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[22 Jan 2015 | No Comment | ]
ECB stimulus could be a boon for New York real estate

By Konrad Putzier
The European Central Bank’s monetary stimulus program may be too late and too small to turn around Europe’s economy, but it could give real estate a boost.
“If the QE program is successful, the impact on property markets in general could be substantial as even more demand will now be diverted into the market,” David Hutchings, Head of EMEA Investment Strategy at Cushman & Wakefield, said in a press release.
ECB president Mario Draghi unveiled a bond-buying program (or quantitative easing) worth 60 billion Euros a month today (Thursday). The …

Deals & Dealmakers, Headline »

[20 Jan 2015 | No Comment | ]
Canadian investment roars with $2.2B Bryant Park buy

Ivanhoé Cambridge and its partner, Callahan Capital Properties have purchased 1095 Sixth Avenue for a record $2.2 billion from the Blackstone Group and re-named it Three Bryant Park.

The price of the 1.2 million square feet of Midtown office space made the sale the largest single office building transaction since the GM Building was acquired for $2.8 billion in 2008.

Quebec-based Ivanhoé Cambridge is at the forefront of a rush by Canadian investors into the U.S. real estate market.

Canadians invested $9.85 billion in U.S. commercial properties in 2014, according to Real Capital Analytics. No other country invested more, with China a far second at just under $6.6 billion.

Deals & Dealmakers, Headline »

[16 Jan 2015 | No Comment | ]
Spinola honored at REBNY gala

Photos by Gotham Photo Company
For the 119th time, The Real Estate Board of New York (REBNY) brought out the industry’s best for its annual banquet last night, which, this year, honored its longest-serving President Steven Spinola. Mayor Bill de Blasio was among the many State and City leaders who attended the leading trade association’s 119thAnnual Banquet, known by the industry as real estate’s biggest night of the year.
William C. Rudin, Barbara Fox, Peter Hauspurg, Daniel M. Kindbergh, and Glen Weiss were also honored at the exclusive event, which attracted more than 2,300 of New York City’s most influential industry leaders, elected officials, and …

Headline »

[14 Jan 2015 | No Comment | ]
Spinola opens up on de Blasio, Moreland and 30 years at REBNY

When the 119th Annual REBNY Gala takes place tomorrow night, board president Steven Spinola will be honored with the Harry B. Helmsley Distinguished New Yorker award.
The event will mark the culmination of a 30-year career with REBNY that has seen him help guide the industry through one of the worst terrorist attacks on US soil, a Great Recession and a devastating hurricane.
As he prepares to step down from the presidency later this year, Spinola spoke with Real Estate Weekly about his experiences dealing with five different mayors, the role of corporate and private money in U.S. politics and what it’s been like working with his wife for 18 years ….

Deals & Dealmakers, Headline »

[8 Jan 2015 | No Comment | ]
Howard Hughes buys South Street parcel for $100M

By Konrad Putzier
The Howard Hughes Corporation has dished out $100 million for 80 South Street, a site just south of its planned (and controversial) Seaport tower.
The parcel, currently a five-story walkup, will likely be turned into another skyscraper. Queens developer Cord Meyer had previously secured the City Planning Commission’s approval of a 300,000-s/f hotel and residential tower designed by Morali Architects. Meyer later decided to sell the proposal and the site to Howard Hughes. The deal has now closed, according to property records.
Development of the 8,128-s/f parcel has been discussed …

Headline »

[7 Jan 2015 | No Comment | ]
Office leasing starts New Year on a roll

Manhattan’s office market ended the year 2014 with strong gains, but a growing number of execs fear commercial real estate may be heading for a bubble.

According to a new report by brokerage DTZ, demand for Manhattan offices has reached its highest point since 2005. Availability fell, Class-A rents rose to $77.25 per s/f and Class-B rents to $59.24 per s/f – a new record.

But a survey by accounting firm Marks Paneth found that 55 percent of real estate professionals reckon commercial properties are overvalued.

Deals & Dealmakers, Headline »

[31 Dec 2014 | No Comment | ]
Japanese real estate giant pays $259M for stake in 55 Hudson Yards

By Holly Dutton
Japanese real estate giant Mitsui Fudosan plunked down $259 million for a stake in 55 Hudson Yards, Related’s forthcoming Far West Side office tower, according to city records filed today (Tuesday).
Documents show Mitsui Fudosan America, based in Tokyo, paid $258.8 million earlier this month for a stake in Related’s 1.3 million s/f tower that will rise at 11th Avenue between 33rd and 24th Street.
Designed by Kohn Pederson Fox, construction on 55 Hudson Yards is slated to begin this spring.
Mitsui Fudosan has more than $40 billion in international real …

Headline, Retail »

[24 Dec 2014 | No Comment | ]
Mom and Pops smell coffee as chain stores eat into New York City

All New York shoppers want this Christmas is a chain store.

According to the State of the Chains report from the Center for an Urban Future, the number of chain store locations in New York City jumped 3.3 percent this year.

In the biggest climb since a 2009 chain store boom, brands like Dunkin Donuts, Metro PCS and Chipotle bulldozed their way into the city in a blaze of real estate-eating franchises.

“I think it’s just a natural evolution. I think what you’re really seeing is the demise of the small mom and pop that doesn’t have the efficiency of scale,” said Joanne Podell, vice chairman at Cushman & Wakefield.

Deals & Dealmakers, Headline »

[17 Dec 2014 | No Comment | ]
Spinola: Real estate has earned its place at political table

With taxes from revenue-generating properties providing enough money to pay New York’s teachers, police officers, fire fighters, sanitation workers and corrections officers for a year, the city’s real estate industry is its most powerful sector.

And it’s most influential group is braced to harness that power to build a better New York.

Speaking before a group of real estate executives, REBNY chairman Steven Spionla said, “Before, state legislators would ask us – What right do you have to argue these issues? Well, 54 percent of the entire city’s budget comes from the real estate industry. Why are we involved? Because without income-producing properties, we would have fewer police officers, teachers and public servants. We, as an industry, want to grow those numbers, get involved in big projects and create more jobs.”

Deals & Dealmakers, Headline »

[11 Dec 2014 | No Comment | ]
New York hotel developers checking all the boxes

The North America Hotel Investment Conference (NATHIC) heard optimistic predictions from some of the industry’s most influential leaders at their annual summit last week, but New York City developers have their eye on a plethora of issues that could upset the applecart, from rising land prices to the Airbnb economy.
James Nelson and Andy Posil of Massey Knakal sat down with Will Obeid of Gemini Real Estate Advisors, LLC, Eddie Hidary of Hidrock Realty Inc., and Tyler Morse of MCR Development LLC, to discuss their current projects and the current …

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