The publisher of Better Homes & Gardens is itself searching for a better home.
Sources say that Meredith Corp., the publishing giant that owns that title along with 172 others and 12 TV stations, has hired Ed Weiss (no relation) at Cushman & Wakefield to guide it through a search for 350,000 square feet in which it can consolidate its multiple locations.
According to CoStar data, Meredith has 151,392 feet at 125 Park Ave. and 227,906 feet at 150 E. 42nd St.
C&W and Weiss did not respond to requests for comment.
Stay tuned.
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Luxe retailer Tiffany is likely leaving its 173,107-square-foot offices at 600 Madison Ave.
Sources say the jewelry chain is in hot-and-heavy negotiations to move to more than 200,000 square feet at 200 Fifth Ave., where 399,196 feet is available.
Mitchell Steir of Studley is working with the diamond quality tenant, but was unavailable for comment. Building owners L&L declined to comment.
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Times keep getting tougher for the W New York hotel in Union Square.
First, junior lender LEM foreclosed on the property. Now, senior lender DekaBank, which holds a $60 million mezzanine loan and is owed interest, is following suit.
An exec with DekaBank’s adviser, Savills, told Commercial Real Estate Direct that it will hold a foreclosure auction on March 24.
Beyond DekaBank’s loan, there is another more senior loan of $115 million that is current.
Dubai’s Istithmar paid $285 million for the hotel in 2006, during the height of the market, but has since lost ownership as a result of Istithmar’s own debt troubles.
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As The Post briefed last Thursday, LEGO is opening a flagship in Rockefeller Center this summer to help children spend more than the current 5 billion hours a year playing with the colorful bricks.
The Danish toy company will take over the 3,734-foot space currently occupied by Brookstone at 620 Fifth Ave., between West 50th Street and the Channel Gardens.
Andrew Kahn and Jonathan Scibilia of Cushman & Wakefield represented LEGO under a long-term lease with Tishman Speyer Properties.
All have yet to comment.
C&W’s year-end statistics show Fifth Avenue ground floor retail rents are around $2,000 a foot, although rents south of there run $511 a foot.
Rockefeller Center is also getting a new Steve Hanson restaurant, Bill’s Bar & Burger, which will pop into the former Tuscan Square on West 51st Street.
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Al Sharpton‘s current home, the Helmsley Carlton House, is up for grabs from the Helmsley estate.
The apartment hotel has monthly tabs of between $7,500 to $45,000, and all tenants are current, sources said.
As Real Estate Finance & Investment first reported earlier this month, Darcy Stacom and Bill Shanahan of CB Richard Ellis are marketing the 235,000 foot building, which has 159 units.
What’s being sold, however, are the 150 years remaining on a 200-year lease to the building that the late Harry Helmsley negotiated with the late Leonard Kandell, and which terminates in June 2169.
According to Debra Fechter, the trustee of the two trusts that own the land, there was also a recent rental reset.
“It’s a lot of money and it goes up every year,” she said, declining to reveal the amount.
“Hundreds” from around the world are expressing in terest, so even if many overseas investors drop out because they don’t buy lease holds, proceeds to the Helmsley Estate should go well over $100 million.
The Madison Avenue block front building runs from East 61st to East 62nd streets and has its own driveway.
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Variazioni turned pop-up store at 1047 Third Ave. into a permanent outpost.
The 1,000 feet had an asking rent of $200 a foot.
“The market is all about affordable apparel or true luxury,” said Faith Hope Consolo, chairman of Prudential Douglas Elliman, who repped both sides of the transaction along with colleague Joseph Aquino.
This is the fashion retailer’s sixth Manhattan store.
