Real Estate Weekly back issues from September 2007:
$350m Penn Plaza sale may have domino effect.
Sep 05, 2007; ... Cushman & Wakefield announced the sale of 14 Penn Plaza last week. 14 Penn Plaza LLC, a partnership consisting of Andrew and Charles Borrok, sold the building at 225 W. 34th Street to Circle Properties Associates LLC for $350 million. According to Cushman & Wakefield broker ...
Report says downtown retail market still largely untapped.
Sep 05, 2007; ... The Alliance for Downtown New York released its first ever Lower Manhattan Retail Market Overview, proving that retailers have a dynamic downtown market--largely untapped--at their fingertips. Nicole LaRusso, vice president of economic development and marketing at the Alliance, points to ...
Market braces for impact from credit crunch fallout.
Sep 05, 2007; ... An eerie quiet has settled over the Manhattan commercial real estate market in recent weeks as investors and brokers have waited anxiously to see what impact the credit crisis will have on the cost and availability of debt for real estate transactions. Business is normally on ...
McSam changes course with development plans.
Sep 05, 2007; ... The McSam Hotel Group, one of the most active hotel developers in Manhattan and the boroughs, plans to shift its focus to developing projects in China. In a conversation with Real Estate Weekly last week, McSam's chief operating officer, Gary Wisinski, said that the company ...
The National Realty Club recently hosted a summer evening cocktail reception in The Williams Club library.
Sep 05, 2007 ... [ILLUSTRATION OMITTED] Caption: The National Realty Club recently hosted a summer evening cocktail reception in The Williams Club library, at which more than 30 members enjoyed ...
ICSC's New York Generation Program hosted a discussion of how retail can redefine neighborhoods and create new trends within a market.(Brief article)
Sep 05, 2007 ... [ILLUSTRATION OMITTED] Caption: ICSC's New York Generation Program hosted a discussion of how retail can redefine neighborhoods and create new trends within a market. Speakers included Marc, director of site acquisition at Raymour & Flanigan; Darrell Rubens, managing director, ...
Residential portfolio sold.(Brief article)
Sep 05, 2007 ... Erez Itzhaki, president of Itzhaki Properties, announced the sale of a five-building Washington Heights residential package, for $35 million. The five buildings sold total almost 260,000 s/f, have 273 residential units between them. The portfolio includes 480 West 187th Street, ...
Another hotelier in SoHo.
Sep 05, 2007 ... CitySites Commercial Groups' sale of 179 Varick Street, home to the popular 80's-themed nightclub Culture Club, to a hotel group has set a new benchmark price for air rights in West Soho. The sale also solidifies Varick Street's new status as downtown's hotel row, making this ...
Arbor Commercial Mortgage.(Who's News)(appointment of Ken Fazio )(Brief article)
Sep 05, 2007 ... Arbor Commercial Mortgage announces the appointment of Ken Fazio to Vice President, Sales Management. Fazio will oversee the recruitment, training, and strategy for Arbor's national sales team. Additionally, he will work closely with the Company's Marketing department to develop a cohesive ...
Cushman & Wakefield.(Who's News)
Sep 05, 2007 ... Cushman & Wakefield announced the promotion of David Leviton to the position of executive director, Transaction Services. Leviton, who joined Cushman & Wakefield in 1991, was previously a senior director. He is based in the firm's Long Island office located in Melville, NY. ...
DLC Management Corporation.(Who's News)
Sep 05, 2007 ... DLC Management Corporation announced the appointment of its new VP of Legal Affairs, Henry R. "Hank" Rouda. Rouda has over 20 years of legal experience in the real estate industry. Most recently, Rouda was the Director of Leasing Services at Foot Locker Realty where he managed the ...
The Massey Knakal Charitable Foundation.(Who's News)
Sep 05, 2007 ... The Massey Knakal Charitable Foundation is pleased to announce that Broker Mark Spinelli has been named its newest appointed board member, assuming the role of Secretary. He has joined the other six board members in fulfilling the company's mission and dedication to support local ...
Stacey Meisel, Esq., founding member of the law firm Beeker Meisel LLC, has been named one of New Jersey Law Journal's "40 Under 40" for the second time.(Who's News)
Sep 05, 2007 ... Stacey Meisel, Esq., founding member of the law firm Beeker Meisel LLC, has been named one of New Jersey Law Journal's "40 Under 40" for the second time. Specializing in bankruptcy, insolvency and creditors' rights for more than 13 years, Meisel has quickly risen to the top of her ...
CB Richard Ellis.(Who's News)(appointment of Jennifer Yao and Michael Lee )(Brief article)
Sep 05, 2007 ... CB Richard Ellis has hired Jennifer Yao and Michael Lee as brokerage associates in its Long Island City office. With extensive experience and contacts within the Chinese American business community, Yao and Lee will specialize primarily in the Queens, Brooklyn and Long Island City markets ....
Prudential Centennial Realty.(Who's News)
Sep 05, 2007 ... Wendy Hilburg, a multi-year veteran of the Sound Shore real estate scene has joined Prudential Centennial Realty as an associate broker. Hilburg, who previously headed her own firm, Wendy Hilburg Realty Guild L.L.C. in Larchmont and has received Platinum, Gold or Silver Awards as a top ...
Jones Lang LaSalle.(Who's News)(appointment of Raymond Quartararo)(Brief article)
Sep 05, 2007 ... Jones Lang LaSalle has promoted Raymond Quartararo, Northeast regional manager with the company's project and development services group, to the position of international director, a designation recognizing senior professionals who have made outstanding contributions to the firm. He was ...
Gerber/Somma Associates, Inc.(Sales)
Sep 05, 2007 ... Gerber/Somma Associates, Inc. announced the following sales: * A 2.5-story apartment complex at 105 Westfield Ave., Roselle Park, N.J. The sale was reported by G/S sales director Vito DeGennaro who noted that the deal, valued at $1,370,000, was handled by regional representative ...
Independence Realty Inc.(Sales)
Sep 05, 2007 ... Independence Realty Inc. announced the sale of a 175,000 s/f office building in New Haven, CT. Independence acquired the property in 1979 together with an adjacent parking lot. The property, at 205 Church Street, had as its two major tenants Wachovia Bank and the second largest law firm in ...
The Kessler Rehabilitation Institute, a former rehabilitation hospital located at 240 Central Avenue in East Orange, N.J., traded for $4.5 million.(Sales)
Sep 05, 2007 ... The Kessler Rehabilitation Institute, a former rehabilitation hospital located at 240 Central Avenue in East Orange, N.J., traded for $4.5 million. Eastern Consolidated represented the seller and buyer of the 103,000 s/f six-story property, which was delivered vacant. David Schechtman, ...
Seltzer proves he's the pleader of the pack: Richard Seltzer, chairman real estate litigation group, Kaye Scholer LLP.(PROFILE OF THE WEEK)
Sep 05, 2007; ... Donald Trump wouldn't be Donald Trump if he were known for losing court cases. Yet a courtroom defeat is exactly what Richard Seltzer handed him. Over his decades long career, Richard Seltzer has worked for and against the biggest names in real estate, proving himself as one of New York's ...
Flatiron building sold.(Brief article)
Sep 05, 2007 ... A six-story elevator building at 5 East 19th Street, in the Flatiron District between Broadway and Fifth Avenue, has traded for $7.8 million. Eastern Consolidated's Sandi Mann, Associate, represented the seller Peggy Flaum, while Eastern's Charlotte Fu, Associate, procured the ...
Convertors still hungry for good sites.
Sep 05, 2007 ... A conversion/development site at 136 Church Street in Manhattan's TriBeCa neighborhood was sold by Massey Knakal Realty Services for $30,500,000. "The market's appetite for conversion and development sites shows no let-up," said Massey Knakal broker Michael DeCheser, who ...
Partners buy Brooklyn steelworks building.
Sep 05, 2007 ... New York-based Fifth Square Partners, formerly known as Northstar Property Group, recently purchased the historic Lewis Steel Products warehouse at 76 N. 4th Street in Williamsburg, Brooklyn, from the Tryad Group for approximately $26 million. "This is a classic warehouse ...
Buyer mulls hotel plan for W38th site.
Sep 05, 2007 ... A new hotel could soon rise in Midtown South on West 38th Street centrally located between Grand Central Terminal, Times Square and Penn Station. The site at 45-47 West 38th Street netted a sales price of $12.5 million and currently accommodates a six-story building that is 100% ...
Diane Dorsi of RexCorp Realty, first vice president of the Long Island Chapter of Building Owners and Managing Association, and John Prosica of Sutton & Edwards Management LLC, presidnet of BOMA LI, pose for the camera at the chapter's annual summer party held July 19 at Caryle on the Green at Bathpage State Park.
Sep 05, 2007 ... [ILLUSTRATION OMITTED] Caption: Diane Dorsi of RexCorp Realty, first vice president of the Long Island Chapter of Building Owners and Managing Association, and John Prosica of Sutton & Edwards ...
Traders take it on the chin for Extell charity bout.
Sep 05, 2007; ... The Extell Wall Street Boxing Charity Championship may mark the first time financial executives are rewarded for throwing the first punch. The black-tie gala event, the first ever of its kind, will pit some of the toughest traders against each other in the ring--all to raise ...
Summer camp for mortgage professionals voted a big hit.
Sep 05, 2007 ... The National Association of Professional Mortgage Women (NAPMW)-New Jersey/New York Metro Chapter, a leadership community of men and women professionals in the real estate/ mortgage industry, held their first "Summer Camp for Realtors: Speed Learning Symposium" program this past July. ...
Around town: events seminars meetings talks.
Sep 05, 2007 ... Residential Deal of the Year Sept. 7: The deadline for submissions for the Real Estate Board of New York Residential Deal of the Year Awards is 5 p.m. For more information, contact Jeanne Oliver-Taylor at (212) 532-3100 or log onto www.rebny.com. Whaners will be announced at the ...
Pharma company leases 158,600 s/f Summer home.
Sep 05, 2007 ... Benenson Capital Partners, LLC has signed a major tenant at its Class A office property located at 1600 Summer Street in Stamford, CT. [ILLUSTRATION OMITTED] Purdue Phanna L.E, a privately-held pharmaceutical company founded by physicians, has committed to 158,605 s/f ...
Cadwalader has Sixth sense.(NATIONAL ROUND-UP)(Cadwalader, Wickersham & Taft LLP contracts)(Brief article)
Sep 05, 2007 ... WASHINGTON, DC: Real estate services firm, Akridge, and Mitsui Fudosan America (MFA), announced a long-term lease with global law firm Cadwalader, Wickersham & Taft LLP for 91,000 s/f and a 15-year term at 700 Sixth Street. The 300,000 s/f building is now 30% pre-leased with ...
Swig starts MCI at Sansome Street.(NATIONAL ROUND-UP)
Sep 05, 2007 ... SAN FRANCISCO, CA: Kent M. Swig, president of Swig Equities, LLC announced the commencement of a major capital improvement program at 450 Sansome Street, 16-story, 140,000 s/f multi-tenant office building located in the heart of Downtown San Francisco's Financial District. The ...
WA office demand prompts ING decision to develop new 106,000 s/f office tower.(NATIONAL ROUND-UP)
Sep 05, 2007 ... REDMOND, WA: ING Clarion Partners, LLC, is developing a new five-story office building in Redmond, Washington. The investment will be made on behalf of an opportunistic fund managed by the firm. The 106,136 s/f office project will be located within River Park, a ...
CBRE team brokers the sale of RVI portfolio.(NATIONAL ROUND-UP)
Sep 05, 2007 ... TOLEDO, OH & SYRACUSE, NY: Jeffrey Dunne, Patrick Biscegiia and Todd Newman of CB Richard Ellis' New York Tri-State Region Institutional Group collaborated with Harlan Reichle of CBRE's Toledo office and Harry Harkaway of The Pioneer Companies to represent the RVI Group in the sale of two ...
Newmark Knight Frank secures landmark Boston space for law firm.(NATIONAL ROUND-UP)
Sep 05, 2007 ... BOSTON, MA: Cooley Godward Kronish, a national leader in representing technology and life sciences companies and litigating high-stakes commercial and intellectual property disputes, has sublet the entire 46th floor of The Prudential Center in Boston with the assistance of Newmark Knight ...
WP Carey closes sale--leaseback.(NATIONAL ROUND-UP)
Sep 05, 2007 ... SACRAMENTO, CA: W. P. Carey & Co. LLC has completed a $42.7 million sale-leaseback with Universal Technical Institute on behalf of its publicly held, non-traded REIT, CPA[R]: 16--Global. Founded in 1965, UTI is a provider of post-secondary education courses to students ...
GFI continues Michigan expansion.(NATIONAL ROUND-UP)
Sep 05, 2007 ... DETROIT, MI: GFI announced the acquisition of Beachwood Townhomes located in Harrison Township, Michigan, for $19,275,000. The property is the most recent addition to GFI's ever-expanding portfolio, currently consisting of almost 100 properties and 20,000 units. ...
Bank lease takes tony midtown tower to 100% occupancy.(NATIONAL ROUND-UP)
Sep 05, 2007 ... State Bancorp, Inc., has signed a lease agreement for 9,425 s/f of executive office space on the entire 16th floor of 780 Third Avenue in midtown, announced Greg Smith, executive vice president of JRT Realty Group, Inc. This transaction renders the 50-story office tower 100 ...
Bigger space, lower rent as company heads south.(NATIONAL ROUND-UP)
Sep 05, 2007 ... Colliers ABR, Inc. announced that TCC Group, a consulting firm that develops strategies and programs that enhance the efficiency of nonprofit organizations to achieve social impact, has signed a 10-year lease for 10,400 s/f at 31 West 27th Street where the firm will occupy the entire ...
Jay Garibaldi recognized for his service to SIOR.(NEW JERSEY)(Society of Industrial and Office Realtors)(Brief article)
Sep 05, 2007 ... The New Jersey Chapter of SIOR recently recognized John (Jay) Garibaldi at a dinner patty located at the world famous Baltusrol Golf Club in Springfield, New Jersey. [ILLUSTRATION OMITTED] In attendance were over 50 close friends, business associates and family ...
Steady price appreciation attracting office investors.(NEW JERSEY)
Sep 05, 2007 ... A gradual improvement in fundamentals is expected in the months ahead in the Northern New Jersey market, which consists of Bergen, Essex, Hudson, Morris, Union and Passaic counties, according to a second-quarter Office Research Report released by Marcus & Millichap Real Estate Investment ...
Beauty retailer signs lease for 15,000 s/f distribution center.(NEW JERSEY)
Sep 05, 2007 ... Pantheon Properties today announced Ricky's NYC has signed a 15,000 s/f lease at its 3200 Liberty Avenue industrial property in North Bergen, NJ. Ricky's NYC will use the space as its primary distribution facility for its New York area stores. The popular beauty ...
Levin's new tenant at Galloping Hill.(NEW JERSEY)
Sep 05, 2007 ... Levin Management, leasing agent and manager of the Galloping Hill Shopping Center in Union, N.J., negotiated a 30,800 s/f lease with Super Foodtown supermarket. Foodtown will become a new anchor tenant for this nearly 68,000 s/f shopping center. Ethan Goldsmith, leasing agent ...
CBRE acquires India affiliate.(NEW JERSEY)(Brief article)
Sep 05, 2007 ... CB Richard Ellis Group, Inc. announced the acquisition of a majority interest in CB Richard Ellis South Asia Pte Ltd (CBRE India), a CB Richard Ellis affiliate company operating in 30 cities across the rapidly growing India market. CB Richard Ellis' expansion in the India market ...
Cushman buys Midwest firm.(NEW JERSEY)(Cushman & Wakefield acquired with Northstar Partners)(Brief article)
Sep 05, 2007 ... Cushman & Wakefield has purchased Northstar Partners, a leading Midwest commercial real estate firm with headquarters in Minneapolis. orthstar Partners will begin operating as Cushman & Wakefield effective immediately. Northstar Partners was previously a member of the Cushman & ...
Gottesman forms new organization.(NEW JERSEY)(appointment of Joel S. Brudner at Gottesman Real Estate Partners)
Sep 05, 2007 ... Gottesman Real Estate Partners, the newest venture for one of New Jersey and New York's well-known real estate families, has named Joel S. Brudner executive vice president and partner. Gottesman Real Estate Partners, an experienced owner and operator of high-quality commercial ...
Meridian.(FINANCE)(Brief article)
Sep 05, 2007 ... Meridian announced the following trnasactions: * A new mortgage for $4,900,000 on an 8-story mixed-use building on Ocean Parkway in Brooklyn, NY containing 14 luxury apartments and medical/ community space totaling 6,700 s/f. The loan featured a rate of 6.250% and a 10-year ...
Eastern Union.(FINANCE)(Brief article)
Sep 05, 2007 ... Eastern Union announced the following transactions: A $4,000,000 first lien mortgage for the construction of 19 luxurious single family homes in South Carolina. This transaction was arranged by Ari Bernstein. The loan ...
Cooper-Horowitz, Inc.(FINANCE)(Brief article)
Sep 05, 2007 ... Cooper-Horowitz, Inc. has arranged financing for the following properties: * 86 Main Street, Yonkers, NY, office building. The loan was for $9,780,000. Bruce O. Marcus and Mark S. Waldman represented the firm. * 184 Nagle Avenue, NY, NY, apartment building. The loan ...
Community Preservation Corporation.(FINANCE)
Sep 05, 2007 ... Community Preservation Corporation (CPC) recently closed on several Freddie Mac loans, totaling $70,474,400 and 1,508 units. Recent financings include: * Syracuse & Central NY: $34.28 million for the acquisition of 795 units on scattered sites, t * Tonawanda: $14.17 ...
CB Richard Ellis Capital Markets announced that senior director James Gunning and vice president Donna Falzarano of CB Richard Ellis Debt & Equity Finance arranged a $5 million permanent-debt loan for The Stro Companies' newly constructed 50,000 s/f flex building located at 60 Owens Drive in Wayne, NJ.(FINANCE)
Sep 05, 2007 ... CB Richard Ellis Capital Markets announced that senior director James Gunning and vice president Donna Falzarano of CB Richard Ellis Debt & Equity Finance arranged a $5 million permanent-debt loan for The Stro ...
GCP Capital Group LLC.(FINANCE)
Sep 05, 2007 ... GCP Capital Group LLC has arranged mortgage financing in the aggregate amount of $61,600,000 for the following properties: * $30,100,000 for a 107,400 s/f retail shopping center located in Bayshore, Suffolk County, New York. Paul Greenbanm, managing member of GCP ...
Houlihan-Parnes/ iCap Realty Advisors, LLC announced the placement of a $4,000,000 first mortgage on the 60,000 s/f neighborhood shopping center known as Brentwood Plaza in Long Island, New York.(FINANCE)
Sep 05, 2007 ... Houlihan-Parnes/ iCap Realty Advisors, LLC announced the placement of a $4,000,000 first mortgage on the 60,000 s/f neighborhood shopping center known as Brentwood Plaza in Long Island, New York. The loan is fixed at 6% for ten years, with monthly payments of interest only for 5 years and ...
NorthMarq Capital.(FINANCE)
Sep 05, 2007 ... NorthMarq Capital announced the following transactions: * Robert Ranieri, senior vice president and managing director of Capital Markets in NorthMarq's Greater Westchester Regional office, arranged first mortgage refinancing of $7.5 million for the Summit Place Apartments, North ...
Carlton bucks trend and closes $4b in equity, CMBS deals.(FINANCE)
Sep 05, 2007 ... Despite the current dislocation in the CMBS market, Carlton Advisory Services continues to close transactions and has set a blistering pace, closing over $4 billion in equity and CMBS debt transactions since May, the firm said. Carlton has increasingly become the company of ...
Bank Springs for Ga. housing development.(FINANCE)
Sep 05, 2007 ... Corns Bankshares, Inc. announced that its banking subsidiary, Corus Bank, closed a $29,800,000 loan to Abernathy Investment Associates, LP, an affiliate of Lane Company. The loan will finance the construction of the Serrano Condominiums, a 5-story condominium project located in ...
$80m convenience deal.(FINANCE)
Sep 05, 2007 ... iCap Realty Advisors recently arranged a $80 million loan for the refinancing of a 62 convenience store portfolio. The properties are located various ...
Bank reports solid uptick in co-op financing.(FINANCE)
Sep 05, 2007 ... NCB originated more than $61 million in financing in July for 22 New York area properties. The financings included $53.1 million in first mortgages and $8.7 million in lines of credit. "Financing volume in July experienced a solid uptick from the previous month," said Edward ...
NCB income dips.(FINANCE)(Financial report)(Brief article)
Sep 05, 2007 ... NCB reported net income of $0.6 million in earnings with average gross loans and leases outstanding of $1.7 billion for the second quarter of 2007. The results show a $5.4 million decrease compared with the reported $6.0 million in net income for the second ...
$51m construction loan deal for new Westin resort hotel.(FINANCE)
Sep 05, 2007 ... Specialty Finance Group, a subsidiary of The Bankers Bank, announced that they closed a $51 million construction/ mini perm loan with Impact Properties for Impact's Westin Tampa Bay resort project. Specialty Finance Group executed the entire process from proposal to closing, in ...
Jobs slow down, rents still rising.(FINANCE)
Sep 05, 2007 ... The New York City Economic Development Agency released its monthly market snapshot that provides data showing that the city has continued to add jobs over the summer but at a slower pace and amid rising unemployment. Private sector employment increased by 2,600 jobs in June, a ...
Margolin, Winer & Evens LLP recently held a bowl-a-thon to raise funds for the Make-A-Wish Foundation.(FINANCE)
Sep 05, 2007 ... [ILLUSTRATION OMITTED] Caption: Margolin, Winer & Evens LLP recently held a bowl-a-thon to raise funds for the Make-A-Wish Foundation. This not-for-profit organization grants wishes to children with life-threatening medical conditions. MWE partners, staff members and their ...
Dial 'M' for ethical broker, say mortgage industry pros.(FINANCE)
Sep 05, 2007 ... Mortgage industry leader, the National Association of Mortgage Professionals Inc. (NAMP), is calling for legislation that would establish a higher level of trust and accountability for mortgage agents who enter into a relationship with borrowers. Earlier in the year, NAMP ...
Corus closes condo loan.(FINANCE)
Sep 05, 2007 ... Corus Bankshares, Inc, a banking subsidiary of Corus Bank, closed a $38,500,000 loan build a new seven story condo in Washington. The loan is to Burien Town Square Parcel 1, L.L.C., an affiliate of Urban Partners, LLC and Westport Capital Partners, LLC, to finance the ...
B&O building deal.(FINANCE)
Sep 05, 2007 ... BlueStone Real Estate Capital has secured a $48 million acquisition and construction loan to acquire the B&O Building in Baltimore and convert the property, which already includes office space, to also include a boutique hotel and signature ...
Leases and transfer taxes in New York City and State.(INSIDERS OUTLOOK)
Sep 05, 2007; ... Particularly in light of the recent rise in real estate values, the real property transfer taxes in New York State ($2 per $500 of consideration) and New York City (1% to 2.625% of consideration) have become significant costs for parties to transactions involving New York real estate. ...