ECB stimulus could be a boon for New York real estate
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[12:00 pm, January 22, 2015 | No Comment | ]

By Konrad Putzier
The European Central Bank’s monetary stimulus program may be too late and too small to turn around Europe’s economy, but it could give real estate a boost.
“If the QE program is successful, the impact on property markets in general could be substantial as even more demand will now be diverted into the market,” David Hutchings, Head of EMEA Investment Strategy at Cushman & Wakefield, said in a press release.
ECB president Mario Draghi unveiled a bond-buying program (or quantitative easing) worth 60 billion Euros a month today (Thursday). The …

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Brokers Weekly »

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[9:00 am, January 23, 2015 | No Comment | ]

Douglas Elliman Real Estate announced that Glorianne Mattesi has joined the firm’s Westchester brokerage.
An award-winning multimillion-dollar real estate professional, Mattesi has consistently been ranked as one of Westchester’s top brokers over the course of her 20-plus year career in real estate.
She was ranked the number one agent by volume and number of transactions in New Rochelle for 2014 by Hudson Gateway Multiple Listing Service.
Mattesi possesses extensive knowledge of co-operatives, condominiums, single and multi-family homes, vacant land, new construction, and luxury homes.
She is a certified and preferred agent for two dominant …

Brokers Weekly »

[9:00 am, January 23, 2015 | No Comment | ]
Top brokers, developers reveal secrets of success

REBNY held its first Secrets of Top Brokers and Industry Leaders seminar of the year Tuesday night, titled “Busting Out All Over – New York City Developers Speak.”
The seminar featured guest speakers Yoav Miller of Artimus Developers, Scott Walsh of Forest City Ratner Companies, Daria Salusbury of Related Companies, Kathleen Gargan-Scott of Rockrose Development Corporation, and was moderated by Jonathan Miller of Miller Samuel Real Estate Appraisers & Consultants.
REBNY members filled the Mendik Education Center to hear the panel discuss a variety of topics, ranging from the state of housing …

Brokers Weekly »

[3:52 pm, January 22, 2015 | No Comment | ]

Brown Harris Stevens, the exclusive affiliate of Christie’s International Real Estate, announced that Wendy Richardson has joined their Park Avenue flagship office.
Richardson brings with her nearly 12 years of selling experience and understanding of what it takes to sell and acquire a home in a competitive and complicated market.
She has achieved many industry awards, most recently in 2014, when she was recognized by Corcoran Group Real Estate as a Gold Council member, which is an elite status reserved for the Firm’s top 40 agents.
Richardson is also constantly ranked in the …

Construction & Design »

[3:43 pm, January 22, 2015 | No Comment | ]
Pierson Advisory Group officially launches

 The Pierson Advisory Group (www.piersonadvisorygroup.com), founded by former Parsons Brinckerhoff President and CEO George J. Pierson, has launched effective today. The focus of the firm is to advise and assist senior executives in removing obstacles to success.
Pierson spent a career leading and advising organizations through difficult challenges. With a background in engineering, operations, law, business, and leadership, Pierson not only sees and focuses on the “big picture” but has the knowledge and experience needed to dive deep into the details of issues, which is often where their solutions lie.
As President …

Construction & Design »

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[3:20 pm, January 22, 2015 | No Comment | ]

New York City construction costs increased by nearly five percent in 2013 and escalated an additional 5 percent in 2014, according to a New York Building Congress analysis of multiple cost indices as well as interviews with representatives of some of the City’s largest construction firms.
By comparison, U.S. construction costs increased by approximately 2.5 percent in 2013 and topped three percent in 2014.
While the recent plunge in oil prices could lower the cost of petroleum-based products and delivery costs, the construction company representatives expressed concern that costs could rise further …

Retail »

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[1:10 pm, January 22, 2015 | No Comment | ]

RKF has arranged the $26 million sale of a 22,248 s/f retail property located at 3800 Northeast Miami Court in the city’s Design District.
RKF’s Benjamin Mandell, John Ellis and Marty Arrivo represented the buyer, L3 Capital LLC, while the seller Tirrenia Developments, LLC, was represented in-house. The sale officially closed on January 20 at a price per square foot of $1,169 for the building and $1,906 psf for the land.
Located at the corner of NE Miami Court, the newly-constructed, two-story property is situated across from the Design District’s designer parking …

Finance & Accounting »

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[1:05 pm, January 22, 2015 | No Comment | ]

Eastern Union started off the year right answering the demanded created in the form of the construction cranes dotting the New York City skyline.
The firm’s latest loan product services a proposed six-story, 57-unit multifamily building in Ocean Hill, illustrating New York City’s construction boom’s loud pronunciation in Brooklyn.
Estimated costs for the project, located at 75-83 Ralph Avenue, are in the $21 million neighborhood. Cushioning these costs was a loan designed by Eastern Union president Ira Zlotowitz and two of his leading senior managing directors, Meir Kessner and Shaya Sonnenschein.
The brokerage …

Deals & Dealmakers »

[7:00 am, January 22, 2015 | No Comment | ]

Kushner Companies and partner Extell Development Company, have closed on two phases of financing in conjunction with their purchase of Long Branch, New Jersey’s Pier Village.
Kushner and Extell acquired Pier Village for $180 million in a transaction that closed in two phases over the last quarter of 2014.
The first phase involved financing provided by Capital One, which provided bridge financing in November 2014.
Then, in mid-December, the bank also originated and closed a $97 million long-term fixed rate financing from Fannie Mae to take out the acquisition loan that …

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