Lam Group eyes REIT to fund global growth
[7:00 am, October 29, 2014 | No Comment | ]

The Lam Group, a family-owned hotel developer long known for relying on its own equity, is contemplating a major shift in strategy.

Vice president Joseph Yi told Real Estate Weekly that the firm is considering the launch of a publicly traded REIT in an attempt to raise more money and compete in an increasingly global investment market.

“Ultimately we know we need to tap alternative sources of capital,” said Yi. “If public companies can tap public money to fund their growth, it’s only natural for us to look at that as well.”

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Construction & Design »

[9:00 am, October 30, 2014 | No Comment | ]
NYBC warns of funding gap in MTA plan

The MTA Board of Directors recently approved a $32 billion Capital Plan for 2015-2019 that the New York Building Congress says faces several hurdles before going forward.
The spending plan is allocated to three priority areas:
• $23.5 billion for core “system renewal.” This includes approximately $17 billion for the subway system and $6 billion for Long Island Rail Road and Metro-North Railroad;
• $3.1 billion to maintain and improve the MTA’s nine bridge and tunnel facilities; and
• $5.5 billion to continue major expansion projects, commencing Phase II of the Second Avenue Subway, …

Construction & Design »

[9:00 am, October 30, 2014 | No Comment | ]

New York-based LEED-accredited architecture firm Design AIDD Architecture, DPC, has been awarded the contract to design a six-story multi-family market rate rental project at 284 Wadsworth Avenue in Washington Heights, which will be known as HAP 4.1.
Developed by HAP Investments, the 10,000 s/f residence will have 10 one- and two-bedroom apartments, with such features as mini-split heating-and-cooling systems and in-unit washer/dryers.
The architects will use an ICF system for building construction. The efficient material is being used to not only save construction time, it is considered one of the world’s top …

Construction & Design »

[9:00 am, October 30, 2014 | No Comment | ]
New York Festival of Lights will showcase leading global artists

The New York Festival of Light (NYFOL)) comes to DUMBO, Brooklyn, for three consecutive nights November 6 through 8.
A curated collection of lighting installations from renowned artists designing in the medium of light from all over the world and from Brooklyn will be showcased during the festival.
New York City now joins the ranks of major cities such as Berlin, London, Lyon, Montreal and Sydney that have festivals of light. The festival is free and open to the public and all ages are welcome.
In partnership with the DUMBO Business Improvement District, …

Construction & Design »

[9:00 am, October 30, 2014 | No Comment | ]

Driven by an unprecedented surge in high-end residential construction, as well as by continued strength in the commercial and government sectors, New York City construction activity is brushing up against the heights experienced during the boom years of 2007 and 2008.
In its annual New York City Construction Outlook, the New York Building Congress – with support from the New York Building Foundation – forecasts $32.9 billion New York City construction spending in 2014, a 17 percent increase from 2013, when spending reached $28.2 billion.
Construction spending is expected to increase further …

Construction & Design »

[9:00 am, October 30, 2014 | No Comment | ]
Parking system gets test drive in Brooklyn

A new environmentally friendly automatic parking system is being given a test drive in downtown Brooklyn.
Parkmatic, specialists in mechanical and automated parking systems for more than 20 years, is introducing its Carousel Parking System to the US at Verti-Park, 169 Tillary Street, at the corner of Gold Street in Downtown Brooklyn.
The environmentally-efficient system utilizes a Ferris wheel-style car stacker capable of holding 30 vehicles in the space of six, with retrieval time spanning 15 seconds for the lowest vehicle, and up to two minutes for the highest. The carousel parker …

Deals & Dealmakers »

[5:37 am, October 30, 2014 | No Comment | ]
Classic Villard mansion clicks with new e-tailer

High-end menswear e-tailer Trunk Club will open its first store at The Villard Mansion on Madison Avenue on November 1.
CBRE Group, Inc. announced that it represented the New York Palace Hotel, operated by Northwood Hospitality, in the 26,190 s/f retail lease for the New York flagship store of Trunk Club, an online store bought by Nordstrom earlier this year.
CBRE Retail’s Michael Kadosh, first vice president, and Robert Bonicoro, represented Northwood Hospitality in the transaction, which will see Trunk Club move into the Villard Mansion’s entire ground-through-6th floor space. Matthew Seigel, …

Deals & Dealmakers, Photo Gallery »

[4:42 pm, October 29, 2014 | No Comment | ]

A launch party for the new Vicky Ward real estate book, The Liar’s Ball, held at the home of magazine editor Tina Brown, drew several prominent real estate executives. The book chronicles the history of the GM Building and its suitors, including Harry Macklowe and Donald Trump. Real Estate Weekly is giving away free copies of the book with new subscriptions to the industry’s oldest commercial real estate title.
Photos by Patrick McMullan

Deals & Dealmakers »

[12:39 pm, October 29, 2014 | No Comment | ]

JLL has completed five transactions, totaling 37,165 s/f, at 3 Columbus Circle, 1775 Broadway, on behalf of building ownership.
Versace USA Inc. signed for 21,342 s/f,  The Benvolio Group LLC took 5,789 s/f, Schireson Associates Inc. leased 3,886 s/fg , Lagoda Investment Management LP signed for 3,097 s/f and MFC Industrial Ltd. took 3,057 s/f at the the Class A, 747,416 s/f commercial office building.
The building owners were represented in all five transactions by Paul Glickman, Frank Doyle, Mitti Liebersohn, Alexander Chudnoff, Jonathan Fanuzzi, Diana Biasotti, and Benjamin Bass, all with …

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