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[26 Nov 2014 | No Comment | ]
Arianna Huffington on learning to be okay with silence

Media dame Arianna Huffington revealed some of the secrets of her success during a forum hosted the byt CoreNet NY chapter.

Huffington cited her own collapse in 2007 as her wake-up call that led her to reflect on the true meaning of success and began to question conventional wisdom: “We’ve been defining success by two metrics: money and power. But that’s like trying to sit on a two-legged stool. We need that third leg.”

Huffington warned against using “busy as a badge of honor,” reminding the audience that it is okay to say “no” to work that you cannot do, stating “Learn to be okay with silence. No is a full sentence. Go be quiet.”

Construction & Design, Featured, Finance & Accounting »

[26 Nov 2014 | No Comment | ]
Multifamily funding deal for shipping container developer

SG Blocks, a designer of property built from shipping containers, has partnered with Manhattan-based Palladium Management to build multifamily and mixed-use developments in New York.

“Teaming with Palladium will allow the SG Blocks Building System to be deployed throughout new markets, which will save time and money for developers and end users” said Paul Galvin, chairman and CEO of SG Blocks.

“Can you imagine building a brownstone out of these?” he said. “You can do it in three days.”

Deals & Dealmakers, Featured, Property Managers »

[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.

Brokers Weekly, Featured »

[21 Nov 2014 | One Comment | ]
Virtual reality ready to revolutionize residential sales market

By Konrad Putzier
Beyond the balcony of this Miami Beach penthouse, behind beaches lined with palm trees, the Atlantic Ocean glistens in the dark.
Inside, a fire is crackling. A quick stroll through the apartment reveals a spacious kitchen, a bowl of fruit placed on the counter, and a bedroom with a magnificent four-poster bed.
The images are clear enough to make you think they are real — but they aren’t quite.
The apartment is a virtual replica on a TV screen that is navigated like a video game with the help of a …

Brokers Weekly, Featured »

[21 Nov 2014 | No Comment | ]
Blogged down with young clients is just the way Wu likes it

By Dan Orlando
Allen Wu, a native of Shanghai, is a young gun at Fenwick Keats Real Estate.
He has made so much noise already during his brief time with the brokerage that he captured the Stonehenge Summer Broker Challenge this year, an honor that carries a $10,000 reward to accompany the prestige.
“I was trying to get a job (in) the psychology field,” Wu said, admitting that real estate was not his original goal after he graduated from the City College of New York in 2013.
“I saw a show, which was Million …

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