Real Estate Weekly back issues from November 2008:
100,000 s/f Times Square retail deal underway.
Nov 05, 2008; ... The clothing store chain Forever 21 is said to be close to an agreement with Vornado Realty Trust to occupy roughly 100,000 s/f in the retail base of 1540 Broadway for about $20 million a year in rent, sources say. Significantly larger than Forever 21's typical store, the space ...
Law firm lease returns 22 Cortlandt to heyday.
Nov 05, 2008; ... Shattered by Sept. 11--both literally and figuratively--22 Cortlandt Street is now fully leased for the first time since the World Trade Center attacks, thanks to the recent deal that inked two full floors for neighboring Cleary Gottlieb Steen & Hamilton. The international law ...
Mighty Brookfield tackling slump head on.
Nov 05, 2008; ... Brookfield Properties released its third quarter earnings last week and stressed that the real estate investment trust had weathered the problems in the economy so far and projected that its strong occupancy levels and credit facilities would remain intact. The company's chief ...
German bank is zeroing in on 7 World Trade Center.
Nov 05, 2008; ... Sources say that the German bank WestLB AG, is looking at floors in 7 World Trade Center, but not space in the building that is being offered for sublease by the Dutch Bank ABN AMRO. ABN AMRO leased 140,000 s/f on 7 World Trade Center's 30 through 33rd floors in late 2006 but ...
Frank Terzulli dead at 47.(Obituary)
Nov 05, 2008 ... The real estate community is mourning the sudden loss of a founding member of Winick Realty Group, Frank R. Terzulli, who died earlier this week. He was 47-years-old and leaves behind two young children. A 25-year industry veteran, Terzulli carved an impressive landlord and ...
Investment firm pressing ahead with 590 Madison build-out.
Nov 05, 2008; ... A person familiar with Bain Capital's deal for the top floor of the trophy tower 590 Madison Avenue, said that the investment firm was moving forward with its plan to build out and occupy the space. Some brokers had begun to wonder aloud what Bain would do with the space, which ...
Funds stare into a sublease black hole.
Nov 05, 2008; ... As rew-online.com pointed out in an article last week, once high-flying financial firms hurt by the current economic problems have begun turning pricey offices they leased during boom times back onto the market. The problems have played out in especially dramatic fashion at 1095 ...
Correction.(Correction notice)
Nov 05, 2008 ... Lilker Associates, a multidisciplined mechanical and electrical engineering firm headquartered in midtown Manhattan, is relocating its Long Island office from ...
Foreign investors starting to pull in the purse strings.
Nov 05, 2008; ... A saving grace of the 2008 real estate market, particularly in global gateways like New York, overseas capital is now anticipated to fizzle and fade heading into next year. As times grow tough throughout markets around the world, New Yorkers can no longer bank on the fat wallets ...
Newmark Knight Frank.(WHO'S NEWS)
Nov 05, 2008 ... Commercial real estate industry veteran Bill Fuller has joined Newmark Knight Frank as a principal in the global real estate services firm's San Francisco office. Over the course of his 20-year career in office landlord and tenant representation, Fuller has participated in negotiating ...
Studley.(WHO'S NEWS)(promotion of Evan Margolin and Key Otomo)
Nov 05, 2008 ... Studley has announced the promotion of two real estate advisors in its Midtown Manhattan office. Evan Margolin and Key Otomo, both formerly managing directors, have assumed the titles of corporate managing directors. * Since joining the firm in 2002 as an associate, Mr. Margolin ...
Helmsley Spear.(WHO'S NEWS)(appointment of Steven B. Cohen)(Brief article)
Nov 05, 2008 ... Kent M. Swig, president of Helmsley Spear, is pleased to announce that Steven B. Cohen, one of the real estate industry's top professionals, has joined Helmsley-Spear as senior vice president and principal. Mr. Cohen will focus on brokerage services as well as provide services to clients ...
Studley has announced the promotion of two professionals in its Midtown Manhattan office.(WHO'S NEWS)
Nov 05, 2008 ... Studley has announced the promotion of two professionals in its Midtown Manhattan office. Tatiana Tarassenko has been promoted from associate director to managing director and Daniel Turkewitz has been promoted from associate to assistant director. * Since joining the firm in ...
Simone Development Companies.(WHO'S NEWS)
Nov 05, 2008 ... Simone Development Companies has announced the appointment of Brian T. Sampson as vice president and General Counsel. Mr. Sampson joined Simone Development in 2007 as associate counsel for the company. Previously, he was a ...
Sherwood Equities.(WHO'S NEWS)(appointment of Christina Zappier )(Brief article)
Nov 05, 2008 ... Christina Zappier recently joined Sherwood Equities, Inc. as the property manager of 370 Lexington Avenue. In her role, Ms. Zappier will continue to govern the day-to-day operations and maintenance of the building by being in direct contact with the property's 100 tenants, as well as ...
Castle Oil Corporation.(WHO'S NEWS)(appointment of David Sehildwachter and Mark Schildwachter )(Brief article)
Nov 05, 2008 ... David Sehildwachter has joined Castle Oil Corporation as senior manger of the Service Department. Schildwachter has over 50 years of experience in the fuel oil industry. Prior to joining Castle, he was Corporate Secretary and a member of the board of directors of Fred M. Schildwachter and ...
Studley: William Colgan.(WHO'S NEWS)(appointment)(Brief article)
Nov 05, 2008 ... Studley has hired recent Harvard graduate William Colgan as an associate in its Northern New Jersey office. Mr. Colgan will serve as a strategic and financial analyst in the firm's New Jersey consulting department and will assist both in new business development as well as in servicing the ...
Tarter Krinsky & Drogin LLP is pleased to announce that counsel Joann T. Palumbo has been recognized for her work in estate planning and probate law in the 2008 New York Metro edition of Super Lawyers.(WHO'S NEWS)
Nov 05, 2008 ... Tarter Krinsky & Drogin LLP is pleased to announce that counsel Joann T. Palumbo has been recognized for her work in estate planning and probate law in the 2008 New York Metro edition of Super Lawyers. This is the third straight year that she has earned this distinction. Super Lawyers is a ...
Besen & Associates.(Agents)
Nov 05, 2008 ... Matthew Slonim and Amit Doshi at Besen & Associates have been appointed the exclusive brokers to market 7-9 East 32nd Street in Murray ...
NAI.(Agents)(NAI/James E. Hanson Inc.)(Brief article)
Nov 05, 2008 ... NAI James E. Hanson has been named as the exclusive sales agent for 3.2 acres of land at 102 Terrace Avenue in Rochelle Park, N.J. The multi-family development site will be delivered with full approvals to construct 57 units, the property is available ...
Marcus & Millichap Real Estate Investment Services.(Sales)
Nov 05, 2008 ... Marcus & Millichap Real Estate Investment Services is pleased to announce the following transactions: * The sale of a 5,575 s/f multi-family and retail property located in Paterson, N.J., according to Michael J. Fasano, Regional Manager of the firm's New Jersey office. The asset ...
Town Square Garden, a 42-unit, Class-A apartment complex located at 54 Mill St. in Newton, N.J., has sold for $3.675 million, announced Gebroe-Hammer Associates.(Sales)
Nov 05, 2008 ... Town Square Garden, a 42-unit, Class-A apartment complex located at 54 Mill St. in Newton, N.J., has sold for $3.675 million, announced Gebroe-Hammer Associates. Sales associates Stephen Tragash and Elliot ...
Mark Zurlini, principal, Palisades Financial LLC: for Zurlini, lending has changed--but not volume.(PROFILE OF THE WEEK)(Occupation overview)
Nov 05, 2008; ... Mark Zurlini, principal at Palisades Financial, has found that flying under the radar often has its perks. While some of the big guns have dried up, Zurlini who specializes in $2-50 million loans--is seeing considerable volume in a market of doom and gloom. [ILLUSTRATION ...
Around town: events seminars meetings talks.(Calendar)
Nov 05, 2008 ... REBNY Party. Nov. 5: The Residential Rental Fall Cocktail Party will be held from 6 to 9 p.m. at Opia Restaurant. For more information, visit www.rebny.com and move cursor over "Enter Website," then click the "Seminars/Luncheons" tab on the drop down menu. CIBS-LI ...
Federal Reserve battling at front of global economic crisis.
Nov 05, 2008; ... The Federal Reserve cut rates by half a point last week bringing the federal funds rate, the interest that banks charge one another for overnight loans, to 1%, its lowest level since 2004. After showing concern midway though the year for inflation, the Federal Open Market ...
Nation's growth takes another step backwards.
Nov 05, 2008; ... Economic growth dipped into negative territory in the third quarter according to data released by the Department of Commerce last week. Gross domestic product, the output of goods and services produced in the US, decreased at an annual rate of 0.3% during the three-month period ....
SL Green locks in 170,000 s/f of midtown Manhattan leases.
Nov 05, 2008 ... SL Green Realty Corp. announced four lease transactions totaling over 170,000 square feet at office properties in Midtown Manhattan. The new rents averaged 72% above previously escalated rents on a per-square-foot basis. Steven Durels, SL Green executive vice ...
Bank takes B'way space.
Nov 05, 2008 ... Sovereign Bank has leased 4,000 s/f of prime high-visibility retail space at 1350 Broadway (the Herald Square Building), in the center of Herald Square directly across from Macy's flagship store, announces Andrew Goldberg, executive vice president of CB Richard Ellis. "This is a ...
Resnick in business at 880 Third Ave.(Jack Resnick and Sons Inc.)(Brief article)
Nov 05, 2008 ... Owner Jack Resnick & Sons has announced an important lease signing at 880 Third Avenue, the 18-story office building located at the southwest corner of 53rd Street, which is currently undergoing a major renovation and capital improvement program. Bevmax Office Centers, providers ...
Burberry to put its name in lights at 444 Madison Ave.(Burberry Group PLC)
Nov 05, 2008 ... British luxury fashion house Burberry will change Manhattan's skyline when it moves its U.S. headquarters to 68,348 s/f at 444 Madison Avenue in mid 2009. The building will feature illuminated, building-top Burberry signage in three directions with the Burberry logo etched ...
Dutch sign Rock Plaza lease.
Nov 05, 2008 ... CB Richard Ellis announced arranged a 17,156 s/f lease at One Rockefeller Plaza on behalf of the Consulate General of the Kingdom of the Netherlands, which renewed its space on the 11th floor for 10 years. Tishman Speyer is the landlord. "The consulate's existing lease was set ...
Investors take Trump space.(B and B Investment Group)(Brief article)
Nov 05, 2008 ... Ilan Bracha and Haim Binstock, chairmen of B&B Investment Group, a luxury real estate development firm, announced that they have expanded their operations and moved into a 6,000 s/f office space located on the 19th floor of the prestigious Trump Tower, 725 Fifth Avenue. The ...
Church closes on Upper West Side garage purchase.
Nov 05, 2008 ... Colliers ABR, Inc. has closed the purchase of 40,000 s/f of space on the Upper West Side for Redeemer Presbyterian Church. The church plans to turn what is now a four-story parking garage into a community center and worship space with an auditorium which will accommodate up to ...
Storage firm to expand presence in Queens.
Nov 05, 2008 ... Cohen & Perfetto LLP, a Manhattan-based boutique real estate law firm, recently closed a $22.5 million 115,000 s/f purchase and development deal in Jamaica, Queens, N.Y., on behalf of Storage Deluxe, a major self-storage company. The transaction incorporates a $5.5 million ...
G site has potential.
Nov 05, 2008 ... Massey Knakal Realty Services has been retained to arrange the sale of 4802-4822 New Utrecht Avenue, the original G & Sons shopping center in Boro Park, Brooklyn. The asking price is $9,250,000. 4802-4822 New Utrecht Avenue is a sprawling site with commercial, residential and ...
Coldwell Banker Commercial.(New York)
Nov 05, 2008 ... Coldwell Banker Commercial is pleased to announce the following transactions: * Coldwell Banker Commercial Febbraio Group, a CBC affiliate, negotiated a 10-year, 4,000 s/f lease for Trek Bicycle at 1221 Post Road, which is part of a new 20,000 s/f retail development in downtown ...
JUD Capital.(New York)
Nov 05, 2008 ... JUD Capital is pleased to announce the following transactions: * A 2,500 s/f retail space at 86 Nassau Street was leased to a national travel agency for a term of 10 years. Charles Beyda, executive director of JUD Leasing Corp., represented the landlord; Gene Meer, of NAI ...
Leslie J. Garfield & Co. is pleased to announce a 10-year lease for 465 s/f space at 1650 Third Ave. to 1650 Third Avenue Liquors, Inc., marking the company's fifth Manhattan location.(New York)
Nov 05, 2008 ... Leslie J. Garfield & Co. is pleased to announce a 10-year lease for 465 s/f space at 1650 Third Ave. to 1650 Third Avenue Liquors, Inc., marking the company's fifth ...
Sovereign Bank has leased 4,000 s/f of prime high-visibility retail space at 1350 Broadway (the Herald Square Building), announced Andrew Goldberg, executive vice president of CB Richard Ellis.(New York)
Nov 05, 2008 ... Sovereign Bank has leased 4,000 s/f of prime high-visibility retail space at 1350 Broadway (the Herald Square Building), announced Andrew Goldberg, executive vice president of CB Richard Ellis. Mr. Goldberg represented the ...
Barry Fields.(New York)(Envy Beauty and Nails and LA Unica.com, Inc. have taken second and third floors on lease)(Brief article)
Nov 05, 2008 ... Envy Beauty & Nails, a 22-store retail chain, and LA Unica.com, Inc., an electronics sales and services store, took 1,700 s/f each on the entire second and third floors at 2853 3rd Avenue, in the Bronx, at ...
Franco Fellah, executive vice president of HK Group, finalized 4 leases in Westport and a sale in Norwalk totaling 8,076 s/f.(Connecticut)
Nov 05, 2008 ... Franco Fellah, executive vice president of HK Group, finalized 4 leases in Westport and a sale in Norwalk totaling 8,076 s/f. the deals included: * At 943 Post Road East, Westport, Windsong, Inc. leased 1,950 SF of office space. Fellah represented the owner; and Bruce ...
Kaufman tapped to lease 1407 Broadway.(LEASES)(Kaufman Organization )(Brief article)
Nov 05, 2008 ... The Kaufman Organization has been appointed as the exclusive leasing agent for 1407 Broadway, a 1.1 million square-foot building in the heart of the Fashion District. The building, which spans an entire city block, will be transformed by The Kaufman Organization into the ...
Developer welcomes brokers to 1040 6th Avenue.(LEASES)
Nov 05, 2008 ... Orin Wilf, president of Skyline Developers, recently welcomed commercial real estate brokers to a luncheon and tour of 1040 Avenue of the Americas, his latest prestige commercial project on Avenue of the Americas at West 39th Street. "The turnout for the event was incredible," ...
CBRE leads college social work school to East Harlem.
Nov 05, 2008 ... CB Richard Ellis announced that it represented the Hunter College School of Social Work in the institution's planned move from its present location at 129 East 79th Street to a new and larger building to be constructed at Third Avenue, between 118th to 119th Street, in East Harlem. ...
E57th retail condo for sale.
Nov 05, 2008 ... A 3,735 s/f retail condominium located at 207 East 57th Street, which is currently occupied by Urban Archaeology, is on the market for sale exclusively through Eastern Consolidated. Situated in the ground floor of Place 57, a new 36-story luxury residential development, Urban ...
Ceasar's hits the market.
Nov 05, 2008 ... CB Richard Ellis announced that it has been exclusively retained by Saltru Associates to sell the leasehold interest in Ceasar's Bay Shopping Center, a 294,075 s/f, 100% occupied, big-box shopping center located at 8973 Bay Parkway, in Brooklyn, New York. The Shopping Center ...
Meridian.(FINANCE)(Meridian Mortgage Corp.)(Brief article)
Nov 05, 2008 ... Meridian is pleased to announce the following transactions: * A new mortgage of $8,000,000 was placed by Meridian on a six-unit, five-story, mixed-use building on Madison Avenue in New York, N.Y. The loan featured a rate of 5.75% and a nine-year term. The transaction was ...
GCP Capital Group LLC.(FINANCE)
Nov 05, 2008 ... GCP Capital Group LLC is pleased to announce the following transactions: * $15,000,000 for a fully occupied commercial building comprised of 175,200 s/f, located in Jericho, N.Y. Matthew Classi, managing member of GCP Capital Group LLC, arranged the financing for this ...
Marcus & Millichap Capital Corporation (MMCC) has arranged a $1.8 million fixed-rate loan to refinance a 12,000 s/f office building at 1713 Eighth Ave. in the Park Slope neighborhood of Brooklyn.(FINANCE)
Nov 05, 2008 ... Marcus & Millichap Capital Corporation (MMCC) has arranged a $1.8 million fixed-rate loan to refinance a 12,000 s/f office building at 1713 Eighth Ave. in the Park Slope neighborhood of Brooklyn. Sean Mooney, the associate ...
Eastern Union.(FINANCE)(Eastern Union Funding)(Brief article)
Nov 05, 2008 ... Eastern Union is pleased to announce the following transactions: * A $2,380,000 first lien mortgage for the refinance of a 10,000 s/f commercial property in New York, N.Y. This transaction was arranged by David Betesh. The loan featured a rate of 6.25%, 5-year term, 30-year ...
NCB arranges $43m in financing.(FINANCE)(National Cooperative Bank )(Brief article)
Nov 05, 2008 ... NCB, a leading provider of financing to New York housing cooperatives, originated nearly $43 million in financing in September for 24 New York area properties. The financings included $32 million in mortgages and $11 million in lines of credit. Edward Howe III, managing director ...
Sterling National Bank bulks up mid-market team.(FINANCE)
Nov 05, 2008 ... Sterling National Bank, a subsidiary of Sterling Bancorp, is continuing to expand its Middle Market lending group with the addition of two senior bankers. Rick Zimmerman joins Sterling National Bank as first vice president and Long Island Business Development team leader and ...
Adler unveils new $100m investment fund with FL buy.(FINANCE)(Adler Group Inc. )(Brief article)
Nov 05, 2008 ... Adler Group, one of Florida's oldest and largest commercial real estate firms, announced today they have formed their first discretionary fund to have capital available for the purchase of income producing commercial properties. This $100 million fund, seeded by a major European ...
Money manager to depend on.(FINANCE)(Baron Financial Group, LLC )(Brief article)
Nov 05, 2008 ... Baron Financial Group, LLC has been selected by Goldline Research as one of The Most Dependable Wealth Managers of the Mid-Atlantic. "This distinction is an important validation for our firm as an objective advisor and the method that we consistently provide through our High ...
Tenant-in-Common champions announced in Las Vegas.(FINANCE)(Tenant-In-Common Association's award to Moody National Companies, H and R Block Financial Advisors and David Hartness of 1031 Exchange Strategies Inc.)(Brief article)
Nov 05, 2008 ... The Tenant-In-Common Association (TICA) awarded four members with its third annual A Champion of Excellence (ACE) Award at its annual conference held at The Wynn Las Vegas. The ACE Awards recognize members who exemplify the vision of TICA and its Code of Ethics. These four ...
Canada's healthy banking and resource sectors supporting nation's upbeat real estate market.(FINANCE)
Nov 05, 2008 ... There is something missing in Canada today: A banking crisis! anks in Canada have been ranked No. 1 by The World Economic Forum's Global Competiveness Report, and because of this the Canadian real estate market is well positioned for positive performance in the future when seller asking ...
JER expands European operations.(FINANCE)
Nov 05, 2008 ... JER Partners continues its accelerated growth plans, announcing the hiring of a team based in Prague, Czech Republic, to expand its operations in Europe. Well-known industry veterans, Karim Habra, Christopher Zeuner and Petr Kosar have agreed to join JER Partners to focus on ...
Report: investor appetite for CRE continues to grow.(FINANCE)
Nov 05, 2008 ... J.E. Robert Companies (JER) released the results of a recent survey conducted among US and European institutional investors looking at the current drivers for investment decisions. The majority of respondents are decision makers with leading pension funds, followed by executives ...
Cushman & Wakefield tapped to handle Interpark leasing.(NEW JERSEY)
Nov 05, 2008 ... [ILLUSTRATION OMITTED] Cushman & Wakefield, Inc. has been named exclusive leasing agent for InterPark Office Campus, northern New Jersey's newest Class A office development. This fall, owner Commercial Realty Group will complete the shell and core of the project's first building ...
Firm closes 138-unit sale.(NEW JERSEY)(Gebroe-Hammer Associates)
Nov 05, 2008 ... Multi-family housing has gained momentum as one of the most in-demand commercial real estate class investments in Monmouth County, according to Gebroe-Hammer Associates, the Livingston, N.J.-based firm specializing in multi-family brokerage services. The firm recently orchestrated two ...
Advance delivers more than 250,000 s/f for UPS.(NEW JERSEY)
Nov 05, 2008 ... Advance Realty announced that it has completed two deals with UPS, who agreed to purchase the 222,200 s/f 16E Chimney Rock Road building and signed a lease extension for 33,600 s/fat 11E Chimney Rock Road, both within the MiddleBrook Crossroads industrial park. As the world's ...
Cohen and Company completes sale of Carteret Plaza 12 shopping center.(NEW JERSEY)
Nov 05, 2008 ... Cohen and Company, Inc. Real Estate (CCIRE) is pleased to announce the sale of Plaza 12 Shopping Center, a neighborhood shopping center in Carteret, New Jersey, a short distance from Manhattan, New York. Plaza 12 is a strategically located shopping center directly off Exit 12 of ...
E-Lite takes 80,000 s/f off Exit 8A.(NEW JERSEY)
Nov 05, 2008 ... E-Lite U.S.A. Automotive, a distributor in the aftermarket lamps market, has leased 80,000 s/f of warehouse and distribution space from Adler Development at 1250 South River Road in Cranbury, New Jersey. Joshua Adler, a partner at Adler Development, negotiated the long-term lease. Jason ...
JLL reps tenant in Westfield buy.(NEW JERSEY)
Nov 05, 2008 ... Jones Lang LaSalle Incorporated announced that its New Jersey office represented Atlantic Container Lines in the purchase of 50 Cardinal Drive, a 41,281 s/f, Class A office building in Westfeld, N.J. Atlantic Container Lines purchased the site to use as its headquarters location. Opened in ...
New Retail Network hosts inaugural event.
Nov 05, 2008 ... The Retail Network, a newly established and not-for-profit networking group for retail real estate professionals in the New York metro area, held its premier event, a business-casual cocktail reception, at the Garden City Hotel last month. Co-founded in August 2008 by Stu Fagen ...