Regions Northeast
$135M Financing Secured for 1MSF Yonkers Shopping Center
Oct 23, 2009
It's almost like the good old days of 2007 when loans over $100 million
for commercial real estate practically rained from the sky. Undeniably,
those times have not returned, but news that Brooks Shopping Center
L.L.C., owner of the 1 million square-foot Cross County Shopping Center
in Yonkers, N.Y., has gotten its hands on a $135 million first mortgage
to finance the property's redevelopment certainly brings back good
memories.
Economy Watch - Homebuyer Tax Credit Sees Some Cheating
Oct 23, 2009
In testimony reminiscent of dogs getting credit-card applications
approved back during the mid-2000s credit bubble, a Treasury Department
inspector told Congress that kids as young as four years old have been
able to receive $8,000 first-time homebuyer tax credits. “Some key
controls were missing to prevent an individual from erroneously or
fraudulently claiming the credit,” J. Russell George told the House
Ways and Means Committee’s oversight panel on Thursday.
Manhattan Retail Hit Hard in '09, But Turnaround on Tap
Oct 20, 2009
It's been a rough year for retail, even in tony Manhattan. The
crumbling of Wall Street in the fourth-quarter of 2008 spurred the
downward spiral of the market and the recession just added salt to the
wound, according to a third quarter report by Marcus & Millichap
Real Estate Investment Services.
The Graying of America: Age and Opportunity
Oct 16, 2009
The graying of America may arguably be one of the single most dramatic demographic megatrends shaping our landscape. Although the U.S. population growth for individuals age 55 and over during the past nine years hasn’t been impressive—from 21.06 percent to 24.17 percent—growth for individuals age 55-64 increased by 30 percent over the same period. Given that the oldest Boomers turned 63 this year, maybe it’s time investors consider the opportunities this megatrend offers.
Jersey City Trumps Manhattan, Landing Big Fish with DTCC's 415,000SF Office Lease
Oct 14, 2009
New York's loss is New Jersey's gain, as the Depository Trust &
Clearing Corporation reveals plans to relocate 1,600 members of its
2,300-member staff to 415,000 square feet of space at the Newport
Office Center in Jersey City. It's not a total defeat for New York,
however; DTCC will keep its headquarters and its remaining 700
employees in Lower Manhattan.
Economy Watch - Mortgage Reforms From Out West
Oct 14, 2009
California Gov. Arnold Schwarzenegger signed green legislation over the weekend, as covered by CPE
on Monday, but also nestled in the raft of bills that he signed were
major overhauls of the rules governing residential mortgages. The
thrust of the reforms was to help prevent some of the mortgage
origination abuses that were rampant in the mid-2000s, and which did
their part to inflate the housing bubble.
$330M HSBC Sale-Leaseback Makes Splash in Sluggish Market
Oct 06, 2009
With the commercial real estate market still hindered by a chilly
credit market and declining property values, sale-leaseback activity
has dwindled, but London-headquartered HSBC Holdings plc's HSBC Bank
USA N.A. still sees some advantages in such deals. The financial
services company has signed a $330 million cash sale-leaseback
agreement with a subsidiary of Israel-based IDB Group for its
865,000-square-foot New York City headquarters.
To Shore Up Balance Sheets, REITs Like Brandywine Look to Divest Non-Core Assets
Oct 06, 2009
With loans still hard to come by, Brandywine Realty Trust is shoring up
its balance sheet, reducing leverage and preparing for investment
opportunities with the disposition of non-core assets, including two
properties in Trenton, N.J. The REIT just completed the sale of the
office buildings at 33 W. State St. and 50 E. State St., totaling
474,000 square feet, to a private investment group.
CREW Keynote: Lingering Unemployment No Surprise; All Recoveries are Jobless
Oct 05, 2009
The economic crisis started with a credit crunch, has undergone the
containment stage with the government providing bailout packages and
stimulus money, and is now in the resolution stage, said Marci Rossell,
former chief economist for CNBC, who was a keynote speaker at the CREW
Network’s convention in Boston last week.
CREW Awards 20 Women Under 40
Oct 02, 2009
The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20th anniversary celebration. The awards, unveiled during the organization’s 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a “woman to watch” and likely to be an influential leader in the industry.
Manhattan Office Market Stabilizing
Oct 01, 2009
The Manhattan office market, which was hard hit by the recent economic
and financial upheaval, is showing some signs of getting back on track,
and is expected to become increasingly more stable and fundamentally
sound in the coming months.
NJ Office Owner Lands $25M Refi
Sep 25, 2009
The New Jersey office of Holliday Fenoglio Fowler L.P. has arranged a
$25 million refinancing for Glenpointe Centre West, a
333,600-square-foot, Class A office building in Teaneck, N.J.
Savills Adds Monahan to NYC Office
Sep 25, 2009
David Monahan has joined U.K-based international real estate advisor
Savills as a senior vice president in the firm’s New York City office.
Russian Equity Partner Comes Aboard on $4B Atlantic Yards Project
Sep 24, 2009
The $4 billion Atlantic Yards mixed-use development--the centerpiece of
which will be the Barclays Center sports and entertainment arena,
future home base of the NBA's Nets team--has new financial backing.
Developer Forest City Ratner Cos. Inc. and Nets Sports and
Entertainment have just signed a letter of intent to form a strategic
partnership with an affiliate of Moscow-based international private
investment fund Onexim Group for the development of the 22-acre
project. The multi-faceted deal calls for Onexim to invest $200 million.
RBJ Negotiates 343,000SF Boston-Area Warehouse Lease
Sep 24, 2009
Real estate advisory firm Richards Barry Joyce & Partners has
negotiated a nearly 343,000-square-foot industrial lease renewal and
expansion in Northborough, Mass., one of the Boston-area’s largest
deals of the year.
With Prices on the Decline, Behringer Harvard Makes $136M M-F Play
Sep 23, 2009
The gap between buyer and seller pricing expectations on commercial
real estate is closing, and with owners eager to sell properties to
escape debt maturities or just to pocket cash to address financial
demands, it has become a buyers market. Taking advantage of the
appealing prices, Behringer Harvard has just acquired two apartment
properties totaling 746 units in separate transactions valued at an
aggregate $136 million.
16-Story Manhattan Office Trades Off-Market
Sep 21, 2009
Daniel Findorak of Dumann Realty, a full-service real estate solutions
company, has completed a deal for 222 West 37th Street Realty Corp. in
the disposition of a 16-story, 50,000-square-foot office building
located at 222 West 37th Street in Manhattan.
Grubb & Ellis Adds 3 to Capital Markets Group
Sep 17, 2009
Grubb & Ellis Co. has appointed a trio of professionals to serve as
executive vice presidents in the firm’s capital markets division. The
newly-hired team includes Jon Epstein, Charles Kingsley and Yoav
Oelsner, all formerly with Cushman & Wakefield Inc.
Moving in on Distressed Hotel Market, $1.5B Fund Makes First Play
Aug 25, 2009
The 353-room Hanover Marriott in Whippany, N.J., has just become the
first purchase of HEI Hotels & Resorts' third investment fund, HEI
Hospitality Fund III L.P. The Norwalk, Conn.-based investment firm
acquired the property from Bethesda, Md.-headquartered Host Hotels
& Resorts for $27 million. Raised in 2008 with $515 million in
commitments, the discretionary fund has approximately $1.5 billion in
leveraged buying power and allows HEI to capitalize on the growing pool
of low-priced, distressed assets hitting the market.
$4.2B Semiconductor Facility in Upstate NY Likely to Spark New Opportunities
Jul 28, 2009
After three years of Silicon Valley-based GlobalFoundries and the State
of New York working together to lay the financial groundwork,
construction of GlobalFoundries' $4.2 billion semiconductor wafer
manufacturing facility at the new 1,400-acre Luther Forest Technology
Campus in Malta, N.Y., has just commenced. Officials expect the
GlobalFoundries development to create 1,400 new manufacturing jobs, and
they are keeping their fingers crossed that the 1.3-million-square-foot
Fab 2 will spur additional investment in the area.
Renovated Historic Building an Example of Condo Developers Thinking Outside the Box
Jul 24, 2009
In today's stalled condo market, many developers are looking for creative ways to attract buyers. To that end, Emanon Equities, a Long Island-based real estate development and construction firm, and Ramsgard Architectural Design have turned The Seitz Building, a collapsing historic building in Downtown Skaneateles, N.Y., into a luxury mixed-use condominium complex.
PA Office Lands $52M Refi
Jul 10, 2009
Capmark has originated $52.5 million for a partnership equity
recapitalization and refinance of an existing loan for a
345,000-square-foot office tower in Conshohocken, Pa.
Angling to Capitalize on Future Apartment Market Changes, Industry Vets Form New Firm
Jun 24, 2009
The apartment market held up relatively well during the early stages of the economy's descent--but even it is now in decline. And while many investors are shying away, industry veterans Jim Butz and Greg Lamb are jumping in with both feet. The two former principals of leading multi-family developer JPI East have teamed with office and mixed-use developer Akridge to launch Jefferson Apartment Group with the intention of acquiring--and eventually--developing apartment properties in the Mid-Atlantic and Northeast regions.
NBA Renewal Marks Big Win for Midtown Manhattan
Jun 22, 2009
Multiple landlords attempted to lure NBA Properties to other locations
in Manhattan and across the Hudson River but Olympic Tower Associates’ signed NBA Properties Inc. to a 10-year, 153,000-square-foot renewal at 645 Fifth Avenue.
While Other Projects Languish, $500M Suburban Boston Film Studio Takes Next Step
Jun 18, 2009
The frozen credit market and shattered economy have caused the interruption or outright cancellation of development project after development project across the country, but such is not the case for an unlikely 1.8 million-square-foot mixed-use endeavor in Plymouth, Mass., about 40 miles south of Boston. Having just secured the Plymouth Planning Board's approval of a master site plan, developers of Plymouth Rock Studios can now proceed with on- and off-site activities for the fully funded, $500 million film and television studio compound.
New Owner of Atlantic City's Tropicana Somewhat of a Surprise
Jun 16, 2009
Tropicana Atlantic City Casino & Resort is set to come under new ownership, just over one year after owner Tropicana Entertainment L.L.C. filed for Chapter 11 protection. But it's not a big-name gaming company that will take over the property's reigns. The United States Bankruptcy Court in Camden, N.J., has green-lighted a "stalking horse" asset purchase agreement calling for pre-petition lenders--a group that includes billionaire investor Carl Icahn's Icahn Capital--to take hold of the asset in return for forgiving $200 million of debt owed by Tropicana.
Despite Office Market Slump, 1M-SF Connecticut Campus Trades in $72M Deal
Jun 09, 2009
It's an office trade of such a size that has not been seen in
Connecticut, no less challenged by job losses and economic malaise than
most other markets, in quite a while. Matrix Connecticut L.L.C. has
just taken over ownership of the 1 million-square-foot Danbury
Corporate Center in Danbury, Conn., from GERA Danbury L.L.C. in a $72.4
million merger transaction. The deal is a coup for Connecticut, as well
as its neighbors, as it marks the largest multi-tenant office
transaction in the suburban New York Tri-State area so far this year.
KABR Fund Takes 235,000-SF New Jersey Office
Jun 03, 2009
Newly-formed value-added real estate fund KABR Real Estate Investment Partners L.L.C. has purchased a 235,000-square-foot office building at 85 Challenger Road in Ridgefield Park, N.J., from AIG.
Manhattan Sales Reach 25-Year Low: Report
May 29, 2009
After a rough 2008, Manhattan's property investment market has
continued to take it on the chin thus far in 2009. Real estate sales in
Manhattan reached a 25-year low in 2009's first quarter, according to a
new report by Massey Knakal Realty Services.
Manhattan Sales Reach 25-Year Low: Report
May 29, 2009
After a rough 2008, Manhattan's property investment market has continued to take it on the chin thus far in 2009. Real estate sales in Manhattan reached a 25-year low in 2009's first quarter, according to a new report by Massey Knakal Realty Services.
New CRE Website Combines 3D Mapping, Property Data for NYC, NJ
May 14, 2009
Taking real estate expertise and combining it with technology has given birth to REonomy.com, a real estate information Web site designed to serve a range of professionals, from investors to brokers, by providing integrated parcel data, MLS and comprehensive property research tools in one location.
Boston-Area Biotech Firms Seek Cheaper Space in Suburbs
Apr 27, 2009
Drug maker Alkermes Inc. last week became the latest in what has become a growing line of biotech firms leaving Cambridge, Mass., in search of less expensive office and laboratory space in the suburbs. The company plans to relocate to a 100,000-square-foot facility in Waltham early next year, a move that Alkermes says will eventually save some $750,000 a year.
Boston
CREW Keynote: Lingering Unemployment No Surprise; All Recoveries are Jobless
Oct 05, 2009
The economic crisis started with a credit crunch, has undergone the
containment stage with the government providing bailout packages and
stimulus money, and is now in the resolution stage, said Marci Rossell,
former chief economist for CNBC, who was a keynote speaker at the CREW
Network’s convention in Boston last week.
CREW Awards 20 Women Under 40
Oct 02, 2009
The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20th anniversary celebration. The awards, unveiled during the organization’s 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a “woman to watch” and likely to be an influential leader in the industry.
RBJ Negotiates 343,000SF Boston-Area Warehouse Lease
Sep 24, 2009
Real estate advisory firm Richards Barry Joyce & Partners has
negotiated a nearly 343,000-square-foot industrial lease renewal and
expansion in Northborough, Mass., one of the Boston-area’s largest
deals of the year.
CB Richard Ellis Realty Trust Buys Best Buy Warehouse
Aug 07, 2009
CB Richard Ellis Realty Trust acquired a new 238,370-square-foot state-of-the-art suburban Boston warehouse/distribution building built to suit for Best Buy Stores, which is occupying it on a long-term lease. Located at 140 Depot St. in Bellingham, Mass., the center is expandable and features pre-cast concrete construction, cross-docking, a 36-foot clear height, ESFR sprinklers and excess trailer parking. It will be used primarily as a regional distribution center for home delivery of large items, along with some service/repair and dispatching and scheduling work.
Boston Office Lands $25M in Financing
Jul 21, 2009
The Boston office of Holliday Fenoglio Fowler L.P has secured $25
million in financing for 101 Merrimac Street, a 10-story,
159,000-square-foot Class A office building in Boston.
Research Facility in Boston's Healthy Life Science Market Attracts $350M Loan
Jul 01, 2009
Flying in the face of the frosty credit market, BioMed Realty Trust
Inc. has just gotten its hands on a $350 million loan secured by its
successful new 700,000-square-foot Center for Life Science | Boston.
John Hancock Life Insurance Co., TIAA-CREF, and Westdeutsche
ImmobilienBank AG stepped up to the plate to provide the financing.
While Other Projects Languish, $500M Suburban Boston Film Studio Takes Next Step
Jun 18, 2009
The frozen credit market and shattered economy have caused the interruption or outright cancellation of development project after development project across the country, but such is not the case for an unlikely 1.8 million-square-foot mixed-use endeavor in Plymouth, Mass., about 40 miles south of Boston. Having just secured the Plymouth Planning Board's approval of a master site plan, developers of Plymouth Rock Studios can now proceed with on- and off-site activities for the fully funded, $500 million film and television studio compound.
Boston-Area Biotech Firms Seek Cheaper Space in Suburbs
Apr 27, 2009
Drug maker Alkermes Inc. last week became the latest in what has become a growing line of biotech firms leaving Cambridge, Mass., in search of less expensive office and laboratory space in the suburbs. The company plans to relocate to a 100,000-square-foot facility in Waltham early next year, a move that Alkermes says will eventually save some $750,000 a year.
New Jersey
Jersey City Trumps Manhattan, Landing Big Fish with DTCC's 415,000SF Office Lease
Oct 14, 2009
New York's loss is New Jersey's gain, as the Depository Trust &
Clearing Corporation reveals plans to relocate 1,600 members of its
2,300-member staff to 415,000 square feet of space at the Newport
Office Center in Jersey City. It's not a total defeat for New York,
however; DTCC will keep its headquarters and its remaining 700
employees in Lower Manhattan.
To Shore Up Balance Sheets, REITs Like Brandywine Look to Divest Non-Core Assets
Oct 06, 2009
With loans still hard to come by, Brandywine Realty Trust is shoring up
its balance sheet, reducing leverage and preparing for investment
opportunities with the disposition of non-core assets, including two
properties in Trenton, N.J. The REIT just completed the sale of the
office buildings at 33 W. State St. and 50 E. State St., totaling
474,000 square feet, to a private investment group.
NJ Office Owner Lands $25M Refi
Sep 25, 2009
The New Jersey office of Holliday Fenoglio Fowler L.P. has arranged a
$25 million refinancing for Glenpointe Centre West, a
333,600-square-foot, Class A office building in Teaneck, N.J.
With Prices on the Decline, Behringer Harvard Makes $136M M-F Play
Sep 23, 2009
The gap between buyer and seller pricing expectations on commercial
real estate is closing, and with owners eager to sell properties to
escape debt maturities or just to pocket cash to address financial
demands, it has become a buyers market. Taking advantage of the
appealing prices, Behringer Harvard has just acquired two apartment
properties totaling 746 units in separate transactions valued at an
aggregate $136 million.
New Owner of Atlantic City's Tropicana Somewhat of a Surprise
Jun 16, 2009
Tropicana Atlantic City Casino & Resort is set to come under new ownership, just over one year after owner Tropicana Entertainment L.L.C. filed for Chapter 11 protection. But it's not a big-name gaming company that will take over the property's reigns. The United States Bankruptcy Court in Camden, N.J., has green-lighted a "stalking horse" asset purchase agreement calling for pre-petition lenders--a group that includes billionaire investor Carl Icahn's Icahn Capital--to take hold of the asset in return for forgiving $200 million of debt owed by Tropicana.
New Owner of Atlantic City's Tropicana Somewhat of a Surprise
Jun 16, 2009
Tropicana Atlantic City Casino & Resort is set to come under new ownership, just over one year after owner Tropicana Entertainment L.L.C. filed for Chapter 11 protection. But it's not a big-name gaming company that will take over the property's reigns. The United States Bankruptcy Court in Camden, N.J., has green-lighted a "stalking horse" asset purchase agreement calling for pre-petition lenders--a group that includes billionaire investor Carl Icahn's Icahn Capital--to take hold of the asset in return for forgiving $200 million of debt owed by Tropicana.
KABR Fund Takes 235,000-SF New Jersey Office
Jun 03, 2009
Newly-formed value-added real estate fund KABR Real Estate Investment Partners L.L.C. has purchased a 235,000-square-foot office building at 85 Challenger Road in Ridgefield Park, N.J., from AIG.
New York
$135M Financing Secured for 1MSF Yonkers Shopping Center
Oct 23, 2009
It's almost like the good old days of 2007 when loans over $100 million
for commercial real estate practically rained from the sky. Undeniably,
those times have not returned, but news that Brooks Shopping Center
L.L.C., owner of the 1 million square-foot Cross County Shopping Center
in Yonkers, N.Y., has gotten its hands on a $135 million first mortgage
to finance the property's redevelopment certainly brings back good
memories.
Economy Watch - Homebuyer Tax Credit Sees Some Cheating
Oct 23, 2009
In testimony reminiscent of dogs getting credit-card applications
approved back during the mid-2000s credit bubble, a Treasury Department
inspector told Congress that kids as young as four years old have been
able to receive $8,000 first-time homebuyer tax credits. “Some key
controls were missing to prevent an individual from erroneously or
fraudulently claiming the credit,” J. Russell George told the House
Ways and Means Committee’s oversight panel on Thursday.
Manhattan Retail Hit Hard in '09, But Turnaround on Tap
Oct 20, 2009
It's been a rough year for retail, even in tony Manhattan. The
crumbling of Wall Street in the fourth-quarter of 2008 spurred the
downward spiral of the market and the recession just added salt to the
wound, according to a third quarter report by Marcus & Millichap
Real Estate Investment Services.
Economy Watch - Mortgage Reforms From Out West
Oct 14, 2009
California Gov. Arnold Schwarzenegger signed green legislation over the weekend, as covered by CPE
on Monday, but also nestled in the raft of bills that he signed were
major overhauls of the rules governing residential mortgages. The
thrust of the reforms was to help prevent some of the mortgage
origination abuses that were rampant in the mid-2000s, and which did
their part to inflate the housing bubble.
$330M HSBC Sale-Leaseback Makes Splash in Sluggish Market
Oct 06, 2009
With the commercial real estate market still hindered by a chilly
credit market and declining property values, sale-leaseback activity
has dwindled, but London-headquartered HSBC Holdings plc's HSBC Bank
USA N.A. still sees some advantages in such deals. The financial
services company has signed a $330 million cash sale-leaseback
agreement with a subsidiary of Israel-based IDB Group for its
865,000-square-foot New York City headquarters.
Manhattan Office Market Stabilizing
Oct 01, 2009
The Manhattan office market, which was hard hit by the recent economic
and financial upheaval, is showing some signs of getting back on track,
and is expected to become increasingly more stable and fundamentally
sound in the coming months.
Savills Adds Monahan to NYC Office
Sep 25, 2009
David Monahan has joined U.K-based international real estate advisor
Savills as a senior vice president in the firm’s New York City office.
Russian Equity Partner Comes Aboard on $4B Atlantic Yards Project
Sep 24, 2009
The $4 billion Atlantic Yards mixed-use development--the centerpiece of
which will be the Barclays Center sports and entertainment arena,
future home base of the NBA's Nets team--has new financial backing.
Developer Forest City Ratner Cos. Inc. and Nets Sports and
Entertainment have just signed a letter of intent to form a strategic
partnership with an affiliate of Moscow-based international private
investment fund Onexim Group for the development of the 22-acre
project. The multi-faceted deal calls for Onexim to invest $200 million.
16-Story Manhattan Office Trades Off-Market
Sep 21, 2009
Daniel Findorak of Dumann Realty, a full-service real estate solutions
company, has completed a deal for 222 West 37th Street Realty Corp. in
the disposition of a 16-story, 50,000-square-foot office building
located at 222 West 37th Street in Manhattan.
Grubb & Ellis Adds 3 to Capital Markets Group
Sep 17, 2009
Grubb & Ellis Co. has appointed a trio of professionals to serve as
executive vice presidents in the firm’s capital markets division. The
newly-hired team includes Jon Epstein, Charles Kingsley and Yoav
Oelsner, all formerly with Cushman & Wakefield Inc.
Cushman Turns to New Financing Sources for $43M Manhattan Hotel Refi
Sep 16, 2009
The economic downturn continues to exert a tight grip on the hospitality
sector, squeezing fundamentals and greatly limiting financing options.
Cushman & Wakefield Sonnenblick Goldman's global hospitality group
worked through this harsh environment to score a $43 million
refinancing for a Manhattan hotel.
LePatner: Delays, Disputes, Mar WTC Rebuilding
Sep 11, 2009
Eight years after terrorists destroyed the World Trade Center,
construction is underway on replacing the destroyed Twin Towers. But
what has really been accomplished on the site? Not much, according to
New York City construction lawyer Barry LePatner.
W.P. Carey Closes $120M in Debt for NYT Building
Sep 10, 2009
Reportedly, the credit crunch is beginning to ease, but frozen credit
market or no, fully leased premier properties are still managing to
attract lenders now and again. W. P. Carey & Co. L.L.C. is among
the lucky few borrowers. The investment firm and its CPA(R):16 - Global
and CPA(R):17 - Global REIT affiliates have just secured $119.8 million
in debt financing for its $225 million sale-leaseback deal involving
the New York Times Building in March of
this year.
Crane rises on New York's International Gem Tower
Sep 01, 2009
Construction on the International Gem Tower (IGT), a 34-story building
designed as an exclusive property for the jewelry trade, got underway
in New York City's famed Diamond District over the weekend, according
to a press release from Extell Development Co.
With an Eye on US Distressed Market, JV Buys Half of NYC's 485 Lexington Ave
Aug 11, 2009
It is unclear if those highly anticipated, absolute rock-bottom prices
on commercial real estate in the U.S. are upon us yet, but for at least
one foreign investor, the time is just right to snag a piece of a
premier New York City office property. Mazal 485 L.L.C., a joint
venture involving Herzliya, Israel-based Optibase Ltd. and Gilmore USA
L.L.C., has committed to acquiring 49.5 percent of the
900,000-square-foot office tower at 485 Lexington Avenue in Midtown
Manhattan from a subsidiary of SL Green Realty Corp.
SL Green Lands $145M for Refinancing of NYC Office High-Rise
Aug 06, 2009
Flying in the face of the still chilly credit market, SL Green Realty
Corp. has managed to get its hands on a $145 million leasehold mortgage
for the refinancing of the 1.2-million-square-foot office tower at 420
Lexington Ave. in Midtown Manhattan.
Cadillac Fairview Buys 49% Interest in NY Macerich Center
Jul 31, 2009
Cadillac Fairview Corp. purchased a 49 percent interest in Macerich's Queens Center in the New York City borough of Queens for $150 million in net cash. The eighth joint venture between the two firms, the venture gives Canadian Cadillac Fairview, wholly owned by the Ontario Teachers' Pension Plan, entree to New York City. Queens Center is the top-performing asset in Macerich's portfolio: The 966,499-square-foot urban retail center, which at year-end 2008 was 97.5 percent occupied, was at that time producing annual mall sales of $876 per square foot. Macerich purchased it in 1995 and redeveloped and expanded it in 2004.
New Firm Banks on NYC Multi-Family Market
Jul 29, 2009
The current economic climate is certainly putting a drag on many in the
commercial property business. But Kevin Salmon is betting that now is a
time of opportunity. To that end, Salmon has launched Salmon and
Marshall Real Estate Investments, a new firm that will provide
investment sales and consultation services in Manhattan’s apartment and
condominium markets.
Manhattan Office Market Decline Slows
Jul 15, 2009
Manhattan leasing activity increased in June and the monthly vacancy
rate held steady for the first time since February 2008, which together
with some otherindicators and more may show some steadying of
commercial real estate, particularly in the office market, according to
a midyear report released by Cushman & Wakefield.
UN Moves Forward with Next Phase of $1B Renovation of NYC Headquarters
Jun 25, 2009
With the country well ensconced in a recession and debilitated by the
credit crunch, the clatter of construction equipment on the streets is
not an oft-heard sound--unless you are at the site of the United
Nations headquarters in New York City. In the face of a global economic
meltdown, the international organization has not missed a beat with its
$1 billion Capital Master Plan for the sweeping renovation of the 2.6
million-square-foot complex. And now that Skanska USA Building Inc. has
kicked off the next phase of the project, the comforting buzz of
building activity is not going to stop anytime soon.
NBA Renewal Marks Big Win for Midtown Manhattan
Jun 22, 2009
Multiple landlords attempted to lure NBA Properties to other locations
in Manhattan and across the Hudson River but Olympic Tower Associates’ signed NBA Properties Inc. to a 10-year, 153,000-square-foot renewal at 645 Fifth Avenue.
Manhattan Sales Reach 25-Year Low: Report
May 29, 2009
After a rough 2008, Manhattan's property investment market has continued to take it on the chin thus far in 2009. Real estate sales in Manhattan reached a 25-year low in 2009's first quarter, according to a new report by Massey Knakal Realty Services.
Is The Sky Falling On Commercial And Multi-Housing Property Developers?
Nov 26, 2008
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