Master builder Eugene McGovern mourned
Eugene McGovern, founder of Lehrer McGovern, a company which grew to become one of the largest construction companies in the world, died on January 22 … Continued
Category : Featured
High-tech program the ‘new Excel’ for veterans and newcomers
Being a residential broker in New York City is a tough job. Reginald Johnson hopes to make it a bit easier. Together with IT-specialist Fredrik Holmberg, the former aptsandlofts.com broker founded the tech startup Netrieval in 2013, which re-launched in its updated form last week. Netrieval is a program that helps brokers stay on top of listings and in touch with customers via a Smartphone app.
How to find a rich client
The foreign billionaire is the broker’s white whale. She (or he) is somewhere out there, willing to spend big, but very, very hard to find. Well-connected super brokers are fortunate, but others often have to rely on guesses and hearsay in their hunt for wealthy clients. Wealth-X, a rapidly growing startup based in Singapore, is out to change that.
Growth spurt coming to an end, experts warn
Is the latest New York real estate boom winding down? Speakers at NYCREW’s recent “Global Real Estate Trends 2014” panel think so, citing weak employment growth and cyclical forces. “Last year was a great year,” said Dennis Yeskey, the chairman of MIT’s Center for Real Estate, who has spoken at this annual presentation by New York Commercial Real Estate Women for the past seven years. “And in 2014, we’re going to have another good year, almost great. But beware 2015.” Yeskey said commercial real estate could suffer from an expected slowdown in the stock markets. “It’s rare to have the stock market up for six years in a row,” he noted. Historically, markets rise for five years, followed by a two-year dip, though there have been exceptions, including the 1990s recovery.
Allied leases 142,000 s/f at Resnick’s 199 Water
Allied World Insurance Company has signed a 143,297 s/d lease at Jack Resnick & Sons’ 199 Water Street. A subsidiary of Switzerland-based and publicly traded Allied World Assurance Company, the firm currently leases the 24th and 25th floors of the building — also known as One Seaport Plaza — as a subtenant.
Madison Marquette buys The Edge retail for $45.5M
HFF announced today that it has closed the sale of the retail condo portion of The Edge, a waterfront mixed-use development complex totaling approximately 64,000 square feet of retail space in Williamsburg (Brooklyn), New York. HFF marketed the property exclusively on behalf of the seller, Douglaston Development. Madison Marquette acquired the property for $45,500,000. This represents Madison Marquette’s second New York City area acquisition since Arvind Bajaj & Ryan Colbert joined the firm’s New York City office.
NYC catching Canada in high-rise race
Toronto remains North America’s high-rise boomtown going into 2014. With its total of 130 projects, the city heads a ranking compiled by Emporis, the international provider of building data, of the North American cities with the most skyscrapers and high-rises currently under construction. New York City, the “real” center of North American high-rise architecture, appears in second place on 91 buildings.
Fashion co. renews 65,000 s/f headquarters lease
Fashion company Carlisle Etcetera has renewed the lease for its headquarters in the Winter Organization’s 423 West 55th Street. Carlisle occupies 65,000s/f in the building, which has asking rents in the high $30s per s/f. The lease for office space on the third and fifth floors is for ten years, while retail space on the ground floor will be leased for five years
All eyes on 701 Seventh retail
It’s all coming together at 701 Seventh Avenue. Last week, the joint venture developing the 39-story tower announced that the hotel portion of the building will be operated by Marriott Hotel’s new Edition brand. And Winthrop Realty Trust refinanced initial stake to the tune of $815 million. But one detail is still missing from the picture of the billion-dollar development taking shape on the corner of Seventh Avenue at 47th Street: A retailer to stake a claim to the shiny new storefront and prominent signage at the base of the tower.
Winick shopping high profile Durst, Cornerstone retail
Winick Realty Group landed two prime retail assignments this week. The Durst Organization has hired the executive team of Steven E. Baker, president, and Kenneth Hochhauser to market a prime 42nd Street site. And TF Cornerstone tapped the firm to market a brand-new storefront at 387 Park Avenue South.