A suburban withdrawal
[10:34 am, October 15, 2014 | No Comment | ]

Stamford and Manhattan are only a few miles apart, but as far as commercial real estate goes, they might as well be on different continents.

A day before brokerage CBRE announced that Manhattan’s net office absorption in the third quarter exceeded one million s/f, news broke that the 527,424 s/f office building 400 Atlantic Street in Stamford would lose its three largest tenants by 2018.

These two examples are symptomatic of a larger rift. While New York City’s commercial real estate market is booming, Fairfield County, Long Island and Westchester are, at best, stagnating. In order to turn their fate around, suburban office centers will have to reinvent themselves on a scale not seen in decades.

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Brokers Weekly »

[2:34 pm, October 17, 2014 | No Comment | ]
Flatiron District getting 400 new apartments

By Holly Dutton
Over 400 new apartments are being built in the Flatiron District as developers eat into every piece of land available in the neighborhood.
Chinese developer Cheerland Investments could build as many as 106 apartments at 105 East 22nd Street, 106,000 s/f building it just bought for $128 million, according to brokers familiar with the property.
Along the street, at 455 East 22nd Street, developer Bruce Eichner is building a nearly 800 ft. tall luxury tower that will have 83 units.
And just west of that, at 7 West 21st Street, Friedland …

Brokers Weekly »

[2:30 pm, October 17, 2014 | No Comment | ]

● Lonicera Partners
Historic moment in Cobble Hill
Stribling Marketing Associates has announced the launch of sales at the eight-unit residential building located at 173 Amity Street in Cobble Hill, Brooklyn.
Developed by Lonicera Partners, the 1900-era four-story limestone building is less than a block from Court Street.
“173 Amity exemplifies the high demand for modern, yet historic residences in a superior Cobble Hill location,” said Demetrios P. Yatrakis of Lonicera Partners.
“We believe that prospective buyers are going to be very drawn to the culture and lifestyle of the neighborhood.”
Interior design is by PKSB …

Deals & Dealmakers »

[5:45 pm, October 16, 2014 | No Comment | ]

The Bluestone Group announced the hiring of Charlie Terrasi to lead ongoing operations and the company’s expanding bridge and structured financing platform.
Most recently a vice president at Dime Savings Bank of Williamsburg, Terrasi will serve as Bluestone Group’s chief operating officer.
Terrasi’s addition to the firm’s executive team is a part of a continued expansion of the Bluestone lending platform.
Terrasi is a distinguished banking and real estate professional with over 12 years of experience in commercial lending, construction financing, commercial and industrial loans, workouts, and the disposition of non performing loans.
Prior …

Deals & Dealmakers »

[5:39 pm, October 16, 2014 | No Comment | ]

Transwestern completed an 18,911 s/f office lease for PubMatic at 229 West 43rd Street, the former headquarters of The New York Times that’s now known as 229W43.
The New York Tenant Advisory Services team of Lindsay Ornstein, Kyle Williams and Aaron Kaufman represented the global digital media and advertising company in the transaction.
“New York City continues to benefit from a booming tech economy, and 229W43 has become a hub for media and technology companies,” said Ornstein.
“This fact, paired with the creative layout and unique building design attributes, made it an ideal …

Deals & Dealmakers »

[5:36 pm, October 16, 2014 | No Comment | ]
Peak Performance at 90 Fifth Ave.

RFR Realty LLC announced that Peak Performance has signed a 25,204 s/f lease at 90 Fifth Avenue.
The 90 Fifth Avenue location will be the gym’s flagship and will include office space as well.
“Peak Performance is a welcome addition to 90 Fifth Avenue, and its unique services add an additional amenity for tenants and the neighborhood as a whole,” said Oliver Katcher, who represented RFR in the lease in-house along with colleague AJ Camhi.
Recently renovated, upgraded and reintroduced to the market, 90 Fifth Avenue is a 140,000 s/f office building located …

Deals & Dealmakers »

[5:28 pm, October 16, 2014 | No Comment | ]

Global Distribution Group of CBS is moving its east coast/NY operations.
The CBS division has signed a 12-year lease for 32,598 s/f comprising the entire 30th floor at Worldwide Plaza, the 1.8 million square foot Class A office building that occupies the entire westerly blockfront of Eighth Avenue, between 49th and 50th Streets.
“We are delighted to welcome an iconic name in television to Worldwide Plaza,” said Peter S. Duncan, president and CEO of George Comfort & Sons, who heads the investment group, WWP Office, LLC.
WWP Office, LLC is a partnership comprised …

Deals & Dealmakers »

[5:08 pm, October 16, 2014 | No Comment | ]

Two Trees Management Company announced that Huge, a global digital design, technology and strategy firm, has signed a new lease expansion at the company’s New York headquarters, 45 Main Street in DUMBO, for a total of 80,000 s/f.
Huge was founded in 1999 with two people working out of an apartment on Water Street.
Since moving into 45 Main Street in 2006, the company has grown from 2,500s/f to a total of 80,000 s/f in the building. With over 850 employees globally and more than 500 in Brooklyn alone, Huge has expanded …

Deals & Dealmakers »

[4:45 pm, October 16, 2014 | No Comment | ]
ON THE SCENE: Massey Knakal, Angelic Real Estate, TerraCRG

AGENTS
Kalmon Dolgin Affiliates (KDA) has been named the exclusive sales agent for 4605 Surf Avenue, a 13,945 s/f property in the Brooklyn, NY shore side neighborhood of Sea Gate. Nathan Friedman of KDA is the broker handling the exclusive listing. The property is ideal for use as a hotel, rooming house or school. It offers an 80-person dining room, large living room, commercial kitchen, and 14 full bedrooms and bathrooms. A large yard with ocean views, and a full sprinkler system, as well as recent upgrades are among the building’s …

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