Regions Northeast | New York
In N.Y., Century-Old Metalwork Shop Gives Way to Luxury Condos
May 16, 2008
Source: New York Times

One of the last vestiges of turn-of-the-twentieth-century New York is closing its doors. John DeLorenzo and Bro., a SoHo metalwork shop that has been open 100 years, will make way for a luxury condominium development.

A developer has said it will buy the DeLorenzos' one-story building on Grand Street near Broadway. Next Thursday will be its last day in business, and the owner told the New York Times that the price the building fetched was more than the business ever made in total.

 
Recent New York Headlines
Starrett-City Clock Ticks on Sale of Huge Brooklyn Housing Complex
The finish line is in sight for the competition to acquire Starrett City, a nearly 6,000-unit Brooklyn apartment complex that will command the highest price for a U.S multi-family property this year. News reports indicate the remaining candidates include combinations of national commercial real estate investors and local non-profit groups. The team with the most members includes Westbrook Partners, the Metropolitan Council on Jewish Poverty, the New York City Central Labor Council, Citigroup and Touro College. Also reportedly in the running are Greater Allen A.M.E. Cathedral Housing Corp. in joint venture with JPMorgan Chase; Housing Partnership Development Corp., Cogsville Group, Clarett Group, the Christian Cultural Center and Aimco; and NHP Foundation along with The Related Cos.
Souring Economy Brings NYC Office Market Back to Earth
After a typically quiet summer, a souring economy and struggling financial markets will soon cause the other shoe to drop on the Manhattan office market, according to local analysts.
Lenders Go After Macklowe Over $510M Loan
Deutsche Bank AG and other lenders are suing Macklowe Properties Inc. to foreclose on a $510 million loan the company took out to develop the site of the Drake Hotel in New York City.
370 lex Sherwood Snaps Up 300,000SF NYC Office for $155M
The 307,000-square-foot office building at 370 Lexington Ave. in New York City's Grand Central submarket has come under new ownership, courtesy of a transaction valued at $155 million.
Africa Israel Sells NYC Assets for $349M
Africa Israel Investments Ltd., a Yehud, Israel-based company owned by billionaire Lev Leviev that has real estate holdings in Israel, the United States, Russia and other countries, has agreed to sell some of its interests in three New York buildings that it acquired in 2007.