Fresh off of putting the finishing touches on the purchase of a retail property in Astoria, Queens, ABS Real Estate Partners President Gregg Schenker invited Commercial Observer in to his office overlooking Union Square. In a space decorated with family pictures and closing sale and financing binders, the 48-year-old married father of two explained the vision behind the 335-employee company and its 6-million-square-foot portfolio primarily in Midtown South. Mr. Schenker, a Manhattan native and New York University alum, also dished on new deals like the Queens acquisition he and an ABS team had just completed. The buy didn’t represent the company’s first in the boroughs, nor the last, he hinted. But before hitting the outer boroughs, CO asked the former Helmsley Spear broker how he and the other company execs knew to invest in Midtown South and why technology, advertising, media and information, or TAMI, tenants like the neighborhood so much.
The Year in Review
Greenwich, Conn.-based Arch Street Capital bought the Residence Inn New York Marriott with a $57 million loan from Barclays, the bank confirmed to Mortgage Observer.
Arch Street, a real estate investor and adviser, bought the leasehold interest at 144 East 48th Street from AEW Capital Management for $89.6 million, according to records filed with the city today.
New York real estate is some of the most desirable and expensive in the world, but the ever-fluctuating price of a square foot of space in a given neighborhood is unquestionably dwarfed by the value of human life. This year, the commercial real estate world lost several notable figures and The Commercial Observer would like to take a moment to remember them.
With school back in session earlier this month, The Commercial Observer reviewed its library of leather bound text books and plucked at random a collection of 15 entry-level real estate trivia questions, touching on everything from ethic and law to pop culture and the brick and mortar itself.
While a high score won’t ensure success in real estate, it does promise popularity in life and bragging rights at the water cooler. The answers are upside down below, after the jump. Buena Suerte!
Every real estate investor dreams of the moment when, through diligence, smarts or luck, he or she finds a building whose potential is at once dazzling and wholly unrealized. Such discoveries can lead to deals that make fortunes, even careers.
It is not a surprise, then, that a steady procession has taken place over the Read More
It didn’t take long for Jeff Rosenblatt to sense something awry in the house of Kent Swig.
It was 2009 and Mr. Swig, at the time a large landlord in the city, had purchased the real estate services company Helmsley-Spear a year earlier. In the months after his big acquisition of the legendary brokerage firm, Mr. Swig had offered Mr. Rosenblatt a senior position managing its leasing operations.
Manhattan real estate moguls talk about his “Solomonic wisdom,” according to The New York Times.
Former Mayor Rudolph Giuliani called him the “dean of damage control.” His public relations firm, Rubenstein Associates, once simultaneously represented both Leona Helmsley and Donald Trump.
So it’s no exaggeration to say that nothing of importance happens in New York City without somehow involving Howard J. Rubenstein.
The Commercial Observer: How have all the zoning changes over the last eight years impacted business?
Mr. Lindenbaum: As an applicant, for some of them, it’s obviously helped my business and even where we weren’t the applicants—but the city initiated proposals—we represented people in the areas proposed to be rezoned and had an input on Read More