Real Estate Weekly back issues from May 2008:
AREW celebrates 30th year.
May 07, 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 8 at the eMandarin Oriental Hotel at ...
Minskoff taking top tier rents at 590 Mad.
May 07, 2008; ... Bain Capital, the private equity firm co-founded by the former 2008 Republican presidential candidate Mitt Romney, has finished a high priced deal at 590 Madison Avenue. It would be hard to tell that the city's leasing market has entered a lull from the rents that Bain agreed to pay for ...
'Miss Brooklyn' gets a Gehry makeover.
May 07, 2008; ... Amidst gloomy economic predictions and harsh criticism against the Atlantic Yards development project, Bruce Ratner and Forest City Ratner have announced design changes that include a dramatic reworking of the centerpiece tower, Miss Brooklyn. But the Municipal Art Society of ...
Pictured at the Nineteenth Annual Bernard Baruch Dinner held at Cipriani's.
May 07, 2008 ... [ILLUSTRATION OMITTED] Caption: Pictured at the Nineteenth Annual Bernard Baruch Dinner held at Cipriani's 42nd Street last week are, left to right: Teas estate executive Larry Field, persident ...
Fiterman funds flap.(Brief article)
May 07, 2008; ... Assembly Sheldon Silver said that last week's executive budget unveiled by Mayor Bloomberg failed to include a $55 million commitment from the city for the deconstruction and redevelopment of Fiterman Hall in Lower Manhattan. Silver said that he had included about $50 million in ...
'Fort Knox' fetches $92m.
May 07, 2008; ... With most buyers in wait-and-see mode, a private investment group with ties to a real estate management and consultant firm that specializes in large floor plate space took a classic pre-war commercial building off the east side market, with an approximately $92 million buy. ...
Tishman, MTA on road to deal.(Metropolitan Transportation Authority)(Tishman Speyer Properties L.P.)
May 07, 2008; ... The Metropolitan Transportation Authority reached a formal agreement to have Tishman Speyer develop the western portion of the West Side rail yards and said that the same agreement would be completed this week for the eastern half of the yards as well. But both deals are ...
Industry stalwarts lead drive for research center.
May 07, 2008; ... Last month the Jeffrey Modell Foundation (JMF) had two reasons to celebrate: the organization which addresses Primary Immunodeficiency (PI) research and advocacy raised a record-breaking $2 million at its annual Spring Ahead Gala and the nonprofit--heavily supported by the real estate ...
Kushner signs deal with Carlyle on 666 Fifth retail.
May 07, 2008; ... A few new details have emerged in Kushner Companies' deal to sell a majority stake in the retail portion of 666 Fifth Avenue, the office tower it bought last year for a record $1.8 billion and whose short term debt it has lately scrambled to refinance amid the credit crunch. ...
Law firm inks B'way sublease.
May 07, 2008; ... The law firm Dunnington Bartholow & Miller has signed a nearly 13,000 s/f sublease with the IT consulting firm Keane Inc. at 1359 Broadway its broker Brian Weld of Colliers ABR has confirmed. The firm had been located in a similarly sized space at 477 Madison Avenue, where it ...
Cushman & Wakefield, Inc.(WHO'S NEWS)
May 07, 2008 ... Cushman & Wakefield, Inc. has promoted Gary Gabriel to the position of executive vice president. Gabriel is one of four partners with Cushman & Wakefield's highly successful, East Rutherford-based Metropolitan Area Capital Markets Group. His team specializes exclusively in real estate ...
Brad Ketcher relocated from Bear Stearns to join Topdot Mortgage as a production manager.(WHO'S NEWS)
May 07, 2008 ... [ILLUSTRATION OMITTED] Brad Ketcher relocated from Bear Stearns to join Topdot Mortgage as a production manager. His responsibilities will ...
Hudson Valley Bank.(WHO'S NEWS)
May 07, 2008 ... James Landy, president and CEO of Hudson Valley Bank, announced the appointment of Howard Ravikoff to the bank's business development board ....
Lemle & Wolff, Inc.(WHO'S NEWS)(appointment of Frank Alelante )(Brief article)
May 07, 2008 ... Frank Alelante has also been appointed to the bank's business development board. Alelante is the CEO of Lemle & Wolff, Inc. a 70-year-old real estate management and development company that has built or rehabilitated thousands of apartments ...
Winick Realty Group.(WHO'S NEWS)
May 07, 2008 ... Winick Realty Group announced that Joseph Isa has been promoted to senior director. Mr. Isa became affiliated with Winick Realty Group in 2006 as an associate broker. Due to his strong tenant representation skills and his understanding of landlord needs, Mr. Isa was successfully ...
Cushman & Wakefield.(WHO'S NEWS)
May 07, 2008 ... Cushman & Wakefield announced the promotion of Mark Mandell to executive director. He was previously a senior director, and has been with the firm since 1987. Mr. Mandell specializes in tenant and landlord representation, both in the New York Metropolitan Area and throughout the United ...
Denihan Hospitality Group.(WHO'S NEWS)(promotion of Ellen Brown )(Brief article)
May 07, 2008 ... Ellen Brown has been promoted to executive vice president, acquisitions & development of Denihan Hospitality Group (DHG). In her new position, Brown will be responsible for crafting and executing an ambitious growth strategy focused on developing opportunities in New York, Boston, Miami, ...
Robert K. Futterman & Associates, LLC.(WHO'S NEWS)
May 07, 2008 ... Robert K. Futterman & Associates, LLC (RKF) announces the promotion of Ariel Schuster to senior vice president and partner of RKF. Formerly a senior managing director, Mr. Schuster has been with RKF since 2001 and specializes in ...
NAI Global.(WHO'S NEWS)(appointment of Gerald S. Monash )(Brief article)
May 07, 2008 ... NAI Global announced that Gerald S. Monash has joined the company as executive director, investment services. Based in Atlanta, Monash will lead the company's institutional investment services practice and will head elite teams composed of NAI's most senior investment professionals ...
Robert K. Futterman & Associates: Karen Bellantoni, LLC.(WHO'S NEWS)
May 07, 2008 ... Robert K. Futterman & Associates, LLC (RKF) announces the promotion of Karen Bellantoni to executive vice president. Along with this promotion, Ms. Bellantoni becomes a partner of the firm. Formerly a senior vice president, Ms. Bellantoni has been with RKF since 1999. She has more than 25 ...
The 650 Fifth Avenue Company is pleased to welcome Kathleen Murphy as the new director of management services for 650 Fifth Avenue, replacing Hannah Nakhshab who retired at the end of April.(WHO'S NEWS)
May 07, 2008 ... The 650 Fifth Avenue Company is pleased to welcome Kathleen Murphy as the new director of management services for 650 Fifth Avenue, replacing Hannah Nakhshab who retired at the end of April. Ms Murphy has been in the commercial property management industry for 24 years, and has held senior ...
Itzhaki Properties.(WHO'S NEWS)(appointment of Marc Levine )(Brief article)
May 07, 2008 ... Itzhaki Properties announced that Marc Levine has joined the company as an associate sales person. Levine moved to New York City 15 years ago following college. He crafted his skills in the business world by working as stock broker for 13 years. He invested ...
Cushman & Wakefield: Robert Gallucci.(WHO'S NEWS)
May 07, 2008 ... Cushman & Wakefield announced the promotion of Robert Gallucci to senior director. He was previously a director, and has been with the firm for more than 10 years. Gallucci provides representation for diversified clientele throughout the US, with an emphasis in the New York ...
Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for a single-tenant office building currently leased to AT&T in Middlesex County.(Agents)
May 07, 2008 ... Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for a single-tenant office building currently leased to AT&T in Middlesex County. The listing price of $15.18 million represents $265 psf. Steven Siegel, a vice president of ...
Charlter Realty & Development Corp.(Sales)
May 07, 2008 ... Charlter Realty & Development Corp. has acquired Westgate Shopping Center, Congress Street, Portland, Maine. Shaw's Supermarket, CVS and Advance ...
The Kislak Company, Inc. recently completed the $784,000 sale of 1173-1181 Springfield Ave., a 5,638 s/f retail center in Irvington.(Sales)
May 07, 2008 ... The Kislak Company, Inc. recently completed the $784,000 sale of 1173-1181 Springfield Ave., a 5,638 s/f retail center in Irvington. Sales associate Robert Squires represented the buyer, a private investor, and the seller. Located next to the Wachovia Bank at the intersection of ...
Michael A. Maffettone, a licensed real estate sales associate with Prudential CRES Commercial Real Estate, recently closed on the sale of a half acre parcel of vacant land located at 2025 Deer Park Avenue in Deer Park, N.Y.(Sales)
May 07, 2008 ... Michael A. Maffettone, a licensed real estate sales associate with Prudential CRES Commercial Real Estate, recently closed on the sale of a half acre parcel of vacant land located at 2025 Deer Park Avenue in Deer Park, N.Y.. The property, owned by a ...
Shimon Shkury.(Sales)(Brief article)
May 07, 2008 ... Real estate broker Shimon Shkury announced that his Northern Manhattan team has sold 118 West 114th Street to an international investor for $2.35 million. The property is a five-story, 10-unit residential building in Harlem featuring five rent stabilized and five free market apartments ....
Giliberti riding high on landmark WTC project: Catherine Giliberti, managing director/senior vice president Silverstein Properties, Inc.(PROFILE OF THE WEEK)
May 07, 2008; ... With the final seconds ticking away on the architects' deadline to design the iconic World Trade Center last month, Catherine Giliberti, managing director/ senior vice president of Silverstein Properties, is embracing the greatest opportunity of her career, as she oversees leasing for the ...
Monday Properties reeling 'em in at 386 Park Ave. South.
May 07, 2008 ... Monday Properties, the New York-based real estate development, ownership and management company, has completed seven lease transactions, totaling 26,050 s/f, at the 260,000 s/f 386 Park Avenue South. Craig Panzirer, senior vice president and director of leasing and marketing, ...
PR firm takes 16,000 s/f space at 902 Broadway.
May 07, 2008 ... CB Richard Ellis announced that it negotiated a 10-year, 16,500 s/f lease at 902 Broadway on behalf of HealthSTAR Public Relations, a firm that specializes in healthcare marketing and public relations. It will occupy the entire 11th floor, beginning in June. "HealthSTAR is a ...
Zipcar services zooms into Herald Square digs.(Brief article)
May 07, 2008 ... In a 500% expansion of its space, Zipcar, Inc., the world's largest car sharing and car club provider, has leased 7,500 s/f at 1265 Broadway for a five-year term, according to CresaPartners, which represented the tenant. The second-floor space has a private entrance, plus ...
Global RE banking firm relocates to 599 Lexington.(global real estate investment banking )
May 07, 2008 ... Savills Granite LLC, a global real estate investment banking firm, has leased 17,627 s/f at 599 Lexington Ave., a one million-plus-square-foot, Class A office tower located in Midtown Manhattan. The company will occupy the entire 36th floor of the 50-story tower as a result of a sublease ...
Time Warner Center honored.
May 07, 2008 ... Time Warner Center, New York City's iconic mixed-use property developed by Related Companies and Apollo Real Estate Advisors, L.P., which serves as the world headquarters for Time Warner Inc. and boasts 80 floors of bustling of rice space, luxury dining, shopping, entertainment and ...
Moinian inks 52,115 s/f in leases for NY portfolio.
May 07, 2008 ... The Moinian Group, an owner of more than 20 million square feet of office, residential, retail and hotel properties throughout the U.S. and abroad, signed 52,115 s/f in lease renewals and expansions throughout their Manhattan portfolio. Daniel Gohari, vice president & director of ...
Citibank division settles in Stamford with HQ lease.
May 07, 2008 ... Citibank, N.A. has leased 30,590 s/f at 200 First Stamford Place for the headquarters of its Citigroup Global Wealth division, announced Jeffrey H. Newman, executive vice president of W&M Properties, the marketing and management agent for the building. The tenant, a worldwide ...
CBRE first firm on Fortune 500.(CB Richard Ellis Group, Inc)(Brief article)
May 07, 2008 ... CB Richard Ellis Group, Inc. has been named to the Fortune 500 list of the largest American companies, debuting at number 404 on the 2008 list. CB Richard Ellis is the first commercial real estate services firm to be included in the Fortune 500. "A Fortune 500 ranking is one of ...
Winick tapped to lease retail space at landmark.
May 07, 2008 ... Winick Realty Group, the Manhattan-based store leasing firm, has been appointed exclusive leasing agent for the retail space at 184 Kent Avenue in Brooklyn. [ILLUSTRATION OMITTED] After the restoration, the landmark building will house 338 new rental units, up to ...
Videv seals deal at new tower.
May 07, 2008 ... A&I Broadway Realty has announced the completion of a retail transaction in the Dumbo area of Brooklyn. Petar Videv represented the property developer, Boymelgreen Developers, in the transaction. Videv negotiated and finalized the terms of the lease for the ground ...
Restaurant provides finishing touch to leasing campaign at tony Metro Tower.
May 07, 2008 ... For hungry patrons who can't get enough of its cuisine, the city's preeminent Greek restaurant, Milos, Estiotorio, will soon be opening its first take-out store at Metropolitan Tower, the tony office and residential condominium tower located around the block from its famed West 55th Street ...
Cafe nabs Columbus spot.
May 07, 2008 ... Faith Hope Consolo, chairman, and Joseph A. Aquino, executive vice president, of Prudential Douglas Elliman's Retail Leasing and Sales Division, exclusive agents for the block front of retail stores at the intersection of Broadway and Central Park South, directly across from the Shops at ...
Bloomberg unveils budget as building sales slowdown bites.
May 07, 2008; ... Mayor Bloomberg unveiled his executive budget last week for the city, a $59.1 billion plan that will keep spending essentially flat. Bloomberg said that he had asked agencies citywide to tighten their belts as the city's revenues seem likely to erode due to the sinking economy ...
Job numbers bring signs of hope.
May 07, 2008; ... Job numbers fell less than expected in April, according to a monthly employment report issued by the U.S. Department of Labor. The nation's payroll declined by 20,000 during the month, a smaller than anticipated drop after what had been a fast deterioration of the nation's labor ...
Grubb & Ellis serves up deal for Dish Network at 185 Varick.
May 07, 2008; ... A downtown landlord has dished out naming rights in part of a 30,000 s/f lease inked at 185 Varick Street for a television satellite company. The Englewood, Colo. based Dish Network Corp. signed on for two full floors at the commercial building, located between King and ...
Interior design firm takes 11,000 s/f on Broadway.
May 07, 2008 ... Winoker Realty Company announced that it represented Victoria Hagan Inc. in a ten-year, 11,500 s/f lease at 1790 Broadway. This will be their new headquarters and encompasses the entire 19th floor. Winoker's Corey Abdo, executive vice president, and Brandon Price, associate, ...
Not-for-profit relocates to W26th Street building.(Brief article)
May 07, 2008 ... GVA Williams has arranged a 9,200 s/f lease at 114 W. 26th Street with Inwood House, which will relocate from 5 W. 37th Street. The not-for-profit group will take the entire sixth floor of the building for five years. Asking rent was $38 per square foot. Built in ...
MTA feels the pinch of dip in mortgage recording tax.
May 07, 2008; ... The MTA reported that its income stream from tax revenues continued to erode in March, thrusting its financial position into uncertainty even as the agency's ridership appears to be growing system wide. Taxes were down because of the cooling real estate market. The MTA collects ...
At a recent Chicago Title Insurance Company event, hosted by Jeff Carusone, employees, colleagues and friends watched the Rangers vs. Devils game from the company's luxury suite.
May 07, 2008 ... [ILLUSTRATION OMITTED] At a recent Chicago Title Insurance Company event, hosted by Jeff Carusone, employees, colleagues and friends watched the Rangers vs. Devils game from the company's luxury suite. New York Giant, ...
Consolo, Aquino tapped to market new retail space at 44 Mercer St.
May 07, 2008 ... Faith Hope Consolo, chairman, and Joseph A. Aquino, executive vice president, of Prudential Douglas Elliman's Retail Leasing and Sales Division, have been selected to market the newly constructed retail space at 44 Mercer Street. "In a neighborhood where magnificent cast-iron ...
Fairfield office market stable despite leasing slowdown.
May 07, 2008 ... Cushman & Wakefield released its first quarter 2008 report on the Fairfield County commercial real estate market, indicating that the market remained stable despite a drop-off in activity during the past three months. Leasing momentum slowed, but remained active with the ...
CBRE team to sell 2 Shelton properties.
May 07, 2008 ... CB Richard Ellis' Westchester/Fairfield Private Client Group (PCG) has been named the exclusive sales agent for two prominent Shelton, CT properties. The PCG team, led by senior vice president Al Mirin, associate Silvia Pogosyan and associate Marilyn Santiago, will market 100 ...
Jones Lang LaSalle forms first Sustainability University.
May 07, 2008 ... Jones Lang LaSalle has formalized its commitment to sustainability that advances its leadership position in the delivery of sustainable building services and reduction of the environmental impact of its operations. Developed by the firm's Global Sustainability Board, and ...
CBRE marks fluorescent light-bulb milestone.(CB Richard Ellis)
May 07, 2008 ... More than 177,000 incandescent lights will be replaced by energy efficient compact fluorescent light (CFL) bulbs thanks to pledges garnered by CB Richard Ellis (CBRE) for the ENERGY STAR Change a Light, Change the World Campaign. As of April 23 CBRE was one of the program's ...
ARC announces sale-leaseback partnership.(American Realty Capital contracts with Sandler O'Neill Mortgage Finance Corp.)
May 07, 2008 ... American Realty Capital announced that it has entered into an exclusive, multi-year agreement with Sandler O'Neill Mortgage Finance L.P., an affiliate of Sandler O'Neill + Partners, L.P., to deliver sale-leaseback opportunities with a primary focus on middle market financial institutions ...
Hotel financing.
May 07, 2008 ... David Turley and Frank Sullivan, of David Cronheim Mortgage Corporation, have arranged $32,640,000 in acquisition financing for a portfolio of two Fairfield Inns and a Hampton Inn. The financing is comprised of $30,720,000 in senior debt and $1,920,000 in mezzanine debt. ...
Fed exercising caution as inflation spector hovers on horizon.
May 07, 2008; ... The Federal Reserve brought interest rates down to 2% last week but refrained from making another in the series of dramatic cuts it has made in recent months to right the sinking economy. Instead the Fed's open market committee decided to shave a more modest 25 basis points from ...
Palisades Fund bucks trend, earns 16%.(Brief article)
May 07, 2008 ... Palisades Financial, a leading real estate investment banking and advisory firm, announced that its Palisades Regional Investment Fund II (PRIF II) earned 16% in 2007, net of all fees and expenses. Palisades remains positioned to continue to out-perform the marketplace based on ...
GE provides $36m Legacy.
May 07, 2008 ... GE Real Estate announced it has provided a $36.45 million first mortgage facility to Legacy Partners Commercial for its acquisition of an office building in Pasadena, CA. The Class B property totals 104,466 s/f and is being acquired from Los Angeles-based Arden Realty. ...
Treasury renews call for re-think of Fed's oversight role.
May 07, 2008; ... The Assistant Secretary for Financial Institutions at the Treasury Department, David Nason, has asserted the need to recast the Federal Reserve's role as part of an overhaul of the U.S. financial system proposed by the Treasury Department last month. Coming a day before the ...
Title firm launches paperless practice.
May 07, 2008 ... In an effort to offset paper consumption, and as part of its ongoing commitment to eco-friendly business practices, TitleVest is launching Grow Paperless. The title insurance company has partnered with the Arbor Day Foundation to plant one tree for every order placed by a client ...
Around town: events seminars meetings talks.(Calendar)
May 07, 2008 ... NYU Course New York University's Real Estate Institute (REI) offers the current 45-hour real estate salesperson's course and, as of July 2008, will offer the new 75-hour course. In addition, NYU REI will have a complete range of courses to help current brokers and salespeople ...
Kennedy closes $40m in domestic and offshore funding in 1 day.
May 07, 2008 ... In a lending environment where securing a loan is increasingly out of reach for borrowers, April 16 proved momentous for Hackensack-based Kennedy Funding, Inc. The direct private lending company closed four loans that day, three for land development and one for financial ...
Canyon Johnson and Donatelli secure loan.(Brief article)
May 07, 2008 ... The development partnership of Canyon Johnson Urban Fund and Donatelli Development has secured a $53 million construction loan with Citi Community Capital for Park Place, a ground-up, transit-oriented development comprised of 161 residential units and town homes, and community-serving ...
Meridian.(FINANCE)(Brief article)
May 07, 2008 ... Meridian has announced the following transactions: * A new mortgage of $6,500,000 was placed by Meridian on a 19-story elevator cooperative apartment building on East 36th Street in New York. The loan featured a rate of 5.68% and a 15-year term. The transaction was negotiated by ...
Eastern Union.(FINANCE)(Brief article)
May 07, 2008 ... Eastern Union has announced the following transactions: * A $28,500,000 first lien mortgage for the acquisition/construction of a 385 room hotel in New York, N.Y. This transaction was arranged by Shaya Ackerman. The loan featured a 4-year term, interest only. * An ...