Tribeca condo earning its Worth
By Konrad Putzier It may be hard to remember now, but there was a time when few believed condo prices in Tribeca would ever reach … Continued
Category : Featured
The value in overvalued properties
Nearly half of New York’s real estate executives reckon commercial properties here are overvalued, while 31 percent believe an asset bubble is under way and a further 43 percent concede there might be a bubble, according to a survey by accounting firm Marks Paneth. At the same time, 54 percent still consider New York commercial real estate a worthwhile investment and a mere 4 percent see it as high risk. In other words: a number of real estate executives apparently think commercial properties in New York are simultaneously overvalued and sound investments. How does that work?
German investors peering over the shoulders of big-spending Chinese
The majority of German investors have stood on the sidelines of the most recent foreign investment boom in New York real estate, with only a handful taking an active investment approach. One of them is Munich-based GLL Real Estate Partners. GLL has just opened a New York office, it’s third office in the United States, and marked the occasion with the $80 million purchase of a Times Square retail condo.
Transport chiefs tout savings
By Dan Orlando A program that shaved $1 billion off the cost of replacing the Tappan Zee Bridge is vital to rebuilding New York’s aging … Continued
Landlords plan rent campaign
By Konrad Putzier With a possible rent freeze looming, the city’s largest landlord organization has started a massive ad campaign to convince New Yorkers that … Continued
AG going after New York zombies
Attorney General Eric Schneiderman has thrown his weight behind a bill to tackle New York’s abundance of zombie properties. “Passing the zombie kill bill is a no-brainer,” Schneiderman said. Zombie homes — properties that stand vacant, usually during a lengthy foreclosure process — have become a country-wide problem since the 2007 housing crisis
Voda has his eye on the goal
Avi Voda, co-founder of the recently launched Voda Bauer Real Estate firm, is bringing 20 years of experience to his new endeavor, a company that seeks to cover all the bases as a full-service real estate firm. And if his first month in business is any indication, that effort is coming to bear. Voda Bauer Real Estate signed 11 exclusive sales listings that totaled over $22 million in its first few weeks in business.
Red Hook has all the ingredients to be next hot neighborhood
The small Brooklyn neighborhood of Red Hook, which has a storied history of as a prominent shipping port that fell into a period of crime and poverty, has the potential to become a destination neighborhood. “There’s been quite a bit of change,” said Bernadette Ott, a Citi Habitats agent who has lived in Red Hook for nearly a decade. “There are more stores, boutiquey-type places popping up, more restaurants and specialty item stores. When I first came here, there were maybe a handful, now there’s three times that.”
Harbor Group taps CBRE to lease 55 Broadway
BRE Group, Inc. has been named the exclusive leasing agent for 55 Broadway, a 360,634 s/f boutique trophy office tower in the heart of Downtown Manhattan, owned and recently purchased by Harbor Group International. Brad Gerla will lead the leasing efforts as HGI repositons the 32-story tower and creates 20,000 s/f of retail space.
Tech firm leases 90,000 s/f at Vornado’s 100 West 33rd Street
Online-ad company Rocket Fuel has leased 90,000 s/f at Vornado’s 100 West 33rd Street, taking up far more space than initially thought. The company will move into its new office in July, significantly expanding from its previous 12,500-s/f space at 129 West 29th Street. When the planned move was first reported in 2013, Vornado executives reportedly said Rocket Fuel would lease a mere 50,000 s/f. Rocket Fuel has grown rapidly over the past year. The California-based company, which places ads online using “artificial intelligence”, has quadrupled its office space at six locations in the past six months. Its current 710 employees mark an 87-percent increase over last year.