Category : Featured

Schorsch goes public with city-centric REIT
Debt & EquityFeatured

Schorsch goes public with city-centric REIT

REW Staff
by REW Staff1062
Nicholas Schorsch’s American Realty Capital (ARC), long known for its many non-traded REITs, seems to have discovered a liking for the stock market. Yesterday, ARC’s formerly non-traded New York Recovery REIT listed on the New York Stock Exchange, making it the first publicly traded REIT focused exclusively on New York City. Shares of the REIT, which has invested more than $2 billion in office and retail space since 2010, began trading at $10.70. A week earlier, ARC’s American Realty Capital Healthcare Trust, which owns around $2 billion worth of healthcare-related real estate across the U.S., had begun trading on the NASDAQ exchange.
The Bowery to get first tech office building
Deals & DealmakersFeatured

The Bowery to get first tech office building

REW Staff
by REW Staff1077
Midtown South’s office boom has so far bypassed the Bowery, a street more associated with grunge music than tech firms. But that could change. Westchester-based Caspi Development has purchased the seven-story office building 161 Bowery for $12.75 million, with plans of turning it into modern office space for tech tenants. It would be the first such building on the street. Principal Joshua Caspi told Real Estate Weekly he plans to renovate the 20,000-s/f building – located between Broome and Delancey Streets – and create full-floor office lofts atop the ground-floor retail space.
The best back yard in America
FeaturedResidential

The best back yard in America

REW Staff
by REW Staff1257
When you put a trio of real estate’s most revered companies together on a project, expectations run high. Add to that what is arguably one of the best sites on New Jersey’s Gold Coast, folk are looking for unparalleled. There is no doubt that Hartz Mountain, Mack-Cali and Roseland Properties have hit the bullseye with their three-building Estuary in Weehawken’s Lincoln Harbor. Over 60 apartments were leased on the first day that the 582-unit property opened last month. The cheapest was a 500 s/f studio at $1,875 a month, but according to leasing manager Kimberly Hults, it was the three-bedroom apartments, which run from $4,500 to $5,200, that were snapped up first.
Lightstone invites design ideas for 1407 Broadway
Construction & DesignFeatured

Lightstone invites design ideas for 1407 Broadway

REW Staff
by REW Staff983
1407 Broadway, a building in Times Square South undergoing a transformation with extensive building renovations and an image repositioning, has launched a contest inviting designers to create the ideal work environment — with the winner receiving $14,000. The Lightstone Group, owners of the building, and its branding partner CO OP,...
New York construction spending tops $29M
Construction & DesignFeatured

New York construction spending tops $29M

REW Staff
by REW Staff892
Overall construction spending in New York City reached $29.3 billion in 2013, a six percent increase from 2012, when total spending reached $27.7 billion, according to a New York Building Congress analysis. Construction employment in New York City reached a five year high of 120,900 jobs in 2013, a four percent increase from 2012, when construction accounted for 116,000 jobs. Industry employment, however, remains well short of the 132,625 jobs that were produced in 2008.
Upstart Shkury comes out of the gate like dark horse with odds in his favor
Deals & DealmakersFeatured

Upstart Shkury comes out of the gate like dark horse with odds in his favor

REW
by REW1015
2013 was a good year for most of Manhattan’s commercial brokerages, but it is hard to find one that did better than Ariel Property Advisors. The firm tripled its sales volume to almost $600 million, bringing it close to heavyweights such as Eastern Consolidated or Marcus & Millichap. Shimon Shkury, founder and president of the firm, told Real Estate Weekly that he is currently working on six deals “north of $50 million”, and 2014 could well become another record year. Just as important, the company managed to branch out from its traditional Harlem turf in 2013, recording the majority of its sales below 96th street for the first time.
Downtown retail a magnet for tourists, locals
FeaturedRetail

Downtown retail a magnet for tourists, locals

REW Staff
by REW Staff788
CBRE Group, Inc. released its Manhattan Retail MarketView report for the fourth quarter of 2013, highlighting the new retail developments that are spurring Downtown as a tourist and shopping destination. “A huge retail magnet for foreign and local shoppers is being created Downtown from Brookfield Place on the west side, eastward to the World Trade Center, Fulton Street Transit station and to the Howard Hughes seaport project on the East River,” said Annette Healey, executive vice president, CBRE Retail Group. “From luxury retailers to extensive and varied dining and marketplace concepts, these massive new developments will all come online over the next several years bringing more than 1.1 million square feet of retail space to Downtown.”
Savanna tenants get a bathroom break
Deals & DealmakersFeatured

Savanna tenants get a bathroom break

REW Staff
by REW Staff2061
For Christopher Schlank, real estate is personal. “When I look at a building, I look at it as if it were a person,” the Savanna founding partner told members of the Young Men and Women’s Real Estate Association Tuesday. “Buildings – assets – breath, eat, poop, have good days, have bad days. They have personalities.” The personality of 245-249 West 17th Street, where Twitter is now the anchor, called for $21M in TLC ... and some extra bathrooms.