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MANHATTAN
By Paul Bubny
Schools Will Anchor 1M-SF East Side MXD
A one-million-sf mixed-use development
on East 57th Street will be built around a
pair of new school buildings in a public-private partnership between developer
World-Wide Group, the city’s School Construction Authority and the state’s Educational Construction Fund. The MXD will
also include 170,000 sf of retail space and
a 59-story residential tower.
Scheduled for completion in 2012, the
MXD is the second phase of a two-part
project that has already borne fruit in
the form of a temporary home for P.S. 59
on East 63d Street. The converted nursing dormitory, where schools chancellor
Joel Klein and others unveiled the MXD
design in late October, was renovated by
World-Wide in time for the start of classes
in September and is the city’s first school
building in accordance with the SCA’s
“green” guidelines. When the new P.S.
59 opens as part of the East 57th project,
the East 63rd site will be used as a new,
500-seat facility in School District 2.
World-Wide will spend an estimated
$200 million to construct the new, 730-seat
P.S. 59 and the new 1,400-seat location for
the High School of Art and Design on a
1.5-acre site at 250 E. 57th St., located at
the southwest corner of 57th and Second
TOP OF THE MARKET Powered by GlobeSt.com
The metro area’s biggest deals from Oct. 3 to Oct. 31, 2008, arranged by sector. The URL will bring you to the full story.
SECTOR
DEAL
URL
TERMS
DEALMAKERS
LEASING
Macquarrie, 125 W. 55th St.
globest.com/reny/11_08/1.html
260,000 sf
Cushman & Wakefield (tenant)
Boston Properties (landlord)
News America, 1185 Ave. of the Americas
globest.com/reny/11_08/2.html
138,284 sf
L&L Holding Co. (tenant)
SL Green (landlord)
Eisner LLP, 750 Third Ave.
globest.com/reny/11_08/3.html
106,904 sf
Colliers ABR (tenant)
SL Green (landlord)
Burberry, 444 Madison Ave.
globest.com/reny/11_08/4.html
68,348 sf
Studley (tenant)
CB Richard Ellis (landlord)
Wurk Environments, 1515 Broadway
globest.com/reny/11_08/5.html
64,788 sf
Cushman & Wakefield (tenant)
Jones LangLaSalle (landlord)
PURCHASES
Cerberus, CIBC US asset stake
globest.com/reny/11_08/6.html
$1B
Cerberus
Carlton, loan on hotel portfolio
globest.com/reny/11_08/7.html
$214M
Carlton Strategic Ventures
Madison Capital, 200 E. 66th St. retail condo
globest.com/reny/11_08/8.html
$86M
O’Connor Capital
FINANCE
El-Ad, Plaza Hotel refi
globest.com/reny/11_08/9.html
$260M
HSBC et al.
ING Clarion, industrial refi
globest.com/reny/11_08/10.html
$98M
Holliday Fenoglio Fowler
