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Deals & Dealmakers, Featured »

[27 Aug 2014 | No Comment | ]
Lower yields draw New York developers to Israeli bonds

In their hunt for cheap financing, New York developers are increasingly turning to the Israeli bond market.
Last week, the Tel Aviv daily Haaretz reported that the Witkoff Group and the Lightstone Group are considering selling bonds in Israel for 500 million Shekels, or $141.6 million, each. They would follow in the footsteps of Extell, which raised about $270 million on the Israeli bond market earlier this summer.
Selling bonds in Israel is attractive as a cheap way of gaining equity, explained Joe Berko, head of the commercial brokerage Berko & Associates.
“Years …

Deals & Dealmakers, Featured »

[27 Aug 2014 | No Comment | ]
Law firm’s reported (but false) interest in Manhattan West still a game changer for office market

A reported deal to bring law firm Skadden Arps to Brookfield’s Manhattan West megaproject would have highlighted a gravitational shift in Manhattan’s office market towards the far west side.
While Real Estate Weekly has since learned that this particular report is false, the sentiment remains true.
Western and Southern Manhattan are in play for some of the city’s most desirable tenants.
The New York Daily News reported last week that Skadden, Arps, Slate, Meagher & Flom signed a letter of intent to lease 500,000 s/f at Manhattan West once its current lease at …

Deals & Dealmakers, Featured »

[27 Aug 2014 | No Comment | ]
ABS marketing hot Tribeca site for more than $70M

The chance to build a neighbor for some of Tribeca’s toniest apartment buildings drove the price of a Broadway site up to $73 million.
Alan S. Cohen and Adam Maxson of ABS Partners represented the seller of 353 Broadway and 355-357 Broadway, the family-owned Pioneer Realty Co. , cashing in on the hot development market.
“This is a unique property for this neighborhood – opportunities like this simply do not exist in Tribeca anymore. We received 10 bids from some of the city’s most well-known developers, allowing us to achieve a selling …

Deals & Dealmakers, Featured »

[27 Aug 2014 | No Comment | ]
Office space company takes full floor at 1WTC

The Durst Organization has signed Servcorp, a global provider of equipped executive offices and virtual office space, to a 15-year, 34,775-s/f, full lease on the 85th floor of One World Trade Center.
With the closing of this transaction, the 3.0-million-s/f office tower is now 57.5-percent leased. Servcorp’s One World Trade Center location is scheduled to open in the first quarter of 2015.
One World Trade Center will mark its official opening toward the end of this year when Condé Nast begins to move personnel into the building.
“As the world leader in premium …

Deals & Dealmakers, Featured »

[27 Aug 2014 | No Comment | ]
Texas-based appraisal firm enters the NYC market

Texas-based valuation and advisory firm Butler Burgher Group (BBG) has entered the New York City market, acquiring the appraisal firm Leitner Group for an undisclosed amount.
During a transitional period following the transaction, the New York office will operate as “Leitner Group, now part of BBG.” Leitner Group founder Joel Leitner will continue to lead the New York office, working closely with Susan Kominski, BBG’s Senior Managing Director, Eastern Region.
“We have had a national footprint but no office in New York City. Entering New York with someone like Leitner was a big …

Deals & Dealmakers, Featured »

[22 Aug 2014 | No Comment | ]
Klosed bets on Soho growth

Steven Kachanian’s Klosed Properties has bought a 2,200 s/f retail condo at 202 Spring Street for $7 million. The deal is another sign that Soho’s retail market is continuing its rapid expansion – geographically as well as financially.
The retail condo at the corner of Spring and Sullivan Streets is well beyond Soho’s retail heartland. But Kachanian hopes that a flurry of new developments nearby and skyrocketing rents around Broadway will drive more retail into western Soho.
“We are confident that foot traffic is going to increase and rents will spike up,” …

Brokers Weekly, Featured »

[22 Aug 2014 | No Comment | ]
Superhero style gives new venture a sporting chance

By Dan Orlando
Darrin Harrold wears the mantle of successful real estate entrepreneur the same way Bruce Wayne wears his Batman cape.
A strong believer in the motto, “Do what makes you happy and you’ll never work a day in your life,” the owner of Tri Properties appears determined to involve himself in every activity that does, in fact, bring him joy.
By day, Harrold teaches elementary physical education at the Canadian International School based in Singapore and works as the referee-in-chief of the Singapore Ice Hockey Association.
A husband and father of three …

Brokers Weekly, Featured »

[22 Aug 2014 | No Comment | ]
Far East Brooklyn nabe on the verge of residential boom

By Holly Dutton
The Brooklyn neighborhood of East New York has been on the tip of everyone’s tongue lately, with the area posed to be the next new frontier.
East New York is an area that is so far East in the borough, it isn’t always included on real estate listings and real estate brokerages’ websites.
Bordered by Brownsville to the West, Ozone Park to the East, Bushwick and Ridgewood to the north and Jamaica Bay to the South, the area is being talked about as one of next gentrified neighborhoods, like Crown …

Featured, Finance & Accounting »

[21 Aug 2014 | No Comment | ]
Good news, bad news  as cash buyers retreat

All-cash sales accounted for 37.9 percent of all sales of single family homes and condos nationwide in the second quarter, according to Data firm RealtyTrac’s Q2 2014 U.S. Institutional Investor & Cash Sales Report.

This share is down from a three-year high of 42.0 percent in the previous quarter but still up from 35.7 percent in a year ago.

“The flurry of purchases by institutional investors and other cash buyers that kicked off two years ago when U.S. home prices hit bottom is finally showing signs of subsiding,” said Daren Blomquist, RealtyTrac vice president, noting that median home prices bottomed out in March 2012.

Deals & Dealmakers, Featured »

[21 Aug 2014 | No Comment | ]
Apartment plan for Crown Heights brewery building

Crow Hill Development has sold a 22,000 s/f development parcel at 608-614 Franklin Avenue in Crown Heights for $17.5 million.

TerraCRG’s Melissa DiBella said that the developer recently filed plans for a mixed-use residential building.

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