Real Estate Weekly back issues from October 2008:
Industry counts the cost of 'bailout' boycott.
Oct 01, 2008; ... Monday's collapse of a $700 billion federal bailout for financial and investment firms with troubled mortgage securities on their books cast new waves of uncertainty about how well the city's commercial real estate sector will fair during the turmoil and its aftermath. Wall ...
City awaits WTC cost-cutting plan.
Oct 01, 2008; ... A day away from the release of Port Authority executive director Chris Ward's much-anticipated report on the rebuilding of the World Trade Center site, a mixed picture has emerged on what Ward will recommend to reduce the site's mounting costs and delays. Ward announced over the ...
Starrett City bids shrink.
Oct 01, 2008; ... One year after local and federal housing officials blocked a $1.3 billion bid to purchase Brooklyn's Starrett City, the largest federally subsidized housing development in the country, the sale may soon proceed for roughly have of that initial bid. What began as a pool of close ...
Charter sells retail centers.
Oct 01, 2008; ... In a climate of financial uncertainty, one firm just strengthened its portfolio after selling off eight properties deemed unfit for the company's "current investment philosophy" and those believed to have reached their full value. Charter Realty Development Corp. offloaded the ...
IREM celebrating 75 years as leader in educating managers.
Oct 01, 2008 ... The Institute of Real Estate Management is celebrating its 75th anniversary. National and local initiatives have taken place throughout the year that highlight the organization's rich past and historic achievements. They also showcase IREM's ever-growing role as a ...
AREW stepped into its 2008-09 season with style last week when the association hosted a networking cocktail reception at Hudson Terrace lounge on West 46th Street.
Oct 01, 2008 ... [ILLUSTRATION OMITTED] Caption: AREW stepped into its 2008-09 season with style last week when the association hosted a networking cocktail reception at Hudson Terrace lounge on West 46th Street ....
Landlords and tenants on even terms.
Oct 01, 2008; ... The talking heads of real estate all have an opinion on how the financial services sector nosedive will impact New York's commercial real estate, and now Grubb & Ellis just released its projected scenario--a scenario suggesting increased sublease space, higher vacancy rates, lower property ...
Financial fiasco won't scare Brookfield from West Side.(Brief article)
Oct 01, 2008; ... Brookfield Properties hasn't yet begun any substantial work on a platform along Ninth Avenue that will allow it to develop millions of square feet of commercial space on the far West Side, despite stating earlier in the year that the construction project would begin by the summer. ...
Colliers ABR consolidates.
Oct 01, 2008 ... Colliers ABR, Inc. announced that it has consolidated its ownership structure with Colliers Turley Martin Tucker, Colliers Pinkard and Cassidy & Pinkard Colliers into one holding company. The combined company is one of the nation's largest commercial real estate services firms. ...
C&W looking to increase market share during slump.
Oct 01, 2008; ... Bruce Mosler, president and CEO of the real estate services firm Cushman & Wakefield, holds mostly optimistic expectations for the city's real estate market, which faces profound uncertainty after the stomach turning tumult in the financial sector over the past week and a half. ...
Liberty Title Agency, LLC.(WHO'S NEWS)
Oct 01, 2008 ... Liberty Title Agency, LLC is pleased to announce that the company has strengthened its highly skilled legal team with the addition of Edward L. Klonsky, Esq. Klonsky brings decades of expertise in the fields of real estate law and commercial litigation to his position as counsel of Liberty ...
Cushman & Wakefield.(WHO'S NEWS)
Oct 01, 2008 ... Cushman & Wakefield announced Joseph Vella, MAI, CRE, FRICS, has joined the firm's Valuation Services Group as managing director, Americas, to lead the firm's financial advisory services practice with a primary focus on growing the firm's Valuation for Financial Reporting (VFR) ...
Bio-Bright NY, LLC.(WHO'S NEWS)
Oct 01, 2008 ... Bio-Bright NY, LLC is pleased to announce the addition of Michael J. Anderson as an account executive. Joining the corporate sales team, Mr. Anderson will help Bio-Bright better serve clients as the company continues to rapidly expand its business. Mr. Anderson brings his experience in ...
Gramercy Capital Corp.(WHO'S NEWS)
Oct 01, 2008 ... Gramercy Capital Corp. announced that John Wheeler has joined its Gramercy Realty division as senior director, leasing and asset management. Mr. Wheeler brings to Gramercy Realty more than 20 years of commercial property leasing and asset management experience involving commercial ...
Sterling Services.(WHO'S NEWS)(appointment of Dan Fernandes )(Brief article)
Oct 01, 2008 ... Sterling Services announced that Dan Fernandes will join the organization as the firm's vice president of sales and operations. His responsibilities will include overseeing the operations of the newly structured company. Prior to joining the Sterling team, Fernandes served at Newmark ...
GFI Capital Resources Group, Inc.(WHO'S NEWS)(appointment of Jeffrey Granowitz)(Brief article)
Oct 01, 2008 ... GFI Capital Resources Group, Inc. has recruited Jeffrey Granowitz, a former principal with the Praedium Group, as a director of acquisitions. Throughout his career, Granowitz has closed more than 100 deals totaling more than $2 billion. Granowitz brings over 20 years of institutional ...
The New York Power Authority.(WHO'S NEWS)(appointment of Richard M. Kessel )(Brief article)
Oct 01, 2008 ... The New York Power Authority's (NYPA) board of trustees elected Richard M. Kessel to serve as president and chief executive officer. Mr. Kessel, an expert on New York energy issues, served as chief executive officer of the Long Island Power Authority (LIPA) from 1997 to 2006, and chairman ...
Investcorp.(WHO'S NEWS)(appointment of Christopher Hoeffel)(Brief article)
Oct 01, 2008 ... Investcorp announced that Christopher Hoeffel is to join its U.S. based real estate team as managing director with responsibility for its debt investment business. In his new role, Hoeffel will have responsibility for the expansion of Investcorp's debt platform including capital deployment ...
Inter Capital Resources.(WHO'S NEWS)(promotion of Yazmin Ortiz)(Brief article)
Oct 01, 2008 ... Inter Capital Resources is pleased to announce that Yazmin Ortiz has been promoted to senior analyst. Ortiz began her career at ICR six years ago while simultaneously attending Fordham University and subsequently earning her B.S. in accounting. She served as a junior underwriter where she ...
ABS Partners Real Estate, LLC has been appointed to exclusively market a loft building at 372 Broadway in Tribeca.(Agents)
Oct 01, 2008 ... ABS Partners Real Estate, LLC has been appointed to exclusively market a loft building at 372 Broadway in Tribeca. The 5-story, 18,750 s/f building will be delivered with full possession. Approximately 4,400 s/f of ...
NAI James E. Hanson has been assigned to handle leasing activity for an 1,147 s/f retail building at 154 Washington Avenue in Nutley, N.J.(Agents)
Oct 01, 2008 ... NAI James E. Hanson has been assigned to handle leasing activity for an 1,147 s/f retail building at 154 Washington Avenue in Nutley, N.J. Sales associate Michael Jamgotchian is representing ...
Besen & Associates been appointed the exclusive broker to market for sale three Bronx properties: 2000 Prospect Avenue (65 apartments), 1400 Jesup Avenue (50 apartments) and 1245-1255 Stratford Avenue (140 apartments) totaling 255 apartments and approximately 231,000 s/f.(Agents)
Oct 01, 2008 ... Besen & Associates has been appointed the exclusive broker to market for sale three Bronx properties: 2000 Prospect Avenue (65 apartments), 1400 Jesup Avenue (50 apartments) and 1245-1255 Stratford Avenue (140 apartments) totaling 255 apartments ...
David Schlamm, president of City Connections Realty announced the firm has been named as the exclusive leasing agent for 71 West 23rd Street.(Agents)
Oct 01, 2008 ... David Schlamm, president of City Connections Realty announced the firm has been named as the exclusive leasing agent for 71 West 23rd Street. Recognized as The Masonic Hall, the ...
George Niblock.(Agents)(Brief article)
Oct 01, 2008 ... George Niblock has been appointed exclusive agent of 427-433 Dean Street, Brooklyn. The two attached buildings feature 100 feet of frontage and contain 34 apartments. The four story walk-up ...
The team of Kathy Bass and Bill Bass has been appointed exclusive agents for 232 Putnam Avenue.(Agents)
Oct 01, 2008 ... The team of Kathy Bass and Bill Bass has been appointed exclusive agents for 232 Putnam Avenue. The vacant brownstone features three ...
Extreme Realty, LLC has arranged the sale of 182-186-188 State Street in Brooklyn Heights for $3,200,000.(Sales)
Oct 01, 2008 ... Extreme Realty, LLC has arranged the sale of 182-186-188 State Street in Brooklyn Heights for $3,200,000. The three building package consisted of two three-story walkup ...
High profile prosecutor at helm of family business: Peter Sudler, president and CEO, Sudler Management Corp.(PROFILE OF THE WEEK)
Oct 01, 2008; ... Founded by his grandfather and passed on to his father, it was inevitable that the torch of the family development business would be handed down to Peter Sudler, president and CEO of Sudler Management Corp.--but not before he busted some of New York's most notorious bad guys. ...
Around town: events seminars meetings talks.(Calendar)
Oct 01, 2008 ... IOREBA Cruise Oct. 1: The Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area will set sail from Lincoln Harbor in Weehawken aboard the "Festiva" for its annual dinner cruise event. Boarding will begin at 7 p.m., and the Festiva will cruise ...
Hypo Real Estate closes $130m loan for 681 Fifth Avenue.
Oct 01, 2008 ... Hypo Real Estate Capital Corporation (HRECC), a member of Hypo Real Estate Group, announced that it closed a $130 million loan for 681 Fifth Avenue. 681 Fifth Avenue is located between 53rd and 54th Streets in the Plaza District. Built in 1912 as a McKim, Mead, and White ...
Plaza tower recap.
Oct 01, 2008 ... Cushman & Wakefield Sonnenblick Goldman has arranged a joint venture between Paramount Group, Inc. and a corporate pension trust advised by JP Morgan Asset Management to recapitalize 31 West 52nd St., a 770,000 s/f trophy tower in the Plaza District. Clifford Chance, the world's ...
$42m Wal-Mart deal.
Oct 01, 2008 ... Andrew Stewart of David Cronheim Mortgage Corporation has arranged the sale of the Super Wal-Mart leased parcel at Republic Plaza, a 249,842 s/f shopping center in Farmingdale, NY. The purchase price was $42,857,142. The property is a 216,519 s/f Wal-Mart store that is within a ...
Marcus & Millichap Real Estate Investment Services has announced the sale of Kentucky Fried Chicken, a 2,952 s/f net leased restaurant fast food property located in Flemington, N.J.(New York)
Oct 01, 2008 ... Marcus & Millichap Real Estate Investment Services has announced the sale of Kentucky Fried Chicken, a 2,952 s/f net leased restaurant fast food property located in Flemington, N.J. The asset commanded a sales price of $1,075,000. Peter Nisbet, Aaron Hines and Steve Verp had the exclusive ...
Adams & Co. Real Estate recently brokered a 10-year, 8,901 s/f lease at 48 W. 37th St. to design communications company Taylor & Ives.(New York)
Oct 01, 2008 ... Adams & Co. Real Estate recently brokered a 10-year, 8,901 s/f lease at 48 W. 37th St. to design communications company Taylor & Ives. The company will use the new space as general and ...
Ralph Trionfo president of Upside Ventures announces that the firm has recently secured a 4,000 s/f lease at Greenpoint Lofts, Brooklyn's first commercial condominium development located at 231 Norman Avenue in Greenpoint Brooklyn.(New York)
Oct 01, 2008 ... Ralph Trionfo president of Upside Ventures announces that the firm has recently secured a 4,000 s/f lease at Greenpoint Lofts, Brooklyn's first commercial condominium development located at 231 Norman Avenue in Greenpoint Brooklyn. A local film & TV studio ...
ABS Partners Real Estate has brokered a 3,000 s/f lease at 363 7th Avenue for Venture Capital firm E-Line Ventures.(New York)
Oct 01, 2008 ... ABS Partners Real Estate has brokered a 3,000 s/f lease at 363 7th Avenue for Venture Capital firm E-Line Ventures. ABS broker Douglas Regal represented E-Line Ventures in the transaction. The firm will occupy ...
Plaza Executive Suites (PES), a provider of fully furnished offices for business executives and professionals announces an expansion in offices immediately available for short or long-term rentals.(Connecticut)
Oct 01, 2008 ... Plaza Executive Suites (PES), a provider of fully furnished offices for business executives and professionals announces an expansion in offices immediately available for short or long-term rentals ....
Data firm takes over at Reader's Digest.(LEASES)
Oct 01, 2008 ... A positive note in Westchester's commercial office space leasing market was struck this week with the announcement by the owner of Chappaqua Crossing that it has signed a 10-year lease with a leading international data center company for 35,000 s/f at its former Reader's Digest property. ...
Transit Triangle suits design firm.(LEASES)
Oct 01, 2008 ... Adams & Co. Real Estate recently brokered a 10-year, 8,901 s/f lease at 48 W. 37th St. design communications company Taylor & Ives. The company will use the new space as general and executive offices. David Levy, principal of Adams & Co., represented the landlord while Chris Mongeluzo of ...
Broker's two year space search ends.(LEASES)
Oct 01, 2008 ... David Schlamm, president of City Connections Realty, Inc. announced that agent Herb Goldberg has completed a 132,000 s/f commercial office lease transaction located at 333 Westchester Avenue in White Plains, New York. The search began two years ago, when Goldberg worked with ...
Major corporations see benefits of pre-builts.
Oct 01, 2008 ... Equifax has leased a pre-built suite on the 15th floor of 1359 Broadway, announces Brian Waterman, executive vice president and principal of Newmark Knight Frank, the building's managing and leasing agent. The firm will relocate from 475 Park Avenue South this month. ...
Tower 56 lease closed.
Oct 01, 2008 ... Andrew Simon, executive managing director at NAI Global's New York City once, represented Lafayette Enterprises, Inc. in the lease of office space in Tower 56. Simon represented Lafayette Enterprises, Inc., one of the last remaining original tenants in the ...
$20m rent for Carnegie garage.
Oct 01, 2008 ... [ILLUSTRATION OMITTED] Eastern Consolidated has arranged a 12-year lease valued at $20 million for the below ground bi-level parking garage within Carnegie Towers, a 172-unit, 38-story mixed-use luxury cooperative residence located on East 87th Street between Park and Lexington ...
JRT deals show strong demand from national tenants for Class A space.
Oct 01, 2008 ... Five leases negotiated by JRT Realty Group and its strategic alliance partner, Cushman & Wakefield, Inc., in Midtown Manhattan reflect continued strong Class-A office demand as the market heads into fourth quarter 2008. JRT Realty's Jodi Pulice, Greg Smith and James Clifford head the ...
Wine Cellarage expands in BankNote building.
Oct 01, 2008 ... The Wine Cellarage recently signed a seven-year, 5,843 s/f expansion lease with Denham Real Estate Services in The BankNote located at 890 Garrison Ave. The company, which moved into the landmarked building in 2005, will occupy a total of 22,343 s/f. "The BankNote ...
Finance client taps Carlton to sell off 74 bank branches.
Oct 01, 2008 ... Carlton Advisory Services, Inc., has been appointed exclusive sealed bid advisor on the sale of 74 outstanding bank branch and retail property assets on behalf of an institutional client. The geographically-diverse retail and former bank branch portfolio includes assets in 19 ...
High Line site for sale.(Brief article)
Oct 01, 2008 ... A High Line District loft building, offering commercial, retail and/or hotel uses situated at 530-542 West 27th Street, is on the market for sale through Eastern Consolidated at an asking price of $54 million. Eastern Consolidated's Brian Ezratty, vice chairman, with Scott ...
The 411 on managing units for the absentee owner.(INSIDER'S OUTLOOK)
Oct 01, 2008; ... It's the moment of truth after an investor buys an apartment in Manhattan: what do I do now? This question has been faced by an increasing number of foreigners and non-New Yorkers who purchased apartments in new condominiums as investments. While the rationale behind the ...
Owners shouldn't fear the process of changing managing agents.(INSIDER'S OUTLOOK)
Oct 01, 2008; ... Changing managing agents is one of the most difficult decisions the board of a condominium or co-op makes. One reason is the fear of the transition process. For some, it seems like changing jobs, moving to a new city and having a baby all at the same time. Rather than experience ...
Condo developer snags prime Chelsea site for $19m.
Oct 01, 2008 ... Anbau Enterprises, Inc., a prominent New York City-based developer recognized for environmentally-sensitive and architecturally-significant projects, announced the acquisition of a 55,000 s/f development site at 124 West 23rd Street for $19 million. Currently celebrating 10 ...
Besen marketing Bronx portfolio.(Besen and Associates Inc.)(Brief article)
Oct 01, 2008 ... Besen & Associates has been appointed the exclusive broker to market for sale three Bronx properties: 2000 Prospect Avenue (65 apartments), 1400 Jesup Avenue (50 apartments) and 1245-1255 Stratford Avenue (140 apartments) totaling 255 apartments and approximately 231,000 s/f. ...
Options open for ABS' Tribeca loft exclusive.(ABS Partners Real Estate, LLC )(Brief article)
Oct 01, 2008 ... ABS Partners Real Estate, LLC has been appointed to exclusively market a loft building at 372 Broadway in Tribeca. The building is located between White Street and Franklin Street and goes through the block to Cortland Alley. The 5-story, 18,750 s/f building has high ceilings ...
Meridian.(FINANCE)(Brief article)
Oct 01, 2008 ... Meridian is pleased to announce the following transactions: * A new mortgage was placed by Meridian for $6,750,000 on a 25,000 s/f garage in New York, N.Y. The property will benefit from a rate of 6.125%, with a five-year term. Josh Rhine handled this transaction. * A ...
GCP Capital Group LLC.(FINANCE)
Oct 01, 2008 ... GCP Capital Group LLC is pleased to announce the following transactions: * $3,675,000 for a six-story elevator apartment building containing 56 units, located on Carroll Place in the Bronx, N.Y. Adam Brostovski, principal of GCP Capital Group LLC, arranged the financing for this ...
JG Capital, LLC.(FINANCE)
Oct 01, 2008 ... JG Capital, LLC is pleased to announce the following transactions: * A new mortgage was place for $2,250,000 on three walk-up apartment buildings containing 21 apartments in the downtown Brooklyn area. The loan features a 7.5% rate and a two-year interest only term. The ...
HFF inks $55m deal for 240 W35th Street.(FINANCE)
Oct 01, 2008 ... The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced that it secured financing and joint venture equity totaling $55.2 million for 240 West 35th Street, an 18-story office building in Manhattan's Garment Center. HFF director Steven Klein and senior managing ...
Sovereign Wealth Funds to invest $725b by 2015.(FINANCE)
Oct 01, 2008 ... Sovereign Wealth Funds (SWFs) are expected to become one of the most significant investors in the world's commercial property markets, potentially investing as much as US$725 billion over the next seven years, according to a new global report from CB Richard Ellis Group, Inc. ...
NCB arranges $21m for New York co-ops and condos.(FINANCE)(Brief article)
Oct 01, 2008 ... NCB, a leading provider of financing to New York housing cooperatives, originated over $21 million in financing in August for 17 New York area properties. The financings included $16 million in mortgages and $5 million in lines of credit. Edward Howe III, managing director of ...
Report: loan origination requests on an even keel.(FINANCE)(Brief article)
Oct 01, 2008 ... The financial sky may be falling, but the number of senior housing/healthcare borrowers initiating loan origination requests with Cambridge Realty Capital Companies remained on an even keel in August, the company reports. Chairman Jeffrey A. Davis says the company reviewed 33 ...
CPC inks 3 permanent loans.(FINANCE)
Oct 01, 2008 ... The Community Preservation Corporation (CPC) has announced the closings on three permanent loans totaling $860,000 for three multi-family rental properties in Lake George, Albany and Troy. In the Village of Lake George, CPC provided $460,000 in financing for the acquisition of ...
Palisades running with the Bears.(FINANCE)
Oct 01, 2008 ... Palisades Financial, a leading commercial real estate direct lender and advisory firm, announced that its Palisades Regional Investment Fund II (PRIF II) earned an 8.3% return during the first six months of 2008. While many other investment vehicles, such as the five NAREIT ...
Critical data centers: what you need to know.(SECURITY & TECHNOLOGY)
Oct 01, 2008; ... These days, I hope that CEOs are getting as much of their news from the Weather Channel as they are from CNBC. Everyone is seeking to protect their financial assets, but physical assets deserve attention too. Only weeks ago, Hurricane Ike tore through Galveston, ...
Oil deliveries are a security issue.
Oct 01, 2008 ... Oil delivery "skimming" is another security issue that could be costing building owners thousands of dollars each year. As just one example, in July 2007, executives at two New York companies were arrested by the FBI for stealing $75 million in heating oil. U.S ....
Are your security officers prepared for the unexpected?
Oct 01, 2008; ... "Plans are nothing. Planning is everything"--Dwight D. Eisenhower Unfortunately, in life we never know when or where something is going to happen. So, as the old saying goes, we expect the best but prepare for the worst. In relation to building protection, security ...
Technology drivers for RE success.
Oct 01, 2008; ... In a booming real estate market, staying connected to crucial resources is the key to success. In a slow market, connectivity is more than important--it is vital to even being in the contest. Buyers and sellers alike want assurance that their agent is working constantly on their ...
On the web.(Website list)
Oct 01, 2008 ... <Pre> ON THE WEB: A & I Broadway Realty www.BroadwayRealty.com Academy for Continuing Education: www.RealEstateAcademy.com Adams & Company Real Estate: www.adamsre.com Alliance Building Servies: www.alliancebuildingservices.com Alpine Commercial Capital: ...