Real Estate Weekly back issues from March 2008:
Ingenious dealmakers lining up.
Mar 05, 2008 ... Thirty-nine of New York's top real estate executives are competing for the city's most ingenious deal of the year title. The Real Estate Board of New York announced that nominations for the 2007 Ingenious Deal of the Year Awards are now closed and some 39 dealmakers and their 21 ...
Sander to pols: show me the money.
Mar 05, 2008; ... The Metropolitan Transportation Authority released its proposed $29.5 billion capital program for 2008-2013 at a board meeting last week, ahead of the final decision that will come next month on the city's congestion pricing plan. Governor Eliot Spitzer had asked the MTA to ...
Non-profits on the move.
Mar 05, 2008; ... There's no such thing as a real estate bargain for nonprofit groups in need of Manhattan space, but a softening in the market could spell out opportunity for organizations that have been "paralyzed" by skyrocketing rents over the last few years. According to David Lebenstein, ...
Brookfield bows out.(Brookfield Properties Corp.)
Mar 05, 2008; ... Brookfield Properties is bowing out of the bid for the West Side rail yards in order to focus on a large development project it is planning nearby on Ninth Avenue, according to The New York Times. Brookfield's departure can't help but add fuel to the debate over how attractive the rail ...
Elad Group pulls off a $400m grand entrance after completing eye-popping Plaza overhaul.
Mar 05, 2008; ... The famed Plaza Hotel marked its reopening by holding its first event there since the Elad Group unveiled the jaw-dropping results of its whopping $400 million renovation of the One Central Park South landmark. While visitors last week flocked to the hotel's reopening, its new ...
The Greater New York Chapter of the Institute of Real Estate Management recently hosted its monthly luncheon at the New York Helmsley Hotel.
Mar 05, 2008 ... [ILLUSTRATION OMITTED] Caption: The Greater New York Chapter of the Institute of Real Estate Management recently hosted its monthly luncheon at the New York Helmsley Hotel. The featured keynote speaker was Mark Yusko, president and chief financial officer of Morgan Creek Capital ...
ING buys Hoboken tower for $116m.
Mar 05, 2008 ... ING Clarion Partners LLC has acquired 1000 Jefferson, a 217-unit luxury rental property in Hoboken, New Jersey, for $116.2 million. The building was purchased from the developer, Tarragon Corporation, with Cushman & Wakefield representing the seller. 1000 Jefferson is ...
Corrections.(Correction notice)
Mar 05, 2008 ... Due to mis-information provided for an obituary on Studley's Jacque Ducharme in the February 20 issue of REW, his wife was refered to as the "late" Mary Prchal. Mr Ducharme's wife is not, in fact, deceased. * An article entitled "Capin delivers Extell development parcel," which ...
City pulls plug on investment deals that diss affordable homes.
Mar 05, 2008; ... City Comptroller William Thompson announced that the collection of city pension funds his office oversees would no longer make investments in residential real estate in the city where the strategy is to replace affordable housing with market rate apartments. Thompson said that ...
CB Richard Ellis.(WHO'S NEWS)
Mar 05, 2008 ... CB Richard Ellis announced that Noel Caban, a versatile sales professional with more than five years of retail real estate experience, has joined the firm's retail services group as a vice president. In his new role, Mr. Caban will concentrate on broadening CBRE's retail efforts in Harlem, ...
Keller Williams NY Realty.(WHO'S NEWS)
Mar 05, 2008 ... The White Plains office of Keller Williams NY Realty welcomes award-winning agent and commercial real estate professional Cheryl Cove to the firm. Cove began her real estate career with Stillman Management of Bronxville as an on-site manager for a large cooperative complex. She later ...
DLC Management Corporation.(WHO'S NEWS)
Mar 05, 2008 ... DLC Management Corporation announced the promotion of Daniel Taub to executive vice president and chief operating officer, a new position. Mr. Taub started his real Estate career with DLC over eleven years ago and has held a series of positions of increasing responsibility in all ...
International commercial real estate services firm Studley has launched the Sustainable Real Eshate Practice to assist clients with making environmentally responsible real estate decisions and with achieving LEED certification by the US Green Building Council for their office space or building.(WHO'S NEWS)
Mar 05, 2008 ... International commercial real estate services firm Studley has launched the Sustainable Real Eshate Practice to assist clients with making environmentally responsible real estate decisions and with achieving LEED certification by the US Green Building Council for their office space or ...
Fried, Frank, Harris, Shriver & Jacobson LLP.(WHO'S NEWS)
Mar 05, 2008 ... Fried, Frank, Harris, Shriver & Jacobson LLP announced that Franz R. Rassman has joined the firm as a partner in the real estate department, resident in Washington, DC. Mr. Rassman joins from Akin Gump Strauss Hauer & Feld LLP, where he was a partner in the real estate and finance practice ...
Studley: William Silverman.(WHO'S NEWS)(promotion of William (Will) Silverman)(Brief article)
Mar 05, 2008 ... International commercial real estate services firm Studley has announced the promotion of William (Will) Silverman in its Midtown Manhattan office. Formerly a managing director, Mr. Silverman has assumed the new title of corporate managing director. Since joining the firm in 2003, Mr ....
Janover Rubinroit, LLC.(WHO'S NEWS)
Mar 05, 2008 ... Janover Rubinroit, LLC, with offices in Manhattan and Garden City, Long Island has announced the admission of Alan Hoffman, CPA as a partner in the firm. Mr. Hoffman specializes in accounting, tax, and business consulting to real estate construction and facilities management companies, ...
The Berger Organization.(WHO'S NEWS)(Brief article)
Mar 05, 2008 ... Brendan Berger has been named vice president of The Berger Organization. The firm's portfolio includes more than 1 million square feet of residential, commercial and hospitality properties throughout northern New Jersey and New York City. In his new role, the Summit, N.J., resident manages ...
Studley: John A. Johnson Jr.(WHO'S NEWS)(Brief article)
Mar 05, 2008 ... International commercial real estate services firm Studley is pleased to announce the promotion of John A. Johnson Jr. to senior managing director. He was formerly a corporate managing director. Since joining Studley in 1994, Mr. Johnson, 43, a tenant representation specialist, has focused ...
Jones Lang LaSalle.(WHO'S NEWS)(Appointment of Cindy Froggatt)(Brief article)
Mar 05, 2008 ... Jones Lang LaSalle announced that Cindy Froggatt, a recognized leader in remote and mobile workplace strategies and author of Worked Naked: Eight Essential Principles for Peak Performance in the Virtual Workplace (Wiley, 2001), joined the firm's fast-growing strategic consulting group as ...
White Plains based GHP Office Realty has been appointed as the exclusive sales agent by the owner of 277, 287, 295 and 305 Northern Blvd, Great Neck, New York.(AGENTS)
Mar 05, 2008 ... White Plains based GHP Office Realty has been appointed as the exclusive sales agent by the owner of 277, 287, 295 and 305 Northern Blvd, Great Neck, New York. The assignment will be headed up by Jamie Schwartz, executive vice president of GHP, Andy Greenspan, principal of GHP and Rob ...
Greiner-Maltz senior director, Dmitri Belyi, has been tapped to sell or lease 45-01 Northern Blvd., Long Island City, Queens. The 66,000 s/f property has a full block frontage on Northern Blvd., a has a fully-leased retail ground floor plus 23,000 s/f of 2nd floor offices and 23,000 s/f of usable lower level ready for renovation or occupancy.(AGENTS)
Mar 05, 2008 ... Greiner-Maltz senior director, Dmitri Belyi, has been tapped to sell or lease 45-01 Northern Blvd., Long Island City, Queens. The 66,000 s/f property has a full block frontage on Northern Blvd., a has a fully-leased retail ...
NAI James E. Hanson is the exclusive leasing agent for a 16,000 s/f industrial space located at 500 West Main Street in Wyckoff, New Jersey.(AGENTS)
Mar 05, 2008 ... NAI James E. Hanson is the exclusive leasing agent for a 16,000 s/f industrial space located at 500 West Main Street in Wyckoff, New Jersey. NAI Hanson's senior vice president Andrew R. Somple, SIOR, and sales associate Robert J. Marciani, are representing the ...
Massey Knakal Realty Services.(Sales)
Mar 05, 2008 ... Massey Knakal Realty Services has sold a four-story, three-family brownstone at 437 Clermont Avenue in the Fort Greene section of Brooklyn in a transaction valued at $1,300,000. The 16.75' x 45' building is located on Clermont Avenue between Green and Gates Avenues. Fully renovated, the ...
Louis Perfetto: he built it ... and they came: Louis Perfetto, managing partner, Cohen & Perfetto.(PROFILE OF THE WEEK)
Mar 05, 2008; ... At 18 years of age, Louis Perfetto passed on a professional baseball career. But Perfetto, now a managing partner at Cohen & Perfetto, has no regrets because, when it comes to real estate law, his expertise puts him in a league of his own. Perfetto is one of the founding ...
Around town: events seminars meetings talks.(Calendar)
Mar 05, 2008 ... Art Exhibit Feb. 14 to March 19: Thomas C. Graham, K. Hovnanian Homes senior community manager, announced a partnership with 77 Hudson and Victory Hall Inc. The first show opens on Feb. 14 and appropriately enough looks at love in our contemporary society. "Love is for Lovely ...
MTA confirms more delays as construction cost keep rising.
Mar 05, 2008; ... The MTA released figures on how far some of the major capital projects it has undertaken have gone over budget in its capital plan last week. Just a few weeks ago, MTA executive director Elliot Sander hinted that the MTA's projects such as East Side Access, the first phase of ...
$4.5b congestion haul a drop in the ocean.
Mar 05, 2008; ... When the MTA revealed last week the role that congestion pricing would play in its next capital program, ostensibly it was meant to send a message to legislators who have opposed the plan showing just how critical the funds are to the MTA's cash-strapped budget. Instead, the ...
Ross Dolphins buy is just a 'football play,' says lawyer.(Brief article)
Mar 05, 2008; ... Rew-online.com spoke with a lawyer involved in Stephen Ross's 50% acquisition of the Miami Dolphins and asked about what appeared to be the conspicuous inclusion in reports covering the deal that Ross had purchased not only a stake in the team, but in the stadium and surrounding ...
School of Visual Arts leases west side theater and office.
Mar 05, 2008 ... Colliers ABR, Inc. announced that the School of Visual Arts (SVA) has signed a 26-year lease for a 900 seat theatre located at 333 West 23rd Street as well as a 14 1/2-year lease for 54,000 s/f of space at 335 W. 16th Street. Founded in 1947, the School of Visual Arts is one of ...
Wildcat saviors close deal with Resnick.
Mar 05, 2008; ... The cat's out of the bag for a floor-through lease at 8 West 40th Street. Jack Resnick & Sons Inc. just closed on a seven-year lease for the Panthera Foundation, an organization that concentrates on the conservation of wildcats. Built in 1916, the 21-story class-B property just ...
Macklowe ripple effect hits Vornado.(Vornado Realty Trust revenue report)(Financial report)
Mar 05, 2008; ... Vornado Realty Trust released its 2007 earnings last week, posting stronger overall returns than in 2006 but a worse fourth quarter than the year before. The company, one of the largest landlords in Manhattan and the owner of millions more square feet of retail and office space in other ...
Retail superstar Faith Hope Consolo, chairman of Prudential Douglas Elliman's Retail Leasing and Sales Division, was recognized by Prudential Real Estate Affiliates, Inc. as the "Top Retail and Commercial Agent--GCI" winner in New York for her tremendous deal volume in 2007.
Mar 05, 2008 ... [ILLUSTRATION OMITTED] Caption: Retail superstar Faith Hope Consolo, chairman of Prudential Douglas Elliman's Retail Leasing and Sales Division, was recognized by Prudential Real Estate Affiliates, Inc. as the "Top Retail and Commercial Agent--GCI" winner in New York for her ...
Another 25,000 s/f of Hudson Square swallowed up.(Vault. com Inc.)(Brief article)
Mar 05, 2008 ... The Parish of Trinity Church announced that Vault. com Inc., the worldwide media company focused on careers, has leased 25,000 s/f of commercial space on the 8th floor of 1 Hudson Square. In addition to the office accommodations, the space contains a sweeping, 7,500 s/f outdoor terrace ....
Converse works out a 70,000 s/f deal on 23rd.
Mar 05, 2008 ... GVA Williams announced that athletic apparel manufacturer Converse Inc., a Nike subsidiary, will renew its 23,200s/f lease at 28 West 23rd Street and lease an additional two floors, totaling 70,000 s/f. With asking rents in the $50's per square foot, the term of the lease is 10 years. ...
Teacher aides' new space.(Brief article)
Mar 05, 2008 ... Teach for America, the national corps of top recent college graduates who commit two years to teach in underserved schools and become leaders in expanding educational opportunity, has signed a 10-year lease for 15,000 s/f of office space, the entire 15th floor, at 519 Eighth Avenue. ...
Eco-friendly Mad move.(Brief article)
Mar 05, 2008 ... Gaiam, a provider of information, goods and services to customers who value the environment, has committed to 12,000 s/f of office space at 350 Madison Avenue. The eco-friendly on-line retailer and media company will be relocating its New York City offices currently located at ...
New tenant at SL Green's 521 Fifth.
Mar 05, 2008 ... SL Green Realty Corp. today announced it has completed a new 10-year lease agreement with Enterprise Asset Management, Inc. to occupy 10,022 s/f on the 18th floor of 521 Fifth Avenue. The lease is one of a string of notable leasing transactions following SL Green's $25 million ...
Leading philanthropists moving to MetroTech.
Mar 05, 2008 ... In a groundbreaking transaction that brings the leading national women's philanthropic organization to Brooklyn, The Ms. Foundation for Women has committed to 15,000 s/f of space at Twelve MetroTech Center at 330 Jay Street. The nonprofit, founded in 1972 to empower women and ...
Phoenix acquires $96m portfolio of B'lyn apartments.
Mar 05, 2008 ... In a move to help the city of New York preserve hundreds of low-income apartments located in the Bedford-Stuyvesant neighborhood of Brooklyn, national real estate firm Phoenix Realty Group has announced the acquisition and renovation of 362 low-income apartments for a total cost of $96 ...
Greenwich Street tower for sale.(Brief article)
Mar 05, 2008 ... A 13-story, 66,530 s/fluxury residential tower located in the heart of lower Manhattan at 110 Greenwich Street is on the market for sale through Eastern Consolidated and Marcus Millichap. Eastern Consolidated senior director Robert E Ortiz and senior associate Paul J. Nigido are ...
Hudson Yards development site hits market.(Brief article)
Mar 05, 2008 ... A strategically located, 14,810 s/f development site, with 150 feet of frontage along West 35th Street, in the burgeoning Hudson Yards District, is for sale exclusively through Eastern Consolidated. Located at 411-421 West 35th Street, the mixed-use development site, consisting ...
Cadbury taps Cushman & Wakefield to sublease 135,000 s/f of space at Rye Brook property.
Mar 05, 2008 ... Cushman & Wakefield announced its appointment by Cadbury Schweppes to handle the leasing of 135,000 s/f of office space at 900 King Street in Rye Brook, NY. The space is available for sublease from Cadbury Schweppes through January 2015. There is 36,787 square feet ...
AREW celebrates three decades of breaking ground: association to honor industry mavericks at 30th anniversary gala.
Mar 05, 2008 ... The Association of Real Estate Women (AREW) will celebrate the culmination of "Three Decades of Breaking Ground" in New York real estate and in promoting and supporting the career growth of real estate professionals, with a 30th Anniversary Gala on May 8from 6:00-9:00 p.m. at the exclusive ...
Air rights the focus of B'nai Brith.
Mar 05, 2008 ... A panel of experts will discuss the issue at the B'nai B'rith Real Estate Unit luncheon on Wednesday, March 5. noon at the Cornell Club. 6 East 44th Street, Panelists will be Raizy Haas. senior vice president, Extell Development Company. Paul Selver. Esq, partner. ...
Sun sets on Investcorp's partnership with sunrise.
Mar 05, 2008 ... Investcorp Real Estate Group Realizes ROI Objective with the Successful Recapitalization of its Assisted Living Development Portfolio with Sunrise Senior Living Investcorp's US-based real estate group announced the successful recapitalization of a two-property assisted living ...
Waterfront developer makes big splash at CAREA.
Mar 05, 2008 ... Myles Horn, principal of MJH Birchwood LLC, the development partner of The Towers at Water's Edge, a private waterfront community in the upscale Bay Terrace neighborhood of Bayside, recently hosted a luncheon for the Chinese American Real Estate Association (CAREA) at the Gala Manor ...
C&W tops peak with six Mountain Heights leases.(NEW JERSEY)
Mar 05, 2008 ... Cushman & Wakefield has brokered six transactions totaling more than 46,000 s/f at Mountain Heights Center, 430 Mountain Avenue in Murray Hill. The combination of new leases, renewals and expansions punctuates a year of notable progress at the 182,298 s/f, Class A office building, which ...
Matrix makes good on office park lease expansions.(NEW JERSEY)
Mar 05, 2008 ... TMatrix Development Group announced 288,000 s/f in industrial facility expansions for three current tenants at Matrix's Northeast Business Park located at Exit 7A off the New Jersey Turnpike in Robbinsville. The expansions have completed for Lifetime Brands, Sleepy's and Bohrents Moving & ...
Cresa named agent for Parsippany's Gatehall II.(NEW JERSEY)(CresaPartners)(Brief article)
Mar 05, 2008 ... CresaPartners has announced its appointment as exclusive marketing agent for an 80,000 s/f long-term sublease space at Gatehall II in Parsippany. The CresaPartners team responsible for this assignment on behalf of Nationstar Mortgage includes Thomas Semler, principal; Robert Rencarge, ...
Hartz holds its grand opening.(NEW JERSEY)
Mar 05, 2008 ... Hartz Mountain Industries has completed its renovation program at its Tonnelle Plaza shopping center in North Bergen and announces the grand openining of Workout World (WOW) Fitness. Occupying the lower level of the facility, the 22,000 s/f space boasts a full complement of ...
Sudler steers lease for legal services.(NEW JERSEY)
Mar 05, 2008 ... The Sudler Companies, one of New Jersey's oldest real estate developers just celebrating its 100th year, recently announced it had leased 9,000 s/f of space to Nationwide Legal Referral Services at its 30 Park Road property in Tinton Falls. With this latest lease agreement, the 30,000 s/f ...
Jeffrey Dunne earns CBRE's top global sales broker title.
Mar 05, 2008 ... Jeffrey R. Dunne was CB Richard Ellis' top-producing investment properties broker worldwide during 2007. Dunne and his team, CB Richard Ellis' New York Tri-State Region Institutional Group, were responsible for $4.2 billion worth of transactions last year. ...
Medina lands TV role.
Mar 05, 2008 ... Gualberto "Gil" Medina, executive managing director of Cushman & Wakefield, Inc. in New Jersey, has been elected to the board of trustees of the New Jersey Network Foundation, the fund-raising arm of NJN Public Television and Radio. NJN is the state's educational ...
Hampshire completes investment sale of Rochelle Park office property.(NEW JERSEY)
Mar 05, 2008 ... The Hampshire Companies recently announced the disposition of an 80,000 s/f office building located at 216 Route 17 North in Rochelle Park, N.J. The sale was made to RTE 17 Investment, LLC on behalf of The Hampshire Generational Fund, one of the firm's private equity real estate investment ...
680,000 s/f site sells in Cranbury.(NEW JERSEY)
Mar 05, 2008 ... Rockefeller Group Development Corporation (RGDC) and IDI have sold 324 Half Acre Road, a newly constructed, 680,000 s/f Class A distribution facility in Cranbury, to San Antonio-based US Industrial REIT II, announced Cushman & Wakefield, Inc. Stan Danzig and Jules Nissim of ...
First semester closes.(NEW JERSEY)(Kislak Real Estate Institute )(Brief article)
Mar 05, 2008 ... The Kislak Real Estate Institute at Monmouth University recently completed the first semester of classes in its innovative new undergraduate real estate program. Exceeding expectations, the program has 17 undergraduate students enrolled in the pursuit of a Bachelor of Science degree in ...
Harborside subleasing opps.(NEW JERSEY)
Mar 05, 2008 ... [ILLUSTRATION OMITTED] Cushman & Wakefield, Inc. has been named exclusive agent to market a 200,000 s/f sublease at Harborside Financial Center, Plaza III, in Jersey City. Formerly occupied by AICPA, the space represents the largest contiguous availability within New Jersey's ...
Newmark closes Route 1 leases.(NEW JERSEY)
Mar 05, 2008 ... Newmark Knight Frank has announced four separate lease transactions at 4365 Route One, Princeton, New Jersey, totaling more than 35,000 s/f. Thomas Romano and Brian Rushing in Newmark Knight Frank's Princeton, New Jersey, office represented all four tenants in these leases, the ...
Twill to handle Waldo Lofts space.(NEW JERSEY)(Twill Realty )
Mar 05, 2008 ... [ILLUSTRATION OMITTED] Twill Realty has been retained as the exclusive retail leasing agent for Waldo Lofts, the 12-story industrial-inspired condominium building located at 159 Second Street in downtown Jersey City, New Jersey. A total of 8,225 s/f of ground floor ...
Union Square store for rent.
Mar 05, 2008 ... [ILLUSTRATION OMITTED] Newmark Knight Frank Retail has announced that it has begun marketing the retail space at 5 East 16th Street. Located between Union Square West and 5th Avenue, the space consists of approximately 4,000 s/f on the ground floor and another 2,800 ...
Retail rents to continue march north.
Mar 05, 2008 ... The retail property sector in New York City will remain vigorous in 2008, as existing properties continue to record respectable vacancy and rent growth, and new retail trade areas rapidly emerge, according to the 2008 National Retail Report by Marcus & Millichap. One of the best ...
Florist-to-the-stars to open third NYC space.(New York City)(Kaufman Organization )(Brief article)
Mar 05, 2008 ... The Kaufman Organization recently brokered a five-year lease for L'Olivier Floral Atelier, the go-to florist of Manhattan A-list socialites and celebrities such as Julia Roberts, Madonna, Sting and Chef Bobby Flay. According to Elliot Warren of the Kaufman Organization, who ...
REITs still on the money despite dull 4Q performance.
Mar 05, 2008 ... Continued concerns about the credit market and its impact on financial liquidity and the economy caused serious declines in REIT stocks in November and December, and in 2007 the broader markets outperformed REITs for the first time since 1999. While last year's performance was ...
Co-ops still looking for loans, says NCB.(Brief article)
Mar 05, 2008 ... NCB originated over $ 11 million in financing in January for 12 New York area properties. The financings included $8.3 million in mortgages and $3.4 million in lines of credit. Edward Howe III, managing director of the NCB New York office, made the announcement. ...
15-year mortgage deal for Wal-Mart Plaza.
Mar 05, 2008 ... Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have secured financing of $31,500,000 for Wal-Mart Plaza, a 268,040 s/f anchored retail center in Clinton, NJ. The loan was placed for a 15-year term and has a 30-year amortization following a 5-year interest-only period ....