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Articles in the Deals & Dealmakers Category

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[25 Nov 2014 | No Comment | ]
All square feet now equal as global office measuring rule takes effect

A new standard in measuring office space will bring transparency and consistency to global real estate markets, supporters said.

The International Property Measurement Standard for Offices (IPMS for Office Buildings) was launched yesterday (Tuesday) following a global effort to create a uniform method for measuring property.

The IPMS will replace dozens of existing standards currently in use around the world.

Deals & Dealmakers, Featured, Finance & Accounting »

[25 Nov 2014 | No Comment | ]
Fortis mulling plan to list office stock

Fortis Property Group is reportedly considering an unusual way to raise capital: listing a portion of a building as a stock.

The firm is in early talks with financial firm ETRE to list part of the State Street Financial Center in Boston on a public stock exchange, according to people familiar with the matter.

Deals & Dealmakers, Featured, Finance & Accounting »

[25 Nov 2014 | No Comment | ]
$1.25B Saks deal leads refinancing feeding frenzy

Hudson’s Bay Company announced plans to take out a $1.25 billion mortgage on the Saks Fifth Avenue flagship in Midtown. The deal, which the firm expects to close in December, values the trophy property at a whopping $3.7 billion.

Hudson’s Bay will use the loan to pay off a $1.2 billion first lien mortgage on the 36-story, one million s/f property.

The deal is the latest example of a citywide boom in premature refinancing, as borrowers hope to benefit from low interest rates and looser underwriting by banks.

Deals & Dealmakers, Featured »

[25 Nov 2014 | No Comment | ]
Vornado to pay $142M for LIC’s Center Building

Vornado is dishing out $142 million for the 437,000 s/f Center Building in Long Island City.

The REIT is in contract to buy the office building from a joint venture between asset manager Perella Weinberg Partners and real estate investment firm Madison Marquette.

The purchase price includes a $62 million mortgage on the property.

Deals & Dealmakers, Featured »

[25 Nov 2014 | No Comment | ]
Private money pushing multifamily investment market to a record year

Multifamily demand and investor appetite is rising, and is on track for a record-breaking year, according to two new multifamily market reports.

CBRE’s U.S. Multifamily MarketView report predicts that multifamily investment in the U.S. is on track to surpass the previous high of $105 billion set in 2007.

“Multifamily continues to lead commercial real estate through the recovery and into expansion,” said Brian McAuliffe, senior managing director, CBRE Capital Markets, Multifamily

Construction & Design, Deals & Dealmakers, Featured »

[25 Nov 2014 | No Comment | ]
421a countdown has developers jittery over future plans

421a’s nearly five-decade run in New York City is being threatened as the measure is set to sunset next summer.

The uncertainty surrounding the tax abatement’s future has caused unrest among developers and investors who are staring at bottom lines that hinge in no small part on the status of the tax incentives that the measure provides.

Deals & Dealmakers, Headline »

[25 Nov 2014 | No Comment | ]
Rent ruling leaves owners reeling

New York’s landlords have been left reeling by a court ruling that ranks a rent regulated lease alongside state welfare.

The State Court of Appeals last week found that rent-regulated leases are “local public assistance benefits,” like Social Security and Medicare, and therefore cannot be counted as assets and liquidated by trustees in bankruptcy proceedings.

“We were nothing less than astounded to read the court’s decision,” said Mitch Posilkin, general counsel for the Rent Stabilization Association, and organization that represents 25,000 New York City landlords.

Construction & Design, Deals & Dealmakers »

[20 Nov 2014 | No Comment | ]

Each year, NAIOP New Jersey honors the industry’s best and brightest, and the commercial real estate development association is now accepting nominations for the 28th Annual Commercial Real Estate Awards.
Details and nomination forms are available at www.naiopnj.org. The awards will be presented at the 2015 Gala on May 14, slated for the Palace at Somerset Park, Somerset, N.J.
The Commercial Real Estate Awards showcase excellence in real estate development, including innovation, impact, leadership and contributions to the community. The deadline for nominations is Tuesday, December 30, 2014 at 5 p.m. The honorees will be …

Deals & Dealmakers »

[20 Nov 2014 | No Comment | ]

Eastern Consolidated has been retained as the exclusive agent to market a residential development site at 22-12 Jackson Avenue in Long Island City, Queens for $53.5 million.
Zoned for 169,500 s/f of residential development, the property at 22-12 Jackson Avenue is ideally situated across from MoMA PS1, down the street from the 1,200,000 s/f development at 5Pointz, and adjacent to the new 182-unit, mixed-use apartment building designed by ODA and developed by Jeff Gershon.
The existing 33,900 s/f lot at 22-12 Jackson Avenue is currently occupied by a taxi company.
“This offering is a tremendous investment opportunity …

Deals & Dealmakers »

[20 Nov 2014 | No Comment | ]

Cognolink, a research partner that connects investors and businesses to critical intelligence, announced its third major New York City office expansion since opening in Manhattan in 2010.
The firm will relocate from its current 6,000 s/f at 411 Fifth Avenue to nearly 13,000 s/f at 260 Madison Avenue.
More than doubling in size, Cognolink has signed a 7-year lease comprising a portion of the 10th floor of the 22-story office building. The transaction was brokered by real estate services firm, Savills Studley.
The new office is being constructed with an open work space, …

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