Category : Headline

HeadlineProperty Managers

Building owner could face charges in gas explosion

REW
by REW770
The owner of the East Village building where a gas explosion killed two people and injured 20 others last week could face criminal charges if it is found he knew about illegal gas tapping in the property. Former prosecutor, Colin Kaufman, a partner at Adam Leitman Bailey, PC, said charges that could be leveled at the principals of Mah Realty, the owner of 121 Second Avenue, include criminally negligent homicide, which carries a 25 years to life penalty. However Kaufman said, "Prosecutors have a tremendous amount of discretion in cases such as these and it is a difficult crime to prosecute. You can't just say that, just because there was an explosion someone is guilty."
Crowdfunding breaks the billion
Debt & EquityHeadline

Crowdfunding breaks the billion

REW
by REW774
By Konrad Putzier Real estate crowdfunding firms raised $1.014 billion worldwide in 2014, according to a report by research and consulting firm Massolution. Most of that money – $565 million – was raised in North America, more than doubling the 2013 total of $184 million. The report highlights the impressive...
Developer hears opportunity knocking where others fail to look
Headline

Developer hears opportunity knocking where others fail to look

REW
by REW1295
Greystone Property Development’s strategy resembles that of a truffle pig: It makes a living by searching where others don’t even bother to look. This helps explain why the firm just became the first developer to bring new condos to City Island in more than 15 years. In Manhattan and Brooklyn, Greystone has applied the same strategy of keeping its nose to the ground and sniffing out off-market deals with potential for profit. The firm recently bought two sites in Clinton Hill where it will develop rental buildings. It is also turning a landmarked former public bathhouse in Gowanus into condos and building a rental tower on an adjacent parcel. “Our strategy has always been to look for under-performing assets — for properties that are not in the market and opportunities that are not obvious to the street,” Simpson said.
Williamsburg hotel being built in Poland
Construction & DesignHeadline

Williamsburg hotel being built in Poland

REW
by REW1175
By Konrad Putzier One of Williamsburg’s latest hotels is being built in Poland. You read that right. And a developer on the Bowery may soon follow its lead. Polcom Modular, a Polish modular construction firm, is assembling the modular units for a 254-room pod hotel at 626 Driggs Avenue. Once...
HeadlineResidential

Urban Compass renames itself, launches new website

REW
by REW1189
By Konrad Putzier Brokerage Urban Compass has shortened its name to Compass in a bid to make its brand more memorable, as it announced the launch of an expanded website. “Compass is a simpler, more universally memorable brand name that speaks directly to the connection between people and technology that...
Deals & DealmakersHeadline

Rudin sings 580,000 s/f Broadway deal

REW
by REW842
The Rudin Family has signed a lease renewal and expansion with its longtime tenant, worldwide media company Publicis Groupe, involving 580,000 square feet of office space at 1675 Broadway, until 2031. The deal is the largest lease transaction completed in the Manhattan office market year-to-date in 2015. Publicis currently occupies the building’s second through 16th floors with digital and media buying division Starcom MediaVest Group in the majority of that block, while the company’s advertising agency, Publicis/KTG, is situated on floors 28 through 30, for a total of 480,000 s/f.
Blizzard of 2015: All going according to plan
HeadlineProperty Managers

Blizzard of 2015: All going according to plan

REW
by REW692
The “Blizzard of 2015” ended up sparing New York City, as the majority of the area sustained little more than a few inches of snow. Though the city may have gotten off easy this time, having a thorough and organized plan in place is a must for any property manager who is preparing for a temporary shutdown or an onslaught of unfriendly weather conditions. “Local Law 26 is a mandate from the city. (Property managers) have to have something that’s called an emergency action plan,” John Brandstetter, managing director at The Brandstetter Group and chairman of the Weather Committee of BOMA/NY told Real Estate Weekly.
Canadian investment roars with $2.2B Bryant Park buy
Deals & DealmakersHeadline

Canadian investment roars with $2.2B Bryant Park buy

REW
by REW928
Ivanhoé Cambridge and its partner, Callahan Capital Properties have purchased 1095 Sixth Avenue for a record $2.2 billion from the Blackstone Group and re-named it Three Bryant Park. The price of the 1.2 million square feet of Midtown office space made the sale the largest single office building transaction since the GM Building was acquired for $2.8 billion in 2008. Quebec-based Ivanhoé Cambridge is at the forefront of a rush by Canadian investors into the U.S. real estate market. Canadians invested $9.85 billion in U.S. commercial properties in 2014, according to Real Capital Analytics. No other country invested more, with China a far second at just under $6.6 billion.
Howard Hughes buys South Street parcel for $100M
Deals & DealmakersHeadline

Howard Hughes buys South Street parcel for $100M

REW
by REW1218
By Konrad Putzier The Howard Hughes Corporation has dished out $100 million for 80 South Street, a site just south of its planned (and controversial) Seaport tower. The parcel, currently a five-story walkup, will likely be turned into another skyscraper. Queens developer Cord Meyer had previously secured the City Planning...