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Sandro Rosell
FC Barcelona President
Thursday, September 21, 2017

Real Estate

Almost half of all the commercial square footage that the city plans to rezone permitting for taller office developments in Midtown East owned by just five landlords, according to brokerage CBRE.

Four of those landlords are well known in the local real estate industry and based in Manhattan, with “trophy towers” nearby Grand Central Terminal.

On August 9, about 78 blocks in that area were approved by the City Council for rezoning. This decision was the result of five years of negotiations and debates, which were mainly focused on allowing the owners to sell the air rights of their landmarks, like Grand Central, to developers. The other important topic was how much builders would have to invest of their projects into public

Somerset Partners is moving its headquarters to the Bruckner Building in the South Bronx. The Real Estate firm has signed a five-year lease for 3,000 square feet of space on the fourth floor of the building, located at 2417 Third Avenue, as reported by The Real Deal. The office should be ready to move into within 45 days. In the meantime, they will work out of a temporary space in the neighborhood at 2413 Third Avenue. The price for the new lease was not disclosed. “We love the space, love the

Joshua Harris, co-founder of Apollo Global Management, just purchased an oversized Upper East Side mansion for $45 million. He can be proud to have gotten almost a 40 percent discount off of last year’s asking price. Paula del Nunzio of Brown Harris Stevens originally listed the home for $72 million. In June, Brokers Sabrina Saltiel and Roger Erickson with Douglas Elliman relisted the home for $59 million. The gigantic home at 50 E. 69th St. is known as the Dommerich Mansion. It was built in

On Tuesday, September 12, plans were filed by the developer of the Prospect Park West, a pre-war building that was once home to 140 elderlies, to convert it into 67 luxury apartments. 

However, records of the Department of Building show an interesting turn of events in that a space for an “adult day care” will be located inside the new development. 

In October, the property was bought for $84 million by the Harlem-based developer Sugar Hill Capital. According to the new filing, the developer

The Neiman Marcus flagship store, being built in Manhattan’s Hudson Yards, is getting downsized. The new store was slated to debut in 2018 and span three-stories, occupying a total of 250,000-square-feet. As per the NY Post, however, the opening has been pushed back to 2019, and there is debate as to how dramatic the downsizing will be. Some sources insist the change will be “incremental” and only about 10,000 square feet smaller than originally planned.  One industry source posed the