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Articles Archive for 29 November 2012

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.

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