Archive for the ‘commercial real estate’ Category

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A quarter of foreign buyers choose Florida

September 9th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
From the South Florida website: Of all the foreign real estate buyers in America, 22 percent are choosing Florida, according to a report by the National Association of Realtors. California came in second with 12 percent of the international market. The study looked at sales between March 2009 and March 2010, and found that buyers with permanent residences outside the United States spent almost $41 billion on residential property nationally, 4 percent of the total residential market. [more]


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A-Rod peeks inside Extell’s Aldyn

September 9th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
While Yankee's star Derek Jeter is in the process of selling his Manhattan pad teammate Alex Rodriquez may be on the prowl to make a new home purchase, according to the New York Post. A-Rod has reportedly been spotted touring luxury condos with girlfriend Cameron Diaz, most recently at the Aldyn, the new Extell Development condo building at 60 Riverside Boulevard on the corner of 63rd Street. The Yankees player reportedly looked at a 5,600-square-foot duplex on the 21st floor of the 286-unit building. [more]


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National market report

September 9th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
From the September issue: Idaho's capital city has seen median home prices plummet 34 percent from peak 2007 levels, according to the most recent data available, released by the National Association of Realtors last month. The median home price dipped to $140,100 in the second quarter, down from a high of $212,800. This, in turn, has led to a precipitous decline in construction and real estate job losses in Boise, which is home to a third of Idaho's residents, according to Bloomberg News. Unfortunately, there's bad news across the rest of the state as well: Foreclosure-related home seizures jumped 822 percent in the second quarter of the year, according to research firm RealtyTrac. Click here for more real estate news from across the country. Compiled by Amy Tennery


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Smashburger plans Brooklyn expansion

September 9th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
Chain eatery Smashburger is planning an expansion into Brooklyn, according to commercial real estate services firm Cpex Real Estate, which is representing the burger joint. Smashburger, which has numerous locations nationwide, including two in New Jersey, is known for its custom burger creations. While it's not immediately clear how many locations the chain restaurant plans to open, Cpex said it was looking for storefronts between roughly 1,500 square feet and 2,000 square feet in size. TRD


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$6 million East Village penthouse in contract after four years

September 9th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
After four years on the market, the penthouse unit at 6 East 1st Street has gone into contract, according to EV Grieve blog. The 3,700-square-foot triplex unit at the Brick House Condominiums, which sits between Second Avenue and the Bowery, had an asking price of $5.995 million and had also been available for a $25,000 per month lease. Halstead Property had first listed the apartment for $5.35 million in November 2006. [more]


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Retail broker Stephanie Snyder dies at 38

September 9th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
Stephanie Snyder, a tenacious broker who helped create the retail leasing arm of Crown Acquisitions but was equally known for a stylishness honed in the fashion magazine world, died Sept. 3 at age 38. On Aug. 31, Snyder had a heart attack while riding in a taxi to her Upper East Side apartment, according to her sister, Jennifer Snyder, 36. She slipped into a coma, Jennifer added, and died five days later. The cause of the heart attack is still under investigation, said Ellen Borokove, a spokesperson for the city’s chief medical examiner’s office. But Snyder had no obvious health problems and was an avid runner and swimmer, ate well and practiced yoga, Jennifer said. “She was just a very generous, upbeat, full-of-life girl,” Jennifer said. “We are all just still in shock.” [more]


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Hamptons estate, NJ manse make list of priciest new homes

September 9th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 

1 Frick Drive in Alpine, NJ (left) and 612 Halsey Lane in Bridgehampton

An estate in Bridgehampton and a mansion in Alpine, NJ, made the list of the 10 most expensive new homes in the country, according to a report compiled by BusinessWeek. The Bridgehampton property, at 612 Halsey Lane is fifth on the list, with an asking price of $47.5 million, reduced from $59.5 million. The New Jersey mansion, at 1 Frick Drive, ranked number four on the list, with an asking price of $68 million. Even in tough times, the list shows that some developers are still willing to bet on demand for large-scale mansions. [more]


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Harlem condos gaining traction with buyers … and more

September 9th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
1. Actor Kelsey Grammar spotted looking at apartments with girlfriend at Soho co-op 84 Mercer Street [Post, 2nd item]
2. Park51 imam says moving proposed community center location would draw radicals' ire [NYT]
3. Gates go up at East Village condo the Copper Building [EV Grieve]
4. Harlem condos gaining traction with buyers [Post]
5. Art gallery to open at 53 Stanton Street [Bowery Boogie]
6. Mexican soccer phenom Rafael Marquez spotted touring a $10 million, 6,000-square-foot triplex at the Chelsea Skyhouse at 213 West 23rd Street [Post, 3rd item]
7. A look back at when Penn Station first made way for the LIRR [NYT]
8. After delays, 38 Delancey condo removes the last of its plywood [Bowery Boogie]
9. A look inside Fashion Week's brand new home [NYT]
10. Low interest rates a boon to those in debt -- but a curse to those who are saving [NYT]


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Top Web stories

September 9th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
The most viewed Web stories from yesterday's The Real Deal blog:
1. Ross moves to snatch Moinian's 1775 Broadway for city's first Nordstrom
2. Related exec departs to launch new venture
3. Top NYC commercial property sales last week


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Forest City turns second-quarter profit

September 8th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
Forest City Enterprises, the parent company of Forest City Ratner, swung to a profit in the fiscal second quarter as rental income rose and the company closed on the sale of the New Jersey Nets to a Russian billionaire. The Cleveland-based firm reported net income of $122.8 million, or 61 cents a share, in the quarter ended July 31, compared with a net loss of $1.8 million, or 1 cent, in the year-ago period. Charles Ratner, president and CEO at Forest City, said the increase was mainly due to strength in the company’s rental properties, particularly multifamily. [more]


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Real estate exec lists condo for $26.3M

September 8th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
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From left: Eric Hadar's Bristol Plaza condo at 200 East 65th Street, a 10-room duplex at 730 Park Avenue and John Barrett's 65 West 13th Street unit
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With Labor Day in the rear-view mirror, a bevy of new properties are hitting the market, providing plenty of fodder for our new weekly feature, The HotSheet. A 49th-floor condo at the Bristol Plaza at 200 East 65th Street just hit the market for $26.25 million. According to city documents, the apartment is owned by Eric Hadar, a real estate investor who recently completed a stint in rehab after an arrest on drug possession charges. We also look at a 10-room penthouse at 730 Park Avenue listed for $14.9 million, as well as famed hairstylist John Barrett's West Village apartment. Click here for more.


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BofA home loan manager to Metlife

September 8th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
Mark Wenitzky has moved to MetLife Home Loans where he is district sales leader overseeing mortgage loan officers for New York City. Wenitzky, 37, began in his new position yesterday. He was formerly at Bank of America Home Loans were he was the branch manager for Manhattan. Prior to that he worked for 11 years at JPMorgan Chase. TRD


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Park51’s imam speaks out on controversy … and more

September 8th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
1. Cushman's Tara Stacom faces the challenge of filling One World Trade Center [NYO]
2. Park51 imam Feisal Abdul Rauf speaks out on controversy [NYT]
3. Tenants at foreclosed East Harlem apartment building say non-profit buyer Hope Community has a "history of neglect" [NYO]
4. Robert De Niro's former upstate property manager sues over alleged illegal firing [NYMag]
5. Shopping mall owner General Growth Properties scrambles to find new management team, with bankruptcy imminent [Bloomberg]
6. Florida businessman Paul Cejas picks up $5.6 million Carlyle pad [NYO]
7. Will the housing market's future be bears or bulls? [NYT]
8. Fishing spots dwindle in New York City [NYO]
9. Builders beginning to restart stalled projects, as banks sell [Bloomberg]
10. Fashion designer Pamella DeVos picks up $3 million apartment at the UES' Chatham [NYO]


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Tenant’s non-payment of rent may have led to murder, police say

September 8th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
A landlord-tenant dispute may have been to blame for an East New York shooting murder, according to the local ABC News affiliate station. The homicide, which took place shortly after midnight today, may have been the result of the victim's non-payment of her rent, police say. The victim's landlord is being questioned by police. Although it's unclear how behind the victim, a tenant in a Linwood Street apartment building, was in her rent, early reports suggest that she had not paid for some time. [WABC]


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Midtown leasing slides in August: Cushman

September 8th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
Office leasing activity cooled in Midtown from the brisk levels seen over the previous months, but for Manhattan overall, the vacancy rate and average asking rents improved in August, new data from commercial firm Cushman & Wakefield show. The volume of new space leased in Midtown slowed to 1.1 million square feet last month from an average of about 1.6 million square feet over the prior five months -- which was the most active period of leasing since the second half of 2006 -- Kenneth McCarthy, managing director of research for the firm's New York metro region, said. "It is a bit of a slowdown, but it could be seasonal factors. I would not read too much into one month," he said. [more]


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Hostile Takeovers: Building’s $100 Million Renovation May Result in Wrecking Ball

September 8th, 2010    Posted in Manhattan Real Estate, Manhattan Real Estate News, commercial real estate
 

2010_9_3columbuswreck.jpg

Developer Joseph Moinian spent $100 million rebranding the old Newsweek building on Broadway and 57th Street as 3 Columbus Circle and covering up its masonry facade with glass. But that controversial makeover hasn't really improved the office building's standing. Only 16% of the space is occupied, and Moinian is now facing foreclosure. Hey, here's an idea: Whaddaya say we tear the whole thing down and try again?

Today's Wall Street Journal reports that megadeveloper Stephen Ross's Related Cos. is trying to snatch the building right out from under Moinian. Related teamed up with Deutsche Bank to purchase the $250 million mortgage and seek foreclosure on the 26-story building, and according to Lingling Wei and former Observer ace Eliot Brown, Related's plan is to demolish the building just as its renovation is finishing up (oh, cruel irony!) and replace it with the city's first Nordstrom department store. And maybe stick some condos on top! Think of it as a mini-Time Warner Center, Related's big success story one block over.

Nordstrom's search for a Manhattan flagship has been heating up since the company opened its discount Nordstrom Rack store in Union Square, and the Journal's sources say Related will "seek architects to design the building in coming weeks." Moinian can still hold on to the building if he can pay off his debt, but HGTV is going to have to take a lot more Financial District condos off his hands before that's going to happen. He can also buy time by seeking bankruptcy protection for 3 Columbus Circle, but at this point we feel like he'd probably accept a Nordstrom gift card to walk away from this bomb.
· Ross Raids Wobbly Tower [WSJ]
· 3 Columbus Circle coverage [Curbed]

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Element developer ditches parent company

September 7th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 

Element at 555 West 59th Street (left) and Canco Lofts
Coalco New York, the developer behind Midtown’s Element and Jersey City’s Canco Lofts condominiums, has spun off from its Russian parent firm into a stand-alone private equity and real estate firm called Corigin. The newly named firm with operate two divisions, Corigin Real Estate Group, which owns property in New York, New Jersey and Florida, and Corigin Private Equity Group, which holds stakes in various construction, transportation, beverage and other companies. “We decided that with a simplified U.S.-based structure we could be a more self sufficient company,” said Ryan Freedman. “We’ve become good developers and we plan to continue to develop.” [more]


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Top NYC commercial property sales last week

September 7th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
The most expensive commercial transaction last week in New York City was the $56 million purchase by the Wolfson Group of a minority interest in a Midtown office building. The next four deals were much smaller, with none breaking $10 million. Bed maker Dux Interiors sold its Midtown office building and a company called NY8 Properties bought a Chelsea development site.

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Footnotes: Sales data is for closed deals published last week on the city property website Acris. Brokers were identified through public information or through CoStar Group. Sources: PropertyShark.com, The Real Deal.


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Where are the most desirable apartments?

September 7th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
Judging based on price discounts, time on the market and ratio of closed sales to available listings, Sofia Song, vice president of Streeteasy.com, compiled a list of the 10 most populous Manhattan precincts and “most sellable” type of apartment likely to find buyers. Topping off the list was the Upper East Side, where post-war two-bedroom co-ops are most popular, followed closely by pre-war two bedrooms, with a median closing pricing of $995,000, according to New York Magazine. [more]


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Open house bandit freed of felony charges

September 7th, 2010    Posted in Brooklyn New York, Hamptons New York, LIC Real Estate, Manhattan Real Estate, New York Real Estate, commercial real estate
 
Prosecutors agreed to dismiss felony charges today against Jessica Joyner, one-half of the open house bandits team that was accused of snatching $70,000 worth of belongings from posh real estate open houses in 2007, the Post reported. Together with Jennifer Jones, 39, Joyner had posed as a wealthy homebuyer at open houses on the Upper West Side, Upper East Side and in Upper Saddle River, NJ, to poach valuables from the properties while no one was looking. [more]


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