Category : Featured

Deals & DealmakersFeatured

Dubai group’s three-figure lease at 510 Madison Ave

REW Staff
by REW Staff863
The Dubai-based private equity firm Abraaj Group has signed a lease for its first New York office at Boston Properties’ 510 Madison Avenue, according to a source familiar with the transaction. Asking rent for the 5,000 s/f space on the 24th floor was between $130 and $135 psf and the group leased the new, high-end prebuilt space for ten years.
Deals & DealmakersFeatured

Developers rushing to build while money lasts

Sarah Trefethen
by Sarah Trefethen602
Lenders are making more money available for development, according to Ryan Nelson of Sherwood Equities, one of several developers at a Real Estate Networking & Transactions group (RENT) discussion yesterday (Tuesday). But when it comes to big projects, the money might not last forever, said Ken Colao, president of the construction manager CNY Builders. “There’s only two players in the market — Wells and Deutsche Bank — and they’re not going to be there forever,” he said.
Construction & DesignFeaturedGreen Building

Water fence installed to protect beloved carousel from storms

REW Staff
by REW Staff746
One of the lasting images of Sandy’s destruction was of Jane’s Carousel in Brooklyn Bridge Park submerged in floodwater. Last week, David and Jane Walentas were joined by Brooklyn Bridge Park president Regina Myer in installing a state-of-the-art flood protection system, AquaFence, to ensure that the beloved neighborhood gem is safe from future storms. The system consists of 44 marine-grade panels that can be quickly deployed when a storm is approaching.
Deals & DealmakersFeatured

Data center giant grows footprint to 620,000 s/f

REW Staff
by REW Staff673
Data center giant Telx has added 69,000 s/f to its New York facility at 60 Hudson Street. The deal makes the company the largest co-location operator in the building and expands its total tri-state occupancy to 620,000 gross square feet across six facilities. “We have experienced tremendous growth this year in the greater New York/New Jersey metro area," Chris Downie, CEO of Telx, noting that the expansion comes on the heels of the opening of a data center in Clifton, NJ, called NJR3, and at 32 Avenue of the Americas (NYC3).
Deals & DealmakersFeatured

No Iran connection here, says owner of 650 Fifth Avenue

REW Staff
by REW Staff709
The Alavi Foundation, owner of 650 5th avenue, announced that it intends to appeal an impending court decision allowing U.S. authorities to seize the building. Last week, U.S. district Judge Catherine Forest granted a summary judgment paving the way for the seizure of the 36-story building. The court and U.S. Justice Department see the Alavi Foundation as a front for the Iranian government, which has been placed under sanctions.
Deals & DealmakersFeatured

Carlton creates international team

REW Staff
by REW Staff762
Carlton chairman Howard L. Michaels announced the formation of an international investment sales team to provide sophisticated, aggressive investment sales services to its worldwide clientele. The investment sales group will focus on Manhattan and other major cities throughout the United States and Europe. Assignments of $100 million or greater will be the focus of the investment sales division.
Deals & DealmakersFeatured

Strategic refinancing helping RFR limit rate exposure

REW Staff
by REW Staff641
RFR Holding LLC, a real estate investment firm, announced the closing of $100 million of financing for 160 Fifth Avenue, a 107,000 s/f office property in the Midtown South submarket. Through the transaction with Citibank, RFR will retire $65 million of existing debt on the Class A boutique property, while taking advantage of lower interest rates to reduce its cost of capital going forward.
Construction & DesignDebt & EquityFeaturedResidential

Canyon funds $31M loan for luxury Chetrit project

REW Staff
by REW Staff680
Canyon Capital Realty Advisors LLC (Canyon) has provided a $31.1 million senior loan for the construction of a new mixed-use project at 10 Bond Street in NoHo. The development team, comprised of a joint venture between SK Development, Ironstate Development, and the Chetrit Organization, plans to begin construction on the site immediately, with project completion anticipated by the first quarter of 2015. Designed by Selldorf Architects, the project will consist of 11 luxury residential cooperative units and a retail condominium.
FeaturedResidential

New brokerage boss has a swing in his step

Sarah Trefethen
by Sarah Trefethen1395
Barry Brandt started in real estate before he graduated high school. He grew up on the Upper East Side and his mother, Sheryl Brant, was a broker with a number of firms in the city. In the summer, Brant helped show apartments and did internships with real estate firms. The new head of Argo Residential’s brokerage division immediately fell in love with the business and its personalities. “It was very different from any other job that I could have taken on as a teen,” he said.