Category : Featured

Quinn plan ‘too kind’ to real estate industry, blasts de Blasio
Deals & DealmakersFeatured

Quinn plan ‘too kind’ to real estate industry, blasts de Blasio

REW
by REW1492
In a preview of what changes landlords could face from a potential Mayor Christine Quinn administration, the current City Council speaker said that current housing codes are outdated and inadequate and would face a major overhaul if she were elected. Quinn, delivering her ‘State of the City’ address last week, indicated that building owners would face steeper fines for code violations and that Department of Buildings inspectors would wield much wider power than they do today. However, Public Advocate Bill de Blasio accused Quinn of pandering to the real estate industry with her housing plan.
Deals & DealmakersFeatured

Vornado VP named president at Cushman & Wakefield

REW Staff
by REW Staff956
Cushman & Wakefield has tapped Vornado leasing broker Ronald Lo Russo to become president of the firm’s New York Tri-State Region. And long-time executive managing director Suzy Reingold has been promoted to chief operating officer. The appointment of both Lo Russo and Reingold to senior positions is seen as an effort by the firm to re-assert its position in the New York market following the departure last year of two long-time power brokers, Arthur Mirante, who left to join Avison Young, and Joe Harbert, who took the reins at Colliers.
Harbor Group signs two new tech firms at 1412 Broadway
Deals & DealmakersFeatured

Harbor Group signs two new tech firms at 1412 Broadway

REW Staff
by REW Staff1093
Two technology-directed businesses have taken space at the Harbor Group’s pre-war office tower at 1412 Broadway. It’s part of a trend in tenancy at the 24-story building, according to Habor Group CEO Jordan E. Slone, who said upgrades to infrastructure and a sleek new lobby have helped raise occupancy to 95 percent.
FeaturedResidential

Lofty rents tempting more New Yorkers to buy homes

REW Staff
by REW Staff832
Despite a dip in Manhattan rents this month, more people are being tempted to buy, according to at least one city brokerage. Citi Habitats released its monthly rental market report for January 2013 today that shows the average price of a Manhattan apartment was $3,211 during January, $23 less than December 2012. This is the fifth consecutive month-over-month decline and points to rents plateauing at a relatively high level. Many renters are now seeing more value in the sales market, according to the brokerage’s Gary Malin.
Construction & DesignFeatured

Apartment market enjoying bonafide building boom

REW Staff
by REW Staff1054
Sparked by a sharp increase in new residential projects, New York City construction starts reached $16.1 billion in 2012, a five percent increase from 2011, according to a New York Building Congress analysis of McGraw-Hill Construction Dodge construction data. Residential construction starts reached $5.1 billion in value in 2012, a 54 percent increase from 2011, when construction starts reached $3.3 billion, and more than double the total ($2.3 billion) for 2010.
Deals & DealmakersFeatured

RXR pays $800M for 237 Park Avenue

REW Staff
by REW Staff1501
RXR Realty has partnered with an affiliate of Walton Street Capital to purchase 237 Park Avenue from an entity controlled by Lehman Brothers Holdings Inc. The sale price was $800 million, according to the Wall Street Journal, a bargain according to Scott Rechler, chairman and CEO of RXR Realty. “It is rare that you can purchase a modern office building in such an irreplaceable location at such a significant discount to replacement cost,” said Rechler.
FeaturedResidential

Brokerage tempting fashion and movie elite to make career u-turn

REW Staff
by REW Staff1033
Forget the glitz and glamor of high fashion or showbiz, residential real estate is the best job in America. According to the largest survey of U.S. workers ever conducted, despite dealing with a down market for the past five years, Realtors continue to love their jobs and the companies they work for The survey, conducted in conjunction with the 2013 Top National Workplaces rankings, found that those working in the business appreciate that they have a great deal of control over their own destiny, a strong connection to their work, and a sense of personal accomplishment every day, all of which led them to highly rank their workplaces.
Hearst Tower makes history at annual Pinnacle Awards
Deals & DealmakersFeatured

Hearst Tower makes history at annual Pinnacle Awards

REW Staff
by REW Staff1070
Newcomers and veterans from across the spectrum of commercial real estate shared the honors at the 45th Annual BOMA/NY Pinnacle Awards Ceremony last night. Paramount Group, Inc. captured three of the industry’s most prized award statuettes, followed by SL Green Realty Corp., which took home two, and Hearst Tower made history as the most decorated Pinnacle winner ever. The Chelsea Piers ceremony, which played to an audience of 500, gave out 11 awards in all. The Pinnacle is widely regarded as the most difficult commercial real estate award to win and is given for operational excellence according to building category.
Deep pocketed Toll Brothers bringing it to the Big Apple
Debt & EquityFeatured

Deep pocketed Toll Brothers bringing it to the Big Apple

REW
by REW4456
Not many developers can boast that their liquid capital position is so strong that their almost billion dollar credit line can be considered ‘optional’. Not many, that is, that focus solely on residential. In New York, where space is always at a premium, commercial real estate, at least mixed use spaces, are king. And there are giants in this kingdom: The Rudin Management Company, Tishman Speyer and the Related Companies, as well as tons of foreign buyers looking for a safe haven for their capital. But what makes Toll Brothers Inc. (NYSE:TOL) unique in the ever changing city space is not that they have expanded their holdings here, but that they have done it so quickly during a financial crisis with all cash.
Featured

Multifamily sweet spot could turn sour

Sarah Trefethen
by Sarah Trefethen1304
There are good reasons multi-family housing is still the hottest real estate sectors in the country, according to Jonathan Woloshin, co-head of sector research for UBS Financial Services. But he also is making a rare call for caution on the part of investors who think it’s impossible to go wrong with multifamily. “What’s really going to trip us up? I think it’s going to be over-paying, and we’re not going to know until it’s too late,” he told the members of New York Commercial Real Estate Women (NYCREW) at a meeting last week.