Category : Debt & Equity

Debate over controversial lease accounting changes has ripple effect
Debt & EquityEditorial Supplements

Debate over controversial lease accounting changes has ripple effect

REW Staff
by REW Staff1353
By Edward Ichart, CPA, Partner, Shahab Moreh, CPA, Partner-In-Charge, WeiserMazars LLP The new proposed accounting standard related to accounting for leases has been the subject of controversy and criticism from landlords, tenants, other lessors and lessees of all types since originally proposed in 2010. Most businesses enter into lease arrangements...
Debt & EquityEditorial Supplements

Super financing: In a red hot residential market, how do you fund the cost of superintendent units?

REW Staff
by REW Staff961
By Robbie Gendels, senior loan officer National Cooperative Bank New York’s residential market is moving at lightning speed, with new condominium developments rapidly selling out. As a result, new residents are electing Boards of Directors to assume control of the building from the original sponsors. While the condominium offering plans...
Deals & DealmakersDebt & EquityFeatured

With multi-family party in full swing, all eyes are on interest rates

REW Staff
by REW Staff932
Low interest rates, combined with anxious sellers trying to avoid higher taxes, set off a flurry of activity in the multi-family market last year. And for the first half of 2013, even without luxury-tax Chicken Littles pushing market activity, the game of multi-family hot potato has continued. But a possible party pooper has arrived, in the form of higher interest rates.
Deals & DealmakersDebt & Equity

Real Estate Equities buys 375 West Broadway

REW Staff
by REW Staff1133
Carlton Chairman, Howard L. Michaels, announced the representation of Real Estate Equities in  their off market acquisition of 375 West Broadway. The sale price was $81 million. The transaction was led by Carlton representative Steve Fenster who organized a commercial bank financing along with one of Carlton’s overseas equity relationships...
Deals & DealmakersDebt & EquityFeatured

Savanna signs $145M refi’ deal for 1375 Broadway

REW Staff
by REW Staff736
Savanna, a New York-based real estate private equity and asset management firm, has refinanced $145 million in first mortgage debt for 1375 Broadway with Mesa West Capital, including capital for future leasing costs. The loan is secured by 1375 Broadway, a 513,401 s/f multi-tenant office building located at the northwest corner of Broadway and West 37th Street in Manhattan’s Midtown South office market. Jon Estreich, president of Estreich & Co., arranged the debt on behalf of the borrower. “The refinancing of 1375 Broadway illustrates the substantial progress that Savanna has made in repositioning the building,” said Cooper Kramer, vice president at Savanna.
Debt & Equity

Debt burden is raising red flag for building congress

REW Staff
by REW Staff606
The New York Building Congress has called on members to quiz candidates for Mayor on how they will fill a predicted gap in infrastructure spending flagged in a recent report. Mayor Michael Bloomberg’s final Executive Budget offers a capital spending plan for Fiscal Years 2014 through 2017 that maintains the administration’s commitment to near-historic levels of capital spending. Thanks in part to significant emergency federal aid related to Superstorm Sandy, spending is forecast to increase in each year compared to the budget presented one year ago.
Debt & Equity

Transportation drives development and value in NYC

REW Staff
by REW Staff743
Whether roads, bridges, subways, rail lines or tunnels, real estate developments that revitalize neighborhoods are dependent upon convenient, accessible transportation to support the leasing and profitability of office, retail, restaurant, entertainment, hospitality and residential components.
Deals & DealmakersDebt & Equity

NYC price points set for sharp increase, predicts Michaels

REW Staff
by REW Staff794
New York City appears to be on the cusp of entering a new price point in Manhattan trophy real estate, with multiple office assets now being traded at per square foot sales prices “greater than $2,000 per square foot,” according to Carlton Group chairman Howard Michaels. According to the finance...
Debt & Equity

REBNY Finance Committee cocktail reception

REW Staff
by REW Staff842
While enjoying the  view of the Empire State Building, more than 70 real estate professionals came out to enjoy hors d’oeuvre and cocktails  during REBNY’s Commercial Brokerage Division Finance Committee Cocktail Reception at 230 Fifth Avenue Rooftop Lounge. Attendees socialized and chatted about the current market while enjoying the pleasant...
Debt & Equity

Eastern Union arranges $68M Jersey pay day

REW Staff
by REW Staff796
New Jersey – May 22, 2013 — Commercial mortgage brokerage firm Eastern Union Funding announced that it has arranged approximately $68 million in financing for commercial real estate properties in New Jersey. Select transactions include: ●      $18.6 million for the purchase of 10-building multifamily portfolio, comprised of 306 total units, in Jersey City,...