By Daniel Geiger
A team from the real estate services firm Newmark Knight Frank has arranged the sale of two more commercial condominiums at the downtown office building 40 Rector Street.
 
The Urban Justice Center, a non-profit group, and RVM, a litigation support company, each are in contract to purchase a floor in the roughly 600,000 s/f building.
Floors in the 19-story property are a little over 30,000 s/f apiece. Pricing on the deals wasn’t known by press time, but space in the building recently traded for between $250-$300 per s/f, meaning a …

Brookfield Office Properties Inc. has sold the Newport Tower office building in Jersey City, NJ to Multi-Employer Property Trust (MEPT) for $377.5 million.
It is the largest single office asset transaction in the history of New Jersey.

“This was the optimal time to monetize this mature asset, having achieved opportunistic returns for us and our fund partners,” said Dennis Friedrich, president and global chief investment officer of Brookfield Office Properties.

By Liana Grey
Two major makeovers could help create a “suburban Times Square” just off Route 3 in New Jersey. The state Sports and Exposition Authority has just given the green light to plans by Newmark Knight Frank chairman Jeff Gural to create a sleeker, more compact Meadowlands grandstand. And American Dream, the multicolored behemoth on the eastern edge of the Meadowlands Sports Complex formerly known as the Xanadu Mall and dubbed the “ugliest building in New Jersey” received final approval for a stylish transformation of its own.

Leonard Stern, French Ambassador to the US Francoise Delattre, and Commissioner Marjorie Tiven from the New York City Mayor’s office unveiled a rare exact replica of the original scale model of the Statue of Liberty outside 667 Madison Avenue.
The unveiling holds personal significance to the Stern family, as Leonard recalls his father Max telling him of his thought when he first entered New York Harbor, looking at Lady Liberty from the bow of the Hamburg American Line ship on which he emigrated: “Now I am going to be free to achieve as much as I am able.”

BHS SELECT leader Shlomi Reuveni has broken the bogey hovering over New York’s housing market, selling 75% of the Stahl Organization’s pricey Laureate in just six months.

As he gets set to tackle his next big project, Read57 in Tribeca, Reuveni reveals that there is no big secret to his success …

Billion-dollar Corcoran broker Sharon Baum took home The Henry Forster Award for lifetime achievement at the annual Real Estate Board of New York Residential Deal of the Year awards last night.

Norman Horowitz of Halstead Property was the top sales broker of what REBNY president Steve Spinola called a “challenging” year.