Category : Featured

Deals & DealmakersFeatured

Be prepared for strike, warns RAB

REW Staff
The Realty Advisory Board on Labor Relations (RAB) today advised its members to take the necessary steps to prepare for the possibility of a strike by SEIU Local 32BJ, the union representing commercial building service workers, after the Commercial Building Agreement’s expiration. As part of that preparation, the RAB distributed to its members a comprehensive Preparedness Manual with information on how to minimize operational disruptions should a strike occur.
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Tenants give owners something to chew over

REW Staff
By Al Barbarino The Garden State’s office tenants want more than just a side of fries with their office space. Tenants ranked food service the number one “must have” amenity in an anonymous survey conducted by CBRE last month, followed by a long list of swanky services. “We’re all spending a lot of time, and more time probably than many of us would like to, at work and in our offices,” said CBRE’s Greg Barkan. “So recruiting and retention of talent is paramount for most corporations. Because of that, quality of life features are becoming much more important.” Food service took 22.4 percent of the vote, followed by access to public transit, with 16.4 percent.
FeaturedResidential

NYC brokers reveal how recession has hit their bottom line

REW Staff
More than half of the brokers working in New York City believe the housing market will get worse before it gets better. And 85% said the recession has negatively impacted their personal situation, one even claiming it caused her divorce. The findings are the result of a survey of 200 brokers working in New York City by Entitle Direct, the parent company of EnTitle Insurance Company, a direct-to-consumer title insurance service.
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Pols take swipe at owners as contract talks go down to wire

REW Staff
Representatives from the Realty Advisory Board on Labor Relations (RAB) and Local 32BJ Service Employees International Union will resume talks today (Wednesday) in a bid to reach a new agreement for services workers before their contract expires at midnight December 31. Officials from both sides have vowed negotiations will go on “round the clock” if necessary. The talks resume after some city politicians took a swipe at building owners and threw their support behind SEIU 32BJ workers.
Deals & DealmakersFeatured

Luxury apartments, hotel planned for 70 Pine

REW Staff
A joint venture between Real Estate Developer-Owner Metro Loft and Eastbridge Sarl closed on the acquisition of 70 Pine Street for a price in excess of $200 million. Metro Loft’s conversion plans for the iconic 66-story, 952-foot Art Deco building include over 700 luxury apartments, with a high-end hotel occupying the remaining area of the building. When completed in 2013, the landmarked tower will be one of the three tallest residential buildings in New York City.
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Office cleaners occupy midtown after union okays strike action

REW Staff
The industry’s Realty Advisory Board told rallying service workers this week it won’t negotiate a new contract through the press. As hundreds of office cleaners and other commercial building workers marched through the streets of Midtown in a rally organized by 32BJ SEIU, Howard Rothschild, president of the RAB, issued a statement noting: “We’ve said from the start, we want to reach a labor agreement that is fair to both sides and reflects the reality of today’s economy. The union has already authorized a strike if a deal isn’t reached within two weeks. “The workers who keep office buildings clean and running well should be able to make ends meet in our city,” said Mike Fishman, president of 32BJ.
Deals & DealmakersFeatured

Rosen taps Newmark Knight Frank to lease 2M s/f Manhattan portfolio

REW Staff
Newmark Knight Frank’s New York office has been selected to head up leasing and management responsibilities for a 19-property portfolio owned by The Rosen Group Inc. beginning next year. The portfolio includes more than two million square feet of Manhattan office space, including the landmark 902 Broadway.
Deals & DealmakersFeatured

AREA strategist keeping house in order

REW Staff
When AREA Property Partners sold the Lafayette Boynton complex in the Bronx for $51.5 million last month, it was a textbook Jim Simmons play. The veteran real estate executive has been at the helm of AREA’s North American Domestic Emerging Markets team for the past eight years and has been credited with directing a trend in institutional investment towards underserved and neglected urban areas.