Accounting Issue 2014
Cushman & Wakefield has hired three NYPD veterans to back former commissioner Raymond Kelly in his new gig as president of the firm’s new risk management services division.
Mr. Kelly said in a written statement that the new hires – Michael Farrell and Phil Pulaski, managing directors, and David Kelly, a director – bring “unparalleled expertise and experience in all areas of security, management, policy planning and implementation.”
Mergers and Acquisitions
Accountant Irv Schwarzbaum is helping a 10 percent shareholder in a Brooklyn commercial property prove that the 90 percent shareholder is undervaluing the price of their building in a potential sale. While there is some pressure to pay off a loan that has come due at the property and the majority owner presented a third-party buyer, Mr. Schwarzbaum is skeptical. Read More
Real estate development and investment firms Related Companies and Boston-based The Beal Companies, LLP have formed Related Beal, putting a name on an existing 10-year partnership that will push ahead towards growth opportunities in the Boston area.
The firms first partnered on two Boston-based residential developments several years ago, One Back Bay and The Clarendon; and they are currently collaborating on the redevelopment of Lovejoy Wharf and Converse’s U.S. Headquarters.
“We are delighted to formalize our partnership with Related Companies,” brothers Bruce and Robert Beal, chairman and president of Related Beal, respectively, said in joint statement. “Through Related Beal we will be able to expand our capabilities and our appetite for new development and acquisition deals, as well as better leverage Related’s vast access to capital and expertise.”
Law firm Rosner Nocera & Ragone, LLP’s signing of a 8,135-square-foot lease at 61 Broadway is the latest in a wave of leases at Broad Street Development’s properties.
Founded by Raymond Chalmé and Daniel Blanco, Broad Street Development has wrapped up 54,000 square feet of new leases and renewals at 55 and 61 Broadway, located in the heart of the Financial District, and which the firm bought in 2004 and 2006, according to the New York Post.
Three of the resent signings at 61 Broadway, including MT2 Network, Rosner Nocera & Ragone and Vincenti & Vincenti, left Sandy-damaged buildings for the property and Mr. Chalmé said asking rents are in the $30s at the building, according to the Post.
“You read a lot about the bigger deals, but the smaller-tenant market’s alive and well,” he said.
Heidell, Pittoni, Murphy & Bach, LLP has renewed its 30,000-square-foot lease at 99 Park Avenue in Midtown’s Grand Central submarket for an additional ten years, sources tell The Commercial Observer.
The firm sealed the deal for the seventh floor — which was set to expire in 2015 — through May 2026, hoping to lock rents Read More
Even as commercial real estate prices have improved and banks have swiftly moved troubled loans from their books, the phenomenon of distressed note sales has continued unabated.
According to data from Real Capital Analytics, the volume of newly distressed commercial properties dropped to $12.4 billion for the fourth quarter of 2011—a figure that, as the firm pointed out in its February 2012 Troubled Assets Radar report, is the second lowest level seen in two years.