Category : Featured

Normandy Partners is in contract to buy 1370 Broadway for $125 million, according to sources. The 250,000 s/f Garment District building was offered for sale by Sitt Asset Management and investor Carlton Associates through Eastdil Secured last month. Sitt bought the 16-story office building from SL Green for $58.5 million in 2003.

Manhattan landlord Maurice Laboz’ Regal Real Estate has sold close to $40 million worth of real estate in a series of deals with The Lam Group. While better known for its work in hotel development, it is expected that Lam will maintain the properties scattered across Manhattan as apartments and convert others to luxury homes. “These are core investment properties, they just have great rates of return so you can sit there rent and manage them,” said Christopher Okada, president and owner of Okada and Company LLC, who represented The Lam Group.

Robert Nelson’s Global One Real Estate Fund has purchased the interests of Lafayette Boynton, a four-building, 972-unit rent stabilized apartment complex in the Soundview section of the Bronx, from AREA Property Partners for $51.5 million. This acquisition builds on AREA’s previous efforts to ensure the long-term quality and viability of affordable housing in the Bronx. The new owners will continue the ongoing improvements of Lafayette Boynton through a $14 million program. “Global One’s planned renovations will continue AREA’s efforts to preserve affordability and provide high-quality housing in the neighborhood,” commented James Simmons, III, partner and Head of U.S. Emerging Markets with AREA.

By Linda O'Flanagan Fifteen years into a real estate career that had seen her ride a rising market as a leasing manager with a global company, Karen Dome found herself in the thick of it with her own fledgling firm and infant twins at home. She said she turned to the New York group of Commercial Real Estate Women for some back up.

New York City-based ABS Partners Real Estate, LLC, has brought a year-long leasing program to a close with 100% occupancy at 20 West 22nd Street, a 180,000 s/f property in the Flatiron District. With a flurry of seven leases signed in the past few weeks, the leasing team — led by John Gols, executive managing director, with Jason Fein, associate managing director, and Hector Rodriguez, managing director — said a major capital improvement program has helped transform the former printers’ building into a home for 21st century creative and media types. “The building is being upgraded — aesthetically, mechanically and technologically — to meet the needs of today’s tenant,” said Rodriguez.