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[19 Nov 2014 | One Comment | ]
Peebles planning to launch  $350M investment fund

Don Peebles, head of development behemoth The Peebles Corporation, plans to launch a $350 million real estate investment fund.

Peebles told Real Estate Weekly he has recently begun raising capital for the fund, which will invest in Peebles’ own projects as well as developments by “emerging mid-sized developers” in several major U.S. cities, including New York.

“The fund will be more along the lines of a venture capital model,” Peebles said. “We are not just deploying capital as an allocator, but as a development partner.”

He added that the fund, which will solely provide equity and raise capital from institutional investors, is set to launch in the second or third quarter of 2015.

Brokers Weekly, Headline »

[14 Nov 2014 | No Comment | ]
Bubble Bluster: Chatter of luxury over-supply getting louder in New York

By Konrad Putzier
As late as a year ago, most real estate experts scoffed at the notion that New York’s luxury condo market is heading for a bubble, pointing to a seemingly infinite supply of billionaires and dropping the phrase “safe haven” more often than a Republican says “Obamacare”.
But in the past months, opinion has shifted noticeably as more and more new luxury towers are being announced.
At a celebrity-heavy panel at last week’s NYC Real Estate Expo, most industry leaders agreed that luxury condo development is heading in the wrong direction.
The …

Headline, Property Managers »

[12 Nov 2014 | One Comment | ]
Property management can be a real high wire act

Were you holding your breath when Nik Wallenda walked the high wire over the Chicago river last weekend? So was Bill O’Leary, CPM, property manager of the Marina Towers Condominium Association.

“I was holding my breath for him, and for everything else,” said O’Leary, manager of the iconic Marina City, two 60-story towers the stuntman walked between with no safety gear or net.

The “everything else” began long before the record-breaking event appeared on television.The City of Chicago contacted O’Leary last winter to let him know that Wallenda was considering a high wire walk in Chicago, and that Marina City was one of the locations

Brokers Weekly, Headline »

[12 Nov 2014 | No Comment | ]
Apartment market having ‘buyers moment’

By Dan Orlando
With prices skyrocketing, condo buyers haven’t had much to be happy about over the past year. But star broker and Urban Compass president Leonard Steinberg reckons better times are ahead.
“While right now, I don’t think I’d classify this as a buyer’s market, I would consider this a buyer’s moment,” Steinberg said at a panel discussion at last week’s NYC Real Estate Expo in the Midtown Hilton. “Because I believe when you have a lot of sellers thinking about holding off on putting their apartments on the market until …

Deals & Dealmakers, Headline »

[4 Nov 2014 | No Comment | ]
Opening day at One World Trade Center

Considering the significance of the occasion, the opening of One World Trade Center on Monday was surprisingly low-key.

No marching bands or foreign heads of state greeted the 170 or so Conde Nast employees that moved their boxes into the tower. A brief press conference, that was it.

But the modest opening also seemed to suit the tower’s developers, The Port Authority of New York and New Jersey and The Durst Organization.

Ever since the Port Authority renamed the Freedom Tower One World Trade Center in 2009, the developers have been doing their best to market the building as a more or less normal office building.

The memory of 9/11 may be important to cherish, but the anxieties that come with it aren’t exactly good for business. The hope is that now that One World Trade Center is open, it will become more attractive for tenants.

Deals & Dealmakers, Headline »

[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.

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