Category : Headline

Headline

VEGAS UPDATE: Online operators retail’s new best pals

REW Staff
by REW Staff1559
As the recovering economy brings shoppers back to the marketplace, retailers are beginning to expand into the new world of online shopping and marketing. And, they say, it’s not all bad. For some traditional brick and mortar retailers and property owners, new competition from online commerce could be an opportunity in disguise, according to panelists speaking Sunday at the “United Nations of Retail” forum at ICSC’s annual retail real estate convention in Las Vegas.
CRE growth spurt taking hold
Deals & DealmakersHeadline

CRE growth spurt taking hold

REW Staff
by REW Staff892
Manhattan’s commercial real estate firms are in the midst of what may be the industry’s first growth spurt since the 2008 recession. The Canadian newcomers at Avison Young added four new principals this week after opening its first office in New York City last monthwith Arthur Mirante at the helm . Brookfield has announced a series of promotions ahead of its IPO; Newmark Grubb Knight Frank broker roster is growing faster than its name; Cassidy Turley is expanding in New York; Lee & Associates has hired around 50 new brokers; and UGL this week moved its growing Manhattan operation into bigger offices.
Deals & DealmakersHeadline

Xanadu developer wins chance of partial refund

REW Staff
by REW Staff921
New York appeals court today (Tuesday) ruled in favor of the former developer of the Meadowlands Xanadu shopping center, overturning a lower court ruling and giving Colony Capital the right to recover damages against a lender who refused to fund a $1 billion construction loan. Colony and its partners were forced to abandon the project when one of the lenders, an entity formerly associated with Lehman, refused to fund its share of the loan. Triple Five acquired the uncompleted project from the lenders in 2010 with a promise to turn “the ugliest mall in America” into an international show piece that will open in time for the 2014 Super Bowl at the Meadowlands.
Deals & DealmakersHeadline

Mirante leaves Cushman to lead Canadian firm’s New York expansion

REW Staff
by REW Staff709
Cushman and Wakefield president Arthur Mirante has left the firm to lead the US expansion of Canadian upstart Avison Young. Mark E. Rose, chair and CEO of Avison Young, announced today that Canada’s largest independently-owned commercial real estate services company is opening its first office in New York. Mirante has been named a principal and Tri-State president, based in Avison Young’s new Manhattan office. He will join Avison Young principal Greg Kraut to grow the company’s presence in New York. Kraut made his name bringing foreign firms to the Big Apple as a former first vice president at CBRE.
Deals & DealmakersHeadline

No room for ‘Cousin Vinny’ in city elevators

REW Staff
by REW Staff814
The city is aiming to close a loophole in elevator licensing laws that threatens the safety of millions New Yorkers every day, according to some members of the council. “Right now, My Cousin Vinny could be working on the elevator in your building,” said Peter Vallone Jr. who has co-sponsored two bills with Councilman James Vacca that would tighten regulations governing the inspection of the city’s 60,000 elevators. It was a humorous yet disconcerting reference to the movie starring Joe Pesci as an out-of-his depth lawyer in a southern court caper, Vallone implying that inexperienced inspectors “literally hold your life in their hands.”
Headline

New Newmark Grubb Knight Frank a ‘game changer’ for industry

REW Staff
by REW Staff2191
BGC Partners today (Monday) announced the formation of Newmark Grubb Knight Frank, its new full-service commercial real estate platform. Michael Lehrman, Global Head of Real Estate at BGC, said, "With more than 100 offices in North America, 250 million square feet in property and facilities management, and an outstanding national appraisal business, the creation of Newmark Grubb Knight Frank is a game-changing moment in the real estate industry.” The announcement comes following the closing of BGC’s acquisition of assets of Grubb & Ellis, following the recent approval of the transaction by the U.S. Bankruptcy Court for the Southern District of New York.
Construction & DesignHeadline

Trans-Hudson rail tunnel? Not in our lifetime, says MTA boss

REW Staff
by REW Staff654
MTA boss Joseph Lhota told city construction leaders improving the city’s transportation system is a vital part of its growth. But he said expecting a trans-Hudson train tunnel any time soon is too much to ask. “They think they’ll be able to get across the Hudson for $2.25 billion,” he said. “That’s not going to happen. Not in our lifetime.” Speaking at the New York Building Congress Construction Industry Breakfast Forum yesterday (Tuesday) morning, thanked members for their support of the MTA capital plan in Albany. State lawmakers last week voted to authorize borrowing $7 billion to fund the remaining three years of the $22 billion five-year plan.
Deals & DealmakersFeaturedHeadline

Dock Builders side with the New York City District Council of Carpenters

REW Staff
by REW Staff969
By Al Barbarino A group of 700 city dock workers voted today to stick with the New York City District Council of Carpenters instead of joining Amalgamated Carpenters and Joiners Union, a competing union with alleged mob ties. “Today, New York City Dock Builders have made a clear choice to remain affiliated with the New York City and Vicinity District Council Carpenters,” said District Council leader Michael Bilello, in a statement released just after the votes were tallied. “We had faith in their prudence that was in the best interest of themselves and their families.