Category : Featured

JLL arranges $200M loan for 61 B’way buy

REW Staff June 11, 2014 June 11, 2014

by REW StaffJune 11, 2014June 11, 2014744

JLL’s Capital Markets experts announced RXR Realty has secured $200 million in acquisition financing for 61 Broadway, a 786,975 s/f office building in downtown Manhattan. Managing director Kelly Gaines and senior vice president Brett Rosenberg led the JLL team on the transaction. “An impressive building backed by best in class sponsorship and located in Manhattan’s highly desirable financial district checks all the boxes in regards to what lenders seek,” said Gaines.

Deals & Dealmakers Featured Retail

Big plans brewing in Koreatown as new coffee chain expands

REW June 11, 2014 June 11, 2014

by REWJune 11, 2014June 11, 20141193

The Starbucks of South Korea is making a splash in NYC. Caffe Bene, the most popular coffee chain in South Korea, which models itself on traditional European coffee houses, recently expanded to the US with an ambitious rollout plan that will see retail locations in all five boroughs of New York City. The latest has been confirmed in Koreatown, where the company will occupy a 3,500 s/f space in the ground floor retail space of 39 West 32nd Street. That location will open in September.

Editorial Supplements Featured

chashama sheds light on its good work

REW Staff June 11, 2014 June 11, 2014

by REW StaffJune 11, 2014June 11, 20141117

Anita Durst shone a spotlight on the non-profit she founded to help struggling artists with a gala event that drew some of the biggest names in real estate earlier this week. More than 450 guests attended the 19th Annual Gala for chashama held in the performance space known as Anita’s Way, between the Conde Nast building and the Bank of America tower. Among the guests were executives and representatives of chashama’s roster of partners and supporters across the city’s real estate landscape.

Deals & Dealmakers Featured

Office vacancy tightens across Manhattan

REW Staff June 10, 2014 June 10, 2014

by REW StaffJune 10, 2014June 10, 2014758

The Manhattan office market made a strong comeback last month after a slightly down April, according to Cassidy Turley’s Manhattan office market report for May. The availability rate dropped sharply to 10.1 percent, the biggest monthly decline since December of 2006. The firm tracks the Midtown South, Midtown, and Downtown office markets. All three markets recorded positive absorption in the month of May, which led to more than two million square feet of positive absorption throughout Manhattan.

Deals & Dealmakers Featured

Keith Purcell putting a priority on building more than just assets

REW Staff June 10, 2014 June 10, 2014

by REW StaffJune 10, 2014June 10, 2014

By Konrad Putzier Working for a company with a balance sheet of $40 billion and a further $2 to $3 billion set aside for investments … Continued

Construction & Design Featured

Spotlight on $35M Coney Island development

REW Staff June 9, 2014 June 9, 2014

by REW StaffJune 9, 2014June 9, 20141563

The New York State Department of Environmental Conservation (DEC), the U.S. Army Corps of Engineers (USACE), and the New York City Department of Parks and Recreation (NYC Parks) will host an Informational Open House on Tuesday, June 10 on Coney Island to explain an upcoming $35 million construction project. The primary purpose of the proposed effort is to improve the functioning of the constructed Coney Island Project, which was designed to reduce property damages due to storm surges and waves from the Atlantic Ocean.

Deals & Dealmakers Featured

Rudin to leave Brookfield

REW Staff June 6, 2014 June 6, 2014

by REW StaffJune 6, 2014June 6, 2014994

Brookfield Office Properties is parting ways with the CEO of its commercial operations, Mitch Rudin. “With the consolidation of Brookfield Office Properties into Brookfield Property Partners, and the near completion of the re-development and re-leasing of Brookfield Place, Mitch Rudin’s capabilities would not be fully utilized going forward. Regrettably, we...

Construction & Design Debt & Equity Featured Residential

Meridan arranges $30M loan for new rental tower

REW Staff June 5, 2014 June 5, 2014

by REW StaffJune 5, 2014June 5, 2014920

Meridian Capital Group negotiated a $30 million first mortgage construction loan for the ground-up development of a multifamily property located on East 74th Street in New York, NY on behalf of Golden Asset, LLC. The 20-story property, located at 501 East 74th Street, is designed by Steven B. Jacobs Group Architects and will total 83 units and feature designer finishes and amenities in line with the standards of current luxury rental projects.

Deals & Dealmakers Featured

Rezoning re-think paves way for midtown tower

REW Staff June 4, 2014 June 4, 2014

by REW StaffJune 4, 2014June 4, 2014697

The rejection of Michael Bloomberg’s Midtown East rezoning plan last November seemed to spell the end of SL Green’s planned 65-story tower 1 Vanderbilt. But seven months later, its future looks bright again. Last week, the City announced a proposal to rezone Vanderbilt Avenue between 42nd and 47th streets while a broader rezoning of Midtown East remains under review. Although the proposal affects five blocks, it appears to be geared towards SL Green’s planned 1,200-foot tower at the corner of Vanderbilt Avenue and 42nd Street. In effect, it would allow the REIT to begin construction without having to wait out a more lengthy rezoning process for the rest of Midtown East

Debt & Equity Featured

Americans passion for stuff is helping bulk up profits among biggest self-storage REITs

REW Staff June 4, 2014 June 4, 2014

by REW StaffJune 4, 2014June 4, 2014962

Job growth and a growing U.S. population, with its propensity to acquire stuff and reluctance to part with it, is fuelling demand for self-storage units, which has led to strong performance among self-storage REITs. Year-to-date through May 21, self-storage REIT sector returns have totaled 15.89%, which is well above the 13.26% FTSE NAREIT All Equity REIT average.