Real Estate Weekly back issues from August 1992:
Incentive bills pass. (major economic incentive bills passed by New York State legislators)
Aug 05, 1992; ... New York, State legislators buried the hatchet long enough last week to pass major economic incentive bills for owners and developers in New York City. The bills include amended and expanded ICIP, J-51 and 421a benefits. The industrial and Commercial Incentive (ICIP) Program is ...
Group plans model law for indoor air quality. (Environmental Safety Council Inc.)
Aug 05, 1992; ... With regulations to ensure indoor air quality on the minds of virtually every legislator in the country, a multi-faceted task force is nearing completion of a model for any laws that may be enacted. Established by the Environmental Safety Council, Inc., The Indoor Air Quality ...
Lincoln Square: many unite for as-of-right project. (development project planned for Lincoln Square, New York, New York)
Aug 05, 1992; ... With construction in New York City virtually ground to a halt, the promise of Lincoln Square as an as of right development has brought together attorneys, developers financiers, architects, and numerous others, all eager to make the dream a reality. Nobody is as happier about ...
NY Resource Ctr in tenant talks. (New York Resource Center engages in management of commercial space in New York, New York)
Aug 05, 1992; ... The New York Resource Center, scheduled for the site of the former B. Altman's store on 34 Street, is well on its way to becoming a reality. According to Project Director Daniel P. Weinreb, letters of intent aggregating 40,000 square feet have been signed and another 150,000 ...
Passive loss change nears. (provision for rental losses included in bill to be presented to U.S. Senate)
Aug 05, 1992; ... The U.S. Senate Finance Committee has included a provision for passive loss in a bill that will be reported to the whole Senate this week. Rental losses in this bill can be deducted against any real estate income while the House version provides losses can be deducted against ...
Tribeca groups sue to stop ComEx plan. (Tribeca neighborhood in New York, New York; planned new headquarters for commodities exchanges)
Aug 05, 1992; ... A number of community groups are suing to stop the development of the new headquarters for the commodities exchanges in the Tribeca section of lower Manhattan. The suit was filed by the Tribeca Community Association, Inc., the Washington Market Community Park, Inc. and several ...
Receiver named for Palace. (Helmsley Palace hotel in New York, New York)
Aug 05, 1992 ... As the result of a dispute with limited partners, an arbitration panel has appointed an outside receiver to oversee the management of the 1,050-room Helmsley Palace hotel. The three-member panel of the American Arbitration Association named W. Thomas Parrington Jr., the chief ...
JLW negotiates sublease. (Jones Lang Wootton USA)
Aug 05, 1992 ... Jones Lang Wootton, the international investment and corporate real estate services firm, acted on behalf of Halston Borghese Inc., the cosmetic personal care company, negotiating a 12-year sublease for 32,285 square feet on the 49th floor of the ...
National Computer Distributors. (leases commercial space in Fairfield, New Jersey)
Aug 05, 1992 ... National Computer Distributors has leased 10,700 square feet at Commercenter/Fairfield, announced Jeffrey Kessel, partner of George Kessel Associates, owner and developer of the industrial high-tech building. Based in Miami, Florida, the company deals with computer and office equipment and ...
The Bishop Group Inc. (leases commercial space in Stamford, Connecticut)
Aug 05, 1992 ... The Bishop Group Inc., a direct mail advertising service company, has leased a 6,500-square-foot industrial building located at 104 Lincoln Avenue, Stamford, in a relocation move ...
Team Resources Inc. (negotiates lease of commercial space for two tenants)
Aug 05, 1992 ... Team Resources, Inc., with offices located in Carlstadt, New Jersey, has negotiated two leases for an aggregate rental totalling over $9 million. In the first transaction, Team Resources Greg Sholom arranged for a 140,000 square-foot-lease at 385 Nordhoff Place in Englewood to ...
The United States Department of Agriculture's Food and Nutrition branch. (renews lease in New Jersey)
Aug 05, 1992 ... The United States Department of Agriculture's Food and Nutrition branch has announced the renewal of their lease agreement at Mercer Corporate Park in Washington Township, New Jersey. The 60,000 square foot "flex" office structure is owned by Trafalgar House Real Estate, a division of ...
420 East 86th Street. (New York, New York property acquired by Italian investment group)
Aug 05, 1992 ... After a heated bidding process, an Alex DiLorenzo property at 420 East 86th Street went to an Italian investment group that had purchased the rights to the mortgage the evening before. DiLorenzo was being foreclosed on by the mortgagee, BRT Realty Trust. "Everyone ...
S L Green finds demand for 'pre-built' units. (S L Green Real Estate Inc.)
Aug 05, 1992 ... An unusual "pre-built" leasing program designed to save small office users time and money was introduced earlier this year by S L Green Properties at its 20-story, fully renovated office tower at 215 Park Avenue South. Within 60 days, all three 2,000-square-foot, pre-built units ...
NJ environmental bill helps define state's cleanup law. (New Jersey; Environmental Cleanup Responsibility Act)
Aug 05, 1992 ... The New Jersey Senate has introduced a bill (S-1070) that will amend the Environment Cleanup Responsibility Act, (ECRA) a move that industry experts claim will unshackle many property owners in the state, but which still keeps intact the intent and strength of the state's strict ...
Turner selects Galbreath. (Turner Development Corp.; Galbreath Co. to be real estate portfolio manager)
Aug 05, 1992 ... The Galbreath Company announced that Turner development Corporation, the real estate development subsidiary of The Turner Corporation, has selected The Galbreath Company as asset manager for its real estate portfolio. This expands Galbreath's nationwide management operation to nearly 52 ...
OUT moves into Soho Building. (Out Publishing leases commercial space in New York, New York)
Aug 05, 1992 ... The Soho Building announced its newest tenant, Out Publishing, publishers of Out magazine, the first national general-interest magazine for gay men and lesbians, which recently rented 3,000 square feet of space. Out now joins other well-known, avant-garde magazines such as ...
Urbitran acquires Ramp Corp. (Urbitran Associates)
Aug 05, 1992 ... Urbitran Associates, a leader in transportation planning and engineering services, has acquired the Ramp Corporation, a consulting firm that plans and develops parking and automotive service facilities, announced Dr. Michael F. Horodniceanu, president and chief executive officer of ...
Owner shares security ideas. (executives at Park Tower Realty Corp.)
Aug 05, 1992; ... The executives at Park Tower Realty pride themselves on their sophisticated approach to security and they are often asked by others to share their secrets. That's why the owner/manager and developer of more than 5 million square feet of commercial space in New York and ...
Close-out store opens 8th outlet in Hicksville. (National Wholesale Liquidators, Hicksville, New York)
Aug 05, 1992 ... National Wholesale Liquidators, one of New York's foremost deep discount variety/close-out stores, has opened its eighth store at Bethpage Marketsquare, the new shopping center that occupies the former site of the old Nassau Farmer's Market in Hicksville/Bethpage, New York. The ...
C&W sells property for $9.2M. (Cushman and Wakefield of New Jersey Inc.; $9.2 million)
Aug 05, 1992 ... Cushman & Wakefield of New Jersey has negotiated the sale of Kingsbridge IV, a 98,000-square-foot office building located at 339 Jefferson Road in Parsippany, New Jersey. Lincoln Equities, a Brooklyn-based owner and manager of commercial properties, purchased the office building ...
Co-op/condo mortgage rates plummet in June. (cooperative tenancies and condominiums; June 1992)
Aug 05, 1992 ... After falling in May, interest rates for New York luxury co-ops and condominiums spiraled downwards to historic new lows in June. So reports the Manhattan Mortgage Company, a leading specialist in co-op, condominium and private home residential financing, which surveys and ...
Muss reports 85% occupancy at light industry center. (Muss Development Co. principal Joshua L. Muss; Flushing Light Industry Center in Queens, New York, New York)
Aug 05, 1992 ... With Hashmi Import and Export, Inc., which moved recently into a 10,000 square feet space at the Flushing Light Industry Center (FLIC) in Queens, the modernized Center is more than 85 percent leased to some three dozen tenants, it was announced by Joshua L. Muss, principal, Muss ...
ESG brokers for TV production firm. (Edward S. Gordon Company Inc.; Multimedia Entertainment Inc.)
Aug 05, 1992 ... Multimedia Entertainment, Inc., has leased 15,859 square feet of office space at 630 Fifth Avenue in Rockefeller Center through Edward S. Gordon Company, Inc. The tenant, which produces television shows including The Phil Donahue Show and ...
Is your insurer well? (Part II) (discussion of insurance brokers)
Aug 05, 1992; ... In Part I of this discussion in our last column, we pointed out that there are both formal and informal sources of information on the health of insurance carriers. We reviewed some of the rating services such as Best's and mentioned the availability of the carrier's own annual reports and ...
National Realtors make proposals to candidates. (National Association of Realtors; Democratic and Republican political candidates)
Aug 05, 1992 ... One of the highest national priorities must be to increase home ownership and investment in real estate, the National Association of Realtors recently said in recommendations to the Democratic and Republican Platform Committee. "Property ownership in general, and home ownership ...
NYS Realtors raise $ for charity. (New York State Association of Realtors Inc.)
Aug 05, 1992 ... The New York State Association of REALTORS, Inc. (NYSAR) "Night at the Races" benefit has raised over $6,000 for Camp Good Days and Special Times. Camp Good Days, located on Keuka Lake, was started in August 1990 by Gary Mervis of Rochester, New York, whose daughter, Teddi, died ...
New construction finishes up 4% in first 6 months. (first six months of 1992 shows increase in new building construction)
Aug 05, 1992 ... Offsetting developments within the construction sector left June's total of contracting for new construction up 4 percent, according to McGraw-Hill's F. W. Dodge Division. June's contracting revealed a rebound of commercial building, stability in the housing market, and a ...
Urban values plunge worldwide. (investment value of office space in major world cities decreases)
Aug 05, 1992 ... The investment value of office space in many major world cities has been pushed significantly downward during the present international real estate slump. The recent Jones Lang Wootton International Research publication, Worldwide Property Performance Indicators compares indices ...
ADA compliance may qualify owner, tenant for tax breaks. (Americans With Disabilities Act)
Aug 05, 1992 ... Business owners who alter property or facilities to comply with the Americans with Disabilities Act (ADA) may be able to fully deduct those expenses on their tax returns, according to Grant Thornton, a leading accounting and management consulting firm, based in Chicago. ADA ...
AFC Realty Capital arranges $9.98M for Reno properties. ($9.98 million)
Aug 05, 1992 ... New York City-based AFC Realty Capital Inc. has negotiated a $9,975,000 permanent, first-mortgage financing for phase one of Foxfire Village Apartments, a 900-unit luxury garden complex in Reno, Nevada. Financing was arranged through the Federal National Mortgage Association's ...
Realco arranges new 1st mortgage. (on behalf of JNK Capital Ltd.)
Aug 05, 1992 ... Gerald Krell, president of REALCO Group Asset Management, Ltd., and Mitchell Greenspan, vice president, report that REALCO has arranged for a new first mortgage of $5.6 million on behalf of JNK Capital, Ltd., for the 100,000-square-foot Big-H Pathmark Shopping Center in Huntington, New ...
First public offering backed by co-op mortgages. (National Cooperative Bank sells $93 million in mortgage securities)
Aug 05, 1992 ... National Cooperative Bank (NB) has sold $93 million in mortgage securities backed by loans to housing cooperatives in the New York metropolitan area. The transaction, underwritten by The First Boston Corporation, marks the first time that underlying, or blanket, mortgages on co-ops have ...
New products announced by Washington Mortgage. (Washington Mortgage Financial Group Ltd.)
Aug 12, 1992 ... Washington Mortgage Financial Group (WMF) has a new line of mortgage products for the multi-family market known as "Common Sense" loans, according to Gary Kokalari, vice president and Manager of WMF's northeast region. With this new program, WMF will provide over $300 million in ...
New America Network readies 'Super Auction'. (to auction $200 million worth of commercial real estate properties from Northeastern states)
Aug 12, 1992 ... A "Super Auction" of up to $200 million worth of commercial real estate properties from throughout the Northeast United States -- one of the largest mass sales of real estate of all time -- has been announced by New America Network, real estate's largest network of brokers, and its auction ...
UJA allocates $263,000 for housing, neighborhoods. (United Jewish Appeal)
Aug 12, 1992 ... UJA-Federation of New York is disbursing some $263,000 in housing and neighborhood preservation funds to the 1992-93 budget year. The monies are for new projects and to renew funds for existing ones. New grants and loans include: *$39,100 to the Bensonhurst Council of ...
Schwab subsidiary moves to Newport. (Mayer and Schweitzer Inc.; Newport Financial Center, Jersey City, New Jersey)
Aug 12, 1992 ... Mayer & Schweitzer, a leading market maker of NASDAQ securities, has acquired a 34,000-square-feet of data operations and general office space in the Newport Financial Center, Jersey City, New Jersey, for their new headquarters. Mayer & Schweitzer, a subsidiary of The Charles Schwab Corp., ...
On-site developer finds best results. (real estate developer Alan B. Friedberg) (Profile)
Aug 12, 1992; ... The key to getting a project completed on time and within budget is for the developer himself to be on the job, says Alan B. Friedberg. Being at his projects, explained Friedberg, the president of The Alan B. Friedberg Development Corporation, enables him to be available to and ...
Survey: cautious CEOs hold back on growth. (1992 survey by Coopers and Lybrand)
Aug 12, 1992 ... While the majority of CEOs of America's fastest growing companies continue to be positive about the nation's economy, they have scaled back near-term growth estimates for their own companies, according to the latest Coopers & Lybrand "Trendsetter Barometer" survey, completed at the end of ...
Foreign investor buys 50% of NJ shopping ctr. (New Jersey shopping center acquired by Dutch investment firm)
Aug 12, 1992 ... New York-based American Continental Properties Group (ACP), a real estate investment and development firm, has sold a 50 percent interest in one of its regional shopping centers to a privately-held Dutch investment firm. The Dutch investor purchased a limited partner interest in ...
New York State gains tax: what's new? (required forms for reporting capital gains tax changed) (Taxing Situations)
Aug 12, 1992; ... The June 24, 1992, article entitled "Who is Responsible for New York State Gains Tax" described the new requirement to file Form TP-575, Transferor - Responsible Person Information. Subsequently, the state has issued a notice suspending the filing requirement of that form due to ...
Large users target of new CPC Baker Harris system. (computer software program developed for large space users with large groups of owned and leased sites)
Aug 12, 1992 ... CPC Baker Harris has developed a system they say enables large space uses with a multitude of owned and leased sites to easily and effectively manage, control costs and improve the performance of their real estate portfolios. Called "SPPS" (Strategic Portfolio Performance ...
JLW places NYCE network. (Jones Lang Wootton USA leases commercial space to New York Cash Exchange)
Aug 12, 1992 ... On behalf of the New York Switch Corporation, operator of the NYCE Electronic Funds Transfer (EFT) Network, Jones Lang Wootton, international real estate consultants, has negotiated a 10-year lease whereby NYCE will occupy 17,500 square feet at 400 Plaza Drive in Secaucus, New Jersey. The ...
Appraisers tour Grand Central project. (Grand Central Station, New York, New York)
Aug 12, 1992 ... How fast can a Metro North train go? Up to 110 miles per hour. When did Grand Central Station first open? The year was 1913. This information and more on the history and operation of Grand Central Station was passed onto appraisers of the Metropolitan New York Chapter of the ...
Building Congress: 'let Riverside South be built'. (Riverside South development project, New York, New York)
Aug 12, 1992 ... Noting that the proposed Riverside South development will bring substantial quality-of-life benefits to the city and the West Side, and employment to thousands in the design and construction industry, the New York Building Congress has called on city officials to approve the plan. ...
BOMA LI leader lobbies congressmen. (Builders and Owners Management Association, Long Island chapter, New York, New York)
Aug 12, 1992 ... Gary Rodolitz, P.E., president of the Long Island chapter of the Builders and Owners Management Association (BOMA) and co-partner of Rodolitz Associates, Garden City, is keeping up the political pressure on members of Congress in an effort to dramatically bolster the sagging real industry ....
Papadatos to design food processing plant. (Steven Papadatos Associates P.C.)
Aug 12, 1992 ... Mutual Interest Transactions Inc., a leading food importer has decided to make New Jersey the home of its state of the art surimi seafood manufacturing plant. The site selected is adjacent to the New Jersey Turnpike at the Port Authority Industrial Park at Elizabeth, adjacent to ...
Jury records solve landlord-tenant dispute.
Aug 12, 1992 ... Jury records are a valuable tool for proving, or disproving, the primary residence claimed by a tenant. So suggests Feldman vs. Flettrich, a non-primary residence action with important implications for landlord-tenant conflicts. Flettrich, the tenant, claimed a ...
2 firms announce merger. (Langan Engineering Associates and Langan Environmental Services)
Aug 12, 1992 ... Langan Engineering Associates and Langan Environmental Services have combined their operations to form Langan Engineering and Environmental Services, Inc., reports Bernard F. Langan, managing principal of the firm. "Most projects today require both civil engineering and ...
Financial firms move data to Newport Financial Ctr. (Morgan Stanley and Company Inc., Hokkaido Takushoku Bank Ltd. and SWIFT lease commercial space in Newport Financial Center, Jersey City, New Jersey)
Aug 12, 1992 ... Three international leaders in the financial services industry have separately announced agreements to relocate their respective data processing and telecommunications operations to the Newport Financial Center, the acclaimed high-tech office facility. The agreements are: Morgan ...
Gould & McCoy relocates to Park Ave. (New York, New York)
Aug 12, 1992 ... Abrams Benisch Riker, Inc., as exclusive leasing agent for 300 Park Avenue, has announced that Gould & McCoy, Inc., an executive search and recruitment firm, has relocated to 300 Park Avenue in an expansion from 551 Madison Avenue. The firm has taken 5,200 square feet on the ...
Chase provides $4.2M for 34 affordable homes. (Chase Community Development Corp.; $4.2 million for housing in Bronx, New York, New York)
Aug 12, 1992 ... Shepherd Townhouses, representing 68 new units of affordable housing, have opened in the Morrisania section of the Bronx. Construction of Shepherd Townhouses was made possible by a $4.2 million loan from the Chase Community Development Corporation (CCDC), a subsidiary of The ...
Greenwich condo sells out. (Greenwich, Connecticut)
Aug 12, 1992 ... Lee Cotton, president of Cotlyn Enterprises Inc., announced that all 23 townhomes at Pheasant Run, an upscale condominium development in Greenwich, Connecticut, have been sold out. Units were priced from $460,000 to $650,000. Cotlyn, a New Canaan building and ...
Can incubators hatch foreign influx? (business incubators planned for New York, New York office environments to attract foreign firms)
Aug 12, 1992; ... With experts agreeing New York City's economy needs an influx of new companies, several projects are underway to create special office environments to encourage foreign firms to move here. Plans are being developed by the Russian government, the German multinational ...
Prudential deal: long search ends at home. (Prudential Securities Inc. signs leases for commercial space in New York, New York)
Aug 12, 1992; ... Before Prudential Securities Inc. signed the leases that will keep its head-quarters and 5,000 employees in the Big Apple, they conducted a national search, negotiated intensely with public officials and relied on the advice of two real estate services firms. Prudential ...
Senate bills target bankruptcy reform.
Aug 12, 1992; ... Congress is focusing on a bankruptcy reform package that could significantly affect lending and workouts. In Mid-June the U.S. Senate voted 97-0 in favor of an entire bankruptcy amendment package. The House of Representatives's Judiciary Committee has held some hearings on the ...
Riverbank Realty closes $10M in retail leases. ($10 million)
Aug 12, 1992 ... Riverbank Realty Company has completed several Manhattan retail deals with a combined aggregate rental value in excess of $10 million, it was announced by Gene Meer, the firm's executive vice president and director of the retail services department. Wendy's, one of the nation's ...
ESG represents NY Life in lease renewal in MN. (Edward S. Gordon Company Inc.; New York Life Insurance Co.; Minnesota)
Aug 12, 1992 ... In a major lease renewal negotiated by the Edward S. Gordon Company, Inc., the New York Life Insurance Company has renewed its 23,225-square-foot lease at 8120 Penn Avenue South in the Southtown Office Park in Bloomington, Minnesota, announced Stephen B. Siegel, ESG's president. ...
Banco Mercantil purchases. (purchases office building in New York, New York)
Aug 12, 1992 ... Banco Mercantil has purchased the 14,500-square-foot office building located at 11 East 51st Street in Manhattan for $6.8 million from Banco Exterior De Espana, S.A. The building will house the Caracas, Venezuela-based bank's New York agency. ...
Firms relocate to 17 State. St. (Woodward and Associates Inc. moves to new location in New York, New York)
Aug 12, 1992 ... Negotiations have just been completed for the new headquarters of Woodward & Associates, Inc. at Seventeen State Street, where the firm will occupy 3,624 square-foot facilities in an expansion from its previous location at One Wall Street. The securities trading and portfolio ...
New stores for Body Shop. (opens store in World Trade Center, New York, New York)
Aug 12, 1992 ... The Body Shop has targeted New York City for expansion. The highly successful and visible British cosmetics company, founded by environmentalist and social activist Anita Roddick, recently opened its seventh New York City store at the World Trade Center. The launch of this ...
A. Alfred Taubman takes REIT plunge. (forms real estate investment trust)
Aug 12, 1992; ... Developer A. Alfred Taubman has become the latest real estate mogul to take a plunge into the capital markets and form a real estate-investment trust. The REIT -- as these entities are known -- will consist of 19 enclosed malls representing 21.23 million square feet of space in 11 states ...
Senate committee clarifies IRS 277. (bill clarifying tax rules for housing cooperatives)
Aug 12, 1992 ... The Senate Finance Committee approved legislation sponsored by Senator Daniel Patrick Moynihan (D-New York) clarifying the tax rules for housing cooperatives. The bill (S.2149) was added to the urban aid legislation -- the Revenue Act of 1992 -- which was reported out favorably. ...
Changes in 42nd St. plan no surprise to industry. (New York State plans downsizing and postponement of Times Square redevelopment, New York, New York)
Aug 12, 1992; ... The decision by New York State to downsize and postpone the long-awaited Times Square redevelopment came as no surprise to the real estate industry, which has been battered by an oversupply of office space and an undersupply of corporate users. At this time, the construction of ...
'Fun' retail for 1540 Broadway. (office building, retail space and entertainment complex planned; New York, New York)
Aug 12, 1992 ... Bertelsmann AG reports it is planning to make 1540 Broadway a real Times Square-style office building via is 140,000 square feet of retail space. Chris Alpers, Bertelsman senior vice president, told REW the German communications giant will turn the five stories of retail space ...