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Mergers and Acquisitions »

[20 Aug 2014 | No Comment | ]

Halstead Management Company announced the asset purchase of Gerard J. Picaso Inc., a property management company based in New York City.
Jerry Picaso, currently president of the eponymous firm, will join Halstead Management Company as managing director, executive vice president.
Picaso will continue to oversee more than 40 buildings with his business partner Susan Axelbank, and all of his expert staff together with the resources of the executives and staff of Halstead Property Management.
“We are very excited to bring a team that has such a high level of property management experience to …

Deals & Dealmakers »

[20 Aug 2014 | No Comment | ]

Avison Young, the world’s fastest-growing commercial real estate services firm, announced that it has hired 11 professionals to join its platform in the tri-state region.
The announcement was made by Arthur Mirante, Avison Young Principal and Tri-State President.
“As we continue our expansion in New York City and the tri-state region, we remain committed to providing best-in-class services to our growing client base, commented Mirante.
“The addition of these professionals will increase our capabilities throughout a broad range of platforms, including investment sales, capital markets, retail services, valuation and tenant and landlord representation.”
The …

Deals & Dealmakers »

[20 Aug 2014 | No Comment | ]
Mr Real Estate, Arthur G. Cohen, dead at 84

By Dan Orlando
Real estate developer and Brooklyn native Arthur G. Cohen, died earlier this month at the age of 84, the New York Times reported on Friday.
Cohen broke into the real estate business with a $25,000 investment in Long Island housing properties and would leave it having helped revitalize Times Square and Manhattan’s West Side.
Lawyer Andrew Albstein, who maintained a professional relationship with Mr. Cohen praised him during an interview with the New York Observer in 2011.
“There was a time when every deal had Arthur Cohen written all over it,” …

Deals & Dealmakers, Featured »

[20 Aug 2014 | No Comment | ]
Veteran owners dampen rumors of a fire sale

By Linda O’Flanagan
Samson Management has dampened rumors of a fire sale, announcing it plans to spend the profit it made on a recent $218 million sale — and then some — building its portfolio.
“We are looking for exchange properties of all types — residential, office and retail — primarily in New York City, and, really, in the entire surrounding tri-state area,” said David Kershner, Samson Management’s president and CEO.
Earlier this month, the firm — founded by the late Arthur and Sam Goldstein — sold a trio of Midtown office buildings …

Featured, Legal »

[20 Aug 2014 | No Comment | ]
Lawsuits on rise as establishment takes  issue with upstart firms’ aggressive growth

By Konrad Putzier
Real estate tech startups are increasingly facing a new obstacle in their quest to shake up the industry: lawsuits.
Last week, the established residential brokerage, Citi Habitats, sued Urban Compass, claiming the startup rival hacked into its listings database.
The company won a restraining order to prevent Urban Compass from accessing its database, but failed to win a court order halting the rival’s software development.
It was the second lawsuit against Urban Compass in as many months, after entrepreneur Avi Dorfman sued the company for allegedly stealing his software.
The case also …

Deals & Dealmakers, Featured »

[20 Aug 2014 | No Comment | ]
Apartment investors betting on Harlem

With rents rising to record levels, Upper Manhattan has seen a flurry of multifamily deals in recent months.

New Jersey-based Treetop Development is one of the driving forces between the neighborhood’s latest investment boom.

The company recently bought three adjacent multifamily buildings and a vacant lot on Adam Clayton Powell Boulevard for $11.25 million form Sugar Hill Capital Partners.

Headline, Mergers and Acquisitions »

[20 Aug 2014 | No Comment | ]
TPG Capital in talks to take over Cassidy Turley

Private equity firm TPG Capital is in talks to buy the commercial brokerage Cassidy Turley, according to a report in Crain’s.
It wasn’t clear how much the Texas-based firm was willing to pay or how far the negotiations had come. Crain’s based its report on anonymous sources familiar with the talks.
Founded in 2008, Washington, D.C., based Cassidy Turley is one of the country’s leading real estate brokerage and services firms with more than 3,000 employees. The deal would be the latest in a wave of consolidations in the commercial brokerage industry. In May, UK-based real estate services firm Savills had bought the New York brokerage Studley for $260 million. In 2011, a merger between brokerages Grubb & Ellis and Newmark Knight Frank created Newmark Grubb Knight Frank.

Deals & Dealmakers, Property Managers »

[20 Aug 2014 | No Comment | ]

Onyx Equities has strategically expanded its  commercial real estate receivership and REO services platform into four new markets: Washington, D.C., Maryland, Virginia and Delaware.
The New Jersey-based firm, which has earned aeputation for successfully managing and/or leasing defaulted commercial real estate assets on behalf of banks, loan servicers, courts and financial institutions, has implemented a  cloud-based tenant communications and integrated management system that Onyx customizes according to each property’s unique administrative needs.
This technology-driven approach allows for more streamlined operations and tenant satisfaction and it ultimately helps lenders and services realize increased …

Deals & Dealmakers, Featured »

[20 Aug 2014 | No Comment | ]
Sultan’s Plaza bid sparks an outcry

By Konrad Putzier
The Sultan of Brunei’s reported bid to take over the Plaza Hotel has come under scrutiny amid protests from gay rights activists.
“The American profit stream that flows from his hotels back to his regime needs to stop. We urge all New Yorkers to have one simple and straight-forward message for the Sultan: take your business elsewhere,” said Ty Cobb of the Human Rights Campaign (HRC), a lesbian, gay, bisexual and transgender civil rights organization.
A firm associated with the Sultan of Brunei has offered $2 billion for the Plaza Hotel, …

REBNY Watch »

[15 Aug 2014 | No Comment | ]

By Steve Spinola
This week, I’d like to recognize William (Bill) Montana, a longstanding REBNY member who is constantly working to improve the real estate industry.
A member of numerous committees, subcommittees, organizations, and more, Bill is the kind of person who wants to be part of every aspect of what is going on in his community and field, and does not wait for these opportunities to be involved to come to him – he initiates, comes up with ideas, and has dedicated an impressive amount of time and effort into not …

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