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Articles Archive for 5 December 2012

Brokers Weekly »

[5 Dec 2012 | No Comment | ]

When Douglas Elliman’s Robert Frye was tapped to sell a pre-war co-op in the Theodore Roosevelt elevator building at 125 Eastern Parkway in Prospect Heights, it took him just five days to close the deal.
Frye said his buyers were renters who had been looking in the neighborhood for a while, but had been out-bid on several properties.
“When my listing came on the market, it was exactly what they were looking for and priced in their range,ˮ said the veteran broker. “They decided not to lose out so bid full price …

Brokers Weekly »

[5 Dec 2012 | No Comment | ]

Broker/Owner Jim Mazzeo and Realtors William Clark and Lydia Galloza, representing WEICHERT, REALTORS® – Mazzeo Agency in Manhattan, joined more than 600 Weichert real estate professionals from 35 states at the Weichert National Convention.
Themed “Come Together,” the three-day event was held in Atlantic City, New Jersey, attended by members of both Weichert Real Estate Affiliates, Inc. (WREA), the franchise division of N.J.-based Weichert, Realtors, and sales professionals from Weichert’s company-owned offices.
A packed schedule of informative breakout sessions and guest speakers got its energetic start with a word from WREA President …

Editorial Supplements »

[5 Dec 2012 | No Comment | ]

Mesa West has provided Hillwood Investment Properties, a Perot company, in partnership with Brookfield Asset Management, with $14 million in first mortgage debt to recapitalize 200 Birch Creek Road.
The vacant 597,000 s/f warehouse and distribution center in Bridgeport, NJ, is part of a venture by Hillwood and Brookfield formed in 2012 to invest up to $1 billion in industrial properties.
“There is strong demand and a shortage of available inventory for large blocks of quality warehouse and distribution space in the Philadelphia Metro and Southern New Jersey industrial markets,” said Daniel …

Deals & Dealmakers »

[5 Dec 2012 | No Comment | ]

Thor Urbana Capital will make a major investment of at least half a billion dollars developing and redeveloping real estate across Mexico, taking advantage of the enormous real estate boom that is beginning to take hold across the country, company executives announced today.
The first project, announced today, will be for nearly a full block of high-end retail along Quinta Avenida, a heavily traveled shopping boulevard in Playa del Carmen.
“Each and every day, Mexico looks more and more like the new Brazil and the opportunities going forward look plentiful” said Joseph …

Editorial Supplements »

[5 Dec 2012 | No Comment | ]

Next year is expected to be a turning point for the economy and the commercial real estate industry, according to Cushman & Wakefield’s Global Economic Pulse Forecast.
While 2013 will get off to a slow start, the stage has been set for a significant turn-up in market sentiment by year end, setting the stage for a strong global rebound in 2014 and beyond.
“We believe in 2013 there will be more clarity to political and economic challenges plaguing the global economy,” said Glenn Rufrano, president and chief executive officer of Cushman & …

Editorial Supplements »

[5 Dec 2012 | No Comment | ]
$69M Stuy town deal a double-edge sword

By Sabina Mollot
Stuyvesant Town tenants last week won a $69 million settlement against the owners and former owners of the giant East Side apartment complex for illegally raising rents after collecting tax relief.
However, rents for some of the 11,000 residents may still go up under a rent formual approved as part of the deal.
The so-called Roberts v. Tishman Speyerclass action will compensate the involved tenants and former tenants for rent overcharges from January 22, 2003 through December 31, 2011.
“Once finally approved, today’s $68.75 million settlement agreement, when combined with past …

Editorial Supplements »

[5 Dec 2012 | No Comment | ]
IDA incentives will keep PepsiCo in New York

PepsiCo Inc. has secured incentives from the Westchester County Industrial Development Agency (IDA) to help finance a $240-million renovation of its headquarters in Purchase and keep the drinks giant in the state.

Frank McCullough, a partner with McCullough Goldberger & Staudt, LLP, represented PepsiCo Inc. before the IDA in its application for inducement in connection with the renovation, the largest project to receive assistance from the agency in the last 10 years.

Brokers Weekly »

[5 Dec 2012 | No Comment | ]
Halstead star bringing real estate to the masses

Julia Boland is bringing real estate to New Yorkers’ fingertips – via iPad.

The Halstead broker, along with her partners, recently created an interactive real estate iPad app, the first one ever to be made by a broker.

The free app, called One212, a nod to Manhattan’s famous area code, is available to download from the iPad newsstand and has more than 5,000 followers on its twitter handle, @one212boland.

Brokers Weekly, Featured »

[5 Dec 2012 | No Comment | ]
Forget Furbies, holiday shoppers want a bargain on their new home

As the holiday season cranks up, New York’s apartment sales market traditionally winds down.

The good news for brokers is that those who are out Christmas shopping for new digs are serious buyers who have their eye on bagging a bargain.

“If they find something they like, they’ll go for it,” said Jennifer Wilson, a broker at Keller Williams NYC. “It’s a good time for people to move apartments, and buyers to get a discount because there’s not as much competition.”

Editorial Supplements »

[5 Dec 2012 | No Comment | ]

By Adam Leitman Bailey and Dov Treiman
Adam Leitman Bailey, PC

Q: Is there any difference in the law between how regulated and unregulated apartments are handled when the tenant cannot live there because of storm damage?
A: Rent regulation makes almost no difference in the legal treatment of storm damaged or destroyed apartments. In unregulated apartments, the lease may give the landlord the option to cancel the lease in the event of serious damage to the apartment or the building in which the apartment is located. However, in regulated apartments, …

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