Flatiron foot traffic outpacing Fifth Ave.
[11:04 am, July 23, 2014 | No Comment | ]

An ABS leasing team is marketing retail space in a Flatiron corridor that has outstripped Fifth Avenue as the hottest spot for foot traffic.

John Brod and Gregg Schenker, of ABS Real Estate, commissioned a pedestrian traffic study at 915 Broadway, where the duo is marketing an 8,000 s/f ground-floor flagship space.

“I think this is a condition in the marketplace that very few retailers and real estate professionals are aware of and makes for a unique opportunity for tenants and brokers to be ahead of the curve with this knowledge and take advantage of,” said Schenker.

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Deals & Dealmakers »

[3:16 pm, July 23, 2014 | No Comment | ]

Mack-Cali Realty Corporation (NYSE: CLI) today announced that United Water Management & Services, Inc., a sustainable water and wastewater management solutions provider, has signed a new 20-year, 116,360 s/f lease at Mack-Cali Centre VI, 461 From Road, in Paramus, New Jersey.
Located in the heart of Bergen County, Mack-Centre VI—a five-story, 253,554 s/f office building—is 86.5 percent leased. The class A property offers tenants an on-site cafeteria, roving security, and numerous nearby amenities.
United Water was recently awarded $5.5 million in tax credits from the New Jersey Economic Development Authority (NJEDA), through its Grow New Jersey Assistance Program, to …

Construction & Design, Deals & Dealmakers »

[12:45 pm, July 23, 2014 | No Comment | ]

Somerset Development just announced a new name for the iconic former Bell Labs complex in Holmdel, NJ.

The two-million-square-foot building — now named Bell Works — is currently undergoing a more than $100 million adaptive reuse redevelopment that will transform the facility into a mixed-use center.
A pedestrian promenade is being created within the building’s existing Atrium that will serve as the central gathering space, connecting tenants and visitors to dining, entertainment, and health and wellness services, along with renovated office space and educational facilities, a hotel and conference center.
The building’s Atrium …

Deals & Dealmakers »

[12:38 pm, July 23, 2014 | No Comment | ]

Aggressive incentives from the landmark New Jersey Economic Opportunity Act of 2013 (EO13) continue to stimulate office leasing and renewals in the state as companies target large blocks of space primarily in the suburbs, according to Avison Young’s second quarter 2014 New Jersey office market analysis.
“In a strengthening state economy and stabilizing office market, companies in New Jersey continue to take advantage of the unprecedented incentives offered under the latest legislation,” said Jeffrey Heller, Avison Young principal and managing director of the firm’s New Jersey office.
“Whereas activity in previous quarters …

Deals & Dealmakers »

[12:14 pm, July 23, 2014 | No Comment | ]

New York City multifamily building sales rose 15 percent and the dollar volume of those trades jumped 33 percent in May 2014 compared to May 2013, according to Ariel Property Advisors’ Multifamily Month in Review: New York City for May.

For the month, New York City saw 52 transactions comprised of 102 buildings totaling $645.876 million in gross consideration compared to May 2013, which saw 61 transactions comprised of 89 buildings totaling $484.966 million in gross consideration.
“May figures bolster our expectations that market reports covering the first half of 2014 will …

Opinion »

[12:09 pm, July 23, 2014 | No Comment | ]

By Harry Langer,
HJ Langer Real Estate
Consideration should be given to an emergency program to stimulate weak key sectors of the U.S. economy and correct bubbles in other sectors.
There should be an increase or reduction of the money supply and/or interest rates to each sector, and/or their various sub sectors to improve and grow the economy, create jobs and revenues, promote innovation, and minimize bubble risks.
This program would have a sunset provision.
Eligible Economic Sectors: all fields of high-technology; research and development; automation; productivity improvement; and innovation (advanced computing and communication systems …

Opinion »

[12:05 pm, July 23, 2014 | No Comment | ]

By George Calderaro, Board Member
Historic District Council
Manhattan Community Board 1
Re: “Preserving the past must be balanced with building for future,” that appeared in the July 16 issue of REW.
The Real Estate Board of New York’s (REBNY’s) long history of opposition to the New York City Landmarks Law and to LPC limits its capacity to offer a fair and objective analysis of the local designation and regulatory processes affecting historic properties, including its relation to affordable housing.
The Citizens Emergency Committee to Preserve Preservation has commissioned a study to analyze the New …

Construction & Design, Deals & Dealmakers »

[11:59 am, July 23, 2014 | No Comment | ]

By Konrad Putzier
The owner of Grand Central Terminal threatened to sue over One Vanderbilt last week, putting a damper on an otherwise encouraging City Planning hearing on SL Green’s planned office tower.
As the Commercial Observer reported, Grand Central’s owner, Argent Ventures, sent two lawyers to the hearing to object to current plans that would rezone seven blocks on Vanderbilt Avenue between 42nd and 47th Streets to enable construction of the 1,350 s/f tower.
The attorneys claimed the city effectively seized Grand Central Terminal’s air rights by allowing SL Green to build …

Finance & Accounting »

[11:50 am, July 23, 2014 | No Comment | ]

Procida Funding’s 100 Mile Fund, real estate investment vehicle specializing in $2-$25 million positions, has announced the recent closings on three major deals totaling over $10 million.
The closings include a $3.8 million bridge construction loan to complete a seven-story hotel in the Bronx, NY, a $2.6 million bridge loan to renovate aPaterson, NJ, protfolio and a $3.725 million retail bridge loan.
The 100 Mile Fund lends on properties indigenous to the 100 mile radius of Procida’s New Jersey office, targets the niche sub-$25 million market and has been instrumental in allowing …

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