Articles in the Headline Category
Headline, Mergers and Acquisitions »
Private equity firm TPG Capital is in talks to buy the commercial brokerage Cassidy Turley, according to a report in Crain’s.
It wasn’t clear how much the Texas-based firm was willing to pay or how far the negotiations had come. Crain’s based its report on anonymous sources familiar with the talks.
Founded in 2008, Washington, D.C., based Cassidy Turley is one of the country’s leading real estate brokerage and services firms with more than 3,000 employees. The deal would be the latest in a wave of consolidations in the commercial brokerage industry. In May, UK-based real estate services firm Savills had bought the New York brokerage Studley for $260 million. In 2011, a merger between brokerages Grubb & Ellis and Newmark Knight Frank created Newmark Grubb Knight Frank.
The bottom of Manhattan is currently at the top in terms of retail growth, according to reports this week.
According to Cushman and Wakefield, Lower Manhattan saw a 37.8 percent climb in asking rents for retail spaces from this time last year. While Downtown was not the only sector to see an increase in pricing, it finished comfortably ahead of the other top districts, including Times Square (13.8 percent rise), Madison Avenue (12.4 percent rise), Flatiron (10.7 percent rise).
“Asking rents were on the rise in eight of ten Manhattan neighborhoods, with Lower Manhattan leading the pack,” said Cushman & Wakefield vice chairman Joanne Podell. “We expect Downtown to keep attracting retail as office employment rises.
There is a mysterious grey square on the otherwise well-labelled site map of Brookfield’s Manhattan West project.
It is nestled in the middle of a U-shaped string of planned restaurants, retail units, an office tower and a hotel, exactly where planners might envision a public plaza.
As it turns out, the grey square is a 13-story office building owned by Raju Shah’s Vectra Management Group. It is the only building on the block not under Brookfield’s control, and has become the figurative thorn in the side of the company’s $4.5 billion mixed-use megaproject.
For years, Vectra has resisted Brookfield’s attempts to buy the pre-war building at 424 West 33rd Street, forcing the company to build around it, measure every tiny vibration and limit construction work during business hours
Deals & Dealmakers, Headline »
Some of the city’s biggest landlords could be dragged into a multi-million dollar cyber-hacking lawsuit filed by a now-defunct energy company.
Genergy, a local company that helped New York property owners track and manage electrical costs for thousands of buildings, is suing a rival for hacking into its computers and stealing sensitive information.
The espionage ultimately drove the firm out of business, says a federal lawsuit field by Genergy, which worked with companies such as Vornado, Mack-Cali and Swig Equities.
Deals & Dealmakers, Headline, Retail »
An ABS leasing team is marketing retail space in a Flatiron corridor that has outstripped Fifth Avenue as the hottest spot for foot traffic.
John Brod and Gregg Schenker, of ABS Real Estate, commissioned a pedestrian traffic study at 915 Broadway, where the duo is marketing an 8,000 s/f ground-floor flagship space.
“I think this is a condition in the marketplace that very few retailers and real estate professionals are aware of and makes for a unique opportunity for tenants and brokers to be ahead of the curve with this knowledge and take advantage of,” said Schenker.
Deals & Dealmakers, Headline »
If Brooklyn is becoming more and more like Manhattan, Atlantic Avenue is its Bowery.
While surrounding brownstone neighborhoods like Fort Greene, Clinton Hill and Prospect Heights have become rapidly gentrified and are seeing a growing number of expensive new condos, the famous thoroughfare has been slow to catch up.
But there are signs that Atlantic Avenue beyond Barclays Center might, finally, be on the verge of a makeover.
Developer RXR Realty recently bought the long-term lease of the 650,000 s/f office building 470 Vanderbilt at the corner of Atlantic and Vanderbilt Avenues for $200 million in partnership with American Landmark Properties.
RXR’s executive vice president Seth Pinsky said he hopes the building, which is mostly leased, will serve as one of the catalysts for the avenue’s development.
Deals & Dealmakers, Headline »
Robert Durst, estranged scion of the Durst clan and confessed killer, appears to have made a hefty profit with his Brooklyn real estate investments.
Two multifamily buildings Durst reportedly bought in November 2011 for a total of $8.65 million now sold for $21.15 million.
BCB Property Management, a firm run by Robert Durst’s wife, Debrah Lee Charatan, announced the sale of the properties at 234 Union Avenue in Williamsburg and 250 Pacific Street in Carroll Gardens.
BCB claims to have owned the buildings and Durst was not mentioned in the press release, but court filings from April 2013 revealed that he bought the properties in November 2011 with money from his $43-million dollar trust fund, as DNAInfo previously reported. The two buildings haven’t changed hands since then, according to public records.
Amid strong leasing in the second quarter, Manhattan’s office availability has fallen to its lowest level since 2008, reports by commercial brokerages Cassidy Turley and Cushman & Wakefield show.
Manhattan’s availability rate fell to 10.1 percent, according to Cassidy Turley’s Second Quarter Manhattan Office Report – down from 10.4 percent in the first quarter.
The decline was accompanied by one of the largest total leasing volumes in recent decades.
Real estate lending is making a triumphant return, but not everyone is happy about it.
A growing number of observers openly worry that the recent uptick in commercial lending activity is being accompanied by a return of the lax underwriting that helped cause the 2008 crash.
“There is a deterioration of underwriting standards independent of what is happening to (market) fundamentals,” said Sam Chandan, an economist who follows the U.S. real estate markets. “Lenders have good reason to be concerned right now about some of the trends we are observing.”
Brokers and economists warn that lending is growing at a faster pace than market fundamentals in many parts of the U.S., spurred by laxer underwriting standards. The most visible symptoms include rising loan-to-value ratios, shrinking interest rate spreads, a growing appetite from lenders for riskier markets, and the return of interest-only loans.
A Dubai-based fast-food chain is setting its sights on the U.S. retail market and expects to open 50 stores in New York City.
Just Falafel, a middle-eastern “fast casual” restaurant chain based in Dubai, announced earlier this year that the company was planning a massive American rollout, having already sold nearly 120 franchises, according to the company.
“Our goal is to become an authentic global aggregator of Mediterranean street food which fits with our brand’s core values of serving authentic, wholesome food with old-world flavors,” said a company spokesperson.