• 1-800-123-789
  • info@webriti.com

Category Archive5 Manhattan West

Gay Men’s Health Crisis Takes 110K SF for New Garment District HQ

Nonprofit HIV/AIDS health care provider Gay Men’s Health Crisis (GMHC) is moving its headquarters to 307 West 38th Street in the Garment District, where it has agreed to take 110,000 square feet of office space at the George Comfort & Sons-owned building.

GMHC will occupy six floors—the second through fifth, seventh and eighth levels—at the 20-story, 300,000-square-foot property between Eighth and Ninth Avenues, the organization announced on Wednesday. GMHC plans to move into its new offices by the end of July from its current location at Brookfield Property Partners5 Manhattan West on the Far West Side, where it has operated since 2010 in a 129,000-square-foot space comprising the entire sixth floor.

Rents in the deal were not immediately clear. Savills Studley’s Ira Schuman and Stephan Steiner represented the tenant in the transaction, while George Comfort & Sons’ Se Kyung Kim handles leasing in-house for 307 West 38th Street. A spokeswoman for Savills Studley declined to comment, while a spokesman for George Comfort & Sons did not immediately provide comment.

The Real Deal first reported news of the lease.

In a press release, GMHC said the new space will “be flexible enough to allow for future growth” and will make its services “even more accessible to its more than 12,000 annual clients living with or affected by HIV and AIDS.” The nonprofit, which was founded in 1982 as the world’s first HIV/AIDS service organization, provides treatment and prevention services as well as research and advocacy work “with the goal of ending AIDS as an epidemic.”

“We’re excited to move our headquarters to a more central, accessible location that will also better accommodate our operations and the services we offer,” GMHC Chief Executive Officer Kelsey Louie said in a statement, adding that the new offices “will have an efficient, welcoming layout.”

The West 38th Street location will include a dining room for the organization’s clients; rooms dedicated to counseling, wellness services and group meetings; substance abuse and mental health clinics; and staff offices. GMHC will also have access to a rooftop space that will be able to accommodate events.

George Comfort & Sons refinanced the Garment District property last year with a $70 million loan from J.P. Morgan Chase, as Commercial Observer reported in December.

Source: commercial

New York City Submits Bid for Amazon’s Second Headquarters

New York City lit up the Empire State Building and 1 World Trade Center “Amazon Orange” last night in an effort to attract the e-retailing giant. At the same time, it submitted a formal bid for Amazon’s second, $5 billion headquarters, according to a press release from the New York City Economic Development Corporation.

The proposal names four neighborhoods as potential destinations for the Seattle-based tech company: Midtown West, Long Island City, Lower Manhattan and the “Brooklyn Tech Triangle,” which includes Dumbo, the Brooklyn Navy Yard and Downtown Brooklyn.

After Amazon announced its search for a city to accommodate a new headquarters last month, New York launched its own mini-competition. Officials received 27 proposals. Borough Presidents Eric Adams and Ruben Diaz threw their respective hats for the Bronx and Brooklyn into the ring, and groups of developers and neighborhood organizations banded together for bids as well.

But only those four neighborhoods met the company’s requirements, which included a need for 500,000 square feet of commercial space by 2019 and up to 8 million square feet of commercial space beginning in 2027. The area would also have to accommodate up to 50,000 Amazon workers and offer mass transit options and easy access to highways and airports.

The city plans to offer Amazon the same subsidies and tax breaks that it would give any other corporation, according to The New York Times. The state is also assembling an incentive package, but it wouldn’t tell the paper exactly what it planned to include. Aetna, for example, scored $9.6 million in city tax benefits and $24 million in state tax credits for its planned 145,000-square-foot headquarters at 61 Ninth Avenue in Chelsea. The state is also submitting four bids for different regions of New York: Buffalo and Rochester, Syracuse, Albany, and the downstate area of Long Island, New York City and Westchester County.

“The brightest minds and innovators want to live in New York,” the mayor wrote in a letter addressed to Amazon Chief Executive Officer Jeff Bezos. “The people who live and come here experience a quality of life unlike anywhere else, from our incomparable public spaces and cultural institutions to our dynamic neighborhoods. This is the safest big city in America, an open city that welcomes people from every corner of the country and the globe.”

EDC’s pitch also highlights Amazon’s current footprint in New York City, which has grown rapidly over the past six months. The e-commerce behemoth recently inked deals for 360,000 square feet of office space at 5 Manhattan West, an 850,000-square-foot distribution center on Staten Island and a bookstore and offices spanning 470,000 square feet at 7 West 34th Street.


Source: commercial

Forty Developers and Organizations Vie for New Amazon HQ in New York City

New York City has received more than two dozen proposals for a new Amazon headquarters from landlords and organizations across the five boroughs, the New York City Economic Development Corporation announced today.

The proposals amount to 50 million square feet of potential commercial space in 23 different neighborhoods, the city said in a press release. More than 40 different organizations and developers submitted responses including at least 50 individual sites, according to the agency.

Just as it finished up work on the first phase of its biosphere-inspired headquarters in Seattle, Amazon issued a request for proposals from cities for a second headquarters on Sept. 7.

The e-commerce giant laid out preferences for cities with more than a million people, a stable and friendly business environment, and “the potential to attract and retain strong technical talent.” Amazon asked for cities to find sites that could offer up to 500,000 square feet of commercial space by 2019 and up to 8 million square feet beyond 2027. It expects to pour $5 billion into construction of the new campus, which would employ up to 50,000 workers.

A week later, EDC issued its own request for expressions of interest, canvassing for landlords and communities in New York who would be willing to meet Amazon’s ambitious requirements for a new campus. The city will present its proposal by October 19, which is Amazon’s deadline

“From the moment Amazon released its request for proposals, New York’s real estate, business, and community leaders have worked together to best position the city to win the company’s second headquarters,” Deputy Mayor Alicia Glen said in today’s release.

Borough presidents have also been making pitches to lure Amazon to their corners of New York City. Brooklyn Beep Eric Adams touted the construction of the “Innovation Coast” in Williamsburg and Industry City. As part of his proposal, Adams convinced a handful of powerful Brooklyn landlords to team up, in order to cobble together enough space to house Amazon’s massive proposed development. Jamestown, Rudin Management, Forest City New York and Rubenstein Partners agreed to band together, Crain’s New York Business reported. Jamestown could offer up all or part of its 6-million-square-foot Industry City complex in Sunset Park, and Rudin could lease out its Dock 72 project at the Brooklyn Navy Yard.  

And Bronx Borough President Ruben Diaz highlighted a wave of new investment and development in the borough, as well as its transit and highway connections that make it easy both to get upstate and down to Manhattan.  

Of course, the mega-retailer already has a significant presence in the five boroughs. Earlier this month, it inked deals for 360,000 square feet of office space at 5 Manhattan West and a $100 million, 855,000-square-foot distribution center on Staten Island.

But Related Companies Chairman Stephen Ross recently summed up what many urban planning experts have already said about New York’s unlikely bid. “I can’t see them coming to New York,” he told Bloomberg last week. “As much as I would like to see them, the cost of doing business in New York is far greater than anywhere else. And they’re always looking to do things—at the scale that they do things—not at the highest price point.”


Source: commercial

J.P. Morgan Inks 305K-SF 5 Manhattan West Deal to Expand Tech Arm

J.P. Morgan Chase has signed a 15-year, 305,000-square-foot lease at Brookfield Property Partners5 Manhattan West to triple its offices in the building, a spokesman for the landlord said.

The bank’s technology team, known as FinTech, is expanding from its entire 123,000-square-foot ninth floor offices at the property between Ninth and 10th Avenues (with an alternative address of 450 West 33rd Street) to a footprint of 428,000 square feet.

J.P. Morgan has occupied space in the 16-story structure since 2015 and had been working on the deal for the top three floors, as Commercial Observer previously reported. The asking rent for the new space was in the $90s per square foot, CO noted in April.

Since moving into the building two years ago, the tech arm has grown, which led bank executives to seek more space, according to The Wall Street Journal, which reported on the deal closing. J.P. Morgan expects to have 2,000 to 2,500 employees at the building, the newspaper noted.

A spokesman for Brookfield did not immediately respond to a request for comment.

The 1.8-million-square-foot Brutalist-styled concrete structure was known as one of the “ugliest buildings” in the city until Brookfield renovated it into an all-glass building, as CO reported. Architect Joshua Prince-Ramus of REX did the makeover. The property is part of Brookfield’s five-building, approximately 7-million-square-foot development called Manhattan West.

Cushman & Wakefield’s Bruce Mosler, Josh Kuriloff, Rob Lowe, Ethan Silverstein, Matthias Li and Whitney Anderson represented Brookfield. A spokesman for C&W did not immediately return an inquiry seeking comment. It was not clear which broker represented J.P. Morgan, and a spokeswoman for the company did not answer CO’s questions immediately.

E-commerce giant Amazon is also considering a 350,000-square-foot office deal at 5 Manhattan West, as CO reported in April.

Since its renovation, 5 Manhattan West has attracted other big tenants, including advertising company R/GA and Whole Foods Market.


Source: commercial