A recent late summer morning at one of the company’s three separate buildings in Irvine, Calif., roughly 100 Auction.com employees buzzed around a vast, open windowless room lined with rows of cubicles and slung with venting and lighting hung from the ceiling high above.
Along one side of the room, which employees Read More
Mortgage Observer met with Mr. Rabinowitz, who in his practice at Greenberg Traurig represents a wide range of clients, including private equity funds, financial institutions and developers and operators. He shared details about helping to grow the firm’s real estate practice and, on the fifth anniversary of Lehman Brothers, reminisced about shepherding clients through the financial crisis.
Mortgage Observer: When did you begin practicing commercial real estate law?
Cadwalader, Wickersham & Taft Co-Chair of the Capital Markets Department
Cadwalader has provided lead counsel services in several of the largest single-borrower CMBS transactions ever. What kinds of challenges have those deals presented?
Massey Knakal Realty Services has arranged the $139 million sale of a portfolio that includes the Dunbar Manor apartment complex in West Harlem, The Commercial Observer has learned.
The monster residential portfolio, which consists of 1,084 units across 15 properties located throughout Northern Manhattan and the Upper West Side, generated what brokers called a “storm Read More
Steve Wiktoff paced back and forth in a conference room at his partnership’s New York City office, eager to talk about his latest endeavors, but just as eager to tackle the other 10 commitments that had come his way over the course of the first of several interviews with The Mortgage Observer.
Negotiations over outdoor signage at 11 Times Square, among other issues, has delayed a deal between SPJ Properties and Microsoft expected today, sources told The Commercial Observer.
After eyeing the space for months, the company was shuffling papers around this week with owner SPJ Properties to get the deal completed; but the signing of a letter of intent, which sources said was scheduled to happen today, likely won’t be completed until after Thanksgiving, said people familiar with the deal.
The 16-year lease is for 260,000 square feet across floors four through 11, at a rate in the low $60’s, a broker who reviewed a preliminary version of the lease said.
Morgan Stanley has provided a $125 million mortgage on the retail portion of 15 Central Park West, the ultra luxurious condo where Lloyd Blankfein, CEO of Goldman Sachs, and many other influential bankers live, The Mortgage Observer has learned.
Private equity firm the Jordan Company signed a 15-year, 25,000 square foot lease at 399 Park Avenue, Cassidy Turley, the company’s leasing broker in the transaction announced today.
The Commercial Observer first reported the transaction in early June, one among three recent leases that got signed at the 1.75 million square foot skyscraper.
Ladder Capital has nabbed CRE industry vet Michael Mazzei from Bank of America, where he served as managing director and global head of the CMBS and Bank Loan Syndications Groups. He’s been appointed president of the company. Meanwhile, current president and co-founder Greta Guggenheim will become chief investment officer.
Mr. Mazzei joined BofA in 2009. No word on when he’ll officially start in his new position—a spokesperson for Ladder Capital declined to comment to The Commercial Observer beyond the information provided in a release about the move.
Perhaps the best way to describe Angela Pinsky’s advocacy for the real estate industry is by saying that when she joined the Real Estate Board of New York almost two years ago, she didn’t see her job as much different from the one she was leaving in the mayor’s office.
“I work on a lot of the same issues,” said Ms. Pinsky, who married Economic Development Corporation head Seth Pinsky last summer. “The thing about the real estate industry, it’s very civic minded. Many owners are family businesses and there’s this strong tradition in the industry of wanting projects and policies that are best not just for the industry’s own interests, but for the entire city.
As expected (we noted last week this would likely happen and soon), Lehman Brothers has agreed to unload its majority stake in the old Toy Building at 200 Fifth Avenue in a deal that values it at about $700 million. It is one of the biggest building sales of 2011 so far, and one of the most significant moves by the croaked investment bank’s holding company in its campaign to liquidate its real estate. The buyer is a wing of JPMorgan.
When real estate executive David Sigman first walked into 25 Broad Street, about a year after Lehman collapsed, it was a funhouse of pre-2008 distractions: the lobby unfolded with yards of purple carpeting ringed by red circles into a would-be night club with dozens of crystal chandeliers and a mauve-color spa/yoga room. Most striking of all were the matching royal portraits of developer Kent Swig and his soon-to-be ex-wife, Liz Macklowe.
The Observer recently reported that the first 10 apartment tenants had signed at 25 Broad, bringing the failed condo conversion back to life as a rental—and Lehman Brothers, twitching, back with it.
Not even three years after the bank’s collapse took the economy with it, Lehman, through its holding company, lives on, a rosy zombie quietly looking to make a small fortune off prime New York properties, and maybe—just maybe—pay off some creditors.
What Goes Around...
It’s looking rather post-Lehman at 25 Broad Street these days (even though the failed investment bank is still involved). The first 10 tenants have signed at the mammoth downtown residential tower of erstwhile Kent Swig fame.
Recall, Bruce Menin and his partners bought the 20-story office building for a dime in the late ’90s, before Read More
Mark Walsh, onetime head of Lehman’s Global Real Estate Group, which underwrote Tishman Speyer’s ultimately disastrous $22.2 billion purchase of Archstone-Smith’s apartment portfolio, among other dicey investments—and who was profiled in 2008 in The Observer —has teamed up with some former colleagues to buy the management contract for Lehman Holding Company’s real estate funds, Read More
Real Estate Board of New York President Steven Spinola escorted Governor David Paterson through the cocktail reception before REBNY’s 114th annual banquet on Thursday evening at the Midtown Hilton. “This is Sandy Lindenbaum,” Mr. Spinola said, introducing the governor to the legendary real estate lawyer (interviewed in November by The Commercial Observer). “He’s one Read More