once housed the famed Knickerbocker Hotel.