Savanna betting on Long Island City
[7:00 am, August 27, 2014 | No Comment | ]

Fresh off a $335-million sale in Manhattan, Savanna is placing a big bet on Long Island City.

The firm acquired a controlling interest in the 51-story office tower One Court Square from an investor group led by David Werner for an undisclosed amount.

Werner and his partners, who had bought the property from SL Green for $500 million in 2011, will retain a share in the 1.5-million-s/f building.
One Court Square is the tallest tower in New York City outside of Manhattan.

For Savanna, which declined to comment for this article, the deal seems to indicate a growing focus on the outer boroughs. In January, the firm had bought a development site at 141 Willoughby Point in Downtown Brooklyn, also for an undisclosed amount.

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Deals & Dealmakers »

[12:30 pm, August 29, 2014 | No Comment | ]
Foreign investment in U.S. real estate widely  underreported

By Jason D. Meister, Avison Young
In 2013, foreign direct investment (FDI) in U.S. commercial real estate achieved record numbers and big headlines. Chinese companies alone were reported to have invested $14 billion in the U.S. last year, more than double their total in 2012.
However, despite the focus on foreign investment and the splashy headlines, the media have only managed to report on the tip of the iceberg – the actual amount of foreign capital pouring into U. S. real estate is vastly underreported. Data companies such as Real Capital Analytics …

REBNY Watch »

[3:42 pm, August 22, 2014 | No Comment | ]

By Steven Spinola
Mayor Bill de Blasio’s bold and aggressive new housing plan, “Housing New York: A Five-Borough, Ten-Year Plan,” calls for the creation and preservation of 200,000 units of housing, including 80,000 new affordable housing units.
As we work together with government to tackle the housing crisis, there are both reasons to be optimistic as well as steep challenges ahead.
The first challenge is to address the needs of our growing population.
As the Columbia University’s Center for Urban Real Estate’s Vishaan Chakrabarti and Jesse Keenan projected in their report last fall, “NYC …

Brokers Weekly »

[9:00 am, August 22, 2014 | No Comment | ]

By Dan Orlando
July proved to be another strong link in the chain for the Manhattan, Brooklyn, and Queens rental markets according to Douglas Elliman.
And there is an obvious catalyst for the markets strong price points and rising demand.
“There’s a supply issue,” said Luciane Serifovic, Elliman’s Director of Rentals. “That’s pushing rents higher than before.”
But the shrinking surplus of land in the boroughs is hardly a new development.
Serifovic believes that another factor is contributing to the healthy rental market as well, pointing to “improving economic conditions” as a main contributor.
Serifovic suggests …

Brokers Weekly »

[9:00 am, August 22, 2014 | No Comment | ]
Voda Bauer brokers get to WeWork

Voda Bauer Real Estate has been named WeWork’s official residential real estate partner, providing residential real estate services to all of its members across all WeWork locations.
Through the partnership, Voda Bauer will offer free consultations to the WeWork community members through weekly open office hours.
Additionally, WeWork will provide access to its locations for the Voda Bauer lecture series, which will be on value added topics for its members.
Voda Bauer has headquarters at WeWork’s Fulton Center on 222 Broadway. Founded in 2010, WeWork transforms buildings into collaborative workspaces and provides infrastructure, …

Brokers Weekly, Opinion »

[9:00 am, August 22, 2014 | No Comment | ]
High rent vacancy not a  ‘get out of jail free’ card

By Adam Bailey & Dov Treiman
Adam Leitman Bailey, P.C.
Throughout the residential housing industry, there is dangerous ignorance of the amendments promulgated this year, amending the Rent Stabilization Code.
All owners should be reading as much as possible about these amendments. Business is simply not the same as it was.
One of the massive changes is in the notice that an owner must give to a new tenant immediately after deregulating the premises for rent that has gone above the $2,500 threshold. Prior to 2014, the landlord had to furnish the new tenant …

Brokers Weekly »

[9:00 am, August 22, 2014 | No Comment | ]

● Samson Management
Sales set to launch at UWS conversion
Samson Management and Halstead Property Development Marketing (HPDM) announced the pre-sales launch of 498 West End Avenue, a luxury condominium conversion.
Continuing her long standing relationship with Samson Management, Louise Phillips Forbes will be the exclusive broker for the development.
In the heart of Manhattan’s Upper West Side between 83rd and 84th Streets, 498 West End Avenue will feature three- to five-bedroom residences designed by architecture and interior design firm CetraRuddy.
Earlier this summer, The Landmarks Preservation Commission approved a re-configured entrance, new cornices and …

Construction & Design »

[7:45 am, August 22, 2014 | No Comment | ]

“A dozen brokers have told me that this is the most forward-thinking office interior on Long Island,” said Frederic Strauss, Principal at TPG Architecture.
He is referring to a recently completed project in Melville: 44,000 s/f of workspace for the trade association the American Institute of Physics.
As scientists and administrative professionals, AIP at first glance does not seem like a risk-taking, pioneering group.
It is a trade organization whose membership is made up of physicists from all over the world, and in that central role AIP is also the publisher of 24 …

Construction & Design »

[7:35 am, August 22, 2014 | No Comment | ]

The Beverly Willis Architecture Foundation is looking for amazing women.
The organization received grants from the New York Building Foundation and the New York Council for the Humanities to identify 100 outstanding structures and built environments, either contemporary or historic, designed and/or constructed by women in New York City.
Nominees must have been directly responsible for leading the design (architecture, engineering, or landscape) or construction, of a structure or built environment.
Projects must be completed or have broken ground and located in New York City.
The jurors for BxW NYC include Deborah Berke, FAIA, …

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