2013: THAT WAS THE YEAR
January At the beginning of the year, Related Companies purchased a development site next to the High Line Park in Chelsea for $65 million. The … Continued
Category : Featured
$139M SRO is ‘a family jewel’
By Sarah Trefethen A renovated SRO building on the Upper West Side has sold for more than twice its last sale price, recorded in 2007. … Continued
Industry leader Knakal ends 2013 with career milestone
For Bob Knakal, the year 2013 ended with a career milestone. His deal to sell a Hudson-Yards development site to former governor Eliot Spitzer put … Continued
REBNY launches 401k plan
The Real Estate Board of New York (REBNY) has announced the launch of a new Independent 401(k) Plan offered by UBS Financial Services, the first of its kind for REBNY members. The plan provides Independent Contractors who are REBNY members with a way to save for retirement. “REBNY acknowledges that as an Independent Contractor, it’s challenging to find a cost efficient and effective way to fund retirement,” said Steven Spinola, REBNY president. “With the help of UBS Financial Services, we have created a way for members to set up their own retirement plan with flexibility and support from the program.”
Flushing theater to begin second act
NGKF Capital Markets has completed the $30 million sale of the 85-year-old RKO Keith’s Theatre in downtown Flushing, New York. The landmark theatreat 135-35 Northern Boulevard, will be redeveloped into a mixed-use residential development that will anchor the continued rejuvenation of downtown Flushing.
Rockrose growing NYC office portfolio
Rockrose Development Corp. and Savanna announced that 15 East 26th Street, a 150,000 s/f boutique commercial office building located on Madison Square Park between Madison and Fifth Avenues, was purchased by Rockrose for $105 million. Craig Deitelzweig, head of Rockrose’s office division, represented Rockrose in-house. Adam Spies, Doug Harmon, Adam Doneger and Joshua King of Eastdil Secured represented Savanna.
SELLING POINTS: Mack-Cali makes another apartment buy; Polsinelli shakes some dollars out of ex-Estefan property
Eastern Consolidated has arranged the sale of 530 Lincoln Road for $30 million, which at $3,000 per square foot is a record price for Miami’s South Beach retail market. Tristar Capital purchased the property, which was once owned by the family of Gloria Estefan of the Miami Sound Machine.
Queens rules city construction sector
Queens rules the construction industry, according to new analysis from the New York Building Congress. Around 70 percent of the 185,233 New York City residents employed by the construction industry hailed from the boroughs of Queens and Brooklyn in 2012, according to Congress analysis of the U.S. Census Bureau’s American Community Survey (ACS). As of 2012, the most recent year for which ACS data are available, 70,809 Queens residents (38.2 percent of the total) and 59,027 Brooklyn residents (31.9 percent) held jobs in the construction industry. The Bronx placed third on the list with 26,668 workers (14.4 percent of the total), followed by Staten Island with 14,860 workers (8.0 percent) and Manhattan with 13,869 (7.5 percent).
Silverstein pulls off Christmas cracker of a deal at 3 WTC
Developer Larry Silverstein has unwrapped a 516,000 s/f deal that will allow him to press on with the completion of 3 World Trade Center. The developer announced on Monday that a much talked-about lease with media investment company GroupM, had been signed for a term of 20-years. The firm will occupy 516,000s/f on nine floors at the base of the 80-story tower. As of October 2013, its below-grade foundations are complete, and several floors have been built above street level.
Thor pays $53M for 545 Madison tower
Thor Equities acquired 545 Madison Avenue, an 18-story, 139,537s/f office and retail tower located on the southeast corner of 55th Street and Madison Avenue, company executives announced today (Friday). The LEED-Gold mixed-use property recently underwent a $100 million redevelopment and is 93.3% leased. Tenants in the office component of the building include high-end financial advisory and investment firms, as well as technology/media firms. Luxury retailers Alfred Dunhill and Panerai, subsidiaries of one of the world’s leading luxury good conglomerates, Richemont, occupy the two floors of retail space.