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Articles Archive for November 2012

Editorial Supplements »

[30 Nov 2012 | No Comment | ]

Amalgamated Bank’s Real Estate Finance Group is providing financing to a co-operative apartment building in Sunset Park, Brooklyn, that will be used to install a 21st century solar energy system by the end of this year.
When the project is completed, residents of Sungarden Homes Association Inc. will reduce their electricity costs, make the 88-year old building more environmentally sustainable, and receive both incentive grants and tax benefits.
And, the co-op will significantly reduce its dependence on the power grid.
By equipping its building with an advanced solar array, the co-op qualifies for …

Editorial Supplements »

[30 Nov 2012 | No Comment | ]

By Sabina Mollot
When hurricane Sandy hit New York, causing the East River to surge and flood the nearby streets and buildings, the Solar One building, located just a stone’s throw from the water, was certainly not spared the hurricane’s wrath.
The tiny, one-room structure, like many of the buildings that border it in Peter Cooper Village, Stuyvesant Town and Waterside Plaza, was battered. Walls will soon have to be replaced because of mold growth; outdoor stage and tool sheds were ripped to pieces.
“We got hit pretty hard,” said Chris Collins, Solar …

Editorial Supplements, Featured »

[30 Nov 2012 | No Comment | ]
Blackstone makes solar leap

One of the world’s largest private equity investment firms has embarked on a solar program that will improve efficiency’s across its portfolio.

Blackstone said the program has the potential to cut energy costs by approximately 10% and improve environmental performance across the portfolio of companies and real estate assets it manages on behalf of its investors.

The initiative will include Blackstone’s private equity, real estate, and advisory businesses and is part of an ongoing effort to focus on sustainability across the firm for companies it manages and advises.

Deals & Dealmakers, Featured »

[29 Nov 2012 | One Comment | ]
Brookfield taps NGKF to lease 245 Park Avenue

Brookfield has tapped Newmark Grubb Knight Frank (NGKF) as the exclusive leasing agent for its 1.8 million square feet 245 Park Avenue.
According to NGKF, a block of 110,000 s/f of space is set to come available at the tower next May.
“We are very excited to be partnering with Brookfield, in leasing a Park Avenue trophy asset,” said David Falk, president of the Tri-State Region for Newmark Grubb Knight Frank, who will head up the leasing team for the building.

Deals & Dealmakers, Featured »

[29 Nov 2012 | No Comment | ]
Stuy Town tenants win $69M in rent recovery battle

Wolf Haldenstein Adler Freeman & Herz LLP and Bernstein Liebhard LLP, co-lead counsel for the plaintiff tenants in the Roberts v. Tishman Speyer class action, announced they have signed an agreement with the defendants to settle all past rent overcharge claims and future rent claims raised in the action.
The settlement agreement sets aside $68.75 million to compensate class members for rent overcharges.
“Once finally approved, today’s $68.75 million settlement agreement, when combined with past refunds and rent savings the tenants have already received, will bring the total recovery in the lawsuit to at least $146.85 million,” said Alexander Schmidt of Wolf Haldenstein, the plaintiffs’ lead attorney. “There will also be future benefits,” he added.

Brokers Weekly, Featured »

[29 Nov 2012 | No Comment | ]
Douglas Elliman saves the day for Marilyn Monroe, George Washington and Vincent van Gogh

After Hurricane Sandy swept through the Fraunces Tauvern Museum, residential brokerage Douglas Elliman stepped in to offer up its gallery space for an exhibition of historic documents.

The collection, which includes 3,000 manuscripts and letters from figures ranging from Marilyn Monroe to Vincent van Gogh, goes on show Dec. 3 at 980 Madison.

Construction & Design, Featured »

[29 Nov 2012 | One Comment | ]
Stalled construction sites spike

The number of stalled construction sites in New York City is nudging north, cementing worries the global recession is far from over.
An average of 691 sites were identified as stalled during the month of November, up from 592 in February. The number of stalled sites peaked at 709 in November of 2010.
“While it’s hard to pinpoint exactly what happened, it is worth noting that the upturn in stalled sites roughly coincided with a period of rather steep declines in the stock market, as well as a growing uncertainty about the state of the world economy,” said New York Building Congress president Richard T. Anderson.

Deals & Dealmakers, Featured »

[28 Nov 2012 | No Comment | ]
$621M mortgage will keep Co-op City affordable

Co-op City, the sprawling affordable housing development in The Bronx that 57,000 people call home, has landed a $621 million mortgage that will keep it out of private hands for years.
The U.S. Housing and Urban Development (HUD) arranged the deal to refinance a previous mortgage and lower interest payments for the building’s owner .
“This is about preserving affordable housing for the next generation of families living and working in one of the nation’s highest cost rental markets,” said HUD secretary Shaun Donovan

Construction & Design, Deals & Dealmakers »

[28 Nov 2012 | No Comment | ]

ClearRock Properties, an owner and operator of office properties across the Northeast, has taken title to a 270,000-square-foot, four-building commercial portfolio in Stamford, CT. ClearRock and joint venture partner Contrarian Capital Management purchased the underlying non-performing mortgage in May, and recently completed a friendly foreclosure.
The eight-acre site, comprising 700, 850, 860 and 880 Canal Street, is situated along the waterfront amid one of the nation’s largest redevelopment projects, Harbor Point, in the redeveloped South End. The properties are convenient to I-95 and the Stamford Transportation Center, which provides Metro North …

Brokers Weekly »

[28 Nov 2012 | No Comment | ]

The Corcoran Group, New York’s premier real estate firm, announced today the airing of the company’s firstlive-action television commercial.  The commercial is part of a new multi-channel advertising campaign created to support and promote the launch of the company’s newly recreated website, corcoran.com.
With this new advertising campaign Corcoran expands the range of creative executions to include mobile and television commercials in addition to print and online media.
The television commercial – in :30 second and :60-second versions – will air in the New York City, Long Island and Palm Beach markets as well as in select, East …

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