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Articles Archive for June 2011

Brokers Weekly, Featured »

[30 Jun 2011 | 3 Comments | ]
Auctioneers making inroads in New York City

By Roland Li

In May, an auction was held at One Hanson Place, a condo conversion that was formerly the Williamsburg Savings Bank. After years on the market, most of the 179 units had been sold by the Corcoran Group and Stribling & Associates. The building’s sponsor, Canyon-Johnson, a California fund, was ready to move on. It was far from a distressed sale – the remaining six units were prime apartments, near the building’s clock tower crown. During the marketing phase, Canyon-Johnson committed to selling two units, regardless of price. As the response increased, they raised it to three, and finally four during the auction.

Brokers Weekly, Featured »

[29 Jun 2011 | 25 Comments | ]
Coveted National Arts Club apartments coming to rental market

By Linda O’Flanagan

Some of the most coveted apartments on Gramercy Park are about to come to the rental market for the first time ever. Dianne Bernhard, the new president of the beleaguered National Arts Club, said 10 vacant apartments in the historic property are being prepped for new tenants. And, if they play their cards right, the club could pocket $100 per s/f for the units — or around $80,000 a year.

Deals & Dealmakers »

[29 Jun 2011 | No Comment | ]
<em>Guardian</em> close to joining <em>Onion</em> at Thor Equities’ 536 Broadway

By Roland Li

The Guardian newspaper is close to signing a lease at Thor Equities’ 536 Broadway for its Guardian America website, according to sources. Sources said the British paper is seeking 8,000 to 9,000 s/f for the re-launch of the site, which shut down in 2009. Cynthia Wasserberger, managing director at Jones Lang LaSalle, is representing the Guardian, according to sources.

Deals & Dealmakers, Featured »

[28 Jun 2011 | 16 Comments | ]
Nomura signs 900K s/f deal at Worldwide Plaza

By Daniel Geiger

Nomura, the large Japanese financial company, has completed a deal to move its facilities from downtown’s World Financial Center to Worldwide Plaza in midtown, sources with knowledge of the transaction say. The firm will take about 900,000 s/f in the lease, absorbing roughly half of Worldwide Plaza’s 1.8 million s/f in what is one of the largest office relocations in Manhattan this year. The lease comes after months of rumors about the move, which included conflicting reports from real estate experts and even those with knowledge of the deal, whether Nomura would actually depart from lower Manhattan or remain in place.

Deals & Dealmakers »

[28 Jun 2011 | 6 Comments | ]
Durst Fetner buys midtown building for $8 million

By Roland Li

Durst Fetner Residential, the residential division of the Durst Organization, has purchased 110 West 31st Street for $8 million, according to city records. The seller was Walter Chin, president of Brooklyn-based 110 W. 31st St. Realty Corp. An official at the company declined to comment. The property is 7,896 s/f and four stories, according to PropertyShark.

Deals & Dealmakers, Featured »

[27 Jun 2011 | No Comment | ]
Axiom Law takes 20K s/f in Puck Building

By Daniel Geiger

Axiom Law, a law firm, is relocating from Spring Street into 20,000 s/f in the Puck Building, according to sources. The firm will be taking the bulk of the historic building’s seventh floor, which is about 30,000 s/f in total and up until recently was used as popular events space that has hosted numerous ceremonies and parties.

Construction & Design, Featured »

[27 Jun 2011 | One Comment | ]
“Overdue” earthquake has New York engineers on alert

By Liana Grey
Over a hundred years ago, a magnitude 5.1 earthquake struck where JFK stands today. The tremor lasted no more than several seconds, but it managed to liquefy soil in Queens and Brooklyn, causing beach houses on Coney Island to tilt and chimneys to crumble. Home owners as far away as Pennsylvania reported cracked walls and fallen bricks. New York may not sit on a fault line like, say, Japan or Christchurch, New Zealand, but every century or so, the city is at risk of a seismic disaster.

Brokers Weekly »

[27 Jun 2011 | 3 Comments | ]
Seven-story Tribeca building sold for $9 million, relisted for $18 million

By Roland Li

A seven-story residential building at 177 Franklin Street has been sold for $9 million, according to city records, and it is now on the market for $18 million. The current owner is 177 Franklin Street Developments LLC, controlled by Michael Kirchmann of Praxis Development and Global Design Strategies, a company with offices in London and New York.

Brokers Weekly, Featured »

[27 Jun 2011 | 4 Comments | ]
Landlords face rising costs as Rent Board prepares vote on increases

By Roland Li

As the city’s nine-member Rent Guidelines Board prepares to vote on new rent increases for rent-stabilized apartments on Monday evening, landlords are bracing for higher costs. The most recent reports from various city agencies indicate that taxes, fuel and other expenses are rising. A report in April from the Rent Board stated that citywide rent income from rent-regulated buildings increased by 1.4% in 2009. Meanwhile, operating costs increased by 0.1%, and net operating income increased by 5.8%.

Deals & Dealmakers, Featured »

[27 Jun 2011 | No Comment | ]
The street-smart chameleon: Aaron Jungreis of Rosewood

By Roland Li

Aaron Jungreis takes the long way home. After work, the investment sales broker scopes out the city, looking for potential buildings to sell and learning neighborhoods block-by-block. He spends most Sundays doing the same, canvassing owners and learning the details of each property he represents. “As a broker, you have to know your product,” he said. “I’m confident in my product.”

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