Home » Archive

Articles in the Featured Category

Deals & Dealmakers, Featured »

[16 Apr 2014 | No Comment | ]
Tech, media sectors drive Manhattan office leasing volume to an all-time high

Manhattan’s commercial real estate market has recorded the highest quarterly leasing volume in at least a decade.
But the firts quarter reports were not all good news, as the prospect of office consolidation and downtown migration hint at trouble for Midtown. Some 9.4 million square feet of commercial space were leased across Manhattan in the first quarter, according to a report by Cushman & Wakefield.
This marked the highest quarterly volume ever recorded by the firm. The Manhattan-wide vacancy rate fell to 10.5 percent and the average price rose to $63.96 per s/f, up 7.3 percent from $59.60 per s/f a year ago.

Deals & Dealmakers, Featured »

[16 Apr 2014 | No Comment | ]
New York City going soft, says Sternlicht

Barry Sternlich, chairman and CEO of Starwood Capital, could be happier with the New York City hotel market, judging from a comment he made on CNBC last week.
“I always watch New York City hotel rates and occupancy rates because, in my career at Starwood Hotels, I noticed New York City kind of lead the economy — up and down,” Sternlich said.
“It started to recover before the economy recovered and it went over the hill before the economy went over the hill, and right now New York City is a little soft. It kinda bothers me that way.” Starwood is launching two new hotel brands that will have locations in New York, named Baccarat and 1.

Featured, Finance & Accounting »

[15 Apr 2014 | No Comment | ]
Schorsch goes public with city-centric REIT

Nicholas Schorsch’s American Realty Capital (ARC), long known for its many non-traded REITs, seems to have discovered a liking for the stock market.
Yesterday, ARC’s formerly non-traded New York Recovery REIT listed on the New York Stock Exchange, making it the first publicly traded REIT focused exclusively on New York City.
Shares of the REIT, which has invested more than $2 billion in office and retail space since 2010, began trading at $10.70. A week earlier, ARC’s American Realty Capital Healthcare Trust, which owns around $2 billion worth of healthcare-related real estate across the U.S., had begun trading on the NASDAQ exchange.

Deals & Dealmakers, Featured »

[14 Apr 2014 | One Comment | ]
The Bowery to get first tech office building

Midtown South’s office boom has so far bypassed the Bowery, a street more associated with grunge music than tech firms. But that could change.

Westchester-based Caspi Development has purchased the seven-story office building 161 Bowery for $12.75 million, with plans of turning it into modern office space for tech tenants. It would be the first such building on the street.

Principal Joshua Caspi told Real Estate Weekly he plans to renovate the 20,000-s/f building – located between Broome and Delancey Streets – and create full-floor office lofts atop the ground-floor retail space.

Brokers Weekly, Featured »

[14 Apr 2014 | No Comment | ]
The best back yard in America

When you put a trio of real estate’s most revered companies together on a project, expectations run high. Add to that what is arguably one of the best sites on New Jersey’s Gold Coast, folk are looking for unparalleled.
There is no doubt that Hartz Mountain, Mack-Cali and Roseland Properties have hit the bullseye with their three-building Estuary in Weehawken’s Lincoln Harbor.
Over 60 apartments were leased on the first day that the 582-unit property opened last month. The cheapest was a 500 s/f studio at $1,875 a month, but according to leasing manager Kimberly Hults, it was the three-bedroom apartments, which run from $4,500 to $5,200, that were snapped up first.

Construction & Design, Featured »

[14 Apr 2014 | No Comment | ]
Lightstone invites design ideas for 1407 Broadway

1407 Broadway, a building in Times Square South undergoing a transformation with extensive building renovations and an image repositioning, has launched a contest inviting designers to create the ideal work environment — with the winner receiving $14,000.
The Lightstone Group, owners of the building, and its branding partner CO OP, launched the competition to foster an environment that sparks creativity and collaboration through the building’s new office spaces, amenities and creative tenant mix.
The “Space Forward: Ideas Competition” launching on April 2 via a new website www.1407bway.com/competition and digital media campaign, invites …

Construction & Design, Featured »

[14 Apr 2014 | No Comment | ]
New York construction spending tops $29M

Overall construction spending in New York City reached $29.3 billion in 2013, a six percent increase from 2012, when total spending reached $27.7 billion, according to a New York Building Congress analysis.

Construction employment in New York City reached a five year high of 120,900 jobs in 2013, a four percent increase from 2012, when construction accounted for 116,000 jobs. Industry employment, however, remains well short of the 132,625 jobs that were produced in 2008.

Construction & Design, Featured »

[11 Apr 2014 | No Comment | ]
Governors Island projects in full bloom in time for summer

Slowly and steadily, redevelopment continues at Governors Island, which will be open to the public seven days a week for the first time this summer.

Visitors will be greeted with new park space, fresh running water and a $2 fee on the previously free ferry service.

The Shell, designed by Diller Scofidio + Renfro, is reminiscent of the interior of an oyster shell that was shaped by its aquatic environment over time to form continuous but variegated surfaces.

The Trust for Governor’s Island will unveil 30 acres of new park space this May. The new Hammock Grove offers 1,500 trees, 50 hammocks and a view of the Statue of Liberty in New York Harbor.

Deals & Dealmakers, Featured »

[11 Apr 2014 | No Comment | ]
Upstart Shkury comes out of the gate like dark horse with odds in his favor

2013 was a good year for most of Manhattan’s commercial brokerages, but it is hard to find one that did better than Ariel Property Advisors.

The firm tripled its sales volume to almost $600 million, bringing it close to heavyweights such as Eastern Consolidated or Marcus & Millichap.

Shimon Shkury, founder and president of the firm, told Real Estate Weekly that he is currently working on six deals “north of $50 million”, and 2014 could well become another record year.

Just as important, the company managed to branch out from its traditional Harlem turf in 2013, recording the majority of its sales below 96th street for the first time.

Deals & Dealmakers, Featured »

[10 Apr 2014 | No Comment | ]
Big tenants all over the map, says Brookfield boss

Mitch Rudin believes that New York City’s office market is entering a new era.

“What’s been happening is that neighborhoods have disappeared,” the CEO of Brookfield Office Properties told an audience at last week’s B’nai B’rith real estate luncheon.

He argued that major tenants used to pick out a specific neighborhood in Manhattan and limit their search for office space to that area. But that has changed.

“Now, every tenant is in a city-wide search. They are looking at Manhattan West, Silverstein’s buildings and Brookfield Place,” he said.

Related Posts Plugin for WordPress, Blogger...