Articles Archive for 6 July 2011
Deals & Dealmakers »
Multifamily transaction volume slowed in New York City in May 2011 compared to April 2011 and May 2010, according to the Multifamily Month in Review: New York City, released by Ariel Property Advisors. That said, significantly increased bidding activity on recent assignments suggests higher volume is just around the corner. In May 2011, there were 19 multifamily transactions in New York City consisting of 29 buildings with 1,078 units and totaling $144.263 million in gross consideration.
By Billy Procida
Got your attention? Yes, it’s true that America’s gangs hold the key to solving the budget deficit and curing many of our country’s other problems.But let’s focus on the deficit. It’s no secret that other than military spending and over-supporting foreign countries, the biggest drain on our country is all that comes with the despair and poverty in the inner cities. Downtrodden neighborhoods cost more to police and maintain than thriving neighborhoods, and they produce no tax revenue.
Construction & Design, Opinion »
By Gary Higbee
An article published as news in the June 1, 2011, issue of this paper shamelessly mislead readers about the materials used in reconstructing the World Trade Center. Entitled “One World Trade Center rising on ‘super concrete’” and written by Herbert Margrill, communications vice president for The Concrete Alliance, the lengthy, 2,700-word piece not only lacked the concise, factual tone of a news story, it abandoned reality by extolling “One World Trade Center…as the latest proof of concrete’s superiority,”
adding that concrete is the leading choice for building developers.
Deals & Dealmakers, Featured »
By Roland Li
Barcelona-based Renta Corporación has sold 12 Warren Street to Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) for $26.16 million, according to city records. A spokeswoman for Renta said the sale was part of an agreement for the company to refinance its long-term syndicated debt, which involves the sale of its assets. Officials at BBVA didn’t respond to comment by press time.
Construction & Design, Featured »
By Roland Li
The American Institute of Architects is launching a database of stalled building projects throughout the country, in an effort to revive development. “We are committing to developing this database not just with the fortunes of architects in mind,” said Clark Manus, president of the AIA, in a statement. “In large part, the fortunes of the entire U.S. economy rest on the jobs-creating potential of the design and construction industry, which accounts for $1 in $9 of U.S. Gross Domestic Product.”
Deals & Dealmakers »
By Daniel Geiger
Thiam Management, a financial firm involved in trading operations, has signed a deal for just under 6,000 s/f at 510 Madison Avenue. The firm is taking half of the building’s eighth floor, a space that had been cut into two pre-built office units. The other office, which is roughly the same size, was leased in recent months to a financial firm called Africa Global. Both the deals had rents in the $90s per s/f. Paul Amrich, an executive vice president at the real estate services company CB Richard Ellis who leads a team from the company that handles leasing at the property, said that more floors at the property will be carved into pre-built spaces.
Brokers Weekly »
Approximately 100 real estate professionals joined Prodigy Network, the exclusive sales and marketing organization for Trump Soho, for the exclusive broker preview of the property’s 11 newly unveiled penthouses which are priced from $2.5 million to $8.7 million.
By Peter Vanderpool
The multi-family segment of New York City’s commercial real estate market may have gotten a boost as a result of the recession. The number of renters seeking apartments is at its highest level in more than a decade as more families opt for apartment life rather than home ownership as a means of containing living costs. A recent article in the New York Times focused on the growing rental market due to the poor state of the economy.