& Zabel Partner and Chair of the Real Estate Group
What is the biggest portfolio loan deal you worked on this year, and what were the highlights of that deal?
Morrison & Foerster Partner in the Real Estate Department
How is the current market for construction financing?
Wells Fargo outbid Bank of America, Capital One and TD Bank and reached an agreement to buy a portfolio of ING Real Estate Finance’s 29 U.S loans with a total outstanding balance of $1.6 billion. Read More
Tiger Global Management is the latest to break the triple digit threshold for commercial space in the city.
Following Ruane, Cunniff & Goldfarb Inc., which signed a deal in late May, the investment management firm will be taking a massive 32,000-square-foot space in the prized Plaza District 9 West 57th Street. The building, owned by Sheldon Solow, is known for its breathtaking views and the ability to demand close to $200 per square foot. Read More
The American Institute of Chemical Engineers has signed a long-term, 16,506-square-foot lease at Silverstein Properties’ 120 Wall Street, it was announced today.
“After a two-year search of both Midtown South and Downtown, which included inspections of over 50 properties, AIChE elected to relocate to 120 Wall Street, one of the few buildings to provide an incentive program for not-for-profits,” said Leon Manoff, vice chairman at Colliers International, who represented the tenant, in a prepared statement. Read More
Law firm Patterson Belknap Webb & Tyler has signed a 20-year lease for 200,000 square feet of at the recently renovated 1133 Sixth Avenue in Times Square, The Commercial Observer has learned.
The firm resigned a lease for floors 18 through 26 that it first inked 20 years ago. The Durst Organization’s in-house broker Tom Bow represented the landlord, while Ira Schuman of Studley represented the tenant – the same brokers who completed the firm’s lease in the building 20 years ago.
The 1.1 million square foot, 45-story Emery Roth & Sons-designed building was completed by The Durst Organization in 1970 and recently underwent a seven-month lobby renovation, overseen by the architecture firm Gensler. Read More
From the outside, 222 Broadway fits the stereotype of the Downtown financial office tower.
But when Bank of America downsized, leaving roughly 250,000 square feet of space vacant, a series of tours guided by its new owner, L&L Holdings, quickly blasted that stereotype away.
Condé Nast committed to 80,000 square feet at the tower in early March. WeWork, which provides collaborative workspace for tech and media companies, was next in line. Read More
Mortgage Observer Weekly has learned that a $310 million CMBS loan on 120 Broadway closed last week, likely at a rate in the mid-2 percent range. Wells Fargo originated the loan.
A previous CMBS loan on the building had an outstanding balance of $215 million. Originated back in May of 2006, it was set to mature in June 2013, according to data from Trepp. Read More
Robert Becker, senior leasing manager at The Durst Organization, joined the company eight months ago. Having previously worked closely with the firm as an executive with Bank of America’s global real estate transactions and leasing operations team, Mr. Becker jumped on board with inside knowledge of the firm’s pivotal role in shaping the landscape of Read More
A 4,000-square-foot Bank of America branch location under construction at 6601 18th Avenue in Bensonhurst, Brooklyn has changed hands for $8.45 million, city records show.
The property sits on the corner of 66th Street and 18th Avenue, which is also known as Cristoforo Colombo Boulevard and is one of the neighborhood’s most heavily-trafficked thoroughfares.
Massey Knakal marketed the property, originally for $9.75 million, as offering “a high yield, management free investment opportunity in the heart of one of Brooklyn’s fastest growing middle-class neighborhoods.” Read More
Industry veteran John Ryan III is the latest hire in Canadian real estate firm Avison Young’s mission to expand its footprint across New York City and the United States.
As Principal of the firm’s New York City office, Mr. Ryan will harness his 23 years of experience in tenant and landlord representation, providing brokerage services for key clients.
“I am thrilled by the opportunity to join Avison Young,” Mr. Ryan said, in a prepared statement. “The positive trajectory of Avison Young’s growth nationally, as well as in the New York City market, where the firm has established a high-quality reputation in a relatively short period of time, has been very exciting to watch.” Read More
7 West 57th Street Realty Co., a real estate company controlled by Sheldon Solow, filed a lawsuit in federal court yesterday against Citibank, Bank of America, Barclays, JPMorgan and a number of other banks for allegedly conspiring to manipulate the London Interbank Offered Rate (Libor).
The complaint alleges the defendant banks’ conspiracy to manipulate Libor resulted in the seizure of Mr. Solow’s $450 million bond portfolio by Citibank. The portfolio was pledged as collateral for Libor denominated loans, the complaint says, and was comprised largely of high-grade municipal bonds. Subsequently, Solow was obligated to pay a $100 million judgment. Read More
Got a chunk of change lying around? With a book of business north of $5.5 billion, Rosemary Vrablic, a managing director in the asset and wealth management division at Deutsche Bank, can help.
Private banking is loosely defined as personalized financial services offered by banks to their high-net-worth clients. And the top providers are largely holding steady, according to 2011 year-end results from U.K.-based private wealth management consultancy and research firm Scorpio Partnership. Read More