Skyrocking rents sending apartment hunters to boroughs
Aerial view of Brooklyn. By Holly Dutton It’s all about the outer boroughs. As another round of quarterly reports comes out, the numbers don’t lie; … Continued
Category : Featured
Meridian’s $230M Steinway deal
Meridian Capital Group negotiated $230 million in acquisition financing for the purchase of Steinway Hall at 109-113 West 57th Street on behalf of JDS Development Group. The one-year, interest-only loan features a fixed-rate and two six-month extension options. Managing directors Aaron Appel and Moshe Majeski originated and executed the financing. As part of this transaction, JDS Development Group also recapitalized and consolidated their existing development parcel at 105-107 West 57th Street.
Seth Pinsky joins RXR
RXR Realty announced the hiring of Seth Pinsky, president of the New York City Economic Development Corporation (NYCEDC), to lead a major RXR initiative to invest in emerging New York metropolitan area markets and contribute to the expansion of the region’s economy. Pinsky will serve as an executive vice president of RXR and as investment manager of the newly created RXR Metropolitan Emerging Market Strategy. RXR will allocate substantial capital for investment in New York City and surrounding Tri-State markets that have access to infrastructure and transit and offer opportunities for growth.
Buyers and renters waking up to sleepy Prospect Heights
Prospect Heights is a small neighborhood with big neighbors. Prospect Park, the Barclays Center and the Brooklyn branch of the Brooklyn public library sit on its borders, along with the Brooklyn Museum and Botanical Gardens. And with the pressing demand for apartments driving up prices all over Brooklyn, this seemingly sleepy neighborhood is no exception.
Partnership expert Stachenfeld puts love in real estate equation
Bruce Stachenfeld, founding and managing partner of Duval and Stachenfeld, likes to read books on business and management theory. One of those books, Jim Collins’ "Good to Great", has had a particularly formative effect on the face Duval and Stachenfeld presents to the world. In the book, Collins describes a parable from the philosopher Isaiah Berlin about a hedgehog and a fox. The hedgehog repeatedly fends off the fox’s various clever attacks by doing the one thing it does well: curling up into a spikey ball. What, Stachenfeld wondered, was his firm’s unique, hedgehog-like strength? In Collins’ terms, he was looking for their hedgehog principle.
Prize Soho retail snapped up by investor with upscale High Street tastes
ASB Real Estate Investments has bought a slice of the retail in the Pritzker Prize-winning 465 Broadway. 465 Broadway. Photo: RKF The company said it has purchased a 9,366 s/f retail condo with some high-profile store frontage on Broadway, Mercer and Grand streets on behlaf of its Allegiance Fund in a joint venture with Centurion Realty. Last year, the New York-based Savanna paid $57 million for 15,100 s/f of retail space at 465 Broadway. That deal included 9,400 s/f of grade-level retail space and 4,700 s/f of below-grade retail space.
Montessori hangs bookbag in Flatiron school corridor
A Montessori pre-school has joined a growing list of schools populating 22nd Street in the Flatiron District and contributing to a surge in educational leasing in the city. The school — whose education is characterized by an emphasis on independence, freedom within limits and respect for a child’s natural psychological development — has leased 13,000 s/f of space on the block between Fifth and Sixth Avenues. Robert Neborak, formerly of PBS Real Estate which recently merged with ABS, was the leasing broker.
RCG takes $60M position in Thor’s Carlton House retail
By Holly Dutton JOE SITT Real estate lender RCG Longview has pumped $60 million in preferred equity into Thor Equities acquisition of the retail space … Continued
Mall developers sue Jets, Giants
The developers of American Dream - the entertainment & retail project - have sued the New York Giants and New York Jets and others charging them with engaging in an ongoing, unlawful campaign to delay the project's opening in order that the Teams and their affiliates can maintain their lucrative monopoly over the Sports Complex. The complaint alleges the teams have engaged, once again, in a campaign to delay the economic development and job creation that would come from completion of the American Dream project through the addition of an indoor amusement park and water park.
Harbor Group buys Upper East Side apartment building
Harbor Group International has made its entry into the New York apartment market with an Upper East Side purchase. The company announced this morning it had paid $20.5 million to purchase a 46-unit residence at 334-338 East 79th Street, between First and Second . Jordan E. Slone, chairman & CEO, said, “We believe our planned $1.2 million in renovations along with increased operating efficiencies will provide the best possible value to our investors.”