Real Estate Weekly back issues from May 2007:
The development of multifamily properties was the focus of the most recent meeting of the Young Mortgage Bankers Association.
May 02, 2007 ... The development of multifamily properties was the focus of the most recent meeting of the Young Mortgage Bankers Association. Pictured back row l-r: Douglas Giles, First American Title; Drew Melchionni; Richard Mack, Apollo Real Estate Advisors; Bruce Beal Jr., The ...
Tishman triples profit on $525m Times building sale.
May 02, 2007; ... Tishman Speyer is celebrating another record pay day after selling the New York Times Building at 229 West 43rd Street for $525 million--three times the amount it paid for the building in 2004. Israeli investment firm, Africa Israel, has bought the 750,000 s/f, 15-story building ...
Mechanic name is stamped all over Manhattan's biggest real estate deals.
May 02, 2007; ... His name has practically become eponymous with big real estate deals. Indeed, Jon Mechanic has been the real estate lawyer behind countless major transactions, dotting i's, negotiating terms and, in general, facilitating the kind of deals that continue to make Manhattan everyone's favorite ...
Elusive anchors are weighing heavily on developers minds.(Manhattan's office markets)
May 02, 2007; ... The Manhattan office market is humming, rents have risen in Midtown to record levels, and city officials and developers alike have confidently touted a slate of new office projects to accommodate the prolific demand for office space among tenants. From the World Trade Center ...
Bonjour and Buttonwood team up for BPC purchase.
May 02, 2007 ... Bonjour Capital and Buttonwood Real Estate have teamed up to purchase 333 Rector Place, a residential apartment building in Battery Park City. The 220,000 s/f property houses 228 apartments and approximately 16,000 s/f of retail space and underground parking. The companies ...
Altantic Yards redevelopment halted after rain causes building collapse.
May 02, 2007; ... The partial collapse of a building scheduled for demolition at the Atlantic Yards has put at least a temporary halt to construction on the site. A 200-foot section of parapet wall at 800 Pacific Street careened from the roof of the five-story building Thursday, raining down ...
Apple signs lease for third Manhattan store.
May 02, 2007; ... Apple has signed a lease to open its third Manhattan store, this time in the super-cool Meatpacking District. The computer giant has leased 32,000 s/f at Taconic's 401 West 14th Street. The new store will take up three floors--the basement, first and second--on the northwest ...
REBNY wins Mitchell Lama case to scrap Local Law 79.
May 02, 2007; ... A court has scrapped a local law that imposed heavy restrictions on landlords wishing to leave the Mitchell Lama program. The New York City Council originally created Local Law 79 to give tenants first refusal to an apartment if the owner sought to sell the unit and leave the ...
Itzhaki Properties announced that Tamir Daniel, associate broker, has joined the firm, bringing special expertise in real estate development and brokerage in Manhattan.(WHO'S NEWS)
May 02, 2007 ... Itzhaki Properties announced that Tamir Daniel, associate broker, has joined the firm, bringing special expertise in real estate development and brokerage in Manhattan. Daniel has brokered development sites, mixed-use properties, conversions, apartment buildings and office buildings all ...
Colliers ABR, Inc. announced that Patrick Gardner has joined the firm as managing director.(WHO'S NEWS)
May 02, 2007 ... Colliers ABR, Inc. announced that Patrick Gardner has joined the firm as managing director. Garner was previously a senior vice president at CRESA Partners. Gardner has 23 years of experience as a commercial real estate broker representing prominent national and ...
Darrell Rubens, managing director of Winick Realty Group, has been named among New York City's 2006 Power Brokers for Retail Leasing by the CoStar Group.(WHO'S NEWS)
May 02, 2007 ... Darrell Rubens, managing director of Winick Realty Group, has been named among New York City's 2006 Power Brokers for Retail Leasing by the CoStar Group. The Power Brokers honor is awarded to acknowledge top brokerage firms and dealmakers in the commercial real estate industry in 62 major ...
Monday Properties announced that Craig Panzirer has been promoted to senior vice president and director of leasing and marketing.(WHO'S NEWS)
May 02, 2007 ... Monday Properties announced that Craig Panzirer has been promoted to senior vice president and director of leasing and marketing. Previously, Panzirer was a vice president and director of New York leasing with Monday Properties. He is now responsible for all leasing and marketing for the ...
SL Green Realty Corp. (NYSE: SLG) announced the hiring of and Nick Hayden to the company's portfolio management team.(WHO'S NEWS)
May 02, 2007 ... SL Green Realty Corp. (NYSE: SLG) announced the hiring of and Nick Hayden to the company's portfolio management team. Both join the company as vice president. Bloomfield, who will be overseeing management of 220 East 42nd Street, 470 Park Avenue South, 750 Third Avenue, 485 Lexington ...
Cushman & Wakefield announced the appointment of Robert F. Sheeby, executive vice president, to the position of branch manager for the firm's Long Island office located in Melville, NY.(WHO'S NEWS)
May 02, 2007 ... Cushman & Wakefield announced the appointment of Robert F. Sheeby, executive vice president, to the position of branch manager for the firm's Long Island office located in Melville, NY. In his new role, Sheehy will focus heavily on business development and recruitment, while continuing to ...
David J. Birnbaum has been promoted to senior director of the Coldwell Banker Commercial Learning Department.(WHO'S NEWS)(Brief article)
May 02, 2007 ... David J. Birnbaum has been promoted to senior director of the Coldwell Banker Commercial Learning Department. Birnbaum joined Coldwell Banker Commercial in January of 2006 as Director of Learning. Under ...
US Energy Group announced the hiring of Dan Margulies as chief operating officer and Thomas Scali as the director of sales and business development.(WHO'S NEWS)
May 02, 2007 ... US Energy Group announced the hiring of Dan Margulies as chief operating officer and Thomas Scali as the director of sales and business development. Margulies has more than 30 years of experience in business and real estate. He served as the director of the Community Housing Improvement ...
Jones Lang LaSalle has hired Gerard P. Hallock as a managing director, overseeing tenant and landlord representation activities in Fairfield County, Conn.(WHO'S NEWS)
May 02, 2007 ... Jones Lang LaSalle has hired Gerard P. Hallock as a managing director, overseeing tenant and landlord representation activities in Fairfield County, Conn. In his new role with Jones Lang LaSalle, he will be responsible for developing new business and meeting the needs of exisiting clients ...
Grubb & Ellis Company (NYSE: GBE) announced the addition of Frank Lopriore, CCIM, John Donnelly, Adam Silver, Wayne Kasbar, Sr., Kim Kretowicz, Bill Kanter and Terry Armstrong to the New Jersey team.(WHO'S NEWS)(Brief article)
May 02, 2007 ... Grubb & Ellis Company (NYSE: GBE) announced the addition of Frank Lopriore, CCIM, John Donnelly, Adam Silver, Wayne Kasbar, Sr., Kim Kretowicz, Bill Kanter and Terry Armstrong to the New Jersey team. Lopriore joined the Fairfield office as senior vice president. Prior to joining Grubb & ...
Synergy Workplaces announced that James A. Reddington has been named chief financial officer.(WHO'S NEWS)(Brief article)
May 02, 2007 ... Synergy Workplaces announced that James A. Reddington has been named chief financial officer. As CFO, Reddington will be responsible for overseeing all financial and accounting ...
The Kalikow Group.(Sales)(Brief article)
May 02, 2007 ... The Kalikow Group announced the following sales: * The joint venture with CLW 4&5, Inc closed on the acquisition of 83 acres in Land Tejas' Canyon Lakes West[R] community at Longenbaugh and Fry Roads. Financing for the development of 238 single-family residential building lots ...
The Kislak Company, Inc. recently completed the sale of Seaview Gardens, a 23-unit apartment complex located at 402 Fourth Avenue in Asbury Park, NJ.(Sales)
May 02, 2007 ... The Kislak Company, Inc. recently completed the sale of Seaview Gardens, a 23-unit apartment complex located at 402 Fourth Avenue in Asbury Park, NJ ....
Good Samaritan Hospital and Medical Center, of West Islip, has purchased an industrial building and 4 acres of land in Hauppauge for $4.6M in a transaction arranged by Sutton & Edwards Inc./TCN Worldwide.(Sales)
May 02, 2007 ... Good Samaritan Hospital and Medical Center, of West Islip, has purchased an industrial building and 4 acres of land in Hauppauge for $4.6M in a transaction arranged by Sutton & Edwards Inc. / TCN Worldwide. The building, which contains 30,000 s/f and is located at 70 Arkay Dr., was sold by ...
Hubbards Path Associates announced the sale of the approximately 100,000 s/f open style retail center, located in Pontiac, Michigan, known as Tel-Huron Plaza.(Sales)
May 02, 2007 ... Hubbards Path Associates announced the sale of the approximately 100,000 s/f open style retail center, located in Pontiac, Michigan, known as Tel-Huron Plaza. The ...
Marcus & Millichap has the exclusive listing for a five-story, 7,246 s/f mixed use building on East 14th St for $4m, or $552 psf.(Agents)
May 02, 2007 ... Marcus & Millichap has the exclusive listing for a five-story, 7,246 s/f mixed use building on East 14th St for $4M, or $552 psf.. Ross J ....
East Coast emissary makes his experience count: Richard Swartz, managing director & principal, Sonnenblick Goldman.(PROFILE OF THE WEEK)
May 02, 2007; ... Originally from upstate New York in Albany, Richard Swartz's upbringing in his family's women's apparel business helped fine tune his keen sense of business. "I always had an interest in entrepreneurial business opportunities," said Swartz, managing director and principal of ...
Around town: events seminars meetings talks.(PROPERTY MANAGEMENT)(Calendar)
May 02, 2007 ... B'nai B'rith Luncheon May 2: Brian Jay Neilinger, managing director, CIBC World Markets Corp., will speak at the B'nai B'rith Real Estate Unit to be held at noon at the Cornell Club, 6 East 44th Street, Ivy Room. His topic is "Accessing Capital Today--New Realities in Real ...
Retail condo fetches $25m.
May 02, 2007 ... Robert K. Futterman & Associates, LLC completed the sale of a 9,141-s/f retail condominium at 1251 Lexington Avenue in Manhattan for $25,150,000. Jeff Fishman, senior vice president of RKF Investment Sales and Advisory Services, represented the seller, 150 E. 85th, LLC, and Alan ...
Apollo JV buys 52 co-op units.(joint ventures of Apollo Real Estate Management L.P., Barrow Street Capital L.L.C. and David Swersky buys cooperative units )(Brief article)
May 02, 2007 ... A joint venture of Apollo Real Estate Investment Fund V, Barrow Street Capital and David Swersky has acquired 52 unsold cooperative units at the Riviera, located at 790 Riverside Drive in the Washington Heights section of New York City. The partners purchased the units from a ...
REIT likes Hudson Harbour view.
May 02, 2007 ... Hudson Harbour Apartments & Townhomes in Poughkeepsie, N.Y., has traded hands for an undisclosed amount, announced Cushman & Wakefield, Inc. A Denver-based REIT purchased the 26-acre, 352-unit rental property from Hudson Highlands Properties. Cushman & Wakefield's Metropolitan ...
Investors jockey to buy apartments.
May 02, 2007 ... Marcus & Millichap has arranged the sale of the 108-unit Diplomat Gardens apartment complex in Piermont, NY. The sales price of $13.3 million represents a price of $123,148 per unit and a cap rate of approximately 4%. Jeffrey Gorodensky, a senior investment associate in Marcus & ...
100,000 s/f Madison Avenue expansion for Nixon Peabody.
May 02, 2007 ... SageGroupAssociates, a division of Sage Realty Corporation, announced that it's long-time tenant, the law firm Nixon Peabody LLP, signed an amendment to its lease to expand its existing space 437 Madison Avenue. With its 18,250 s/f expansion, Nixon Peabody's New York office ...
After-school group takes 31,000 s/f at Monday Properties' 1440 B'way.(Brief article)
May 02, 2007 ... Monday Properties has completed a lease with The After-School Corp. at 1440 Broadway. The company, which operates after-school programs throughout Manhattan, signed for approximately 30,800 s/f at the 725,000 s/f building. Craig Panzirer, senior vice president and director of ...
$42m renovation starts in lobby at 1440 Broadway.(Brief article)
May 02, 2007 ... First impressions count, and that's why W&H Properties is spending millions of dollars to upgrade the lobbies of the nine buildings in its portfolio. The latest one to commence its lobby renovation is 1400 Broadway, which joined the W&H brand in January of this year. The ...
Japanese bookstore starts new chapter on Ave. of the Americas.
May 02, 2007 ... Adams & Co. Real Estate recently brokered a 15-year, 24,000 s/f lease at 1071 Avenue of the Americas for Kinokuniya Publications Service of New York Co. Ltd., who will open a Kinokuniya Bookstore in the three-story space. Retail space will occupy 65% of the space while the ...
Online advertiser takes Eighth space.(Brief article)
May 02, 2007 ... Adams & Co. Real Estate recently brokered a five-year, 5,000 s/f lease at 589 Eighth Ave. for online advertising consulting company Nat Pal. Joseph Friedman of Adams & Co. represented the tenant, while Neil Joffee and Alan Steinberg of Newmark Knight Frank represented the ...
Full floor presence for consultants.
May 02, 2007 ... Colliers ABR, Inc. announced that Kurt Salmon Associates, Inc., a management consulting firm to the retail, consumer products and health care industries, has signed a 5-year renewal for 10,877 s/f at 650 Fifth Avenue where the company occupies the entire 29th floor. Brian ...
A&I Broadway Realty announced a lease by art gallery owner, Alex Cao, for 4,500 s/f at the Chelsea Arts Tower building, located at 545 West 25th Street.(NEW YORK)
May 02, 2007 ... A&I Broadway Realty announced a lease by art gallery owner, Alex Cao, for 4,500 s/f at the Chelsea Arts Tower building, located at 545 West 25th Street. Asking rent in ...
W&M Properties announced that Rabar Market Research, Inc. has signed a six-year lease renewal at Ten Bank Street, White Plains.(NEW YORK)
May 02, 2007 ... W&M Properties announced that Rabar Market Research, Inc. has signed a six-year lease renewal at Ten Bank Street, White Plains. The firm is renewing its 4,147 s/f space ...
NAI Friedland Realty Inc. completed a lease on behalf of Resnick Supermarket Equipment Corp of Mountaindale, for 20,000 s/f of industrial/retail space at 595 Bruckner Boulevard, Bronx.(NEW YORK)
May 02, 2007 ... NAI Friedland Realty Inc. completed a lease on behalf of Resnick Supermarket Equipment Corp of Mountaindale, for 20,000 s/f of industrial/retail space at 595 Bruckner ...
Adams & Co. Real Estate.(NEW YORK)
May 02, 2007 ... Adams & Co. Real Estate announced the following leases: * A three-year, 2,051 s/f lease at 110 W. 40th St. for Entertainment Link LLC. David Levy and Michael Greenberg represented both the tenant and the landlord. Asking rents were $42 psf. * A seven-year, 2,739 s/f ...
The Kaufman Organization.(NEW YORK)
May 02, 2007 ... The Kaufman Organization announced the following leases: * Weiss Financial Group signed a five-year lease for 2,379 s/f. Rick Kramer of Newark & Co. represented the tenant. * TMC Properties, LLC, formerly located in The Empire State Building, signed a six-year lease ...
Winoker Realty negotiated a five-year, ten-month sublease for 8,200 s/f, the entire 19th floor, at 462 Seventh Avenue for Techbooks, Inc.(NEW YORK)
May 02, 2007 ... Winoker Realty negotiated a five-year, ten-month sublease for 8,200 s/f, the entire 19th floor, at 462 Seventh Avenue for Techbooks, Inc. Elliot Klein represented ...
The 23rd Street Association of NY has moved its to 2,000 s/f at 27 West 24th Street for a four-year term.(NEW YORK)
May 02, 2007 ... The 23rd Street Association of NY has moved its to 2,000 s/f at 27 West 24th Street for a four-year term. Hector Rodriguez of ABS ...
Metropolitan Realty Associates LLC announced that Citizens Bank N.A. has leased 4,060 s/f at the Sunrise Business Center, Great River, NY, for use as a training facility.(NEW YORK)
May 02, 2007 ... Metropolitan Realty Associates LLC announced that Citizens Bank N.A. has leased 4,060 s/f at the Sunrise Business Center, Great River, NY, for use as a training facility. Citizens will move into first floor space in the 100 Building at 3500 Sunrise Highway in June. Citizens was represented ...
Hidrock Realty has arranged a 1,000 s/f lease at 37 East 28th Street for The Search D&M.(NEW YORK)
May 02, 2007 ... Hidrock Realty has arranged a 1,000 s/ f lease at 37 East 28th Street for The Search D&M. The Search D&M, which is relocating its headquarters from 350 Fifth Avenue, ...
Francis Pollaro and Paul Bostick of Bostick Realty represented Advanced Focus in its move from 38 East 29th Street to its new location at 44 East 32nd Street.(NEW YORK)
May 02, 2007 ... Francis Pollaro and Paul Bostick of Bostick Realty represented Advanced Focus in its move from 38 East 29th Street to its new location at 44 East 32nd Street ....
SL Green.(NEW YORK)
May 02, 2007 ... SL Green announced the following leases: * Banco Santander Central Hispano signed a 6 months lease for 7,820 s/f at 420 Lexington Avenue. The deal was brokered by Cushman & Wakefield, Inc. * Compania Mexicana de Aviacion Sa De CV (R) signed a five year lease for ...
Tatami Inc leased 2,400 s/f at 260 West 35th Street for five years.(NEW YORK)
May 02, 2007 ... Tatami Inc leased 2,400 s/f at 260 West 35th Street for five years. Cecilia Francis, associate of CRESA ...
GVA Williams launches project management division.(Michael A. DeJohn)
May 02, 2007 ... GVA Williams has launched GVA Williams Project Management LLC and has appointed Michael A. DeJohn President. GVA Williams Project Management will advise clients on a broad spectrum of office, retail, residential, and industrial projects, including build-outs, expansions, due ...
RKF continues to grow.(Robert K. Futterman & Associates L.L.C.)(Company overview)(Brief article)
May 02, 2007 ... Robert K. Futterman & Associates, LLC (RKF) continues to expand RKF Investment Sales & Advisory Services, announced senior vice president Jeff Fishman. Joining the investment sales division in the firm's New York City headquarters is David Alani. RKF Investment Sales & Advisory ...
Studley team takes home REBNY gold for ingenious deal.(Real Estate Board of New York)
May 02, 2007 ... REBNY'S Most Ingenious Commercial Deal of the Year Awards were announced on April 17 2007 with first place, the Henry Hart Rice Award, going to international commercial real estate services firm Studley. The Studley team, led by executive managing directors Howard Nottingham and ...
Rockefeller sub-lease.
May 02, 2007 ... CRESA Partners has structured a transaction enabling watchmaker, the Movado Group, Inc., to sublease 2,713 s/f to appliance firm, SMEG USA, Inc., at 10 Rockefeller Plaza for one year. Ed Wartels, assistant vice ...
Miller Samuel JV puts risk and opportunity on the Radar.(joint ventures of Radar Logic Incorporated and Miller Samuel Inc.)
May 02, 2007 ... Radar Logic Incorporated, a data analytic company that enables the creation of financial derivatives on various types of real estate in North America, and Miller Samuel Inc., a leading residential real estate appraisal firm, announced the formation of a joint venture called Radar Logic ...
Alan Fishman named chairman of Meridian.
May 02, 2007 ... Meridian Capital Group has named Alan H. Fishman Chairman. Fishman was previously president and COO of Sovereign Bank, the 16th largest banking institution in the United States. Fishman will replace Howard J. Zuckerman, who will become vice chairman. Fishman will work with the ...
Meridian.(FINANCE)(Meridian Industrial Trust Inc. supplies mortgages)(Brief article)
May 02, 2007 ... Meridian announced the following transactions: * A new mortgage for $9,500,000 on a 112-unit, 4-story elevator apt. building on 67th Street in Flushing, NY. The loan featured a rate of 5.460% and a 10-year term. The transaction was negotiated by Jeffrey Weinberg & David ...
Eastern Union.(FINANCE)(Eastern Financial Florida Credit Union)(Brief article)
May 02, 2007 ... Eastern Union announced the following transactions: * A $6,500,000 bridge loan for the refinance of a 385 unit multi family in Belle Glade, FL. This transaction was arranged by Jacob Dahan and Ira Zlotowitz. The loan featured a rate of 6% and a 3 month term. * A ...
AFC Realty Capital arranged mezzanine financing for the Sheraton Fort Worth Convention Center & Spa, located at 1701 Commerce Street in Fort Worth, TX.(FINANCE)
May 02, 2007 ... AFC Realty Capital arranged mezzanine financing for the Sheraton Fort Worth Convention Center & Spa, located at 1701 Commerce Street in Fort Worth, TX. Paul Fried, principal of AFC Realty, made the announcement. AFC ...
Hudson Realty Capital LLC (HRC) has made a preferred equity investment of $6.54 million for the acquisition of three existing hotels.(FINANCE)
May 02, 2007 ... Hudson Realty Capital LLC (HRC) has made a preferred equity investment of $6.54 million for the acquisition of three existing hotels. The sponsor is New Generation Hospitality, LLC, a New Jersey-based hospitality group that owns and manages numerous hotels representing over 2,200 rooms ....
Houlihan-Parnes/ iCap Realty Advisors, LLC announced the placement of a $7,850,000 underlying first mortgage on the co-operative apartment complex known as The Gentry Apartments in Brooklyn, New York.(FINANCE)
May 02, 2007 ... Houlihan-Parnes/ iCap Realty Advisors, LLC announced the placement of a $7,850,000 underlying first mortgage on the co-operative apartment complex known as The Gentry Apartments in Brooklyn, New York. The loan is fixed at 5.35% for ten years, equivalent to 76 basis points over 10-year ...
Arbor Commercial Funding, LLC announced the recent funding of a $4,400,000 loan under Fannie Mae's DUS[R] product line to refinance the 340-unit complex known as Lakeview Terrace Coop in Indianapolis, IN.(FINANCE)(Brief article)
May 02, 2007 ... Arbor Commercial Funding, LLC announced the recent funding of a $4,400,000 loan under Fannie Mae's DUS[R] product line to refinance the 340-unit complex known as Lakeview Terrace Coop in Indianapolis, IN ....
Q10/G.S. Wilcox & Co.(FINANCE)(Brief article)
May 02, 2007 ... Q10/G.S. Wilcox & Co. has arranged financing in the amount of $23,525,000. * The team of Gretchen S. Wilcox, president, and Albert Raymond arranged a $1,800,000 loan for a 33,800 s/f warehouse located in Clifton, NJ. The property will be 100% owner occupied. Financing was based ...
CPC construction loan creates parking garage bonus.(FINANCE)
May 02, 2007 ... The Community Preservation Corporation (CPC), a leading mortgage lender for affordable housing, announced that it has provided a $19.7 million construction loan for the development of a new 100-car parking garage topped by a four-story condominium residence in Kew Gardens. The ...
GE inks first loan for $225m with Simon.(FINANCE)
May 02, 2007 ... GE Real Estate announced it provided a $225 million CMBS loan to Simon Property Group for the refinancing of Wolfchase Galleria, a Class A super regional mall in suburban Memphis, Tenn. The 10-year fixed rate loan is the first transaction between GE Real Estate and Simon ...
IVI to monitor loans for Related's Miami project.(FINANCE)(Inspection and Valuation International Inc.)(Brief article)
May 02, 2007 ... White Plains headquartered Inspection & Valuation International, Inc. ("IVI") has been selected to provide construction loan monitoring services on behalf of the construction lenders for Viceroy Icon Brickell in Miami. The project is located in the heart of Miami's residential ...
Appraisers brainstorm on challenges facing industry.(FINANCE)(Conference notes)
May 02, 2007 ... Building upon the success of London and New York conferences held in 2006, The Metropolitan New York Chapter of the Appraisal Institute and RICS (Royal Institute of Chartered Surveyors) Americas recently co-hosted a day-long conference in New York City. Attended by hundreds of ...