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[25 Jul 2014 | No Comment | ]
Tech firm takes floor at 11 Times Square

SJP Properties announced that the St. Louis-based tech powerhouse, Answers Corporation, has signed a new office lease to occupy the entire 11th floor at 11 Times Square, its state-of-the-art, 1.1 million-square-foot, LEED-Gold-certified office and retail tower.

The building is owned by a joint venture of SJP Properties and investors advised by Prudential Real Estate Investors.

“Answers needed a world-class, tech-forward space to support our high-performing New York operations and workforce, which has quadrupled since last year and continues to grow,” said David Karandish, CEO and Chairman of Answers Corporation.

Deals & Dealmakers, Featured »

[25 Jul 2014 | No Comment | ]
Brookfield veteran named new president of US operations

Brookfield Office Properties, the office division of Brookfield Property Partners, yesterday (Thursday) announced that company veteran Paul L. Schulman has been named president and chief operating officer of U.S. Commercial Operations.

Schulman – a 16-year veteran of the firm – is replacing Mitch Rudin, the popular brokerage chief who left the firm earlier this summer after its biggest shareholder, Brookfield Property Partners, took the company private.

Brokers Weekly »

[25 Jul 2014 | No Comment | ]

● siras development / kuafu properties
Full of Eastern promise
A joint venture of Siras Development, a New York-based luxury real estate development group, and Kuafu Properties, the New York-based Chinese real estate investment and development company, have completed the acquisition of a Hudson Yards development site .
The partners will build a 380,000 s/f mixed-use project on the five adjacent parcels directly across from the Jacob Javits Center.
The tower will have 50 luxury condos in the top 15 floors; a 400-room hotel situated on 20 floors; the Shanghai Club, an exclusive membership …

Brokers Weekly, Featured »

[25 Jul 2014 | No Comment | ]
Raveis ready to rule the Big Apple

A real estate firm that has dominated the Northeast is setting its sights on the Big Apple, with founder William Raveis at the helm.

The company now has 3,500 employees in 108 offices throughout the Northeast, including Massachusetts, Connecticut, and its newest office which opened in midtown Manhattan last month. That office already has two dozen employees, including former Douglas Elliman managers Kathy Braddock and Paul Purcell.

“I was waiting for them,” he said. “I wanted to make sure I had a good group set up before I went in. I wanted the right people.” He added that he spent three years searching for the right people, and even contemplated buying out the boutique city brokerage, Bellmarc, which last year merged with Coldwell Banker.

Raveis is looking to eventually open three more offices in New York City and one in Brooklyn.

Brokers Weekly »

[25 Jul 2014 | No Comment | ]

TOWN Residential is partnering with the Hudson Union Society, a members-only group that promises to connect members of the public with world leaders in business, entertainment, science and the arts.
The group has drawn everyone from Sinn Fein leader Gerry Adams to Paula Abdul, Koffi Anan to Madeleine Albright through events that range from red carpet movie screenings to panel discussions.
As part of its collaboration with the group, TOWN will sponsor five HUS Insight sessions this year and next.
The sessions are conducted by HUS president Joe Pascal and upcoming guests include …

Brokers Weekly »

[25 Jul 2014 | No Comment | ]

Citi Habitats agent Sarah Rose Katz was set to leave for Italy on a family vacation when an offer on her sales exclusive at 1628 Second Avenue #3C fell through.
Meanwhile, her colleague Josh Thissell was working with clients looking for a rental for their daughter who was moving to NYC to attend nursing school.
When they couldn’t find the right rental, Josh suggested they check out apartments for sale instead — and took them to see Katz’s listing.
“What sold them on the unit was the fact that the place was simply …

Brokers Weekly, Construction & Design »

[25 Jul 2014 | No Comment | ]

By Holly Dutton
Midtown West and Williamsburg were hot neighborhoods for new development in the second quarter of 2014, according to a 2Q market report from real estate firm MNS.
In Manhattan, new development sponsor sales jumped up 13.3 percent since 1Q of 2014, with 333 sponsor units sold, up from 294.
Upper Manhattan is again proving to be a booming real estate market with 17 percent of all new development sales having taken place in Harlem — the most in the borough.
Total sales volume for new development were up 43.6 percent in …

Brokers Weekly, Deals & Dealmakers, Featured »

[25 Jul 2014 | No Comment | ]
Who gets the check when dead deals come back to life?

Sometimes, in real estate transactions, the dead can come back to life.

Often, a broker introduces a prospective buyer to a property and, for whatever reason, the deal falls apart, but is then resuscitated without the knowledge or participation of the broker.

In a court case decided last month, a stricter standard appears to have been adopted by the courts to settle once and for all who is entitled to a commission check.

Brokers Weekly, Featured »

[25 Jul 2014 | No Comment | ]
Chinese outspending Canadians in apartment market

The Canadians might be America’s most prolific foreign real estate investors, but it’s the Chinese who are spending the big bucks.

In its annual Profile of International Home Buying Activity, the National Association of Realtors reported that Canadians bought the most properties in the U.S. — 19 percent of all foreign purchases — but the Chinese led the pack in dollar volume by spending more money per purchase than all other countries.

Chinese buyers spent $22 billion on US homes and apartments between April 2013 and March 2014 — some 16 percent of all foreign sales and an average of $523,148 per purchase, usually in cash. More than half of their purchases were in California, Washington and New York for a home they’ll spend at least six months of the year living in, according to the NAR survey.

Finance & Accounting »

[24 Jul 2014 | No Comment | ]

Arbor Realty Trust, Inc. (NYSE:ABR) announced the recognition of a $58 million net gain related to its investment in the 450 West 33rd Street property.
In 2007, the Company received net proceeds of approximately $58 million from the closing of this transaction and recorded a corresponding net deferred gain as a result of guarantying a portion of the property’s indebtedness.
In July 2014, the existing debt on the property was refinanced and the Company’s portion of the guarantee terminated, resulting in the recognition of the deferred gain for GAAP purposes.
The recognition of …

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