It was first revealed here nine years ago — in October 2006 — that the powerful 1199 Service Employees International Union local was trying to sell its Times Square headquarters building at 310 W. 43rd St., along with a parking lot that runs mid-block to The Deuce.
The union, then led by Dennis Rivera, wanted to have the buyer develop a 300,000-square-foot tower but give the union back 100,000 square feet at its base. The union also needed a larger auditorium to host its many meetings. Under the inclusionary bonus program, a theater could also be added to the site, and perhaps the union could borrow it when it really needed it.
Potential suitors and discussions bumped along and, by 2009, the union was in serious negotiations but, suddenly, no financing was available as the economy tanked.
Fast forward to the currently chugging economy and the idea has been not only revived but also brought close to a resolution. We hear a group of current and former Cushman & Wakefield brokers are whittling the hopeful parties down to a handful.
We also hear that those who have been chasing the site include Gary Barnett of Extell Development, Mitsui Fudosan America — which has become a more active tire kicker and investor — and Michael Fascitelli, the former Vornado Realty Trust chairman who now heads Imperial Companies and has a project rising down the block at the southwest corner of West 42nd Street and Ninth Avenue.
No one returned requests for comment, but stay tuned, The Deuce is yet to come.
“I’ve never seen a market like this except when the Japanese were buying,” said Leslie Himmel, principal of Himmel + Meringoff at the Bisnow BOLD15 event Tuesday, pointing to sales at $800 to $1,000 per square foot for office products.
The multi-office-building owner used as an example the Brill Building at 1619 Broadway, which was bought for $185.5 million in 2013 by Allied Partners and Brickman, and is now being sold for $295 million to B+B Capital through JLL — a profit of more than $100 million.
“The perception is that going for a dream and the hopes for a higher rent mean getting more money for a vacant building than a fully stabilized, leased-up building,” said Himmel.
During a leasing panel later in the day, the no-nonsense Andrew Segal, chairman and chief executive of Boxer Property, quipped “We pay brokers to leave immediately, as they tend to complicate the deal going forward.”
While discussing the numerous new Web-based real estate services, Segal also observed that anyone born before 1974 picks up the phone and calls the brokers while “the younger people go right to Google.”
The event was held on a vacant floor in the Durst Organization’s 4 Times Square, which is getting a complete $100 million makeover. Artist “O” also showed off his colorful titanium panel artwork, including huge paintings of the two fours: 4 World Trade Center and 4 Times Square.
North Carolina-based Bernhardt Furniture Company is moving its city offices and showroom to 20,323 square feet that cover the entire third floor of 136 Madison Ave.
The 1916-era, 17-story building on the northwest corner of East 31st Street has been restored and updated.
The company will relocate from 58 W. 40th St. after the new space is built out.
Ed Wartels and Jim Pirot, principals with Cresa New York, represented the tenant.
Andrew Roos, vice chairman of Colliers International Tri-State, and Tri-State President Michael T. Cohen worked for the ownership in the transaction. According to CoStar data, the asking rent was $55 per square foot.
Established in 1889, Bernhardt has become one of the nation’s largest family-owned furniture companies and is also a global manufacturer with 1,250 employees.
The award-winning and versatile Coyne PR is moving to 1400 Broadway, where it will have the entire 36th and 37th floors. Its new 13,500-square-foot spread will have 360-degree views from windows on all four sides of the boutique tower floors, plus a coveted 1,000-square-foot terrace.
The company will be moving from 5 Bryant Park and was represented in the 11-year deal by Andrew Braver, Josh Kuriloff and David Sherman of Cushman & Wakefield.
The building owned by Empire State Realty Trust has rents averaging in the high-$60 per square foot range. It was represented by Scott Klau, Erik Harris and Neil Rubin of Newmark Grubb Knight Frank along with ESRT’s Keith Cody.
The former 3,800-square- foot Theory space at 755 Madison Ave. is up for grabs. The mid-block store has 40 feet of frontage between East 65th and 66th streets on the east side of the street.
Theory had 2,600 square feet for its women’s shop with 800 square feet of basement storage and another 1,200 for the men’s shop next door. The spaces can be rented for $1,400 per square foot or $1,500 per square foot for a division.
Thomas Citron, Jason Pruger, Jay Luchs and Noah Birnbaum of Newmark Grubb Knight Frank have the listing. Pop-up and temp stores will be considered, Pruger said.
