Articles Archive for March 2012
Deals & Dealmakers, Featured, Headline »
By Al Barbarino
A group of 700 city dock workers voted today to stick with the New York City District Council of Carpenters instead of joining Amalgamated Carpenters and Joiners Union, a competing union with alleged mob ties.
“Today, New York City Dock Builders have made a clear choice to remain affiliated with the New York City and Vicinity District Council Carpenters,” said District Council leader Michael Bilello, in a statement released just after the votes were tallied. “We had faith in their prudence that was in the best interest of themselves and their families.
Deals & Dealmakers »
Having arranged a 7,431 s/f, top-floor lease with Pearson Education, Colliers International successfully completed its leasing assignment for the repositioning of 325 Hudson Street, bringing the office and telecom portions of the recently modernized 325 Hudson Street to 100 percent office occupancy.
“We are extremely gratified to reach this milestone. Very few office buildings in any part of Manhattan ever reach full occupancy,” said Richard M. Warshauer, senior managing director in the New York office of Colliers International, who leads the leasing efforts on behalf of the ownership group consisting of …
The City Council is expected to pass the Prevailing Wage Bill (Intro. No. 18-A) this week.
The bill would require the payment of those wages/benefits stipulated by the City Comptroller to building service workers in certain buildings where the City leases space or in developments that receive discretionary financial assistance.
Prevailing wage is the amount of salary and benefits determined on an annual basis by the New York City Comptroller. Currently, the amount specified is part of the 32BJ contract.
Mayor Michael Bloomberg is expected to veto this bill and the City Council is likely to over-ride his veto.
Deals & Dealmakers, Featured »
After IRSA Investment and Representations, Argentina’s largest landlord, bought the Lipstick Building on 53rd and 3rd , it set about rehabilitating its smudged image.
Famous for its distinctive red color, stacked oval silhouette, and notorious criminal tenant, Bernie Madoff, the building has been given a make-over and is now nearly 90 percent occupied.
And IRSA is checking out its next New York purchase ….
Brokers Weekly, Opinion »
By David M. Skaller
Belkin, Burden, Wenig & Goldman LLP
Rent regulated apartments are often viewed as “inheritance assets” by family members of tenants.
Given the liberal succession provisions in the Rent Stabilization Code, when family members make succession claims after a tenant has moved out or died, an owner usually has little choice but to hand over the keys.
However, in a recent decision by the Appellate Division, First Department, owners were given reason to say “Not so fast!” The Appellate Division in Third Lenox Terrace Associates v. Edwards focused on one of …
Brokers Weekly »
By Roslyn Lo
When Brooklyn native Lawrence Wong first stepped into the Franzese Group offices at 1524 84th Street, he was a new graduate, disenchanted with his current job and looking for a new opportunity.
Fast forward two-and-a-half years, and Wong has just collected the top honors at Weichert Realty’s annual award ceremonies. Along the way, he has racked up accolades that include Rookie of the Year, #1 Agent Council-Wide, and a place in the franchise’s Presidents Club.
He insists that there is no big secret to his success, just months of hard …
Brokers Weekly »
Experts at lease guarantors Insurent are warning renters they should get market savvy before hitting the streets.
“Many renters are not aware how the market conditions have changed dramatically in the last 13 months, and some mistakenly believe that the economic turmoil on Wall Street and worldwide has kept the NYC rental market in check,” said Charles Schoenau, managing director of Insurent, an Argonaut Insurance affiliate the runs the first program to offer an institutional guarantor for residential leases.
“Most renters are in for a shock when they see how fast apartments …
Brokers Weekly »
The new solar system at green Bronx building Via Verde has been officially switched on.
The 66-kilowatt, building integrated photo voltaic system will provide enough power to offset a big chunk of common area electricity charges, including elevators and lighting, according to Bright Power, that firm that installed the system.
“The final solar panel has been put in place and the system is now fully operational,” said Andrew McNamara, vice president of new construction at Bright Power.
“The 300,000 s/f building’s step-like design, with levels rising above one another, created more vertical space …
Brokers Weekly »
The finishing touches are being put to an eco-friendly 10-unit apartment house at 532 East 5th Street.
The project began as the restoration of a brownstone, but the structural integrity of the building made it cost prohibitive to save, so the complete removal of the building was necessary, according to George Christo, of DOORtoDOORrealty, the Staten Island-based development firm responsible for the site’s interior and exterior design features and amenities.
DOORtoDOOR was hired by Jakobson Properties, a no-fee rental property management firm, to ensure the property adds to, rather than detracts from, the neighborhood’s …