Cushman and Wakefield have been retained to coordinate the sale of 76 Montague Street, the two-story building most recently home of Friend of a Farmer.The building will be delivered vacant and could be developed as retail or residential.According to the listing, “76 Montague Street is an incredible opportunity for investors, developers, and users alike to secure an asset with significant upside in Brooklyn’s most affluent neighborhood.”More details here.Massey/Knakel photo from listing.
Open-source database startup MongoDB, which has a market capitalization of roughly $1.4 billion following an October IPO, is planning on relocating its Midtown offices to Paramount Group’s 1633 Broadway, sources told The Real Deal. The tech company has a lease out for a little more than 106,000 square feet on the 37th and 38th floors of the 48-story tower with options for expansion space, sources told TRD. Representatives for MongoDB and Paramount were not immediately …
Valhalla’s USI Insurance Services acquires commercial insurance business from Wells Fargo Valhalla-based USI Insurance Service announced last week that it would acquire Wells Fargo Insurance Services USA. Wells Fargo’s commercial insurance services caters to specialized industries and provides professional and private risk solutions, property and casualty insurance, and employee benefits. The transaction is expected to close later this year, according to Westchester Business Journal. The brokerage’s CEO and chair Michael Sicard called the deal a …
A high-tech firm working on artificial-intelligence research expanded its headquarters downtown. IPsoft Inc. finalized a 140,000-square-foot lease at RFR Realty’s 17 State Street, expanding its footprint in the 42-story tower by 41,687 square feet, the Wall Street Journal reported. The tenant, which two years ago launched an artificial-intelligence platform called Amelia, will build a Cognitive Innovation Center to show off its newest developments in the additional space. In June, IPsoft also took 27,200 square feet … more
From the January issue: Everywhere Paul Massey looks these days, he sees a problem that he’d like do something about. In April, he spotted four homeless people near his Midtown office. “Homelessness is a crisis that hasn’t been addressed in three years. I don’t think there’s housing being created on any kind of scale,” he complained. more … more
caption id=”attachment_1287884″ align=”alignright” width=”331″ Bradley Burwell and Jared Kelso/caption From the December issue: Even as tourists and business travelers flock to New York City in growing numbers, hotel operators face two looming threats — the dollar’s strength and a wave of new industry capacity. There are, however, signs of hope: the industry recently logged what some hail as an important victory in Albany over Airbnb. For the third web installment of our Q&A, we turn to Jared Kelso of Cushman & Wakefield, and Bradley Burwell of CBRE. Click here to read more. … more
JEMB Realty is looking to sell a 50 percent stake in its 715,000-square-foot Financial District office building at 75 Broad Street. The Lower Manhattan-based landlord is marketing the property as a value-add investment with the building at 86 percent occupancy and below-market leases set to roll over, Real Estate Alert reported. At the same time, JEMB – which would retain the remaining 50 percent ownership in the building – is looking to refinance 75 Broad … more