Around the City: The City's Biggest Events of the Week
DECEMBER 13, 2011
New York business pays to play: A recent report from the Building Owners and Managers Association claims that New York City is the country’s most expensive
commercial real estate market. In the same report, New York and San Francisco were the only two U.S. cities to show an increase in rental income (from both office and retail leases) in 2010 (TheRealDeal).
The biggest deal: In what is reported to be Manhattan’s most expensive development deal of the year, home-builder Toll Brothers, in partnership with Equity Residential, paid $134 million for a 400,000 square-foot development site at 400 Park Avenue South and 28th Street with plans to build a 40-story condominium and apartment tower (WSJ).
Open Apple option: The much-anticipated Apple store in Grand Central Station finally opened its doors last week on a covetable cache of shiny gadgets as hundreds of eager fans swarmed the store. Though Apple toned down its tendency toward sleek minimalism to conform to the century-and-a-half-old train station’s historic style, the 23,000 square foot store—one of the company’s largest—and its status as a destination will undoubtedly bring lots of foot traffic to the station’s other retailers and add a bit of buzz to the surrounding neighborhood.
More store per floor: An REI megastore that occupies 39,000 square feet on the first three floors of the historic Puck Building just opened recently as well. The enormous new store is quickly on its way to becoming the SoHo mecca for all things outdoorsy. (TheRealDeal).
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