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[31 Oct 2014 | No Comment | ]
Happy Halloween! New York leads country in zombie foreclosures

Just in time for Halloween, Greater New York recorded the most Zombie foreclosures of any metro area nationwide.
According to data firm RealtyTrac, 13,366 homes in metro New York were vacated at the time of foreclosure, becoming so-called Zombie properties. This represents 12 percent of all properties in foreclosure. New York was followed by Miami (9,869), Tampa (7,509), Chicago (7,326), Philadelphia (5,405) and Orlando (3,732).
RealtyTrac’s Q3 2014 Zombie Foreclosure Report found there were 117,298 owner-vacated foreclosures nationwide in third quarter of 2014 (18 percent of total properties in foreclosure), down 17 …

Deals & Dealmakers, Headline »

[29 Oct 2014 | No Comment | ]
Lam Group eyes REIT to fund global growth

The Lam Group, a family-owned hotel developer long known for relying on its own equity, is contemplating a major shift in strategy.

Vice president Joseph Yi told Real Estate Weekly that the firm is considering the launch of a publicly traded REIT in an attempt to raise more money and compete in an increasingly global investment market.

“Ultimately we know we need to tap alternative sources of capital,” said Yi. “If public companies can tap public money to fund their growth, it’s only natural for us to look at that as well.”

Headline, Property Managers »

[22 Oct 2014 | No Comment | ]
Co-op City job a manager’s biggest challenge

By Konrad Putzier
Co-op City, the world’s largest co-operative housing development, is looking for a new property manager.
The board of directors of the Riverbay Co-operation, which runs the Bronx Mitchell-Lama complex, has sent out requests for proposals (RFPs).
Firms can bid to manage either the entire complex, or just the residential or commercial portions.
While the current property manager, Marion Scott Real Estate, is expected to bid for the job, the RFP is an indication that a majority of Riverbay’s board of directors is willing to switch managers.
The RFP is bound to cause …

Deals & Dealmakers, Headline »

[15 Oct 2014 | No Comment | ]
A suburban withdrawal

Stamford and Manhattan are only a few miles apart, but as far as commercial real estate goes, they might as well be on different continents.

A day before brokerage CBRE announced that Manhattan’s net office absorption in the third quarter exceeded one million s/f, news broke that the 527,424 s/f office building 400 Atlantic Street in Stamford would lose its three largest tenants by 2018.

These two examples are symptomatic of a larger rift. While New York City’s commercial real estate market is booming, Fairfield County, Long Island and Westchester are, at best, stagnating. In order to turn their fate around, suburban office centers will have to reinvent themselves on a scale not seen in decades.

Deals & Dealmakers, Headline »

[9 Oct 2014 | One Comment | ]
Spielberg wants real estate ‘liars’

Mel Brooks as Harry Macklowe in a Steven Spielberg blockbuster about the titans of New York real estate?

Jeff Daniels as Donald Trump? Brad Pritt playing ex-Vornado chief Mike Fascitelli? It could happen if a searing new book by author Vicky Ward translates to big bucks on the bookshelves.

In an exclusive interview with Real Estate Weekly to coincide with this publication’s free giveaway of her book, The Liar’s Ball, Ward revealed, that Hollywood is “very curious” about real estate’s dream chasers.

Brokers Weekly, Construction & Design, Headline »

[1 Oct 2014 | No Comment | ]
Luxury builders reap rewards as new condo prices soar

Manhattan’s apartment sales market has continued its steep climb, benefiting from strong demand for luxury new development.

The median sales price grew by 4.2 percent year-over-year to $908,242 while the average price grew by 17.4 percent to $1.684 million, according to Miller Samuel’s report for Douglas Elliman, as luxury sales far outpaced the rest of the market.

The median sales price in the luxury market — defined as the top ten percent in terms of price — rose by 22 percent, while the number of sales at or above $10 million grew by 89.7 percent.

And as demand continues unabated, new condo developers like HFZ Capital Group are seeing strong demand for their units.

Construction & Design, Headline »

[23 Sep 2014 | No Comment | ]
Skanska quits pioneering Ratner project

Skanska has terminated its construction agreement with Forest City Ratner for an Atlantic Yards modular apartment tower, sending the dispute over the project into a new round.

In a statement issued today (Tuesday), Skanska justified the step by alleging Forest City Ratner did not address unspecified “material breaches” under the agreement.

Work at the Atlantic Yards B2 Project, set to become the tallest modular tower in the world at 32 stories, has been interrupted for weeks, prompting the two firms to exchange lawsuits

Construction & Design, Headline »

[17 Sep 2014 | One Comment | ]
Skyway could ease commuter crunch

A proposed East River Skyway could ease commuter congestion between Manhattan and the booming Brooklyn market.

The first phase of the Skyway would connect the waterfront area in Williamsburg to Downtown Manhattan, South Williamsburg and the Brooklyn Navy Yard.

“Given the exciting growth in Brooklyn and Queens, it is essential to adapt New York City’s transportation system to serve residents in these booming areas,” said Daniel Levy, president of East River Skyway and CityRealty.

Levy unveiled his proposal yesterday (Tuesday) at the Massey Knakal Brooklyn Real Estate Summit.

Construction & Design, Headline »

[12 Sep 2014 | No Comment | ]
New York’s schools go on construction binge

New York’s schools and universities are expanding, and that’s good news for the real estate industry.

Educational institutions are set to invest billions in capital programs over the next years – much of it earmarked for new construction. Increasingly, this benefits not only construction firms, but also developers who have partnered up with universities.

At a panel titled “Schools, Colleges and Universities – A Construction Report Card”, hosted by Zetlin & De Chiara LLP and JLL last Thursday, executives of four major universities and the NYC School Construction Authority (SCA) gave updates on their capital plans and the state of the educational sector.

Driving the boom in education construction is a growth in university enrollment and a need for renovations, according to the panelists.

Headline »

[11 Sep 2014 | No Comment | ]
Lower Manhattan reborn as city remembers 9/11

As we mark the 13th anniversary of the 9/11 tragedy, Americans can take solace knowing that we, as a united nation, are as resilient as we have ever been throughout our country’s history.

Perhaps there is no better reminder of our tenacious spirit than the tremendous progress being made in the redevelopment and construction of the World Trade Center complex.

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