Real Estate Weekly back issues from July 2007:
Law firm expands Citigroup lease.
Jul 04, 2007; ... The law firm, Fish & Richardson, has expanded its offices at the Citigroup Center by 11,000 s/f. The company, which now occupies almost two full floors in the iconic tower, took the space for rents close to the $135 per s/f rate that the building's landlord, Boston Properties, was seeking ...
Boston Properties in driving seat as share price sizzles.
Jul 04, 2007; ... Bank of America issued a glowing outlook for Boston Properties, projecting that the REIT's shares will rise to $130 within the next 12 months. The company's stock was trading at $100.07 last week. While the company is well known for its trophy real estate holdings in Manhattan, ...
Hedge fund close to 510 Mad lease.
Jul 04, 2007; ... 510 Madison Avenue, the high-end boutique office tower being developed by Macklowe Properties, is close to attracting its first tenant almost a year before the building is scheduled to be completed, according to sources. The hedge fund, Enso Capital Management, is said to be in ...
Africa Israel leads $650m Vegas deal.
Jul 04, 2007; ... Just weeks after the Edge Group pulled the plug on its mixed use W Las Vegas project, Africa Israel, USA, has swooped in to purchase the 60-acre site in a $625 million deal with Guiseppe Cipriani, Steve Witkoff and Credit Suisse First Boston. The company, owned by Israeli ...
Feds hold rates back, for now.
Jul 04, 2007; ... The Federal Reserve continued its yearlong pause on interest rates last week as moderate economic growth and slightly elevated inflation continue to counterbalance one another. The Fed held rates at 5.25% for its eighth straight meeting, predicting in a statement that the ...
Gramercy sells its share of 5 Madison to SL Green.
Jul 04, 2007 ... Gramercy Capital Corp. and SL Green Realty Corp. announced that the companies have entered into an agreement for Gramercy to sell its 45% equity interest in the joint venture that owns One Madison Avenue in New York City to SL Green Realty Corp. for approximately $147.6 million, which will ...
Family sells $160m Yorkville portfolio.
Jul 04, 2007 ... Aaron Jungreis, president of Investment Sales at GFI Realty Services, Inc., announced the sale of a $160 million Yorkville portfolio. The portfolio consists of 35-buildings throughout the Yorkville area of Manhattan, with 758 residential units and six retail units. Jungreis ...
Kushner's blow-out sale.
Jul 04, 2007 ... Kushner Companies has reached agreement to sell part of its multi-family residential portfolio comprising over 17,500 apartments in five states. The announcement comes just eight weeks after the prized portfolio of Kushner owned and managed residential units in the states of New ...
Equity buys uptown portfolio.
Jul 04, 2007; ... Rama Bassalali has sold a large Upper West Side residential package to Equity Residential Properties as the REIT continues to super-charge its multi-family portfolio. Equity paid $180 million for three residential buildings at 228-238 W71st Street, 50 W77th Street and 41 W86th ...
Long Island title industry insurance veteran, Barbara Prignano, has launched her own firm, Magnolia Abstract Services Inc.(WHO'S NEWS)
Jul 04, 2007 ... Long Island title industry insurance veteran, Barbara Prignano, has launched her own firm, Magnolia Abstract Services Inc. Magnolia Abstract offers more than 19 years of experience in real estate title abstracting and provides thorough, personal service and lower discretionary ...
Atlas Capital Group, LLC.(WHO'S NEWS)
Jul 04, 2007 ... Real estate investment firm Atlas Capital Group, LLC announced the appointments of Richard Pantaleoni as senior asset/project manager and Jacob Wood as financial analyst. Richard Pantaleoni is responsible for asset management functions. He works closely with the firm's ...
CB Richard Ellis.(WHO'S NEWS)(appointment of Jeffrey D. Hipschman )(Brief article)
Jul 04, 2007 ... As part of its strategic efforts to continue its market leadership position in New Jersey, CB Richard Ellis has announced the promotion of Jeffrey D. Hipschman as managing director and head of the company's East Brunswick office. In this new role, Hipschman will report to Raymond Sohmer, ...
Public Energy Solutions.(WHO'S NEWS)
Jul 04, 2007 ... Public Energy Solutions (PES) has announced the addition of John C. Jensen to the company's executive team. Jensen assumes the role of executive vice president and chief operating officer overseeing the company's financial and delivery operations and growth strategy. Jensen ...
Pryor Cashman.(WHO'S NEWS)
Jul 04, 2007 ... Bradley A. Kaufman, one of the nation's pre-eminent transactional real estate attorneys specializing in retail and office leasing, has rejoined Pryor Cashman after an 11-year hiatus, bolstering the firm's already prestigious real estate practice. Kaufman brings to Pryor Cashman ...
Thacher Proffitt & Wood LLP.(WHO'S NEWS)
Jul 04, 2007 ... Thacher Proffitt & Wood LLP announced the election of three associates and one counsel to the partnership, effective October 1: Aimee M. Cummo in Structured Finance; Jerome J. Dano and Samuel S. Lee in Real Estate; and Thomas M. Majewski in Corporate and Financial Institutions. ...
Tribeca parcels sold to condo developer.
Jul 04, 2007 ... A prime development site consisting of two contiguous block-through parcels located in Manhattan's trendy Tribeca neighborhood at 91-95 Chambers Street, has been acquired by 77 Reade LLC for $23.2 million. Eastern Consolidated executive managing director R. Stuart Gross, senior ...
Greenwich parking garage fetches $14m.
Jul 04, 2007 ... Marcus & Millichap has arranged the sale of 23,852 s/f parking garage, currently leased to Avis Rent-A-Car in Manhattan's Greenwich Village. The sales price of $14.35 million represents a price of $601 per square foot. The asset sold at a cap rate of 3.4%. Michael ...
Atlantic buys Bronx site.(Atlantic Development Group LLC)(Brief article)
Jul 04, 2007 ... Atlantic Development Group LLC, has acquired 1140 Tiffany Street, aka 918-24 East 169th Street, in the Bronx for $2.5 million. The company plans to build a residential building on the site. Eastern Consolidated's Louis Ricci and Richard Bartman, both directors, represented the ...
Itzhaki Properties has sold a three-building package of Upper West Side apartment buildings including 15 West 96th Street, 245 West 76th Street and 251 West 76th Street for a price of $11.5 million.(Sales)
Jul 04, 2007 ... Itzhaki Properties has sold a three-building package of Upper West Side apartment buildings including 15 West 96th Street, 245 West 76th Street and 251 West 76th Street for a price of $11.5 million. The total square footage of the three properties is 18,500 and the buildings were sold for ...
Kenneth Breslin, president of Breslin Realty, Inc. announced that his organization completed a sale transaction with retailer, 6th Avenue Electronics.(Sales)
Jul 04, 2007 ... Kenneth Breslin, president of Breslin Realty, Inc. announced that his organization completed a sale transaction with retailer, 6th Avenue Electronics. Bill deSeve and Alan Berger, of the ...
Jeanerette Retail, LLC has closed on the acquisition of a 38,000 s/f shopping center known as Teche Plaza.(Sales)
Jul 04, 2007 ... Jeanerette Retail, LLC has closed on the acquisition of a 38,000 s/f shopping center known as Teche Plaza. Situated on Main Street in Jeanerette, Louisiana this property was acquired for its upside potential by the purchaser ...
Leslie J. Garfield announced the sale of 329 East 18th Street, a four story, 4,280 s/f townhouse located on a tree-lined block between First and Second Avenues.(Sales)(Leslie J. Garfield and Company Inc.)(Brief article)
Jul 04, 2007 ... Leslie J. Garfield announced the sale of 329 East 18th Street, a four story, 4,280 s/f townhouse located on a tree-lined block between First and Second Avenues. The property is currently configured as four rental ...
Gerber/Somma Associates has arranged the $1,350,000 sale of a mid-rise apartment complex at 243 Carlton Avenue in East Rutherford, NJ.(Sales)
Jul 04, 2007 ... Gerber/Somma Associates has arranged the $1,350,000 sale of a mid-rise apartment complex at 243 Carlton Avenue in East Rutherford NJ. The three story brick project contains 12 dwellings units. The sellers, a professional group of real estate investors, were counseled by Clifton attorney, ...
The Kislak Company, Inc. has completed the $7.9 million sale of Beech Spring Apartments, a 53-unit apartment complex, located at 6 Beech Spring Drive in Summit.(Sales)
Jul 04, 2007 ... The Kislak Company, Inc. has completed the $7.9 million sale of Beech Spring Apartments, a 53-unit apartment complex, located at 6 Beech Spring Drive in Summit. Vice president Jonathan Greenberg ...
John G. Udell, president of Weichert Commercial Brokerage, Inc. (WCB) announced that vice presidents Mark Calabro and George Simson have recently completed the sales transaction of 14 acres of land in Clark, NJ.(Sales)
Jul 04, 2007 ... John G. Udell, president of Weichert Commercial Brokerage, Inc. (WCB) announced that vice presidents Mark Calabro and George Simson have recently completed the sales transaction of 14 acres of land in Clark, NJ. The 14 acre parcel was an unused ...
The HB Nitkin Group has acquired 488 Main Avenue, a 35,843 s/f office property situated on 1.8 acres of land along the Route 7 Corridor in Norwalk, CT, for $7.05 million.(Sales)
Jul 04, 2007 ... The HB Nitkin Group has acquired 488 Main Avenue, a 35,843 s/f office property situated on 1.8 acres of land along the Route 7 Corridor in Norwalk, CT, ...
Law Offices of Mark Schwarz.(Sales)
Jul 04, 2007 ... The Law Offices of Mark Schwarz announced the following transactions: * Hubbards Path Associates purchased the approximately 97,000 s/f open style retail center located in Meridian, ...
HFF secures $11m build-to-suit loan.(On the Real Estate Scene)
Jul 04, 2007 ... The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has secured an $11.6 million construction/ permanent loan for 60 Turner Drive, a build-to-suit, industrial/flex building in Wallkill, New York. HFF senior managing director Thomas Didio and associate director Michael ...
Itzhaki sells one of Staten Island's largest residential parcels.
Jul 04, 2007 ... Itzhaki Properties announced the firm has sold 1000 Targee Street located in Grasmere, Staten Island. The property consists of 100 free market residential units, 3 elevators and 78 parking spaces on 1.6 acres, and is poised for future expansion. According to Erez ...
Gyrodyne closes sale.
Jul 04, 2007 ... Gyrodyne Company of America, Inc. announced that it has closed its previously announced acquisition of ten buildings in the Port Jefferson Professional Park in Port Jefferson Station, New York. The buildings were acquired for an aggregate purchase price of $8,850,000. The ...
Housing developer has his eye on the bigger picture.(PROFILE OF THE WEEK: Peter Fine, co-founder, Atlantic Development Group LLC)
Jul 04, 2007; ... Though Peter Fine, co-founder of Atlantic Development Group LLC, has become adept at multi-million dollar luxury projects in Manhattan which feature prominently in the group's residential portfolio, his commitment to affordable housing is what truly grounds his work. Perhaps ...
Treeline Companies lease 35,000 s/f at downtown Brooklyn office property.
Jul 04, 2007 ... The Treeline Companies announced that HeartShare and Legal Services for New York City have signed leases totaling 35,738 s/f at 177 Livingston Street in Brooklyn, NY. Kraig Silver, senior vice president of Treeline Companies, made the announcement. "As top-notch ...
Capital firm relocates to Met Tower.
Jul 04, 2007 ... Cushman & Wakefield announced that Athena Advisors, the private equity firm also known as Monomy Capital Partners, will relocate to Metropolitan Tower, the newly renovated class-A building located at 142 West 57th Street. Athena Advisors signed a 10-year lease for a portion of ...
Manhattan Media expands operation.
Jul 04, 2007 ... Grubb & Ellis Company announced that brokers from the New York office recently represented Manhattan Media, a New York-based community publisher, in the subleasing of 13,000 s/f of new office space at 79 Madison Avenue. The company is expanding from its previous space at 63 West 38th st. ...
Denim leader inks 7-year lease.
Jul 04, 2007 ... The Kaufman Organization recently brokered a seven-year lease for L'Atelier, the company that serves as the exclusive sales representative for the denim brand, True Religion Brand Jean. According to David E. Ash of the Kaufman Organization, who represented the tenant in the ...
Around town: events seminars meetings talks.(Calendar)
Jul 04, 2007 ... NRC Luncheon July 9: The National Realty Club will hold its luncheon meeting from noon to 2pm at the Williams Club, 24 East 39th Street. Non members must prepay $95 to reserve by sending a check to NRC, 380 Lexington Avenue, Suite 1700, New York, NY 10168 Attn: Burt Beck or ...
BuildingsNY 2007 trade show voted another big success.
Jul 04, 2007 ... The Associated Builders and Owners of Greater New York's 27 annual BuildingsNY Tradeshow, the largest, most extensive real estate tradeshow on the East Coast, was a huge success. More than 15,000 industry members jam-packed the Jacob K. Javits Convention Center for the two-day event held ...
Hudson Realty acquires RE consulting company.
Jul 04, 2007 ... New York-based Hudson Realty Capital LLC (HRC) has acquired Questor, LLC of Portland, Maine, a real estate consulting firm providing due diligence and underwriting services to the real estate industry. "I have been working with Questor for approximately 12 years and have always ...
On the Web.
Jul 04, 2007 ... <Pre> ON THE WEB: A & I Broadway Realty www.BroadwayRoalty.com Academy for Continuing Education: www.RealEstateAcademy.com Adams & Company Real Estate:www.adamsre.com Alpine Commercial Capital: www.alpinecommercial.com ...
State mortgage agency launches web-based lender online system.(TECHNOLOGY)
Jul 04, 2007 ... The State of New York Mortgage Agency (SONYMA) today launched a web-based Lender Online system that will enable participating lenders to register SONYMA mortgages electronically. Lender Online will improve access to SONYMA mortgages and allow lenders to electronically track the ...
Boston Properties taps Workspeed for payables.(TECHNOLOGY)
Jul 04, 2007 ... Workspeed Payables and Nexus Systems have been selected by Boston Properties, Inc., a leading commercial real estate investment trust, to help automate its procurement and payables processes. Boston Properties required a robust and dynamic workflow solution that integrates with its JD ...
REBNY's Retail Deal of the Year Annual Cocktail Party.
Jul 04, 2007 ... The Real Estate Board of New York and its Retail Brokers Committee held its annual Retail Deal of the Year Cocktail Party on June 12th at the 101 Club. At the event, attended by many of the industry's movers and shakers, the committee presented its awards for the Most Creative Deal and The ...
Meridian.(FINANCE)(Brief article)
Jul 04, 2007 ... Meridian announced the following transactions: * A new mortgage for $16,000,000 on a 216-unit, multifamily complex on Kennedy Boulevard East in North Bergen, NJ. The loan featured a rate of 5.69% and a 15-year fixed term, including 10 years of interest-only payments. The ...
Eastern Union.(FINANCE)(Brief article)
Jul 04, 2007 ... Eastern Union announced the following transactions: * An $11,500,000 first lien mortgage for the refinance\construction loan for a 48 unit condo conversion with retail space in Philadelphia, PA. This transaction was arranged by Yossi Gelbman. The loan featured a 24 month term ...
GCP Capital Group LLC.(FINANCE)
Jul 04, 2007 ... GCP Capital Group LLC has arranged the following transactions: * $7,200,000 for a six-story walk-up apartment building containing 25 units and 5 commercial spaces, located on Delancey Street in Manhattan, New York. Paul Greeubanm, managing member of GCP Capital Group LLC, ...
Cooper-Horowitz Inc.(FINANCE)(Brief article)
Jul 04, 2007 ... Cooper-Horowitz, Inc. recently arranged financing totaling $874,500,000 for the following properties: * 315 Park Avenue South, NY, NY: A 20-story office building containing 329,402 s/f. The loan was for $249,500,000. Richard T. Horowitz and Jayson N. Schwartz represented the ...
Silo Financial Corp. announced that it has recently made six loans totaling $8,570,000.(FINANCE)
Jul 04, 2007 ... Silo Financial Corp. announced that it has recently made six loans totaling $8,570,000. Jonathan Daniel, president of Silo Financial made the announcement. Recent closings include: * $4,500,000, Greenwich, CT. fully approved 10 acre waterfront subdivision (5 day ...
iCap.(FINANCE)(Brief article)
Jul 04, 2007 ... iCap announced the following transactions: * Paul Gardaphe, CCIM of iCap's Houston office, arranged a $6,700,000 permanent loan for a multifamily property in Stafford, Texas. The 176 unit garden style complex was built in 1970 and sits on over 5.4 acres of land. At the time of ...
Larry Sneathern, SVP/Central Region of ARCS Commercial Mortgage Co., announced $6,800,000 in financing for the Fox Run Apartments, a 184-unit property in San Antonio, TX.(FINANCE)
Jul 04, 2007 ... Larry Sneathern, SVP/Central Region of ARCS Commercial Mortgage Co., announced $6,800,000 in financing for the Fox Run Apartments, a 184-unit property in San Antonio, TX. The ...
Principal and Pantheon partner up for $400m joint venture.(FINANCE)
Jul 04, 2007 ... Pantheon Properties, one of the industry's leading full-service owner/ operators of industrial properties, today announced they have entered into a joint venture with Principal Real Estate Investors, the fourth largest institutional real estate manager in the United States. ...
CBRE/Melody arranges $141m financing for NC lifestyle center.(FINANCE)
Jul 04, 2007 ... CBRE/Melody, the real estate banking arm of CB Richard Ellis, has arranged financing in the amount of $141,150,000 for the nearly 100% leased, 576,583 North Hills Lifestyle Center, located in Raleigh, North Carolina. Mark Fisher, Senior Director of CBRE I Melody arranged the financing on ...
Sonnenblick arranges resort deals.(FINANCE)
Jul 04, 2007 ... Sonnenblick Goldman, acting on behalf of a Tampa, Fla.-based marina operator and developer, arranged approximately $13 million of debt and $4 million of equity for the acquisition of Conch Harbor, a luxury marina that can accommodate 100-foot-long-plus yachts along the Historic Harbor Walk ...
NAI strengthens position in United Kingdom.(FINANCE)
Jul 04, 2007 ... NAI Global has strengthened its position in the United Kingdom with the signing of Erinaceous Group plc. Formed in 1999, Erinaceous provides a comprehensive array of integrated services, including landlord and tenant advisory, investment services, architectural and design ...
GE announces new JV in Romanian market.(FINANCE)
Jul 04, 2007 ... GE Real Estate Central & Eastern Europe and Helios Phoenix have announced the creation of a joint venture to undertake $235 million of distribution warehouse developments throughout Romania. The transaction represents GE Real Estate's first entry into the Romanian real estate market. ...
Studley offices honored by CoStar Group.(FINANCE)
Jul 04, 2007 ... CoStar Group, Inc., a leading provider of information services to commercial real estate professionals, has awarded Studley's New York and Northern New Jersey offices multiple 2006 Power Broker Awards. In addition to the New York office being named as one of the Top Leasing ...
Golfers tee off to raise money for Gilda charity.(TRANSCRIPT)
Jul 04, 2007 ... A sold-out crowd of 150 members and guests of the New Jersey Chapter of Industrial/Commercial Real Estate Women (ICREW of NJ) recently enjoyed a relaxing afternoon of golf and networking while raising funds for a worthy cause at the non-profit's Sixth Annual Golf Classic. ...
Migdol makes class count in Harlem.(TRANSCRIPT)(Brief article)
Jul 04, 2007 ... EduCARE NYC Inc., one of three non-profits run by The Migdol Organization, has donated over $15,000 this year to provide educational resources to students in Harlem. The Migdol Organization also held a fundraiser which raised $3,500 for the St. Aloysius Education Clinic, which ...
Volunteers have flower power.(TRANSCRIPT)
Jul 04, 2007 ... W&M Employees and community volunteers recently gathered for the 11th consecutive year to participate in Keep Stamford Beautiful's annual campaign. They met at the CTE Lathon Wider Community Center in Stamford's South End for spring clean up and flower planting. As its name ...
Sunrise Business Center signs largest transaction to date.
Jul 04, 2007 ... Metro Door Inc., one of the nation's leading suppliers of security closures for retailers, has signed a long-term lease to move its headquarters to 17,544 s/f at the Sunrise Business Center. They were convinced to move to the South Shore office complex, company officials said, after an ...
Builders caught between a brick and a hard place; outcry over State's 421-a shakeup.
Jul 04, 2007; ... Many industry representatives were outraged when the state recently made drastic changes to the 421-a tax abatement program adopted by the city last December, claiming those changes--which include the expansion of neighborhoods where developers must include affordable housing onsite in ...
William Mack, founder and senior partner, Apollo Real Estate Advisors, and Janna Bullock, CEO, RIGroup, celebrate the opening of the Matthew Barney/Joseph Bueys exhibit 'All in the Present Must Be Transformed' at the Peggy Guggenheim Collection in Venice, Italy.
Jul 04, 2007 ... [ILLUSTRATION OMITTED] Caption: William Mack, founder and senior partner, Apollo Real Estate Advisors, and Janna Bullock, CEO, RIGroup, celebrate the opening of the Matthew Barney/Joseph Bueys exhibit 'All in ...
New building code gets unanimous approval.
Jul 04, 2007; ... The city council has unanimously approved a new building code by a vote of 47 to, overhauling the regulations for the first time since 1968 and realigning then with current construction realities. Major aspects of the new code include changes to the integration of green building ...
City housing fund makes first deal.
Jul 04, 2007 ... New York City Housing Commissioner Shaun Donovan was joined by leading foundations and banks to announce the acquisition and preservation of 283 occupied low- and moderate-income apartments in the northwest Bronx. The sale is the first preservation agreement through the New York ...
City approves 4-acre village plan for the Bronx.(Boricua Village)
Jul 04, 2007 ... The City of New York has approved plans for Boricua Village, a new, 4.5-acre educational, commercial and residential community in the Melrose section of the Bronx. The development--jointly sponsored by Atlantic Development Group and Boricua College--is one of The Bronx' largest ...
New city farm plan has trees, and vegetables, growing in Brooklyn.
Jul 04, 2007 ... The New York City Department of Housing Preservation and Development (HPD), Council Member Charles Barron and representatives of East New York Farms! hosted the opening ceremony for the Hands & Heart Garden, an urban farm managed by East New York Farms! and United Community Centers, a ...