Peter Hauspurg, who founded Eastern Consolidated in 1981 with his partner and wife Daun Paris, has a law degree from Fordham University. Admittedly “not a natural at practicing law,” his background has been invaluable in commercial real estate.
“It’s helpful to speak the same language as the people putting the deals together,” he said, referring to the back and forth of contract negotiations.“It’s like being the only non-Russian speaker in a room. As soon as you learn Russian you realize, ‘Jesus, you don’t know any more than I do.’ ”
It is hard to believe that it was just a few years ago—specifically in 2007—when a perfect storm of positive events was taking place in the financial and real estate markets. The S&P 500 reached record highs, CMBS transactions grew to nearly $770 billion, the Blackstone Group completed its $39 billion purchase of Equity Office Properties Trust and then sold eight buildings in the Equity Office portfolio to Harry Macklowe for $7 billion, foreign investors were purchasing commercial real estate at record levels and everyone was purchasing residential condominiums. In short, happy days were here again.
On the Market
He’s a horse-riding, tennis-playing, mountain-biking, party-throwing philanthropist. But it’s his three decades of tireless deal-making at the helm of the firm he and wife Daun Paris built from the ground up that makes Peter Hauspurg a true industry mainstay. “Deal-making is my passion,” he told The Commercial Observer last week, later admitting that he earned Read More
Non-profit group The Center for Fiction has put its eight-story, 18,200-square-foot building it at 17 East 47th Street on the market for the first time in 80 years for $19.5 million, The Commercial Observer has learned.
The 25-foot-wide, historic commercial building offers immediate redevelopment possibilities, with 20,375 square feet of unused air rights, said Eastern Consolidated, the firm marketing the property.
Growing up in the Hasidic community of Midwood, Brooklyn, Lipa Lieberman noticed early on that his most successful neighbors owned real estate.
“Real estate was always in the back of my mind,” said Mr. Lieberman, 33, a senior director at Eastern Consolidated. But before he entered the industry, Mr. Lieberman earned a bachelor’s degree in Jewish studies at Rabbinical College of America and attended the Central Tomchei Temimim Lubavitch, where he was ordained as a rabbi.
“You’re ordained because you study Jewish law in college and then take the rabbinical equivalent of the bar exam,” Mr. Lieberman said. “You don’t necessarily do it to practice in a synagogue.” Although he never led a congregation, Mr. Lieberman’s religious background—he’s a member of the Chabad sect and spent time abroad at a Chabad center in Venice, Italy—did inform his secular career choice.
When Aaron Jungreis sought a buyer for the Bossert Hotel at 98 Montague Street in Brooklyn Heights last year, a long list of obstacles stacked up.
The off-market deal meant potential buyers had limited access to the site. Complicated zoning meant the Board of Standards and Appeals would be thrown into the mix. And competition 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.
Investment Sales 2012
A portfolio of industrial and warehouse spaces scattered throughout three states (and totaling over 2.5 million square feet) is up for sale, and could all be yours for a cool starting price of $97 million.
The investment sales market, most brokers agree, has been heating up over the past 12 months. Approximately $25.8 billion in commercial properties changed hands last year, a turnaround that represented an 88 percent increase over 2010. But while the positive uptick is easily verifiable, what happens next for Manhattan’s investment sales market is still up in the air.
Accordingly, The Commercial Observer set out to speak with the real estate industry’s most accomplished capital markets and sales practitioners to learn what’s in store for 2012. Over the next several days, we’ll post interviews with heavy hitters like Richard Baxter of Jones Lang LaSalle, J.D. Parker of Marcus & Millichap, Woody Heller of Studley and Darcy Stacom and William Shanahan of CBRE. But, first, after the jump, none other than Peter Hauspurg of Eastern Consolidated.
It was a typical evening at the Real Estate Board of New York’s annual gala as John Cardinal O’Connor stepped up to the dais to address a crowd of several thousand of the city’s most ambitious commercial real estate brokers and owners.
But in a ritual repeated more or less each year, the archbishop of the New York archdiocese’s 2.37 million Catholics and one of the Vatican’s most forceful spokesmen in the United States during the 1980s, was summarily ignored by a brokerage community far more interested in making deals than in hearing the Gospel.
Since it started with a roll call of 27 members in 1896 with the goal of “facilitating transactions in real estate,” the Real Estate Board of New York has indisputably been the city’s most influential real estate organization, with its annual gala being to brokers what the Vanity Fair Oscar party is for Hollywood: If you’re there, it means you’re somebody.
Sure, some may lovingly write it off as a veritable men’s club (men are thought to outnumber women five to one), chide it as “The Liar’s Ball” (each year is a broker’s best year, no matter how wretched the marketplace) and speak ill of the food (nearly everyone avoids the chicken and filet mignon).
But the REBNY gala is as essential to a real estate person’s reputation and status as the buildings and bricks he works with. A dozen of the city’s most legendary players spoke to The Commercial Observer about the blurry nights and boom years that helped make the event what it is today.
The Commercial Observer: Last year, Eastern expanded its loan sales group. How has the response been?
Mr. Hauspurg: We actually started in 2005, which was a bit early, but we could see what was coming. The values were getting out of hand and we knew at some point the banks were going Read More