Durst Organization Nabs $100M Loan at 825 Third Avenue
The Durst Organization landed $100 million of financing from JPMorgan Chase Bank on its 40-story Midtown East office building at 825 Third Avenue, according to property records made public on Thursday The three-year loan, which closed on April 4, will help pay for a recent $150 million renovation that upgraded nearly every aspect of the property including its mechanicals and windows, Lucas Durst, a financial associate at the firm and Jonathan Durst’s son, said in a statement. “The proceeds will help back-pay for building improvements that have already been made and for [tenant improvements] and other improvements as we lease…
Date 2022-04-26
Author Celia Young
Experts: Commercial real estate in New York City doing better than originally thought
NEW YORK -- Many thought the pandemic left much of the city's commercial office space vacant. But it turns out that's not exactly the case As CBS2's Kevin Rincon reported Thursday, some buildings are hot, some are not, and some may be repurposed to draw people back to the city. There is no shortage of commercial real estate in the city. But much like the housing market, the newer, renovated spaces, are in high demand. "We just hit 95 percent occupancy, which is the highest occupancy number in the history of the building," said Jordan Barowitz, VP of public affairs…
Date 2022-04-08
Author Kevin Rincon
Durst Leases Penthouse Space at Manhattan High-Rise
An information management company committed to the pavilion that caps 1155 Avenue of the Americas.
Date 2022-04-07
Author Barbra Murray
Sixth Avenue tower lures new tenant as pace of Midtown deals increase
Manhattan’s leasing market showed renewed vigor after a mostly slow first quarter The $130 million capital improvements program at 1155 Sixth Ave. continues to pay off for the Durst Organization. Some 200,000 square feet of leases were signed in the past twelve months. Now, a just-signed deal for 77,000 more square feet at the 740,000 square-foot tower’s “Apex” has boosted occupancy to over 70%. Global Relay USA, a division of a Canada-based firm that provides tech services to financial companies, is leaving a small office at 286 Madison Ave. for the 1155 Sixth Apex — a five-story block on floors…
Date 2022-04-07
Author Steve Cuozzo
Global Relay Inks 77K SF At Durst’s 1155 Avenue of the Americas
Software company Global Relay is headed to the penthouse at the Durst Organization’s 1155 Avenue of the Americas The firm snagged 77,000 square feet across the 38th through 42nd floors, and will leave behind its less than 5,000-square-foot offices at 286 Madison Avenue, The New York Post first reported. The 15-year deal, with asking rents of $115 per square foot for floors 38 through 41 and $150 per square foot for the 42nd floor, gives Global Relay exclusive access to the 4,000-square-foot outdoor terrace, according to Durst. SEE ALSO: Home Depot Takes 1.1M SF in Southern California Canada-based Global Relay…
Date 2022-04-07
Author Celia Young