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Articles Archive for 21 November 2012

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[21 Nov 2012 | No Comment | ]

Many people equate residential management with building supervision. But building supervision is only part of the story, says Rick Elezi, president of REM Residential.
Rick points out that residential management must involve strategies to cut costs and raise revenues. And he should know, after nearly three decades in the business.
An immigrant from Albania when he was just two, Rick grew up in the Bronx and began his ascent in the real estate world as a doorman at a high-rise in Times Square when he was a mere 18, shortly rising to …

Deals & Dealmakers, Featured »

[21 Nov 2012 | No Comment | ]
Baccarat to open new flagship store on Madison

Ashkenazy Acquisition has signed a “multi-year lease” with Baccarat for a new flagship store at 635 Madison.
The fine crystal jeweler will unveil its newest flagship store in May , ahead of the iconic brand’s upcoming 250th anniversary
Located at 635 Madison Avenue at 60th Street, the 2,800 s/f store, designed by architect and designer Rafael de Cárdenas, will be “ an experiential destination encompassing the Baccarat lifestyle” said the company in a statement.
Cushman Wakefield’s Eric Le Goff and Jim Downey negotiated the lease on behalf of Baccarat. Ashkenazy negotiated the lease, the terms of which were not released, inhouse.

Editorial Supplements »

[21 Nov 2012 | No Comment | ]

In an effort to help New Jersey continue to move forward in its post-hurricane relief efforts, the New Jersey Apartment Association (NJAA) has made a $5,000 donation to Governor Christie’s Hurricane Sandy Relief Fund.
The organization will also match donations to the fund from its members, for up to an additional $5,000.
“We applaud Governor Christie and his administration, and we are eager to assist his efforts to help those impacted by Hurricane Sandy, and help the Garden State get back to normal as quickly as possible,” said Jean Maddalon, …

Deals & Dealmakers »

[21 Nov 2012 | No Comment | ]

Nokia Siemens Networks, the world’s specialist in mobile broadband, has selected Newmark Grubb Knight Frank (NGKF) as its sole global corporate real estate supplier.
Newmark Grubb Knight Frank Global Corporate Services will collaborate with the real estate team at Nokia Siemens Networks to provide industry-leading real estate solutions to meet its business needs at a competitive real estate cost.
Services will include Global Account Management, Technology Integration, Transaction Management and Facilities Management in over 100 countries where Nokia Siemens Networks operates. The framework contract duration is five and half years …

Deals & Dealmakers »

[21 Nov 2012 | No Comment | ]

For the second time in a year, Tiffany and Company is growing its corporate headquarters.
This time, the famed jeweler has leased the entire 57,691 s/f 8th floor at L&L Holding Company’s 200 Fifth Avenue. Last November, it added the same-sized 9th floor.
The company’s latest expansion signals two milestones – the 800,000 s/f office portion of the renovated property, among the most successful historic redevelopment projects in the city’s history, is now 100% leased, and Tiffany and Company has earned the distinction of being the building’s largest tenant with …

Brokers Weekly »

[21 Nov 2012 | No Comment | ]

American Development Group, LLC (ADG) and Halstead Property Development Marketing announced the launch of sales at Park Union, the conversion of a historic, pre-war building into a luxury condominium development in Park Slope, Brooklyn.
Located at 910 Union Street between 8th Avenue and Grand Army Plaza, Park Union was originally built in 1914 and has been transformed into 15 condominium residences.
The seven-story development is comprised of two one-bedroom, two two-bedroom and 11 three-bedroom homes, most of which have outdoor space and views of Grand Army Plaza.
Units range from 735 to …

Editorial Supplements »

[21 Nov 2012 | No Comment | ]

By Faith Hope Consolo,
chairman, The Retail Group,
Prudential Douglas Elliman
The Holidays are here! Particularly this year, when many of our friends, colleagues and neighbors continue to recover from the October hurricane, we should take a moment to be thankful for all we have and celebrate what’s really important, even as we prepare for the season ahead.
Nationally, October U.S. comparable chain store sales (excluding drug stores) rose five percent over the previous year, according to the International Council of Shopping Centers.
Though the bulk of the month boasted unusually warm temperatures, which …

Deals & Dealmakers »

[21 Nov 2012 | No Comment | ]

Whitestone Property Group is marketing a Park Avenue development site with 170,000 buildable square feet and an asking price of $15 million.
The property, at 1381-1391 &1399 Park Avenue, occupies and entire block front from 103rd to 104th Streets and has a 11,3210 s/f footprint. The FAR includes air rights purchased from neighbors.
Currently occupied by two three-story buildings and three lots, the site lies in a neighborhood where apartment prices have risen by 39 per cent since 2007.
Whitestone’s Nathan Blatter said demolition plans have already been completed for the site, which …

Deals & Dealmakers »

[21 Nov 2012 | No Comment | ]

Rubin S. Isak, CEO & co-founder of Falco Isak Realty Services, has sold a package of 138 unsold sponsor units for $17,821,000.
The block, at 24-39, 51, 65 & 75 38th Street, is located in four, 4-story contiguous brick walk-ups totaling 112,492 s/f with 466 ft. of frontage.
The entire portfolio contains 168 units with 50,009 co-operative shares. The unsold sponsor unit package consisted of 138 Units with 41,142 unsold shares: 99 units are free market, 27 are rent stabilized, 10 are rent controlled with 2 sponsor-owned basement units.
“The strong sales price …

Editorial Supplements »

[21 Nov 2012 | No Comment | ]

Datawatch Systems, a provider of managed security systems whose Manhattan office is located at 845 Third Avenue, has introduced the latest 24/7 off-site building monitoring and security technology solution to two prominent New York office buildings.
Both of the buildings, the 78-story Metropolitan Tower, aka 142 West 57th Street, and the 12-story boutique property in SoHo at 148 Lafayette Street, exemplify the growing trend of owners outsourcing building security.
Earlier this year, Datawatch upgraded L&L Holdings’ Metropolitan Tower’s existing security system by adding card-reading turnstiles in the building’s lobby.
At …

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