All Posts Tagged With: "I-Star Financial"

ML: Credit Crunch Taking Bite out of Manhattan LEED Buildings

Two of Manhattan’s highest profile LEED projects took blows on the chin last week. After announcing in July that it would likely reduce the tower’s size by nearly a third, Vornado’s plans for Harlem’s first office tower in thirty years appear to be on the ropes. Despite generous tax incentives from both the city and state, Vornado has had difficulty obtaining financing for the Swanke Hayden Connell-designed Harlem Tower. Instead, the developer recently sought an additional $15 per square foot from planned anchor tenant MLB Network and, alternatively, also proposed building a five-story building exclusively for the network. The Times reports that both strokes “infuriated” MLB executives, who “wanted to be in a marquee tower on 125th Street.” Meanwhile, downtown, 2008 Pritzker Prize winner Jean Nouvel’s LEED-hopeful 100 Eleventh Avenue is currently $50 million over budget and close to a year behind schedule.

Popularity: 19% [?]

25Aug2008 | Stephen Del Percio | 0 comments | Continued

British Telecom Inks Two-Floor Sublease at Times Tower

According to Crain’s, British Telecommunications has inked a 15-year lease for 63,000 square feet of space at the New York Times Tower on Eighth Avenue at $95 per square foot. British Telecom is subleasing space on the 45th and 46th floors from investment firm ClearBridge Advisors, though the latter never occupied the space that British Telecom will take over. ClearBridge will remain in its existing space on the 47th through 50th floors. The deal follows a number of reports over the past month that financial services firms across the city have been shedding space that’s now unnecessary given the market downturn.

Popularity: 9% [?]

23Apr2008 | Stephen Del Percio | 0 comments | Continued