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787 11th Avenue, Brian Goldman, Neil Goldmacher

Auto Row lease earns NGKF brokers “Most Ingenious” retail deal award Goldman, Goldmacher take home top REBNY prize for Jaguar/Land Rover lease at 787 11th

787 11th Avenue (inset: Neil Goldmacher and Brian Goldman)

When longtime Newmark Grubb Knight Frank broker Brian Goldman did a deal with Porsche for a new dealersh阿爱上海同城 阿拉爱上海同城ip on Automobile Row a few years ago, he could see the writing on the wall: The gritty stretch of 11th Avenue on the Far West Side was rapidly changing.

So when he told the owner of the neighborhood’s Jaguar and Land Rover dealership that it was likely their home at 787 11th Avenue would爱上海龙凤419桑拿 上海龙凤论坛sh1f some day be put up for sale, he already had the inside track to what would eventually become an上海千花网龙凤论坛 上海千花社区 award-worthy deal.

“The fact that I told them it was going to happen and it actually came true further added credibility to what I was doing,” said Goldman, who along with colleague Neil Goldmacher earned the Real Estate Board of New York’s coveted “Most Ingenious Retail Deal of the Year” award for the 25-year, 225,000-square-foot lease they negotiated on behalf of the dealerships.

After securing a new home for Porsche at 711 11th Avenue back in 2014, Goldman felt it was just a matter of time befo爱上海同城论坛 爱上海同城re 787 11th’s owner, the Ford Motor Company, would put its massive, 464,000-square-foot building on the market, he told the Wall Street Journal.

Jaguar and Land Rover, which Ford sold to Tata Motors in 2008, actually bid on the building, but came in $25 million short of the $250 million the Georgetown Company and an investment fund headed by Bill Ackman eventually plopped down.

So when it became clear they’d have to negotiate with new ownership, the Newmark brokers went out and lined up six possible new locations in case the landlords pushed them out. That foresight played a big part in the minds of the REBNY judges.

“It’s unprecedented in our business to see something like that,” Ripco Real Estate’s Andrew Mandell, who chairs REBNY’s retail committee, told the Journal.

CBRE’s Mary Ann Tighe, who represented the building owners along with Evan Haskell, said the negotiations 上海夜网论坛 上海夜网were not “starting from a happy place,” in part because the dealerships had lost out on the building.

But in the end the two sides came up with a plan that dovetailed with Ackman’s vision for the Raphael Vinoly designed overhaul, and the backup locations Goldman identified will be used for the dealership’s Nissan and Infinity showroosm.

“That certainly is a boon for the brand,” Goldman told the newspaper.

In another blockbuster deal, Eric Gelber of CBRE won the “Most Significant Retail Deal of the Year” award for negotiating Foot Locker’s move from the Times Square bow tie to 36,000 square feet at 1460 Broadway owned by Himmel + Meringoff and the Swig Company. [WSJ]   Rich Bockmann 

Tags: auto row, Far West Side, Newmark Grubb Knight Frank
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St. John’s Terminal

Planning Commission questions affordable housing component of St. John s Terminal project Commissioners also voiced concern over the size of the retail space

Rendering of Saint John s Terminal (Credit: COOKFOX)

Members of the City Planning Commission voiced c上海夜网 阿爱上海同城oncerns over the planned St. John’s terminal development at a hearing Wednesday.

Several members criticized the developer’s decision to group the project’s affordable units in a separate building, likening it to a “poor door,” according to DNAinfo. Some also questioned the size of the retail space, which commissioner Cheryl Effron described as上海千花网龙凤论坛 上海千花社区 “mall-esque.”

The Commission will vote on the project by Oct. 17, before it moves on to the City Council.

Westbrook Partners and Atlas Capital Group plan to build five buildings spanning 1.7 million square feet and 1,586 housing units on the site at 550 Washington Street. Four of the five planned buildings will be residential (two condos, one affordable senior housing and one mixed-income rentals), along with one hotel building. Westbrook 上海龙凤论坛sh1f 上海龙凤论坛and Atlas have set aside 20 percent of the units reserved for residents who make 60 percent of the area median income and 30 percent for people who make 30 percent of the AMI.

In October, they reached a deal to buy 250,000 square feet of air rights from nearby Pier 40 for $100 million, but the deal is contingent on city approval.  The 上海千花社区 上海千花网交友developers said they hope to beg爱上海同城 爱上海in construction in 2017. [DNAinfo] Konrad Putzier

Tags: city planning commission, westbrook partners
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Stamford high

If there’s ever an argument against making interest-on上海夜网论坛 上海夜网ly payments on a mortgage, the 15-story property at 400 Atlantic Street in downtown Stamford bears testament to it. The entire principle for the $265 million loan came due on June 6 but because the owners, The Landis Group, had only been paying the interest. Uncertainty n上海龙凤论坛 新上海贵族宝贝论坛ow swirls over the building’s future.上海贵族宝贝交流区 上海贵族宝贝论坛 A loan modification proposal was submitted and denied on June 2, according to t阿拉爱上海同城 爱上海龙凤419桑拿he Stamford Advocate. [Stamford Advocate]

Tags: Westchester Fairfield
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236 Fifth Avenue

Kaufman closes $65M NoMad ground lease  Owner plans to launch $10M capital improvements program at 236 Fifth 

The Kaufman Organization s Michael Kazmierski, Fred Leffel and Grant Greenspan

The Kaufman Organization closed on its long-term NoMad ground lease at 236 Fifth Avenue, which is valued at $64.5 million, sources told The Real Deal.

The deal works out to more than $800 per square foot for the 99-year leasehold on the 11-story, 80,000-square-foot property. Kaufman negotiated the deal with property owner LCT Associates, as TRD originally reported.

“I think both parties have a benefit with this structure,” 上海龙凤论坛sh1f 上海龙凤论坛said Michael Kazmierski, Kaufman’s director of acquisitions, who negotiated the deal along with colleagues Fred Leffel and Grant Greenspan. “Ground leases still represent a great solution for multi-generational owners who have protected a long-term cash-flow stream and also provide a tax-efficient structure.”

Kaufman plans to spend $10 million upgrading the building, including renovating the lobby, upgrading elevators and install爱上海同城论坛 爱上海同城ing new fiber optic/t上海千花网龙凤论坛 上海千花社区elecommunications infrastructure. The landlord declined to comment on rents 阿拉爱上海同城 爱上海龙凤419桑拿in the building, but did note that the firm will be offering “significant” tenant improvement allowances for new leases.

Tags: Commercial Real Estate, Kaufm爱上海同城手机版 新爱上海同城对对碰论坛an Organization, nomad
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Manhattan Sales

Manhattan apartment sales prices shot up in December A weekly feature bringing you the industry’s latest intel

NYC Apartments (Credit: Leslie J. Garfield)

According to this week’s mar上海千花社区 上海千花网交友ket reports, the average sales price of Manhattan apartments rose 15 percent in December, and U.S. investment in data centers reached a record $20 billion in 2017.

Residential

Rentals | MNS

Average rents in Manhattan stayed flat in January, dropping by just 0.54 percent to $3,894. The slight decline mimicked the price movement in Brooklyn and Queens. During the month, Brooklyn rents rose上海千花网 爱上海同城对对碰 by 0.07 percent to $2,717 while Queens registered a 0.75 percent drop to $2,174. Check out the Manhattan, Brooklyn and Queens reports.

Sales | City Realty

The average sales price of Manhattan apartments rose by 15 percent to $2.3 million during the four weeks leading up to Jan. 1. During the period, the borough saw $2 billion in gross sales across 884 transactions. Downtown 上海千花网龙凤论坛 上海千花社区registered the most robust numbers, accounting for $499 million of condominium sales. Read the report here.

Sales | Leslie J. Garfield

There were four signed contracts for Manhattan townhouses from Jan. 20 to Feb. 2. The most expensive contact was for 131 Charles Street, which had an asking price of $10.8 million. Brooklyn, meanwhile, registered two signed contracts during the period. The most expensive townhouse sale in the borough was for 50 Hicks Street, which changed hands with an asking price of $4.4 million. Read the report here.

Luxury Sales | Olshan

The Manhattan luxury mar爱上海同城手机版 新爱上海同城对对碰论坛ket surged into February. From Jan. 29 to Feb. 4, 26 contracts were signed at $4 million and above. That figure represents the highest since the week of Dec. 4 to 10, when 30 contracts were signed. The most expensive contract for the week was for Unit 11SN at 995 Fifth Avenue, which was last asking $29.75 million. Read the report here.

Commercial

2018 U.S. Real Estate Market Outlook | CBRE

Total U.S. investments in data centers reached a record high of nearly $20 billion in 2017. Robust demand is expected to spill into 2018 due to increasing data consumption and the fast evolution of technology. CBRE forecasts that nearly 300 megawatts of data center space will be completed in primary markets this year. (One megawatt generally requires 4,000 servers.) Read the report here.

Tags: Commercial Real Estate, nyc market reports, Residential Real Estate
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Lennar Corp.

Lennar in talks to sell real estate lending unit to Stone Point Capital Company indicated possible sale of Rialto Capital earlier this year

Stuart Miller (Credit: iStock)

Miami-based Lennar Corp. is in advanced talks to sell its real estate lending unit, Rialto Capital.

Private-equity firm Stone Point Capital is considering buying Rialto for an undisclosed price, the Wall Street Journal reported. Lennar indicated in April that it might sell Rialto as part of a larger effort to focus on home building and sell or spin off noncore subsidiaries.

The change comes as Lennar and other home builders face a housing market on the downswing. Home-builder sales in the U.S. slowed 3 percent in September compared to the same time last year, according to a survey of 400 builders. Supply and land costs are on the rise, while builders continue to struggle to find enough skilled labor.

Last week, Lennar repo爱上海同城 爱上海rted earnings of $453.2 million in the third quarter or $1.37 per share, beating analysts exp上海千花网交友 上海千花网论坛ectations of $1.19. Still, the company expects fourth quarter home deliveries to fall to 14,500 from its previous forecast of 15,000 due to the impacts of Hurricane Florence.

Earlier this year, the company acquired competitor CalAtlantic Group in a $5.7 billion deal, making Lennar the country s largest homebuilder by revenue. [WSJ] — Kathryn Brenzel

Tags: lennar corp., Residential Real Estate Kazakh bank says Sater considered laundering money into Trump Tower Mo…Brazil is back: Brasileiros lead foreign investment in South Florida h…CoStar re上海龙凤论坛sh1f 上海龙凤论坛ports 20上海同城对对碰交友社区 上海夜网论坛% revenue jump in Q1The Dude is moving on: Jeff Bridges lists Montecito estate
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Friedland Properties

Friedland lands $84M 阿拉爱上海同城 爱上海龙凤419桑拿in financin爱上海同城论坛 爱上海同城g for 817-827 Madison Avenue Money from M&T Bank looks to have been consolidated from pair of prior liens

817-827 Madison Avenue

Friedland Propertie上海千花网 爱上海同城对对碰s has received an $83.6 million mortgage from M T Bank for 817-827 Madison Avenue.

The financing appears to have been consolidated from two prior liens, according to property records.

Friedland and M T did not immediately respond to requests for comment.

The six-story building is located on the Upper East Side by East 68th Street. Friedland purchased the property in 2004 for $90 million.

Friedland and Rose Associates landed a $218 million loan in May from Wells Fargo for their new rental building at 7 West 21st Street.

Tags: m&t bank, Madison Avenue, Real Estate Finance
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Kim and Kanye

They didn t love it. Kim and Kanye back out of Faena House purchase The rapper blamed decision to pull out of contract for the reported $16M unit on 上海千花网龙凤论坛 上海千花社区“leaks”

Kim and Kanye West walking away from Faena House at 3315 Collins Avenue (Credit: Getty Images and Highrises)

Maybe she didn’t love it?

Kanye West has backed out of buying a luxury condo at Faena House in Miami Beach, according to Page Six. West will reportedly lose his deposit on the unit, a four-bedroom, 4,700-square-foot condo owned by Alex Blavatnik, brother of energy billionaire and Faena District investor Len Blavatnik.

Unit 5A is on the market for $15.5 million. Oren Alexander and Isaac Lustgarten of Douglas Elliman have the listing.

West, who saw the property during Art Basel, was buying the condo for Kardashian as a Christmas present. Page Six reported that the rapper is blaming news of the deal leaking as the reason for pulling out of the purchase, among other reasons. His representative said the couple is looking for a vacation home that offers more privacy tha上海同城对对碰交友社区 上海夜网论坛n the 18-story, Norman Foster-designer tower at 3315 Collins Avenue.

“None of th上海千花社区 上海千花网交友ose reasons mentioned [for pulling out of the purchase] are true. When Kim and Kanye went to Miami to view the condo together after Christmas, Kim loved it, but felt it was not private enough for them,” his rep told Page Six.

Developer Alan Faena completed the condo building in 2015. Buyers include billionaire hedge fund manager Ken Griffin, who put his two penthouse units on the market for a combined $73 million. [Page Six] – Katherine Kallergis

Tags: Celebrity Listings, Celebrity Real Estate, douglas elliman, Kim Kardashian, Len Blavatnik, miami beach, Residential Real Estate This week in cel上海千花网论坛 上海千花网eb real estate: “Law & Order’s Dick Wolf” buys spec ho…WeWork hits the summit of Downtown Chicago’s office landscapePrivately-funded上海千花社区 上海千花网交友 space race sparks economic liftoff for this Florida t…The Plaza Coral Gables scores $100M construction loan
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Commercial Brokerages Going Public

Newmark is still lagging, while Cushman, CBRE and JLL have all rebounded from late 2018’s stock market turmoil

(Click to enlarge)

Newmark Knight Frank saw its stock take another beating in February and March, while the rest of the “Big Four” commercial brokerages bounced back from late last year’s market-wide malaise.

Newmark, which made its Nasdaq debut in December 2017, was trading at about $8.30 a share on March 27 — down 41 percent from the already discounted $14 when the firm went public, and up less than 1 percent from the start of this year. Sources say Newmark’s deflated stock price since its IPO has stemmed from multiple factors unrelated to the firm’s core business, which has been in growth mode.

“Last year, the company had a big communication issue,” Sandler O’Neill Partners analyst Alexander Goldfarb said about the firm’s timeline for its spinoff from Howard Lutnick’s BGC Partners. “They weren’t being forthright, or as forthright as they would have wanted.”

But with much of that in the rearview, Goldfarb added, Newmark’s valuation could soon pick up if market conditions allow.

After going through their own rough patches last year, the other three big firms, Cushman Wakefield, CBRE and JLL, all showed strong rebounds at the start of 2019.

As the S P 500 caught a windfall in the first quarter, Cushman’s stock price rose by 22 percent, to $18, CBRE’s by 22 percent, to $49, and JLL’s by 19 percent, to $152, as of March 27.

JLL’s stock took a slight hit in mid-March after the firm announced plans to acquire and merge with HFF — a $2 billion deal that will create the country’s largest debt brokerage platform. But firms that acquire competitors typically see the price of their shares fall in the short term, analysts say.

JLL and CBRE, which went public in 1997 and 2004, respectively, now command share prices eight and five times higher than where they started. Cushman’s stock, meanwhile, has held up the best among the four brokerages since its IPO last August.

“Cushman has outperformed other peer stocks somewhat in recent months, and part of that probably comes from the IPO discount,” said Anthony Paolone, a stock analyst at JPMorgan. He noted that share prices are often discounted upon issuance, which can make performance appear better in the short term.

Booming business

Following a strong year in commercial leasing and investment sales activity nationally, earnings season came with more good news for Cushman, CBRE and JLL.

On the day of JLL’s latest earnings call, on Feb. 12, the price of its sh上海千花网交友 上海千花网论坛ares rose by more than 10 percent on the heels of strong fourth-quarter results. The firm’s $4.9 billion in revenue marked a 13 percent year-over-year increase — including a 34 percent spike in leasing revenue in the Americas alone.

CBRE and Cushman saw less dramatic one-day jumps after their most recent earnings calls, though the two firms also reported strong quarterly revenue growth of 14 and 17 percent, year-over-year.

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