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[24 Apr 2014 | No Comment | ]

By Steven Spinola
Every so often, I like to devote a few words here to acknowledge an individual who helps keep the Real Estate Board of New York thriving, growing, and responsive to the needs of our members.
This week, I’d like to take a moment to recognize important industry leader and REBNY member, Dottie Herman.
A native New Yorker, Dorothy Herman, Dottie, was born in Brooklyn. She quickly became known in the real estate industry “from Manhattan to Montauk” and beyond.
After purchasing Prudential Long Island Realty in 1989, she soon turned it …

Construction & Design »

[24 Apr 2014 | No Comment | ]

The Community Preservation Corporation (CPC), a provider of capital for affordable housing in underserved housing markets, announced that the New York State Common Retirement Fund (CRF) has committed $200 million in new funding to invest in affordable housing and community revitalization projects across New York State.
The new allocation will finance approximately 3,500 units of housing over the next three years, and will serve to revitalize downtown areas, stabilize neighborhoods, and provide affordable housing throughout New York State.
The program is a critical tool for stabilizing neighborhoods and revitalizing communities in towns …

Construction & Design, Featured »

[24 Apr 2014 | No Comment | ]
Skilled worker shortage clouds building forecast

Rider Levett Bucknall announced an optimistic U.S. construction industry outlook, with large increases in project starts anticipated for 2014 and beyond.

However, although the construction industry expects to gain these additional jobs over the next eight years, the lack of available skilled labor in the workforce could be a concern.

Construction & Design, Featured »

[24 Apr 2014 | No Comment | ]
Thornton Tomasetti recognized for Brookfield Pavilion

Thornton Tomasetti, the international engineering firm, was recognized by the American Institute of Steel Construction (AISC) with a 2014 IDEAS Merit Award for Excellence in Steel-Frame Building Design for the Brookfield Place Entry Pavilion in Lower Manhattan.

Completed in the fall of 2013, the glass-and-steel pavilion features a pair of 53-foot-tall funnel-shaped, sculptural steel columns that support the structure.

Deals & Dealmakers »

[24 Apr 2014 | No Comment | ]

JLL’s New York Capital Markets team has hired Aaron Appel and Max Herzog as managing directors.
In addition, Keith Kurland joins as an executive vice president while Jon Schwartz and Michael Diaz join as vice presidents.
The newly added real estate investment banking experts will work under the direction of executive managing director Peter Nicoletti for clients seeking financing opportunities between $25-150 million as well as larger transactions in excess of $250 million.
All five new hires come to JLL from Meridian Capital Group Appel and Herzog served as managing directors and were …

Retail »

[24 Apr 2014 | No Comment | ]

Faith Hope Consolo, chairman, and Joseph Aquino, executive vice president of Douglas Elliman’s Retail Group has arranged a first New York flagship for luxury apparel and accessories brand Peter Millar at 536 Madison Avenue.
A member of the Richemont Group of brands, which includes Cartier, Van Cleef & Arpels, Vacheron Constantin, Chloé and Baume et Mercier, Peter Millar is known for its “uniquely proper clothing and broad color palette,” producing everything from casual and formal wear to signature cashmere sweaters, polo shirts and outerwear.
Currently, Peter Millar has dedicated brand stores in …

Retail »

[24 Apr 2014 | No Comment | ]

SoulCycle has signed a 5,000 s/f lease to open a new studio at TF Cornerstone’s 2 Gold Street.
This will be the indoor cycling studio’s 10th location in New York City and its first in the Financial District.
SoulCycle – known for its 45-minute, full body, indoor cycling workout, set to inspiring music and led by motivational instructors – will open at 2 Gold Street in the fall of 2014.
“SoulCycle is a growing fitness phenomenon and will be a great addition to FiDi where we are seeing high demand for lifestyle amenities,” …

Retail »

[24 Apr 2014 | No Comment | ]

Cushman & Wakefield announced that Little West 12th Street Realty, L.P. has appointed the real estate firm as retail agent for the chic and trendy 32 Gansevoort Street in the Meatpacking District.
The turn-key retail space at 32 Gansevoort consists of 1,915 s/f on the ground and 1,485 s/f on the lower level. It has exposed brick detailing and a skylight atrium.
Alisa Amsterdam and the Cushman & Wakefield team of Gene Spiegelman, Michael O’Neill and Jason Greenstone, will serve as retail agent for the building.
“The retail at 32 Gansevoort offers an …

Featured, Retail »

[24 Apr 2014 | No Comment | ]
Fifth Avenue retail flagship hits market

Retail brokerage and commercial real estate owner JTRE has been selected to market 246 Fifth Avenue, a commercial property offering 32,000 s/f of Class-A retail space in the NoMad District.

The full six-story building is available for long-term tenancy and features a 5,200 s/f retail space on the ground level with 150 feet of wraparound frontage on Fifth Avenue and 28th Street.

“246 Fifth represents a compelling opportunity for a retail flagship and comes to market with immediate interest,” said Jack Terzi, CEO of JTRE. “This is a premiere Manhattan property in one of the highest-trafficked neighborhoods in the city.”

Deals & Dealmakers »

[24 Apr 2014 | No Comment | ]

TerraCRG closed on five multifamily transactions with an aggregated value of $16,050,000:
• 459 Bay Ridge Avenue in Bay Ridge, Brooklyn, sold for $4,300,000, which equates to $330 psf. The vacant 20-unit property was marketed and placed into contract in 30 days by Adam J. Hess, Sam Shalumov and Chris Pechlivanides.
• 401 12th Street in Park Slope, a six-family building, sold for $4,000,000, a new record for the highest sale price ever for a six family building in Brooklyn. The price equates to $800 psf, a 4.75 percent CAP rate, 17 …

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