Real Estate Weekly back issues from June 1999:
Insignia acquires Douglas Elliman.(Insignia Financial Group Inc.)
Jun 02, 1999; ... The Andrew Farkas-led Insignia Financial Group has agreed to purchase New York City's leading residential brokerage firm, Douglas Elliman. The deal could be worth up to $75 million over the next five years to the Milstein family, which intends to concentrate on other developments and the ...
Tower portfolio acquisition completed.(SL Green Realty Corp to buy office properties in New York City)
Jun 02, 1999 ... SL Green Realty Corp. has announced that it has closed on its joint agreement with Tower Realty, Inc. and Reckson Realty Associates Corp. to purchase the fee interest in four New York City office properties totaling 675,000 square feet, for $84.5 million in cash ($125 per square foot). ...
Accelerated leasing activity offsets flat first quarter.(office leasing in New York City)
Jun 02, 1999 ... With 1.6 million square feet of leasing volume in April, the Midtown office market showed its strongest one-month performance of 1999. Positive net absorption of 680,000 square feet for the month counterbalanced the 770,000 square feet of negative absorption recorded in the first quarter ...
Costs, scarcity of sites make multi-family development difficult.(real estate development in New York City)
Jun 02, 1999 ... The mature nature of the Manhattan real estate market is making it more and more difficult to develop multi-family housing projects in New York City, say executives of The Jack Parker Corporation, a prominent developer/builder of luxury condominium and rental housing in the metropolitan ...
Lawyers thrive in expanding real estate market.(Belkin Burden Wenig and Goldman L.L.P.)
Jun 02, 1999; ... When they founded their firm in 1989, the real estate market was flat. At the time, Sherwin Belkin, Joseph Burden, Howard Wenig and Jeffrey Goldman focused on representing clients in Housing Court and foreclosure actions. Today, with the city's real estate market thriving, ...
Sprint, HMS team-up to offer wireless network.
Jun 02, 1999 ... Real estate professionals know that keeping in touch with clients, financial institutions and the office means staying profitable. To introduce on-the-go agents and brokers to the benefits of staying connected anytime, anywhere on Sprint's nationwide wireless network, Sprint PCS and HMS ...
NY Building Congress honors Claes Bork and David Childs.(building industry executives)
Jun 02, 1999 ... Nearly 1,100 building industry leaders and prominent New York City officials saluted two industry titans - Claes Bjork, president and CEO of Skanska AB, and David Childs, Partner at Skidmore, Owings and Merrill LLP - during the New York Building Congress' 78th Anniversary Leadership Awards ...
B.S. Moss unveils leasing, signage opportunities in Times Square area.
Jun 02, 1999 ... B.S. Moss Enterprises is putting 1530 Broadway back on the map with long-term retail and signage leasing opportunities. One of Times square's best known sites, the property offers business owners the opportunity to take advantage of approximately 140,000 square feet of prime retail space ...
W&M plans 1031 exchange.(W&M Properties; Section 1031 of Tax Code)
Jun 09, 1999; ... When an investor group led by Peter L. Malkin and Anthony E. Malkin closes its deal to sell the lease on 1185 Avenue of the Americas, they expect the proceeds to be rolled into another property and effectuate a tax-deferred exchange. The so-called Section 1031 tax-deferred ...
Benefits of tax-free exchange explained.
Jun 09, 1999 ... Section 1031 of the Internal Revenue Service Code allows owners of "like kind" property to put off tax gain consequences to the future. Explained Lary S. Wolf, a partner with the law firm of Roberts & Holland, which concentrates in tax law, the issues involved with identifying ...
Silvercup Studios will expand Queens facilities.(New York, New York)
Jun 09, 1999 ... Silvercup Studios, already one of the largest and most active studio complexes in New York City, has announced the expansion of its operations to an additional site in Long Island City, Queens. The new facility, to be known as Silvercup Studios East, will include five new drive-on studios, ...
Towering pylons form new gateway to Diamond District.(New York, New York)
Jun 09, 1999 ... Four sparkling diamond-shaped art deco pylons now light the entrance to the Big Apple's famed Jewelry District. Representative of the major capital improvements achieved by the 47th Street Business Improvement District (BID), the elegant pylons stand majestically on the corners ...
Insurance broker marks 100 years of service to industry.(DeWitt Stern Group, Inc.)
Jun 09, 1999 ... "Big enough to have a presence in the insurance marketplace, but not so big that we don't have the time to sit down with you one-on-one," is the way Jolyon F. Stern, president and CEO, describes DeWitt Stern Group, Inc., the respected insurance broker founded 100 years ago by his ...
Mack-Cali and SJP announce NJ development venture.(Mack-Cali Realty Corp. and SJP Properties)
Jun 09, 1999 ... Mack-Cali Realty Corporation (NYSE: CLI) and SJP Properties have entered into a joint venture agreement to develop two Class A office projects in Central New Jersey. The joint venture is preparing to break ground on a site previously controlled by SJP Properties. This project ....
More support for retail complex at Washburn Wire site.(New York, New York)
Jun 09, 1999 ... A coalition of East Harlem business and community leaders has announced that they are endorsing the efforts of State Senator Olga Mendez (D-L, 28th District) to demolish the old Washburn Wire Factory on I 18th Street and Pleasant Avenue and in its place create a retail complex that would ...
Malkin-led investment group buys Westchester office property.(real estate managers Peter L. Malkin and Anthony F. Malkin)
Jun 09, 1999 ... Peter L. Malkin and Anthony F. Malkin led a limited partnership that has purchased 500 Mamaroneck Avenue, a five-story, 285,000 square-foot multi-tenant office building in Harrison, NY along the busy 1287 East submarket. This is the second major acquisition in the Westchester County office ...
WinStar achieves access to 4,200 properties nationwide.(WinStar Communications, Inc.)
Jun 09, 1999 ... WinStar Communications, Inc. (NASDAQ: WCII) has obtained access rights to more than 4,200 commercial buildings nationwide, and has signed an agreement with Spieker Properties, L.P. to provide access to Spieker commercial office buildings in Los Angeles, San Francisco and the Bay Area, ...
Functionality, features and service are key to seamless data integration.
Jun 09, 1999; ... Years ago, real estate automation consisted of back office accounting systems that helped ensure the accuracy of a company's books and records. The accounting team typically operated in a vacuum, as many other departments did little, if anything, in terms of automation. However, as ...
Influx of technology reshapes real estate industry.
Jun 09, 1999; ... The influx of technology has undoubtedly reshaped today's real estate industry. An onslaught of companies with high technology needs, from Internet start-up companies and telecommunications firms to publishing and law firms, has forced Manhattan property owners and managers to adapt to a ...
Pelham Bay Professional Center renovated; expansion is planned.(Bronx, New York, New York)
Jun 09, 1999 ... The Pelham Bay Professional Center in The Bronx recently celebrated the completion of a building-wide interior and exterior renovation project and 100 percent occupancy. The 60,000 square-foot building on Westchester Avenue in the Pelham Bay section of the borough has special ...
Fairfield improves, but Westchester still struggles.(The Boroughs/Suburban Markets)(Fairfield County, Connecticut and Westchester County, New York)
Jun 09, 1999; ... Market dynamics in the Fairfield County, CT office market have remained relatively strong throughout the first five months of 1999. Vacancies are low, hovering around 10 percent; average rent-al rates are climbing and now stand at approximately $25 per square foot; and concessions from ...
Peak land values reflect outstanding economic climate.(The Boroughs/Suburban Markets)
Jun 09, 1999; ... What do corporate office parks, industrial properties, amusement centers, auto parts stores and national pharmacy chains have in common? They are among the many real estate products enjoying maximized property values as a result of today's outstanding economic climate. And the abundance of ...
Fairfield industrial owners benefit from tight market.(The Boroughs/Suburban Markets)(Fairfield County, Connecticut)
Jun 09, 1999; ... The industrial real estate market in lower Fairfield County has undergone dramatic change, as vacancy rates have decreased and economic growth within the region has continued to precipitate demand. For example, Cushman & Wakefield of Connecticut's Stamford office, in conjunction ...
LI and Queens industrial markets see lowest vacancy in years.(The Boroughs/Suburban Markets)(Long Island City and Queens in New York)
Jun 09, 1999; ... The combination of corporate growth, a vibrant economy, a tight labor market and a diversified employment base are contributing to the Long Island region's economic expansion. Moreover, the strong economy continues to drive the demand for industrial real estate. By year-end ...
Downtown Brooklyn development branching out.(The Boroughs/Suburban Markets)(New York, New York)
Jun 09, 1999; ... The Downtown Brooklyn commercial real estate scene is branching out in new directions. Previously, one pioneering soul of a developer, Forest City Ratner, took a calculated, but sizeable gamble on the borough. By now, it has been well documented that their Metrotech multi-office building ...
An intriguing time in suburban markets.(The Boroughs/Suburban Markets)
Jun 09, 1999; ... As perhaps one of the innovators of office and commercial development in the suburbs, Hartz Mountain Industries has seen many cycles of growth and retrenchment. The current market represents one of the most interesting situations for owners and perspective developers of suburban space. ...
Demand drives development of affordable South Bronx housing.(The Boroughs/Suburban Markets)(New York, New York)
Jun 09, 1999 ... Atlantic Development Group, a developer of special needs apartments in the New York metropolitan area, has finished construction of its first affordable housing facility. The 72-unit development, located on Hughes Avenue in the Bronx, helps fulfill New York City's constant demand for this ...
New Jersey apartment market still very active.(The Boroughs/Suburban Markets)
Jun 09, 1999 ... Marcus & Millichap Real Estate Investment Brokerage Company recently released its Apartment Research Report for the Northern/Central New Jersey market, which continues to be active, according to David E. Thurston, regional manager. The following are the most significant aspects of the ...
New developments celebrate New York's suburban cities.(The Boroughs/Suburban Markets)
Jun 09, 1999; ... Two separate projects in New York City's northern suburbs are sparking a celebration of communities as varied as downtown Yonkers - New York's fourth largest city and the Village of Bronxville. The Avalon in the Village of Bronxville The Avalon is a 110-residence ...
Suburban office markets performing well in '99.(The Boroughs/Suburban Markets)
Jun 09, 1999; ... The office investment markets in New Jersey, Fair-field County and Westchester County have experienced a strong resurgence from the turbulence in the capital markets during the second half of 1998. In New Jersey and Fairfield County, office occupancy has stabilized at nearly 90 percent, an ...
Great times for New Jersey's waterfront.(The Boroughs/Suburban Markets)
Jun 09, 1999 ... The New Jersey Waterfront is experiencing strong development and leasing activity, with no end in sight in the near future. Developers are constructing modern, Class A speculative office buildings in response to strong demand, primarily by financial services firms who are capitalizing on ...
Studios sell as rentals rise.(residential studios)
Jun 16, 1999; ... The sales market in residential studios is revving up as tenants are discovering it's cheaper to own than to rent. With studios in many Manhattan buildings renting for upwards of $1,500 a month, brokers are showing their clients how to save money by owning. "The rentals are so ...
New Spectrum wins retail Deal of the Year Award.(New Spectrum Realty Services Inc.)
Jun 16, 1999 ... On June 3rd, the Stores Committee of the Real Estate Board of New York voted New Spectrum Realty Services winner of two awards: The Most Creative Retail Deal of the Year and the Most Significant Retail Deal of the Year in recognition of the firm's successful marketing and leasing campaign ...
Baileys buying tech building at 75 Broad.(Morris Bailey's family acquires the New York Technology Center at Broad Street)
Jun 16, 1999; ... The New York Technology Center at 75 Broad Street, a/k/a NYTECHX, is now under contract to Morris Bailey's sons-in-law, Joseph Jerome and Raymond Chalme. "We have a great family operation," says Jerome of their holdings, that include a piece of 866 Third Avenue, which has office ...
Garrick-Aug named agent for 450 Park Ave. retail.(Garrick-Aug Associates Store Leasing Inc.)
Jun 16, 1999 ... The retail leasing duo of Faith Hope Consolo and Joseph A. Aquino of Garrick-Aug Associates have been appointed exclusive leasing agent by Alfred Dunhill for one of Manhattan's most coveted retail addresses, the 17,000 square-foot, multi-level space at 450 Park Avenue. On the ...
A creative force in real estate public relations.(Quinn and Co.)(Company Profile)
Jun 16, 1999 ... Although the conference room at Quinn & Co.'s new digs on West 35th Street is called the "Dream Room," nobody in the eight-strong boutique public relations agency is sleeping these days. According to principal Florence Quinn, "As a result of the booming real estate and hotel ...
Manhattan co-op market continues to tighten.(cooperative apartment houses)
Jun 16, 1999 ... Manhattan's co-op market posted two new records while continuing its striking ascent during the first quarter of 1999, as a shortage of inventory and strong demand drove a widespread surge in sales prices. So says the Real Estate Board of New York (REBNY) in its first quarter 1999 ...
Suit seeks damages for owners forced to perform unnecessary lead paint abatement.
Jun 16, 1999 ... A Bronx apartment building owner filed a lawsuit on June 9th that could change the way the New York City Department of Health handles challenges to lead paint violations. The suit seeks to restore money to the building owner who had his challenge to such a violation wrongly denied and was ...
Landlords can make marketing magic with vacant offices.(office upgrades)
Jun 16, 1999 ... When it comes to marketing vacant office space, a small monetary outlay can make a big difference. That's the word from Georgia Fotopoulos, a principal of Astoria-based Fotopoulos Design. Fotopoulos ought to know, since she and her sister, Daisy, have upgraded half a million ...
Kennedy-Wilson to form a joint venture with Guidance Solutions.
Jun 16, 1999 ... Kennedy-Wilson Inc. (Nasdaq NM: KWIC), an international real estate services company with more than $6 billion in completed real estate brokerage and auction sales, has signed a binding letter of intent to form a joint venture with Guidance Solutions Inc. (www.guidance.com), a full-service ...
Focus on technology will maintain your market share.(Media Technology Centers' high-tech offices)
Jun 16, 1999; ... In today's growing marketplace, companies frequently lose market share as a result of their technological limitations, spatial considerations, and skyrocketing overhead costs. As the Millennium approaches, the demand for real estate that can anticipate and adapt to the technological and ...
Co-op indictments continue.(cooperative and condominium managers involved in vendor kickback schemes)
Jun 23, 1999; ... More indictments are expected this week against cooperative and condominium managers who have been allegedly involved in vendor kickback schemes. Additionally, sources say this time board members and contractors will be among the dozens more expected to be facing charges. There will be ...
Protecting your board.(safety measures against theft)
Jun 23, 1999 ... There is a wide range of ways boards can protect themselves from theft. Experts agree the worst boards are those that are complacent and do not provide enough oversight. Board members have a fiduciary duty to their buildings and their fellow shareholders, and a wide range of ...
Newport residential tower breaks ground.(Lefrak Organization)
Jun 23, 1999 ... The Lefrak Organization broke ground on June 15th for the Southampton, a new, 409-unit residential tower at Newport, the $10 billion, 600-acre community on the Jersey City, NJ Hudson River waterfront. With U.S. Department of Housing and Urban Development underwriting, ...
Community Board 11 approves for East River retail plan.
Jun 23, 1999 ... New York State Senator Olga Mendez (D-L, 28th District) is calling the decision by Community Board 11 to endorse plans to demolish the old Washburn Wire factory on 118th Street and Pleasant Avenue and build a $150 million retail complex a "victory for the community, a victory for our ...
Barbara Randall - Executive Director, Fashion District BID: Fashioning fashion district's new look.(Profile of the Week)
Jun 23, 1999 ... At this moment, a striking change is taking place in Manhattan's Fashion District, not in the length of hemlines or the crowning of a "new black," but in the appearance and composition of the neighborhood itself. The Fashion Center Business Improvement District (BID), under ...
Landauer to sell mixed-use site in Upstate New York.(Landauer Associates Inc.)
Jun 23, 1999 ... Landauer Associates, Inc., a leading international real estate counseling firm, has been retained by a New York City developer as exclusive representative to offer for sale several upstate development sites. The sites, offered as a package or separately, are located in ...
You've been liened! Now what?
Jun 23, 1999; ... It is a typical but frustrating scenario: You are an owner or property manager and you have just been served with a mechanics' lien filed against your building. Or perhaps you are a tenant in the building and, following renovations to your office space, a contractor or subcontractor has ...
How the new portfolio Re-Fis can help banks close more loans.
Jun 23, 1999 ... Bankers looking for a new way to cultivate customers are turning to the portfolio re-fi loans. These aggressive products act like home equity loans, but are really first mortgage re-fis. Why the appeal? "Bankers see portfolio re-fis as inexpensive ways to attract more loans, ...
An easy way to create tax-free wealth.(Tax Solutions)
Jun 23, 1999; ... A reader of this column (as usual, we'll call him Joe) called me for a second tax opinion. Joe had just finished - after almost two years of endless meetings - his estate plan. All documents - wills and trusts for Joe and his wife, Mary - had been completed and executed. Joe used an ...
New high-tech hub unveiled at Long Island Technology Center.
Jun 23, 1999 ... Ten year-old Brentwood resident Kristen Fulco, who was the successful contestant in naming the Cyber, Tech and Digital buildings that make up the Long Island Technology Center (LITC), helped to usher in the new "Silicon Island" era. She was joined by Charles A. Gargano, chairman ...
Tenant tells unpersuasive tale in non-primary residence proceeding.(Real Estate Review)(Shivaun O'Casey)
Jun 23, 1999; ... Scan O'Casey, the noted Irish playwright, created such masterworks as Plow & The Stars, Shadow of the Gunman and Juno and the PayCock. His daughter, Shivaun O'Casey, in opposing a non-primary residence holdover proceeding, recently spun her own story in Civil Court, attempting to explain ...
Keeping your edge in a competitive market.(real estate industry)
Jun 30, 1999; ... With commercial and residential rents at record highs and vacancies nearing record lows, brokers, owners and developers should be beaming, and indeed, many have wide smiles. But behind some of the grins are clenched teeth, because these entrepreneurs want to keep making deals, ...
Council law to ban dry sanding/scraping.(buildings)
Jun 30, 1999 ... The City Council may or may not approve a new lead bill this week that has four sections and has already been approved by the Housing and Buildings Committee. "It's the closest we've come in the last decade to reforming Local Law 1, which everyone concedes is a bad law and the ...
Swig Burris Equities begins conversion at 48 Wall St.
Jun 30, 1999 ... Construction has begun on the conversion of 48 Wall Street, a 310,000 square-foot commercial office building in Downtown Manhattan, into a luxury residential tower, it was announced by Kent M. Swig, principal of Swig Burris Equities, LLC. In association with Kirk MacDonald and ...
Year-to-date absorption shows positive signs.(office space leasing)
Jun 30, 1999 ... Midtown's leasing activity showed strong signs of improvement during the past two months, offsetting a rise in the available supply of space during the first quarter of 1999. With 910,000 square feet of leasing activity in May, the Midtown market posted 140,000 square feet of ...
Durst opens Conde Nast Building at 4 Times square.(Durst Organization)
Jun 30, 1999 ... The Durst Organization, a leading New York City real estate owner/building/manager, marked the opening of the Conde Nast Building at 4 Times Square in New York City on June 21st. Douglas Durst, president of The Durst Organization, said "I would like to thank all those involved ...
Leading a new vision of entertainment-enhanced retail.(profile on Kenneth A. Himmel, president and CEO of The Palladium Company)
Jun 30, 1999 ... Kenneth A. Himmel, a renowned real estate entrepreneur who serves as president and CEO of The Palladium Company, a national developer with over $3.1 billion worth of mixed-use and entertainment-enhanced retail developments in various stages of planning and construction across the country, ...
REITs at a critical crossroads in their life cycle.(real estate investment trusts)
Jun 30, 1999 ... While both the real estate and capital markets are extraordinarily strong, REITs are at a critical crossroads that will define their future role as real estate investors. This collective message was delivered by industry leaders addressing senior REIT executives at the ...
ARCHIBUS offers strategic master planning software.
Jun 30, 1999 ... ARCHIBUS, Inc., a world Leader of facilities management (FM) automation technology and developer of ARCHIBUS/FM, the #1 CAFM system and CIFM Enterprise Solution worldwide, announces the release of the seventh module in the ARCHIBUS/FM family of FM automation tools: ARCHIBUS/FM Strategic ...
Developer discusses the senior housing market at NYARM event.(New York Association of Realty Managers)
Jun 30, 1999 ... While virtually all segments of the real estate industry are prospering, perhaps none is growing faster than the senior housing market, where the numbers comprising our "aging population" and the commensurate demand for appropriate and specialized accommodations is nothing short of ...
New luxury rental building premiers in Downtown Manhattan.
Jun 30, 1999 ... Move over Melrose, Greenwich Place is here! This new luxury rental building in the heart of Downtown Manhattan is sure to offer all of the drama, intrigue and character that New York's upwardly-mobile professionals have been craving. Greenwich Place, located at 120 Greenwich ...
Technology firms fueling brisk activity throughout Manhattan.(Mid-Year Review and Forecast)(real estate market)
Jun 30, 1999; ... The emergence of many high-technology companies has changed the landscape of the Manhattan real estate market over the course of the past several months. The office market has filtered into what was traditionally considered manufacturing districts and residential neighborhoods ...
Tenants must adapt to market changes.(Mid-Year Review and Forecast)(office space)
Jun 30, 1999; ... In the first half of the calendar year, companies in the market for office space had to be counseled to act quickly to secure a potential site. Tenants did not have the luxury of taking their time in the negotiation process for fear that another party may enter discussions with the ...
Outer borough buildings and land gaining value.(Mid-Year Review and Forecast)
Jun 30, 1999; ... Growing occupancy and demand have resulted in a large increase in the value of buildings and land in the outer boroughs. This higher demand is largely the result of major employment shifts reflecting the new economies and demographics of New York City. Entirely new uses for ...