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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.

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.”

Brokers Weekly, Featured »

[23 Apr 2014 | One Comment | ]
Scales of justice help broker find balance in work, life

By Holly Dutton
New York native Nick Athanail has always been passionate about the city and its people, and is making it his mission to help it thrive.
After growing up in Bay Ridge, Brooklyn, where his family still lives, the Corcoran broker went to NYU law school and lived in the village.
Following graduation, Athanail went into real estate and transactional corporate law for 13 years at major firms. He worked on sales and leases but the majority of his work was big corporate transactions, which he considered “boring” compared to his …

Brokers Weekly, Featured »

[23 Apr 2014 | One Comment | ]
Real estate back as go-to career as market rebounds

By Holly Dutton
Sales volume and market confidence are drawing more professionals to the residential real estate world, according to industry experts.
In the past year, the number of new and renewed licenses in New York State has risen by 4.8 percent for salespersons and 15.2 percent for brokers, according to statistics from the New York Department of State.
Citi Habitats president Gary Malin said he has seen an increase in inquiries for positions at his firm, though the brokerage has always been actively recruiting.
“There are not a ton of regular jobs being …

Featured, Retail »

[23 Apr 2014 | No Comment | ]
Retail hits new record

Five new pricing records were set in the first quarter of 2014, including a nearly $31,000 psf deal that set the highest price per foot ever achieved in New York City.
Speaking at Massey Knakal’s First Quarter market briefing yesterday (Tuesday) partner James Nelson predicted more big numbers as eager buyers become increasingly bullish on Big Apple retail.
“There’s a massive, massive uptick in pricing,ˮ said Massey Knakal partner, James Nelson. “Could there be a retail space that sells for $50,000 psf? It is entirely possible.ˮ
Price per square foot in Manhattan shot up 25 percent from last year, from $1,051 to $1,315 in 1Q 2014. In the outer markets the price psf increased eight percent, from $258 to $279. Price per buildable square foot went up nine percent, from $193 to $209.

Deals & Dealmakers, Featured »

[23 Apr 2014 | No Comment | ]
Re-pricing puts downtown office market at top of heap

By at least one measure, Downtown’s office market is the hottest in the city.
A total of 1.433 million square feet of downtown space had its asking rent re-priced upwards in the first quarter, according to CBRE data — around 50 percent more than in Midtown and Midtown South taken together.
Re-pricing, or revising the asking rent up or down after the initial listing, is a useful measure of how quickly a market is growing. Other, more common measures such as average rents and vacancy rates are often distorted on a quarterly basis due to large blocks of office space hitting the market.

Deals & Dealmakers, Featured »

[23 Apr 2014 | No Comment | ]
Data duo go at it in court

An increasingly dirty legal battle pitting the country’s largest real estate data provider against its upstart challenger is about to go into the next round.
In a lawsuit filed three weeks ago, market leader CoStar accused several unnamed individuals of sharing its data via the web portal CompStak in violation of a copyright agreement, in effect accusing them of intellectual theft.
A court ruling later forced the start-up to hand over the names of four defendants, which it did last Friday.
But CompStak asked the court to reconsider its order, and an oral argument on its motion will be held tomorrow (April 24).

Deals & Dealmakers, Featured »

[22 Apr 2014 | No Comment | ]
Boutique back stronger than ever after recession battering

Joe Berko was on a visit to Brazil when Lehman Brothers filed for bankruptcy on September 15, 2008. “I was watching CNN and I knew: This is it. Something big just happened,” he recalled.
When he returned to the U.S., he found a financial system that had gone into cardiac arrest.
Berko’s promising, three-year-old investment sales and finance brokerage, Berko & Associates suddenly faced an uncertain future. “It was the scariest thing. I kept calling banks and no one picked up,” he said.

Brokers Weekly, Construction & Design, Featured »

[21 Apr 2014 | No Comment | ]
Massive Astoria Cove development starts public review process

A plan to build a massive waterfront apartment development in Astoria was certified by the City Council today (Monday).

If the 1,700-unit Astoria Cove project makes it through the public review process, shovels could be in the ground by 2016, according to developer, 2030 Astoria Developers, a joint venture led by local businessman John Mavrousdis.

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