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Brokers Weekly, Featured »

[24 Oct 2014 | No Comment | ]
Hot for the High Line

By Dan Orlando
Rain began to creep down the walls of banded windows as Cary Tamarkin held court in one of 508 West 24th’s penthouses.
Tamarkin was there to officially introduce the building, which he designed and built, and give some details on 550 West 29th, which he will be adding to the West Side’s High Line in the next three years.
“Classic modern, meaning not modern today,” said Tamarkin when asked what aesthetic he was looking to create when designing 508. “In fact, it’s quite out of touch with the fashion. It …

Deals & Dealmakers, Featured »

[23 Oct 2014 | No Comment | ]
Related Companies acquires stake in CORE

Related Companies today announced that it has acquired a stake in CORE, a boutique real estate brokerage in Manhattan, to further expand CORE’s brand and offerings throughout New York City.

“This is an incredible opportunity for CORE to align ourselves and work alongside one the most respected developers in the United States,” said Shaun Osher, Founder and CEO of CORE. “Our teams share a similar vision and commitment to quality, design, lifestyle and innovation. This is a game changer.”

Deals & Dealmakers, Featured »

[23 Oct 2014 | No Comment | ]
Thor buys 530 Fifth Ave for $595M

A partnership among Rockwood Capital, Jamestown, Crown Acquisitions and Murray Hill Properties announced the closing of the sale of 530 Fifth Avenue in New York to a partnership led by Thor Equities. The sale price was $595 million. The 26-story office and retail building occupies the entire western block of Fifth Avenue between 44th and 45th Streets.
Rockwood, Jamestown, Murray Hill, and Crown originally purchased the property in early 2012 for $390 million. Since acquisition, the ownership team has invested more than $10 million to modernize the building’s infrastructure, including renovations …

Construction & Design, Featured »

[23 Oct 2014 | No Comment | ]
Luxury home builders drive construction to record-setting levels

Driven by an unprecedented surge in high-end residential construction, as well as by continued strength in the commercial and government sectors, New York City construction activity is brushing up against the heights experienced during the boom years of 2007 and 2008.

In its annual New York City Construction Outlook, the New York Building Congress forecasts $32.9 billion New York City construction spending in 2014, a 17 percent increase from 2013, when spending reached $28.2 billion.

Construction spending is expected to increase further — to $35.3 billion in 2015 and $35.6 billion in 2016. If the forecast holds, it will mark the first time that construction spending has topped $32 billion.

Construction & Design, Featured »

[23 Oct 2014 | No Comment | ]
Invention that could turn project opponents into supporters

A new gadget could help developers turn project opponents into supporters.

Called OWLS, the 300-pound, metal-covered machines look much like the binoculars atop the Empire State Building.

But look through the eye piece, and one sees a rendering of what the surrounding neighborhood might look like post-development.

“People tend to fear what they don’t understand,” said inventor Aaron Selverston, who came up with the idea after years working in the building approval process.

Featured, Retail »

[23 Oct 2014 | No Comment | ]
Scots make US debut

RKF arranged a lease at 1200 Madison Avenue on the Upper East Side with upscale Scotland-based knitwear company, Brora.

It is the Scottish clothing brand’s first US location

Deals & Dealmakers, Featured »

[23 Oct 2014 | No Comment | ]
Wall Street renegades pound streets in search of rough diamonds

Investors tend to complain that it is getting harder and harder to find undervalued buildings in New York City. But David Manheimer and Benji Kohn believe Brooklyn still has a few rough diamonds to offer.

With their recently founded company, Brooklyn Standard Properties, the two childhood friends are buying walk-up residential buildings in the city’s hippest borough, with an eye to renovating them for young tenants and small families.

The partners also have an unconventional approach to fundraising – raising hundreds of thousands of dollars in mezzanine debt through the crowdfunding platform, Fundrise.

Deals & Dealmakers, Featured »

[22 Oct 2014 | No Comment | ]
Stern steering Hartz in southerly direction

New Jersey-based Hartz Mountain Industries is continuing its push into southeastern US markets impacted by the Panama Canal expansion.

The company — which owns one of the largest privately held commercial real estate portfolios in the United States — has paid $129 million to acquire a 2.5 million square foot portfolio of 35 buildings in North Atlanta.

“The Panamex expansion of the Panama Canal created additional transportation options to and from the Orient and the West Coast, making East Coast locations in large and growing areas more relevant,” said Emanuel Stern, CEO and president for Hartz Mountain Industries.

Deals & Dealmakers, Featured »

[22 Oct 2014 | One Comment | ]
Chips might be down, but Atlantic City wants to be a winner again

“We put all our eggs in one basket with the casinos,” said Atlantic City Mayor Don Guardian. “We had the monopoly, and when the monopoly died, so did we.”

However, the city is planning to throw the dice on an ambitious plan to turn the one-time gambling mecca into a family-friendly resort with a revamping that goes right down to the thread count of sheets in its near-empty hotel beds.

“The future that we see for Atlantic City is much more diversified. What we’re trying to do is find those cool activities that not every city has,” said the mayor.

Featured, Finance & Accounting »

[22 Oct 2014 | No Comment | ]
Stuy Town value on the up

The value of Stuyvesant Town and Peter Cooper Village, the 11,000-unit East Side housing development, has gone up.

Appraisers said the complex which sold for $5.4 billion at the height of the boom in 2007, is now worth $3.5 billion.

While its $2 billion short of its last sale price, the appraisal is good news for lenders still owed from the bubble-bursting buy made by Tishman Speyer and a group of partners led by BlackRock Inc.

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