Daniel Edward Rosen

Mortgage Observer

Built to Suit Warehouse in New Jersey Scores $27M Construction Loan

A planned refrigerated warehouse and distribution facility in New Jersey locked in a $27.2 million construction loan, Mortgage Observer has learned.

Advance Realty and F. Greek Development, the joint venture behind the built-to-suit warehouse, nabbed a two-year construction loan from Wells Fargo Bank, according to representatives of HFF, which brokered the deal. Read More

Mortgage Observer

How Can Fortress Finance its $4.7B Stuy Town Buy?

Stuyvesant Town- Peter Cooper Village (from above)

On the heels of a report that Fortress Investment Group LLC is close to buying Stuyvesant Town-Peter Cooper Village for about $4.7 billion, commercial real estate finance specialists are wondering how the suitor can finance the deal. After all, the last time the behemoth housing complex was sold, things didn’t go so well.

Fortress is reportedly looking to bring in equity partners in the planned purchase, which Bloomberg News first reported on Wednesday. Stuyvesant Town, which occupies 80 acres and holds 11,231 apartments in 110 buildings, is the largest rental complex in Manhattan.  Read More


650 Fifth Avenue, A Building With Alleged Ties to Iranian Bank, Celebrates New Coming-Out Party

Brokers congregate over food and a cash prize at 650 Fifth Avenue

“This is a schlock fest.”

So sniffed one junior real estate broker last week, who was standing in a raw, white-washed space on the 29th floor of 650 Fifth Avenue. Formerly known as the Plaget Building, 650 Fifth Avenue now had an ownership group and a new leasing team that were both aggressive in their efforts to simultaneously lease space and erase any lasting impressions left by the building’s alleged ties to an Iranian bank.

The broker’s snarky critique was overheard as that person sipped from a complimentary martini glass filled with gazpacho, garnished with a singular shrimp. The marketing event was arranged in part by the new CBRE team that was hired this summer to lease out the 140,000 square feet of vacant space in the 36-story building. Read More


Uncertainties and Looming Tax Deadlines Fog Landscape


Of all the dates accountants and their clients face in the upcoming weeks and months, Oct. 15 may be the kindest. Not only is it the date when those who filed for an extension must submit proper tax forms, it’s also two months removed from three other looming deadlines that could prove to be fiscal headaches for real estate investors.

Indeed, by the close of 2012, the George W. Bush era tax cuts will expire, President Barack Obama’s healthcare initiative will begin and capital gains taxes will shoot to 39.6 percent.

Then there’s the presidential election itself, with each nominee providing a different tax scenario should he be elected into office. To be sure, the terrain for accountants is murky at best. Read More


Parsons Brinckerhoff moving 146 employees out of One Penn Plaza to Pennsylvania

one penn plaza

Parsons Brinckerhoff, an engineering firm, is relocating a good portion of its administrative staff from its headquarters at One Penn Plaza to Lancaster, PA, The firm, which labels itself as a global consulting firm that works in all aspects of planning and construction of “critical infrastructure projects around the world,” will be moving 146 members of its administrative staff to Pennsylvania. The company, as “PB Americas, Inc.” has 207,193 square feet leased out at One Penn Plaza, according to CoStar data. Read More

Lease Beat

The H&M Zone: Discount fashion retailer nabs former ESPN restaurant


Swedish fashion retailer H&M will be taking the entire 42,510-square-foot Times Square space that was previously the home to the ESPN Zone.

By moving into 4 Times Square, the fashion chain becomes the latest in a line of affordable clothing retailers that are willing to brave high rents for a Times Square storefront, H&M was represented by Bob Gibson of Cushman & Wakefield. Amira Yunis, Gary Trock, and Matthew Krell, all of CBRE, represented the Durst Organization, the owners of 4 Times Square. Read More

The Sit-Down

Larry Silverstein’s Got 99 Problems, But Jay-Z Ain’t One

Screen Shot 2012-10-05 at 8.38.46 AM

Hip hop impresario Jay-Z kicked off the opening of Forest City Ratner’s Barclays Center with a series of eight sold-out concerts last week. And while thousands of rap and pop music fans descended on Brooklyn to welcome Hova back to his native borough, more surprising, perhaps, were the boldface real estate titans who lined up as guests of Bruce Ratner to witness the spectacle. Besides Dan Tishman of Tishman Construction and Vornado Realty Trust’s Michael Fascitelli and Steven Roth, Mary Ann Tighe of CBRE described the evening as electric. “The only Jay-Z song I recognized is his New York song, which he performed early in the show,” wrote Ms. Tighe, who added in an email to The Commercial Observer that she also enjoyed the arena’s menu of Brooklyn-based restaurants. “Best arena/stadium food ever,” she wrote.

Perhaps the one attendee who was most impressed with the Barclays Center and its booming sound system, however, was Larry Silverstein, the iconic developer behind the ongoing redevelopment of the World Trade Center. Mr. Silverstein revealed his first impressions of the Barclays Center with The Commercial Observer and shared his opinions on Jay-Z and the venue’s body-shaking bass system.

The Commercial Observer: So a tipster told us they saw you at the Jay-Z show last Friday.
Mr. Silverstein: We attended the concert Friday night, and it was a transformational experience. Read More

Lease Beat

Japanese Media Giant Re-inks Lease at Tower 52

Tower 52 (photo courtesy of CoStar)

International media company Fujisankei Communications International, Inc. re-signed its lease for 21,222 square feet at Tower 52, a Class A office building in Midtown East, The Commercial Observer has learned.

The company, which serves as the overseas division of Fuji Media Holdings, will continue to occupy the top three floors (33, 34, and 35) of 150-156 E 52nd Street in its lease renewal. Terms of the lease renewal, including the length of lease and the asking rent, were not disclosed.  Read More

Law & Order

Douglas Arntsen, the Globetrotting, Real-Estate-Robbing Attorney, Takes Guilty Plea

Douglas Arntsen

He entered the court room looking stockier and better-dressed than he did in January. Back then, fresh off a plane from Hong Kong, attorney Douglas Arntsen was gaunt and thin, wearing a black track suit and a look of exhaustion following the extradition that brought him to 100 Centre Street to stand charges for his larcenous ways.

This afternoon, inside the court room of Judge Jill Konviser, Mr. Arntsen, the Staten Island kid who grew to become an accomplished corporate barrister at Crowell & Moring LLP, was ready to admit his guilt. Through his own attorney Alan Lewis, and after an initial not guilty plea and months of negotiations with Manhattan prosecutors, Mr. Arntsen agreed to plead guilty to three counts of grand larceny in the first degree and one count of scheming to defraud in the first degree. He is expected to face 4-12 years in state prison. He will be sentenced on October 17. Read More

Market Reports

3rd Quarter Results Indicate Market Shift, Plaza District Not So Blah: Colliers Reports


Midtown South continues to bring in the tech tenants while neighboring markets like Midtown North are becoming cheaper alternatives, Colliers International said in its third quarter report released yesterday.

Leasing in the Manhattan market improved overall, with law firms, financial services firms, and media companies contributing to a modest 6 million square feet leased in the third quarter. The result was still 1.4 million square feet fewer than the 7.4 million square feet that was leased in the second quarter of 2012. Read More